MasterCard takes controlling stake in mobile remittance service
MasterCard has teamed up with mobile payment solutions provider eServGlobal and Belgacom’s carrier services unit BICS to extend the capabilities of their international mobile remittance platform HomeSend. The three firms have set up a joint venture which uses the HomeSend platform, in which MasterCard will have a controlling share.
Bank of America goes with Earthport for global low-value payments
Bank of America Merrill Lynch has signed a multi-year agreement with Earthport to “significantly expand Bank of America Merrill Lynch’s low value clearing capabilities globally, and to advance the efficiency of its high volume, low value payments”.
2014: a good year for the fraudsters
2014 looks to be a good year for fraudsters as government and law enforcement struggle to come to terms with the issues and the continuing spread of mobile continues to offer them poorly-protected targets.
Breaking News – CFPB: Expand CARD Act Disclosure Requirements to Include Prepaid Card Marketing Agreements
In a recent press release, the CFPB called on financial institutions to “voluntarily” disclose to the public its financial product marketing agreements made with colleges and universities.
Viewpoint: Year-End Blizzard for Canada’s FIs
As we approach year-end, the Canadian federal government has introduced three items of significance to federally regulated financial institutions (FRFIs).
PayPal Makes Gifting Play with Startup Investment (Dec. 17, 2013)
Electronic gifting provider Loop Commerce has landed funding from PayPal Inc., with the payment giant making a Series A investment in the San Francisco-based startup.
Blackhawk Partners with Coinstar to Provide E-Gifts for Change (Dec. 17, 2013)
Blackhawk Network has inked a deal with Coinstar that will give consumers the option of receiving Blackhawk e-gifts in return for change cashed in at Coinstar’s coin-counting kiosks.
Amazon Reportedly Buying Mobile Payment Startup GoPago (Dec. 17, 2013)
Amazon may have purchased San Francisco-based GoPago Inc., a mobile payment startup whose technology enables merchants to process card payments so consumers can order and pay ahead with a smartphone, skipping lines at the checkout, according reports from several media outlets.
La Caixa to Launch M-Payments Service in Spain (Dec. 17, 2013)
La Caixa, the Barcelona, Spain-based financial institution, has announced the launch of an NFC-based mobile payments service in partnership with Telefónica, Vodafone, Orange and Visa Europe.
IOSCO final report calls for “evolving” regulation
The International Organisation of Securities Commissions has set out its final recommendations on the integrity and efficiency of markets, calling for regulators to think deeply about the effects of their regulation and keep monitoring the markets regularly to ensure that changes are taken into account.
With Final Approval of $5.7 Billion Settlement, Interchange Case Moves to Next Phase (Dec. 16, 2013)
A years-long court battle over interchange fees has reached another milestone, but appears to be far from settled.
Blackhawk Takes iTunes to South Africa (Dec. 16, 2013)
Blackhawk Network Inc., a global prepaid payment network, last Friday announced its first commercial agreement in Africa, which will enable it to offer iTunes Gift Cards in South Africa through a partnership with Johannesburg-based distributor Opengate, a subsidiary of Value+Nettwork.
Vodafone Begins German Rollout of Mobile Wallet (Dec. 16, 2013)
Vodafone Germany last Friday began its German launch of a mobile wallet with the integrated Vodafone SmartPass Visa payment application.
Wells Fargo Joins Isis Fold (Dec. 16, 2013)
One month after going live throughout the U.S., the Isis mobile wallet has added Wells Fargo to its roster of bank partners, enabling holders of the bank’s Visa consumer credit cards to load their cards onto the NFC-based wallet.
Nasdaq OMX Treasuries dark pool will revitalise bond trading
Electronic fixed income trading, one of the last major asset classes traded by humans, could take a big step forward when a new Nasdaq OMX dark pool trading venue goes live next year.
Breaking News: MasterCard Sets New Payroll Card Standards Beginning in 2014 (Dec. 13, 2013)
Moving to improve and clarify payroll card industry practices, MasterCard today released new standards requiring all employers and payroll card providers involved in offering MasterCard-branded payroll cards to meet specific protocols for consumer choice and transparency
ICE reveals a design for Liffe
IntercontinentalExchange has revealed further details of its plans for Liffe, following its acquisition of NYSE Euronext in November.
Commerzbank connects to Regis-TR ahead of EMIR
Germany’s Commerzbank has just signed up to Regis-TR, the European trade repository owned by German CSD Clearstream and Spanish CSD Iberclear, as part of the bank’s drive to ready itself for the EMIR legislation on OTC derivatives reporting.
Global exchanges get together to address cyber threat
The World Federation of Exchanges has set up a Cyber Security Working Group with a “mission to aid in the protection of the global capital markets” in the wake of a number of attacks on international exchanges over the past few years.
California Law Bans Overdraft, Credit on Benefit Prepaid Cards (Dec. 12, 2013)
A new law in California will prohibit overdraft fees and extend other protections to recipients of state unemployment and government assistance who have their benefit funds deposited onto a prepaid card.
Cachet Financial, YellowPepper Provide RDC Service to Latin America (Dec. 12, 2013)
Cachet Financial Solutions, a Minneapolis-based provider of remote deposit capture (RDC) solutions, will be providing consumers in Latin America with RDC services for YEPEX, the mobile banking network of YellowPepper Mobile Financial Network.
CFSI, Core Study: Underserved Market Worth $89 billion in 2012 (Dec. 12, 2013)
The U.S. financially underserved market was worth $89 billion last year, according to a new study from the Center for Financial Services Innovation (CFSI).
PreCash’s Evolve Money Adds Card Funding Option; Gen Y Driving Mobile Bill Pay (Dec. 12, 2013)
PreCash is expanding its Evolve Money online and mobile bill pay app by enabling customers to pay bills using debit and prepaid cards, in addition to cash.
Square Adds Talent with Two Acquisitions; Streamlines Card Reader (Dec. 12, 2013)
Square Inc. has stuffed its stocking in recent days with a few key acquisitions primed to enrich consumers’ use of the mobile payments app for everyday activities.
Bank of Beirut installs Misys Sophis toolkit
Bank of Beirut has gone live on Misys Sophis Value platform, which the bank says will help it increase its STP rate, manage trade repository and cross-asset collateral and margin, and better interact with Lebanon’s other banks.
Colt-SIA alliance signs up Monte Titoli in T2S coup
Italian CSD Monte Titoli will connect to T2S via Colt and SIA, rather than via Swift, as the two companies vie for business ahead of the June 2015 go live date.
Bitcoin boom prompts banking dilemma
Bitcoin is more traceable but less regulated, less expensive but more volatile, and more decentralised but less accountable, than a regular currency. Feeling confused? That’s not the half of it, according to Ernst & Young.
Shorter Holiday Shopping Season Could Mean Stronger E-Gift Card Sales
Gift cards will rule again as consumers’ top holiday gift choice in 2013, and a shortened holiday shopping season could benefit increasingly popular e-gift cards.
People on the Move: Glenn Bogan and Bill Shepp, Allied Payment Network
Allied Payment Network, a Fort Wayne, Ind.-based provider of online bill payment services to the financial industry, has hired two industry veterans to join the company’s executive team.
People on the Move: Ruben Corona, 3PEA International Inc.
3PEA International Inc., a Henderson, Nev.-based prepaid processor and program manager, has hired Ruben Corona as vice president of sales and strategy.
Companies on the Move: CPI Card Group, Center of Excellence Recognition
Littleton, Colo.-based card producer CPI Card Group has received a Center of Excellence award by the Smart Card Alliance.
Companies on the Move: Fiserv Inc., Mobile Payments Awards
Fiserv Inc., a Brookfield, Wis.-based financial services technology provider, recently announced that its Popmoney P2P payments service has taken top honors at the Mobile Money Global Awards and the Mobile Excellence Awards.
People on the Move: Douglas J. Hajek, E. Thurman Gaskill and Frederick V. Moore, Meta Financial Group Inc.
Meta Financial Group Inc. (MFG), the holding company of MetaBank, has announced the addition of Douglas J. Hajek to its board of directors, and the retirement of E. Thurman Gaskill.
Company on the Move: Paul Hastings LLP, U.S. Innovative Lawyers Report
Paul Hastings LLP has placed second this year among the top 40 most innovative law firms in the Financial Times’ “U.S. Innovative Lawyers” report.
People on the Move: Carl J. Williams, Planet Payment Inc.
Planet Payment Inc., a Long Beach, N.Y.-based payments processor, has appointed Carl J. Williams president.
People on the Move: Saleh I. Al-Furaih, Prepaid International Forum Middle East
International nonprofit trade association Prepaid International Forum (PIF) announced that Dr. Saleh I. Al-Furaih, head of consumer asset business at Al Rajhi Bank, has been appointed chairman of PIF’s Middle East chapter.
People on the Move: Chris Harvey, The Members Group
The Members Group, a Des Moines, Iowa-based card processing and payment solutions provider, announced that Chris Harvey, executive assistant to the TMG CEO, has been named vice president of the Des Moines, Iowa, chapter of the Executive Women International board of directors.
People on the Move: Andrew Mathieson, TSYS
TSYS, a Columbus, Ga.-based processor, has announced the promotion of Andrew Mathieson to group executive of relationship management.
People on the Move: Sébastien Motte, Virtual Piggy Inc.
Virtual Piggy Inc., a Hermosa Beach, Calif.-based provider of e-commerce solutions enabling children to manage and spend money within a parent-controlled environment, has appointed Sébastien Motte to lead business development in the gaming sector for the company.
People on the Move: Rajat Taneja, Visa Inc.
Visa Inc. has appointed Rajat Taneja executive vice president of technology.