North America

Viewpoint: Let’s Make a Deal (October 2013)

Although retailers traditionally had balked at offering discounted gift cards, many are shifting strategies to keep up with consumer demand and are increasing overall sales.

Nasdaq signs algo testing deal with Thesys

Nasdaq OMX is planning to launch a test facility for algo trading early next year. The Algo Test Facility will be developed jointly with Thesys Technologies, a subsidiary of Tradeworx,

Sapient rolls out FATCA compliance service

Sapient Global Markets has released a suite of software and services designed to help companies meet FATCA, the controversial new US regulation that obliges banks to report their US customers so that they can be taxed.

US-Europe derivatives rulemaking deal “falls at first hurdle”

Senior financial industry executives have expressed disappointment at the failure of the US and European securities regulators to realise a deal over derivatives reforms and swap execution facilities, the new category of US execution venues brought in under the Dodd-Frank Act.

Race for speed intensifies as HFT goes global

Trading firms need to upgrade their technology as often as every three months or face getting left behind by the ferocious pace of competition, according to specialists behind the HFT industry’s breakneck expansion into the world’s emerging markets and untamed asset classes.

Viewpoint: Payroll: Proof of Prepaid Power in Numbers

A group of like-minded companies came together this summer to address the recent melee in payroll cards. The work is far from over, but their activity points to the power of pooling resources and relationships for real progress and impact.

Foreign money transmitters face state-by-state regs in the US

Some European money transmitter companies are learning what insurance carriers from outside the US. learned years ago — the country is a nightmare of financial regulations that can differ sharply from state to state. And European companies that are doing business in individual states probably need a license from that state.

“Problematic” US shutdown causes SEF blues at the EU

The European Commission has expressed concerns that the US government shutdown is preventing a deal between the EU and US regulator, just as new swaps rules come into force for firms based both inside and outside the US.

People on the Move: Brad Hanson, Glen Herrick, Ira Frericks, Ron Butterfield and Troy Moore, Meta Financial Group Inc. (October 2013)

Meta Financial Group Inc., the holding company of MetaBank, has recently appointed Brad Hanson as president, Glen Herrick as executive vice president and chief financial officer, Ira Frericks as executive vice president and chief operating officer, and Ron Butterfield as executive vice president and chief administrative officer. Troy Moore will be taking on a new role as executive vice president of retail bank sales and operations.

Swap trading reforms hit the rocks as CFTC’s O’Malia recommends delay

As CFCT commissioner Scott O’ Malia calls for more time for SEF reforms to be implemented, senior market observers are concerned that the new rules will not only fail to meet their 2 October deadline, but will also hurt ordinary market participants and increase systemic risk rather than reduce it.

Pinnacle Bank outsources processing to Fiserv

US based Pinnacle Bank has chosen to outsource its processing to Fiserv as part of its Precision bank platform, in a move the bank says will help it to scale and roll out new products including mobile banking, bill payment and checking. Based in the town of Elberton in the US state of Georgia, Pinnacle […]

New Age of Bank-Technology Partnerships (September 2013)

The partnerships banks are forming with financial technology suppliers today look very different than routine client-vendor relationships of past decades, and one of the most interesting aspects of the trend is how both sides are transforming each other.

Companies on the Move: Mercury Payment Systems, RSPA and Inc. Recognition (September 2013)

Mercury Payment Systems, a Durango, Colo.-based payment processor, recently was recognized at the Retail Solutions Provider Association’s RetailNOW 2013 convention and expo with the RSPA 2013 Gold Medallion Award for vendor excellence and Best Electronic Payments/Financing Processor, while founders Jeff and Marc Katz were inducted into the RSPA Hall of Fame.

US local banks sign up to Temenos T24 core banking cloud

US banks Clare Bank and Farmers Exchange Bank have chosen to install cloud-hosted core banking services from vendor Temenos, in a deal that the banks say will help them reduce costs and roll out products to customers more easily.