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Pair of Prepaid Card Bills Moves Forward in N.J. Assembly (Feb. 11, 2013)

Feb. 11, 2013 Two prepaid card-related bills being considered by the New Jersey State Assembly took steps forward last week, earning approval by the Assembly’s Appropriations Committee. The first bill, A-3561, permits New Jersey’s Treasury Department to issue state income tax refunds onto prepaid cards, while the second, A-3562, enables state and local governments to […]

Monitise Teams with BlackBerry for Payment Service in Indonesia (Feb. 11, 2013)

Feb. 11, 2013 Monitise plc today announced the launch of a mobile payments pilot in Indonesia harnessing BlackBerry smartphones. The new service will enable BlackBerry users to access a mobile money account on their smartphones and transfer funds among bank accounts and to other BlackBerry customers who are also signed up for the service, as […]

TAS, Payair to Launch Mobile Commerce Platform (Feb. 11, 2013)

Feb. 11, 2013 Italian software provider TAS Group and Payair South Europe S.A., a Swedish mobile commerce company, have agreed to launch a mobile commerce platform that incorporates Payair’s commerce platform and a customization solution supplied by TAS. The platform will support large-scale retailers that require advanced automation of their purchase and payment processes, according […]

Eurex inks deal with Taiwan Futures Exchange

The Taiwan Futures Exchange is to list futures and options on German derivatives exchange Eurex, following an agreement between the two bourses to make it easier for international investors to access each other’s markets round the clock.

InComm to Supply Utah Transit Authority with Prepaid Contactless Card (Feb. 7. 2013)

Feb. 7, 2013 The Utah Transit Authority (UTA), which has been at the forefront of U.S. transit system mobile payment development since introducing an open-loop, contactless payment system for city buses and trains in Salt Lake City beginning in 2009, this fall plans to add a contactless, closed-loop prepaid card to its consumer payment options. […]

Atlanta Fed Paper Examines Money Laundering Risks for GPR Cards (Feb. 7, 2013)

Feb. 7, 2013 Do GPR cards pose significant money laundering threats? That’s the question the Retail Payments Risk Forum at the Federal Reserve Bank of Atlanta explores in recently published paper. Among the paper’s findings is that, as GPR prepaid cards have grown in popularity and come under increased scrutiny by regulators, significant regulatory measures […]

Amazon to Debut Virtual Currency in Bid to Amp up Apps (Feb. 7, 2013)

Feb. 7, 2013 Online retail giant Amazon is looking to beef up its app offerings, and to help with the goal, the company is turning to virtual currency. Set to be released in May, Amazon Coins can be used to buy apps from the Amazon Appstore and to make in-app purchases via Amazon’s Kindle Fire […]

Kuwait International Bank Releases Third Visa Prepaid Card (Feb. 7, 2013)

Feb. 7, 2013 Kuwait International Bank (KIB) has launched a new Visa-branded prepaid card, adding a third prepaid product to the bank’s offerings. The card’s release was timed to coincide with the country’s National & Liberation Day. “The national celebrations are an important aspect of Kuwait’s society, and Kuwait International Bank is taking part in […]

Customer complaints – a.k.a. customer feedback

Payment protection insurance has dominated the coverage of complaints against banks for some time now, but many observers think that it is just the beginning of a wave of grievances about to engulf the retail banking industry.

New BAML trading system aims at “disillusioned” investors

Bank of America Merrill Lynch is seeking to attract long-term investors who have become disillusioned with equity markets. Its new trading system, Instinct Natural, is a crossing network that is clearly geared towards customers that want to trade in blocks. But market participants have expressed concerns about its potential to meet the needs of long-term investors.

SEPA …

Cover Story: The SEPA end date is now just a year away. Is everybody ready? Of course not.

Visa Sets EMV Liability Deadline for ATMs, Opens up Chip Technology (Feb. 5, 2013)

Feb. 5, 2013 Visa Inc. has taken two more steps forward in the U.S. transition toward EMV by setting new deadlines and liability shift dates for third-party ATM acquirers and announcing that it would provide some of its proprietary EMV chip technology to debit card issuers free of charge to facilitate chip adoption industry-wide and to […]

mPowa Strikes Deal with Portugal Telecom (Feb. 5, 2013)

Feb. 5, 2013 U.K.-based mobile payments provider mPowa has inked a white-label deal with Portugal Telecom Group that will enable the carrier to offer small businesses a card reader-based mobile payments service. Financial terms of the deal were not disclosed, but TechCrunch reports it was a multimillion-dollar pact with a seven-year term. The partnership opens […]

Cardplatforms to Develop Payroll Programs with Experian (Feb. 5, 2013)

Feb. 5, 2013 Experian, an information services company and major credit bureau, has announced it will provide Cardplatforms LLC with its international authentication services to help the prepaid card services provider roll out prepaid cards worldwide. Cardplatforms will incorporate its prepaid card issuance network with Experian’s verification services, Prove-ID and AutoDoc-ID, to launch a payroll […]

PIF Launches Chapter for Middle East (Feb. 5, 2013)

Feb. 5, 2013 International not-for-profit trade association Prepaid International Forum (PIF) is launching a regional chapter for the Middle East. Executives from PIF’s regional Chapter Patron, TSYS, have been working with the association’s central body to coordinate the chapter launch, which will include an inaugural meeting on Feb. 18 in Dubai. Invited organizations will consider […]

Urban Trust Shutters Overdraft for Prepaid Cards (Feb. 5, 2012)

Feb. 5, 2012 As of Feb. 1, Urban Trust Bank (UTB), a federally chartered community bank, is no longer offering overdraft protection on its Visa Prepaid Debit Cards. The decision comes after a “careful and thorough evaluation of the prepaid cards’ features in an effort to streamline the cards’ offerings and to best serve the […]

Mobile to dominate rise in retail bank IT spending

Further evidence that bank IT spending is growing again comes from industry analysts at Ovum, which is predicting overall growth of 3.4% among retail banks, reaching $118.6 billion in 2013, as they focus on “customer satisfaction and revenue growth”.

Gear changes

As the UK Chancellor of the Exchequer gets ready to announce the electrification of the banking ring-fence, we can expect a flurry of commentators telling us that the banking system is ‘not fit for purpose’.

Green Dot Revenue Up on Card Use, Spending Growth (Feb. 4, 2013)

Feb. 4, 2013 Prepaid issuer and program manager Green Dot Corp. said its revenue jumped 15 percent in the fourth quarter of 2012 compared to the previous year, with the growth largely due to upswings in card activation and consumer spending. The Pasadena, Calif.-based company took in $137.3 million in last year’s final three months, […]

Facebook Expands Gifting Program with New Card (Feb. 4, 2013)

Feb. 4, 2013 Facebook is expanding its brick-and-mortar gifting program with the launch of its own branded gift card. The Facebook Card began rolling out last week, the social network said in a blog post, with availability “gradually” expanding to more U.S. users. The preloaded card can be purchased within the Gift Cards & Digital […]

N.J. Lawmakers Pass Bill Requiring Direct Deposit for State Employees (Feb. 4, 2013)

Feb. 4, 2013 New Jersey lawmakers in late January passed a bill designed to drive the state’s payroll system away from paper within 18 months by requiring all state employees to receive compensation by direct deposit beginning July 1, 2014. The bill, which passed the New Jersey Assembly by a vote of 74-0, also enables […]

PFS, Deutsche Card Services to Develop Corporate Prepaid Cards in Europe (Feb. 4, 2013)

Feb. 4, 2013 U.K.-based program manager Prepaid Financial Services Ltd. (PFS) and Deutsche Card Services (DeuCS), a Frankfurt-based acquirer and subsidiary of Deutsche Bank, have signed a strategic partnership to develop and deliver prepaid card solutions across Europe for corporate clients. PFS will provide the technology and support to enable DeuCS to offer new payment […]

Republican Opposition to Cordray Redux (Feb. 4, 2013)

Feb. 4, 2013 Senate Republicans have made it clear their opposition to the re-nomination of CFPB Director Richard Cordray, or any nominee, will not wane until their concerns about the agency are addressed. In a letter to President Barack Obama written by Sens. Mitch McConnell (R-Ky.) and Mike Crapo (R-Idaho) and signed by 43 Republican […]

U.K.’s Weve Completes Vodafone Integration (Feb. 4, 2013)

Feb. 4, 2013 U.K. mobile wallet venture Weve this week announced it has completed the integration of Vodafone, its third mobile network operator, into its mobile advertising and commerce platform and a total of 15 million consumers, or 25 percent of the U.K. population, have opted in to the service. Weve, a joint venture of […]

Market abuse highlights vulnerable European equity market

The imposition of an £8 million fine against defunct Canadian day trading firm Swift Trade earlier this week illustrates the potential for abusive strategies that distort markets – and the need for a new approach from regulators, according to Matthew Coupe, director of regulation and market structure at NICE Actimize.

Low frequency trading

Hats off to Rising Sum, which has built a platform that identifies investment opportunities “using the acquisition criteria favoured by Berkshire Hathaway, Warren Buffet’s highly successful investment vehicle”.

Exchanges: time for a rebuild?

Technical problems at Nasdaq and BATS have reinforced the impression among many market observers that there may be something seriously wrong with equity market structure. Recent history reads like a catalogue of disaster for many of the world’s most prominent trading venues.

Western Union: Expanding on all fronts

As the global payments markets changes, Western Union has plans to change with it. Massimiliano Alvisini, regional director UK, Ireland & Nordics explains how and why.

The end of the world (take two)?

Earlier this month, Banking Technology suffered a post-Mayan apocalypse shock. A weighty report landed on our desks, informing us that the global economy is likely finished, and that the end of civilisation is nigh.

People on the Move: Nick Millar, Jim Wadsworth and Phil Harrison, VocaLink (February 2013)

February 2013 VocaLink, a London-based international payment provider, recently announced three senior hires. Nick Millar joins as strategy and customer insight director, Jim Wadsworth as product development director and Phil Harrison as commercial director, alternative payments. They report to Paul Stoddart, managing director of strategy and business development. Millar joins VocaLink from Visa Europe, where […]