Banks are not competing with banks anymore, but against the ubiquitous, all pervading unified digital experience, which is driving the adoption of digital across the corporate banking value chain. Fintechs are a great example of how innovations in digital can deliver speed to market, a superior customer experience and better pricing.
Republican legislators and business associations, emboldened by Donald Trump’s successful presidential bid, have set their sights on the CFPB, an agency that’s been in Republicans’ crosshairs since the day it was created as part of the Dodd-Frank Act. Meanwhile, retailers are calling on Congress to steer clear of introducing legislation that would repeal financial services reforms they say are critical to U.S. businesses and consumers.
With a growing number of products and services available to help consumers manage their finances electronically, being able to do so means sharing their digital financial records.
Now that Visa’s EMV debit card routing has come under Federal Trade Commission investigation, eight U.S. retail trade groups are pressing the payments network to say how it will fix the problem.
There is little doubt that there is some very innovative work being carried out in the payments world. Digital technologies, including distributed ledger and artificial intelligence, are beginning to be applied to retail and corporate payments. But in the age of digital finance, a dinosaur of payments – cheques – persist.
It’s blockchain infographics time!
The Federal Trade Commission has charged NetSpend with deceiving cardholders and denying or delaying their access to funds, but the prepaid provider says any delays stem from federal regulations and that consumers are not being deceived.
Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 analytics and anti-fraud software) and the forces of evil. Based on real events and guaranteed to keep you on the edge of your seat!
Electronic payments providers in India are celebrating the Indian government’s abolition of the Rs 500 ($7.46) and Rs 1,000 ($14.92) currency notes, which went into effect Nov. 8, because it’s driving transactions to their platforms.
As an online retailer heading into the holidays with approximately $105 billion in sales up for grabs, competing for spend is a top priority.
Parth Desai, CEO and founder of Pelican, discusses why artificial intelligence (AI) is already fact not a fantasy, but cautions that we need to be realistic about what can really be achieved on the journey to true AI adoption in transaction banking and payments.
With a victory that took the pollsters by surprise, Trump’s win sent the markets plummeting overnight. Although reports suggest markets are steadying, what’s in store for the U.S. payments and financial services industry in the wake of this election?
Prison cards are under fire again, this time in Arizona. Bank of America has been named in a proposed class action lawsuit over claims the bank charged excessive fees on prepaid cards issued to former prison inmates in the state.
From payments robots to data analytics and customer engagement, find out what got FIS payments execs excited at Money20/20.
U.K.-based Tesco Bank was the victim of a security breach over the weekend that exposed thousands of customer accounts, half of which had money removed. The bank’s fraud security systems detected “suspicious activity” Nov. 5, affecting approximately 40,000 accounts, and 20,000 of those accounts had money stolen from them, a Tesco Bank spokesperson tells Paybefore.
California already has a way to protect consumers from predatory lending practices while also encouraging the kind of innovation that leads to increased access to responsible and affordable credit—especially for those most often left out of the financial mainstream.
Oct. 5, 2016, the CFPB released its final rule governing prepaid accounts. The final rule and its commentary come in at nearly 1,700 pages. Find out what products are covered under the rule, what triggers Reg Z and what still needs clarifications before the regulations go into effect Oct. 1, 2017.
There has been a tremendous amount of excitement and discussion about the potential of blockchain technology to transform the financial services industry and beyond. But the only thing that is clear at the moment is that there is still a lot of work to be done to implement wide scale use cases, clear up any regulatory uncertainly or barriers and educate institutions and employees about the technology and its potential.
Amidst tightening regulations, the latest hack of the Bitfinex Bitcoin exchange has highlighted ongoing difficulties for the sector. Bourn Collier, associate, and Oliver Yaros, senior associate at Mayer Brown International LLP, explore. A few years ago media reports in Britain drew attention to the unfortunate plight of James Howells, a Welsh IT worker who had […]
Last night the Cubs proved—after a long and grueling fight—that the narrative can change. New winners can be crowned. Who in payments will come out on top in 2017? Will it be you?
The conference, which concluded last week, showed that retailers face significant payments challenges as consumer behavior changes, and gave a deeper look into wearables and other technologies that promise to make transactions much more efficient.
Banked households—those that have at least a checking or savings account at a bank or credit union—have risen to 93 percent. That’s the good news. But a whopping 57 percent of U.S. households are financially unhealthy, and that financial health impacts even those earning middle-class incomes and beyond.
Instead of leveling the playing field, the Great Fintech Revolution is driving inequality between those with easy access to the digital economy and those without. Luckily, there are some simple but significant ways to change that.
How would you respond if someone were to ask you: “What is the purpose of the bank branch?” For decades, the first answer may have been: “To allow customers to conveniently transact with the bank and manage their accounts”. This model has now changed drastically, and banks that still operate as they used to will very quickly yield to more forward-thinking competitors.
A Pennsylvania appeals court has sided with McDonald’s employees, deciding that the owners of 16 franchises were in violation of the state’s Wage Payment and Collection Law (WPCL) by requiring employees to be paid with payroll debit cards. The court filed its decision Oct. 21, 2016, which stems from a 2013 lawsuit—consisting of a class of 2,380 current and former employees, according to Law360—alleging that franchise owners Albert and Carol Mueller made it mandatory that employees’ wages be paid through payroll card rather than cash or check.
The payments industry went just a bit blockchain bonkers at this year’s Sibos. Distributed ledger technology (DLT) was a hot topic throughout the week. This was quite astounding given there are very few examples of working blockchain or DLT use cases; most of the initiatives under way are proofs of concept.
In the wake of a massive distributed denial-of-service (DDoS) attack that shut down hundreds of Websites in October, the Smart Card Alliance has issued a warning on the “critical need” to ramp up security on hundreds of thousands of Internet-connected devices. It’s those devices—which range from cars to refrigerators and make up the Internet of Things (IoT)—that hackers are hijacking and incorporating into their botnet attacks, making attacks large enough to overwhelm Websites’ defenses—as was the case in the most recent attack, which affected major Websites including Twitter, Netflix and Spotify, among others.
New York State’s pioneering BitLicense program could be losing momentum after the departure of New York State Department of Financial Services (NYDFS) head Benjamin Lawsky last year. The state has issued just two BitLicenses since enacting the program in June 2015, shortly before Lawsky left the agency. Another 15 licenses are pending, while four applications have been withdrawn and four others have been denied, according to Reuters, citing an NYDFS spokesperson.
As part of its mission to improve the U.S. payments system, the Federal Reserve’s Secure Payments Task Force is seeking industry input on ways to beef up security. Industry members can provide comment through online surveys, which are separated into the task force’s three areas of focus: payment identity management, information sharing for the mitigation of payment risk/fraud and data protection.
No more drowning in tons of paper and receiving eye-watering bills from lawyers – Drooms introduces a brand new virtual data room, Drooms NXG. The work is a result of a two-year development, says Jan Hoffmeister, managing director and co-founder of Drooms, and features self-learning software and automatic translation from core European languages to English. […]
Financial crises are not new, but the global financial crisis of 2008 exposed the over-leveraged interconnectedness of our modern digital age. It reflected the failure of a laissez-faire economic and regulatory philosophy that had increasingly influenced policy circles during the past three decades; that banks could and should manage their own risk with little outside […]
In an age of increasingly high consumer expectations, driven by ever increasing customer choice, the term “customer experience” has become more than a simple buzzword. Used as a key brand differentiator for all types of industries, it has emerged as a crucial tool in driving customer loyalty in the long-term. Irrespective of whether you are […]
As retailers across the country need to bring innovative customisation and convenience factors to their customers, credit cards are becoming an essential part of delivering value. Co-branded cards continue to play an important role in the retail landscape and can offer a unique point of distinction for retailers in today’s competitive environment.
It may come as no surprise that the CFPB’s latest monthly complaint snapshot released Oct. 25 focuses on complaints related to prepaid products, considering the agency released its long-awaited final prepaid accounts rule earlier this month. But despite the bureau’s contention that “the report shows that consumers continue to experience issues trying to manage their accounts and access funds,” prepaid-related complaints to the bureau dropped 21 percent in September.
Without the right digital strategy, small and midsize banks risk ceding built-in advantages to larger competitors. Below is a step-by-step guide on how to successfully move into the digital realm and retain customer engagement (and sales). Mobile banking has become an imperative for retail bankers looking to keep pace with the industry and satisfy customers’ needs. It […]
Payments technology and expense management specialist Fraedom is on the journey to tap into the $110 trillion B2B market opportunity that remains untapped today. “If the technology is both powerful and intuitive, people will use it,” states Kyle Ferguson, Fraedom’s CEO.
Blockchain has been hailed as a disruptive force capable of revolutionising the banking sector. While this may be the case to some extent, the impact may be overstated when it comes to wider back office operations, argues Paul Westgate, product manager at Linedata. In the clamour to proclaim blockchain, and those cryptocurrencies built on blockchain technology, […]
A group of Australia’s biggest banks have launched the latest salvo in their dispute with Apple over third-party access to the iPhone’s NFC hardware. In a joint filing to the Australian Competition and Consumer Commission (ACCC), the banks rebuffed Apple’s claims that they should not be allowed to collectively negotiate with the tech giant over making their own mobile payment apps available on iPhones.
The Consumer Financial Protection Bureau released a final rule Oct. 5 to correct “certain clerical and non-substantive” errors it found in Regulation E, which implements the Electronic Fund Transfer Act. The rule was published in the Federal Register Oct. 12 and the corrections take effect Nov. 14, 2016.
Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 fraud prevention software) and the forces of evil (fraudsters). Based on real events and guaranteed to keep you on the edge of your seat!
