As the European Commission finally confirms an implementation date for MiFID II, Volker Lainer of GoldenSource explains why now is the time for financial institutions adopting a quick fix approach to regulation to reconsider. After waiting and wondering, financial institutions finally have a firm date of January 3rd 2018 for MiFID II compliance. Whether this […]
Apple will testify tomorrow before the House Judiciary Committee on encryption amid its fight with the FBI over creating software to hack an iPhone of one of the terrorists responsible for the December attacks in San Bernardino, Calif. Fellow tech companies, including Google, Facebook, Microsoft and Twitter, are expected to file amicus briefs in support of Apple’s decision not to comply with a court order demanding that Apple comply with the FBI’s request.
Distributed ledgers have a role to play in identity verifications, but there are potential pitfalls, state Professor Michael Mainelli and Vinay Gupta. They are increasingly touted as the answer to the identity problems plaguing finance and government. They may well be part of the answer, but more important is recognising they are only tools to help […]
In 2016, retail banks are facing up to their biggest challenge. A combination of new market disrupters, increased regulation and the continuing pace of technology change is set to transform the industry, shifting power firmly to the consumer. Natalie McLellan, director of financial services at consultancy firm Egremont, offers her insight. Many commentators argue that […]
The Payment System Regulator (PSR), a government body created to oversee the payment systems industry in the U.K., is calling for the major banks to sell a part of their stakes in U.K.-based payments provider VocaLink, which it claims will create more fertile ground for innovation and competition.
Over the last few years, technology infrastructures have become increasingly complex and expensive to manage. At the same time, IT budgets have been cut, leading to companies finding it hard to provide and maintain IT infrastructures. Dana Brants, head of services at Swift, looks at what companies can do under the circumstances. Due to costs, […]
Digital financial services (DFS) have the power to transform the lives of millions living in poverty. However, the lack of merchant acceptance presents a significant obstacle to its success. Sacha Polverini, chairman of the International Telecommunication Union’s (ITU) focus group on digital financial services and Carol Benson, managing partner at Glenbrook Partners, look at how […]
Three commercials tied to the big game, including one from PayPal, reflect how transactions are changing and what consumers expect from their payment systems.
The CFPB wants the nation’s top banks to offer consumers more lower-risk account choices. That could be good news for the prepaid card industry even as some might grumble about the agency meddling in their affairs.
With the hospitality industry accounting for 38 percent of credit card fraud, and recent breaches showing ongoing vulnerability, the time has come for stronger security measures.
Matthew Blanchard, Head of Incentive Compensation, IBM UK&I, explains to Banking Technology why automation is necessary and how firms can improve their bottom line.
Consumers certainly know of Apple Pay. But recent survey results shed light on how shoppers are employing the mobile payment technology and suggest that challenges to further use remain.
With recent legislation calling for increased cooperation between companies and government agencies to combat potential cyberthreats, officials are asking financial institutions to include information such as IP and bitcoin wallet addresses in suspicious activity reports (SARs).
Following a new privacy shield agreement, which upon approval will replace an expired Safe Harbor pact between the U.S. and the EU Commission, European Data Protection Supervisor Giovanni Buttarelli last week said he supported the agreement.
A Wendy’s customer has filed a class action complaint against the fast food chain for its alleged failure to protect consumers’ credit and debit card information.
MoneyGram agrees to pay $13 million to settle claims that criminals used its network for fraudulent transactions. The company also will increase its anti-fraud activities.
A year after the Federal Reserve announced a plan to enhance the speed, safety and efficiency of payments in the U.S., the program has made substantial progress, the Fed reports.
Retailers have long recognized the importance of customer engagement to drive sales and retain customers. But Reno, Nev.-based PaySwag is proving the power of engagement to improve results in a somewhat unexpected sector—bill payments.
Oh the irony. On the same day President Barack Obama and his administration presented plans to strengthen the country’s cybersecurity, the IRS announced an attack on its Website.
A U.K. government panel is calling for the development of an open banking standard that will enable banking data to be shared and used securely, giving consumers access to tailored financial solutions and an easier way to compare products and services.
Bitcoin continues to encounter hurdles as its supporters try to facilitate the digital currency’s mainstream acceptance. Though certain states and countries are welcoming bitcoin, or permitting it with certain provisos, Russia is considering a ban.
The Prepaid International Forum (PIF) is celebrating its 10-year anniversary in 2016. Emily Baum, a non-executive board member of the forum and business development director of PrePay Solutions, tells Paybefore more about PIF, where the 23-member group is headed and how the industry is responding to calls for increased prepaid regulation following the Paris terrorist attacks.
There’s one challenge that regulators seem unable to address, and that is regulation itself. Today’s evolving regulatory environment seems to be beset by a range of internal contradictions. One such contradiction is the banks’ decision to act as clearing providers for derivatives businesses.
Electronic payment options for consumers are proliferating, and shoppers expect merchants to accept the full gamut of form factors. But for retailers—especially small and midsize enterprises (SMEs)—it can be tough to keep up. That’s where Poynt comes in.
An in-memory DBMS with its roots in embedded systems for the defence and aerospace sectors is setting records for manipulating financial data. Chief executive Steve Graves told Banking Technology how it works.
The CFPB announced today a three-prong approach to ensure consumers are receiving a fair shake regarding checking account access. But what may surprise many in the prepaid industry is that the agency also is providing information to consumers about the prepaid option.
Financial software provider Misys has appointed Rob Binns as its chief financial officer. Binns joins Misys from HP where he was head of treasury and investor relations. He joined Hewlett-Packard in 2007 from Mercury Interactive and has held a number of senior finance positions in the company including VP Software Field Operations and VP Investor […]
Morgan Stanley has appointed Naureen Hassan as chief digital officer for Wealth Management, a new position in which she will lead the strategy and marketing of digital tools and platforms serving the firm’s 16,000 financial advisors and 3.5 million clients. Naureen Hassan served most recently as executive vice president, Investment Services Segments and Platforms at […]
The largest vendors in the trader voice market are now in a similar position to IBM in the late 1990s: their solutions are proprietary, expensive to maintain, and lacking true open integration …
I talk with a lot of banking leaders who describe their approach to innovation as being a “fast follower. My typical retort is that they are half-right—most of them are definitely followers, but there usually isn’t anything fast about their approach.
For those of us in prepaid, combating misrepresentation of our products in the media is nothing new. A recent news story claiming banks are leaving customers on the hook for fraud if they use a mobile wallet shows there’s plenty of work to do for new payment methods.
Hyperwallet CEO challenges businesses in the booming on-demand economy to make getting paid as easy as ordering a ride on Uber.
Cybercriminals could be ramping up their attacks on financial services providers, according to a new study. The fourth quarter of 2015 saw a tenfold increase in “bot attacks”—essentially test attacks meant to gauge the security of targeted systems—according to the report by ThreatMatrix, a San Jose, Calif., cybersecurity company.
Money Market Statistical Reporting presents a fair number of challenges. And firms are pressed for time to prepare for these requirements, according to an overview prepared by Wolters Kluwer Financial Services. Where they may have adopted tactical solutions in the past to meet transaction level reporting obligations, now is a good opportunity to think more strategically about investing in the right platform and infrastructure. This is especially true given that daily reporting obligations will soon be extended in 2018 to include securities and financial transactions
Add another state in play regarding proposed restrictions on payroll cards. Washington state representatives introduced a bill making it unlawful for payroll card providers to charge certain fees.
Following the Nov. 13 attacks in Paris, some European member states are calling for swift action, while others are concerned that too much regulation would stifle prepaid card distribution and innovation.
Every bank wants to achieve a single view of a customer, but no-one has found an easy, cost-effective, scalable way to do it. The simple fact is that there is too much customer information, entering the bank from too many places, to align and maintain into a single view. An effective solution would reduce costs, allow the bank to generate revenue faster, facilitate KYC processes and meet regulatory requirements.
When a terrorist spends cash, there is no trace, no history of where it came from, where or how it was spent. But using a prepaid card leaves a trail to follow.
While some of us have experienced the speed at which sales are completed on the trade floor, most of us have heard tell of it. So it’s no surprise that mismatched trades is a common challenge for most banks, giving rise to the finance technology industry creating a brand new category – solutions for the management of the P&L trading desk
Stop asking customers what kind of car they owned 10 years ago. Make better fraud decisions—and reduce costly false positives—with behavioral biometrics analysis they never see.
