Alibaba Receives U.S. Money Transmitter License (May 19, 2015)
Alibaba, the China-based e-commerce giant, appears to be sharpening its focus on the U.S. payments arena.
News
Walmart Accepting Alipay m-Payments in China (May 19, 2015)
Walmart is making bold moves with mobile payments in China, where it’s signed on with e-commerce giant Alibaba to accept mobile payments via the Alipay Wallet in 25 of its 410 Chinese outlets, the Arkansas-based retailer announced this week.
Survey: FSPs Ramping Up Risk Management Investment (May 19, 2015)
Financial services providers are beefing up their risk management capabilities in the wake of the increasing threat of cybercrime and fraud, a new report says.
Customers’ Coffee Costs a Latte More; Must Improve Password Maintenance (May 19, 2015)
Starbucks customers last week noticed their purchases were costing a lot more than expected after hackers exploited the Starbucks app’s auto-reload function that’s connected to consumers’ payment cards, according to reports.
PayPal Enters into Consent Order with CFPB (May 19, 2015)
PayPal, reportedly, has agreed to a consent order with the CFPB that would require the company to refund $15 million to consumers who were affected by alleged practices that included, among others, enrollment without authorization and deceptive advertising for its PayPal Credit program, previously known as BillMeLater.
Viewpoint: One-Size-Fits-All Regulation of Prepaid Accounts Does More Harm than Good
The NBPCA supports the CFPB goal of protecting consumers, but the proposed rule doesn’t differentiate between prepaid products that serve different needs.
FIX protocol dominates in post-trade workflow
Three-quarters of market participants use the FIX protocol for confirmation and affirmation of their transactions, according to a new survey released by financial industry standards body the FIX Trading Community.
DOE Issues Proposed Rulemaking for Student Cards (May 18, 2015)
The proposed rule includes numerous provisions applying to checking and prepaid card accounts established by colleges or universities on behalf of students or parents for disbursing financial aid.
Samsung Terminates Wallet, Prepares for Samsung Pay Rollout in U.S., Europe and Korea (May 18, 2015)
Samsung is terminating its mobile wallet service at the end of June, paving the way for Samsung Pay, its mobile payment service for Android devices.
Aite Study: Gathering Steam, NFC Payments Set to Skyrocket (May 18, 2015)
Proximity payment transaction volume is estimated at $7.5 billion this year and is expected to grow gradually before skyrocketing to $487 billion in 2020, according to an Aite Group report.
Mobey Forum, Biometrics Institute and Natural Security Alliance join forces to promote biometrics for digital services
The Biometrics Institute, Mobey Forum and Natural Security Alliance have launcehd a cross-association collaboration to promote the use of biometrics in digital services. The organisations plan to have their inaugural meeting, on biometrics for non-government services, in Paris on 1 July.
Moven, Accenture to jointly develop technology for banks
Accenture and Moven, the online-only bank founded by Brett King, have signed a deal to jointly develop new digital banking services — including services for the established banks. The two firms say their partnership will be useful to the larger banks because it will help them to cut costs and roll out digital services to their customers faster.
Senior Lloyds Bank, The Bancorp, PayPal executives share insights on future of payments at the UK’s largest payments technology event
PayExpo 9 & 10 June 2015, ExCeL, London www.payexpo.com “If meeting our customers’ needs means we should embrace alternative currencies and payment methods, then we should listen and adapt,” says Terry Cordeiro, Head of Proposition Development – Digital, Transformation at Lloyds Bank. He said this when discussing banking and payments issues ahead of his presentation […]
Efforts to harmonise real-time payments implementation are up against the clock
The window of opportunity to harmonise international real-time payments implementations is rapidly closing as plans for domestic systems move ahead according to panellists at the EBAday conference this week.
ISDA releases UTI derivatives trade reporting service
The International Swaps and Derivatives Association has launched UTIPrefix.org, a service that enables counterparties to obtain a unique trade identifier (UTI) prefix for derivatives trade reporting.
LevelUp Breaks into POS Mobile Carrier Billing via Sprint (May 13, 2015)
LevelUp is trying something it says is a first in the U.S.—enabling users of its mobile payments platform to charge in-store purchases to their mobile phone bills, beginning with Sprint customers.
Denmark Seeks to Eliminate Most Cash Transactions (May 13, 2015)
The Danish government wants to eliminate the obligation of accepting cash for certain retailers—expediting a move toward a cashless economy some government officials believe will reduce costs and increase productivity for affected businesses.
People on the Move: Bob Mengani, Chartwell Compliance
Chartwell Compliance has hired Bob Mengani as senior compliance director.
People on the Move: Tony Sabetti, CPI Card Group
Littleton, Colo.-based card producer CPI Card Group has hired industry veteran Tony Sabetti to lead CPI’s mobile and NFC market initiatives through CPIMobile, a digital issuance solution using Sequent technology.
Company on the Move: FIME, EMVCo Board of Advisors
FIME, a France-based provider of consulting, test and certification services for payment systems, cards and terminals, has been elected to the EMVCo board of advisors to represent the technical associates for a one-year term.
People on the Move: Tim Carter, Fortumo
Mobile payments company Fortumo has appointed Tim Carter chief revenue officer, based in the company’s London office.
People on the Move: Dean Young, National Association of Credit Union Service Organizations (NACUSO) Board
Dean Young, senior vice president of relationship development at PSCU, was appointed to the National Association of Credit Union Service Organizations’ (NACUSO) board of directors.
People on the Move: Shawn Carden, New Wave Holdings Inc.
New Wave Holdings Inc., a prepaid industry holding company, has appointed Shawn Carden CEO.
People on the Move: Hartwig Gerhartinger, Prepaid International Forum (PIF) Board
paysafecard, a global provider of prepaid online payment methods and member of the international Skrill Group, announced that Dr. Hartwig Gerhartinger, senior legal counsel at paysafecard, has been selected to join the board of the Prepaid International Forum (PIF) as a non-executive director.
Report: Cybercrime Costs to Quadruple by 2019 (May 12, 2015)
The cost of data breaches globally will quadruple over the next four years to $2.1 trillion, as cybercrime becomes more sophisticated and profitable.
Alibaba Could Open Apple Pay’s Door to China (May 12, 2015)
Two of the biggest names in global commerce are exploring a partnership that could bring Apple Pay to China.
Mitek Verifies Consumers with the Snap of a Driver’s License (May 12, 2015)
Mitek Systems has unveiled authentication technology, which it says will improve customer acquisition efforts by enabling issuers to instantly verify a consumer remotely or in a brick-and-mortar bank location using a driver’s license.
Chase: 65% of Consumers in the Dark about Chip Cards (May 12, 2015)
With less than six months to go before the October 2015 EMV liability shift for U.S. payment cards, 65 percent of consumers haven’t yet heard of chip card technology and 77 percent have not received a chip-enabled card, according to a survey.
People on the Move: David Durant, YapStone
YapStone, a global provider of Web and mobile payment technology solutions for large vertical markets and online marketplaces, named David Durant general counsel.
Nasdaq to introduce blockchain for private equities
Nasdaq is to use the blockchain technology behind controversial alternative currency Bitcoin, as part of a push to improve the exchange’s equity management abilities. The move is the first time a major global exchange has put the blockchain concept to use.
InComm Not for Sale; Bloomberg Article Incorrect (May 11, 2015)
In an exclusive interview, Meyerhoff tells Paybefore that the company is not for sale, not planning to sell and has not engaged any third party to contemplate or pursue a sale.
Senate Banking Head Mulling Fed Overhaul Bill (May 11, 2015)
The head of the Senate Banking Committee reportedly is readying a bill that would restructure the Federal Reserve and lead to fewer midsize banks being deemed “too big to fail.”
NBPCA to Recognize Industry Member with Terrence P. Maher Influencer Award (May 11, 2015)
In honor of the late Terry Maher’s tireless work on behalf of the industry, the NPBCA is further cementing his legacy by establishing the Terrence P. Maher Influencer Award.
Industry bodies look to harmonise ISO 20022 real-time payment implementation
Global interoperability of real-time payments systems will require harmonisation of market practices and standards. A group of international clearing houses, banks, vendors, payments associations and other parties have proposed setting up an activity to look at how to deliver this under the aegis of the International Standards Organisation – and set an ambitious target of collating an initial variant of ISO 20022 usage guidelines for real-time payments before the summer.
O2 Buys Weve, Ends Telco JV’s M-Payment Plans (May 7, 2015)
Weve, the U.K. telco-led mobile wallet joint venture of O2, Vodafone and EE, this week announced another major reorganization, abandoning its earlier mobile payments ambitions to focus on mobile advertising, under the sole ownership of O2.
V.me Set for Full Rollout in U.K. (May 7, 2015)
The U.K. rollout of Visa Europe’s V.me digital wallet is picking up steam, the payments network said, with support from banks representing more than half of the country’s 130 million cardholders and thousands of merchants.
Orange Cash Comes to Spain with Wirecard Support (May 7, 2015)
Wirecard Group will support the launch of mobile operator Orange’s Orange Cash mobile payments service in Spain.
EU Lawmakers Reach Informal PSD2 Agreement (May 7, 2015)
European lawmakers, following years of discussion, believe improved competition, more innovation and enhanced consumer protections in cross-border payments will be the result of an informal agreement on a revised Payment Services Directive (PSD2) reached this week.
FinCEN: Virtual Currency Exchangers Must Comply with BSA, AML Rules (May 7, 2015)
Ripple Labs Inc. acted as a money services business and sold its virtual currency without registering with FinCEN.
US lags on EMV card adoption as October deadline looms
EMV card usage is increasing almost everywhere in the world as a billion new EMV cards enter circulation – but the US continues to lag behind, despite the fact that liability shifts to the retailer from 15 October this year.
