Retail Groups Call for Open Tokenization Standards (Aug. 4, 2014)
U.S. merchant groups have banded together to call for open standards for tokenized payments, to be managed by an independent body.
News
“Cambrian explosion” of data costs banks dear
The rising volume of market data is comparable to the Cambrian Explosion in which the number of species on Earth dramatically increased around 542 million years ago. Banks will have to adjust to this deluge of data if they are to keep pace with aggressive new competitors.
Starbucks Plans Further Jolt for Mobile (July 31, 2014)
Starbucks has racked up nearly 12 million active monthly users for its mobile app, which processes 6 million transactions a week—and the company is looking to build upon that success, according to CEO Howard Schultz.
CardCash.com Acquires Plastic Jungle (July 31, 2014)
CardCash.com, a Brick, N.J.-based marketplace for secondary gift cards, today announced it has acquired the assets of gift card exchange Website Plastic Jungle.
Research: FIs Don’t Need to Wait to Capitalize on M-Payments (July 31, 2014)
Financial institutions can capitalize now on mobile payments opportunities until the market for mobile payments at the POS matures, according to a white paper by Fiserv Inc., a Brookfield, Wis.-based financial services technology provider.
Amazon Plots $2B Indian Expansion (July 31, 2014)
Amazon is seeking to expand its operations in India, and the e-retail giant is putting $2 billion toward that goal.
Intraday liquidity reporting poses challenge for banks says Swift
New intraday liquidity reporting tools set out by the Basel Committee on Banking Supervision could pose a serious challenge for banks, according to a new white paper by Swift.
First Data to Expand Mobile Bandwidth via Gyft Buy (July 30, 2014)
First Data has announced it will acquire digital gift card provider Gyft Inc.
It’s a Wrap for Facebook Gifts (July 30, 2014)
Facebook is shuttering its electronic gift card service after nearly two years, shifting its focus to more recent e-commerce initiatives.
Blackhawk, Amazon Launch Mobile Wallet Features (July 30, 2014)
Blackhawk Network and Amazon today announced they are providing consumers with ways to spend and better manage their gift cards (from dozens of major retailers and restaurants) using the Amazon Wallet app.
LME overhauls network architecture
The London Metal Exchange is working with Colt to launch a new dedicated network interconnecting all its systems including the LME Clear clearing service.
Entering the Banking Technology Awards – guidelines from the editor
Entries for the Banking Technology Awards 2014 have been open for a while now, but as we move into the last few weeks, this is always a time when we are flooded with questions about the process. By way of response, here are some guidelines based on my experience chairing the judging panel over the past 11 years.
FDIC Revises Guidance on Operation Choke Point (July 29, 2014)
The FDIC has clarified its previous guidance related to the DOJ’s Operation Choke Point, which encourages financial institutions to scrutinize payment processor clients that process payments for certain types of businesses.
McDonald’s Employees Sue Franchisee over Payroll Card (July 29, 2014)
Employees and former employees of 16 McDonald’s restaurants across Pennsylvania have filed a class action lawsuit against the restaurants’ owners for violating the law when they allegedly failed to provide a method of receiving wages other than on a payroll card.
Fintech Investment Booming, Says Report (July 29, 2014)
Financial technology investment by major venture capital firms more than tripled between 2009 and 2013, a new study found.
Stripe Launches in Australia, Testing in Scandinavia (July 29, 2014)
Payments processor Stripe Inc. has ventured into the Asia-Pacific region by launching its services last week in Australia.
Fed: Government Prepaid Payments Topped $142 billion in 2013 (July 28, 2014)
Government-funded prepaid cards continue to grow steadily, with agencies at the U.S. federal, state and local levels using prepaid to disburse benefit funds, tax refunds and other payments.
Lawmakers Pressure DOE on Campus Card Rules (July 28, 2014)
New restrictions on campus debit cards being considered by the U.S. Department of Education have the potential to be too far-reaching and severely limit students’ access to financial services, according to more than 40 U.S. lawmakers—senators and congressman, Democrats and Republicans.
Apple, Visa Reportedly in Mobile Wallet Talks (July 28, 2014)
Apple could finally be preparing to make its long-awaited debut in the mobile wallet sector.
PayPal Offers Cash Advances to SMBs in U.K. (July 28, 2014)
PayPal is launching its Working Capital program in the U.K. this fall for select small to midsize business customers, offering cash advances against their future sales.
New Exec Director for NBPCA (July 23, 2014)
The Network Branded Prepaid Card Association announced today that Doug Bower will join the association as executive director and president, effective August 5, 2014.
Four Years Later: Dodd-Frank Still Divides the House; Effects Being Felt by Prepaid (July 23, 2014)
The Dodd-Frank Wall Street Reform and Consumer Protection Act, the legislation born from the economic crisis a half-decade ago, turned 4 years old this week. The shockwaves from the law, which has significant impact on the prepaid industry, likely will be felt for years to come.
Raphaels, Post Office Team on U.K. Prepaid Card (July 23, 2014)
Raphaels Bank and the U.K. Post Office have joined to launch a new prepaid MasterCard.
People on the Move: Matt Banham, Omlis
U.K.-based mobile payment solution provider Omlis has appointed Matt Banham chief technology officer.
Companies on the Move: Paul Hastings LLP, The American Lawyer’s A-List
The American Lawyer has ranked Paul Hastings LLP atop its 2014 A-List of most successful U.S. law firms.
People on the Move: Ram Chari, ElectraCard Services
MasterCard has appointed Ram Chari CEO of ElectraCard Services, which it acquired earlier this year.
People on the Move: William Healy, Net Element Inc. Board of Directors
Net Element Inc., a mobile payments and transactional services provider, has appointed William Healy to the company’s board of directors, where he will serve on the board’s audit, compensation, nominating and corporate governance committees.
People on the Move: Matt Odirakallumkal, SecureNet
Austin, Texas-based payments processor SecureNet has named Matt Odirakallumkal senior vice president of risk management.
People on the Move: Alencar Nunes da Silva Jr. and Michele Scarlatella, SIMalliance Board of Directors
SIMalliance, a London-based nonprofit trade association supporting the creation, deployment and management of secure mobile services and applications, has announced its board of directors for 2014-15.
People on the Move: David Sear, Skrill Group
Skrill Group, provider of online payment technologies to merchants and consumers, has appointed David Sear group chief commercial officer.
New Gift, Loyalty App Latest Sign of Amazon’s Offline Ambitions (July 22, 2014)
Amazon has launched a new mobile wallet app for managing and redeeming gift and loyalty cards.
N.Y. Proposes Rules for Digital Currency Businesses (July 22, 2014)
New York State’s Department of Financial Services is seeking public comment on a recently proposed “BitLicense” regulatory framework for digital currency businesses in the state.
RBI Accepting Comments on Bank Licensing Guidelines (July 22, 2014)
The Reserve Bank of India recently issued draft guidelines for companies seeking bank licenses in two niche banking categories: payments banks and small banks.
Snapchat Eyeing Payments, Patent Filings Indicate (July 22, 2014)
Mobile photo sharing and messaging app Snapchat might be seeking to move into payments.
Corvil turns to cloud as data ‘race for pace’ accelerates
Trading technology firm Corvil has launched a new streaming analytics platform which it says will help exchanges, banks, brokers and other trading firms to sweep away the IT failures of the past and learn to better understand the market.
Google Wallet Adds Gift Card Management, Free Debit Card P2P (July 21, 2014)
As Google Wallet continues to experiment, the latest evolution adds a new gift card management function and removes fees on debit card-based P2P money transfers made via the wallet.
ACI Worldwide to Acquire ReD for $205 million (July 21, 2014)
Payment systems provider ACI Worldwide announced today it will acquire U.K.-based fraud prevention solutions provider Retail Decisions (ReD) in an all-cash purchase of $205 million.
Social Media, Shopping Convergence Continues with Twitter, Facebook Moves (July 21, 2014)
The boundary between social media and commerce continues to blur, with a pair of announcements from two major tech companies accelerating the convergence of shopping and socializing online.
Green Dot MoneyPak PIN Product Out of Market by Q1 2015 (July 17, 2014)
Green Dot Corp., a Pasadena, Calif.-based provider of prepaid debit card products and reloading services, is discontinuing the MoneyPak PIN method of reloading cards, moving fully to the card swipe reload process, according to a written statement provided yesterday at a hearing of the Senate Special Committee on Aging.
CFPB Proposal: Include Consumer Narrative in Complaint Database (July 17, 2014)
The CFPB wants to expand its Consumer Complaint Database to enable consumers to provide a narrative with their complaints about financial services.
