HCE Continues to Gain Ground as PPS, Proxama Ink Deal (June 16, 2014)
More mobile wallet providers are pinning their hopes on host card emulation technology to facilitate NFC payments.
News
New Site Could Be Springboard to Alibaba’s U.S. E-Commerce Ambitions (June 16, 2014)
Chinese e-commerce giant Alibaba’s new U.S. retail portal eventually could present a challenge for some of the biggest names in the online shopping sector, including Amazon and eBay.
The Bancorp Steps up BSA Compliance Efforts, Following FDIC Consent Order (June 13, 2014)
The Bancorp Bank, a wholly owned subsidiary of The Bancorp Inc., this week revealed in an 8K filing with the SEC that it’s stepping up its Bank Secrecy Act (BSA) compliance efforts in accordance with an FDIC consent order that went into effect June 5.
EBA report sets scene for collaboration on supply chain finance
The Euro Banking Association has published results of research and assessment work on supply chain finance topics and alternative electronic payments, including recommendations on managing financial industry collaboration and partnerships.
Waratek wraps vulnerable Java code in security blanket
Specialist Java start-up Waratek has announced a security product intended to protect older Java code – which can contain five to 10 security vulnerabilities per 10,000 lines of code – from security breaches.
Cordray: Proposed Rules for Prepaid Cards Due by ‘End of Summer’ (June 11, 2014)
The Consumer Financial Protection Bureau (CFPB) has bumped plans to release its proposed rule on prepaid cards to “the end of the summer,” according to Richard Cordray, the agency’s director.
U.K. Retailers’ Banking Push Continues with Tesco Current Account (June 11, 2014)
As U.K. retailers move further into providing personal banking services, supermarket giant Tesco has launched its first-ever current account.
Amazon Expands One-Click Payments to Subscriptions (June 10, 2014)
Less than a year after Amazon launched a one-click checkout feature for outside Web merchants, the online retail giant has unveiled a similar service for recurring and subscription-based payments.
American Express Goes Mobile in Uber Deal (June 10, 2014)
Uber, the global service that connects drivers with riders, has integrated American Express’ membership reward points into its iOS app, giving consumers another way to use their mobile devices to pay with American Express.
Report: EMV Makes Increasing Sense for Credit, Debit Cards (June 10, 2014)
The increasing risk of fraud, the rise of NFC, customer convenience and lower technology costs have combined to make the business case for EMV work for U.S. payment card issuers, according to a new report from Aite Group.
Cachet App to Expand FirstView’s Mobile Presence (June 10, 2014)
On the heels of its March acquisition of the moneto mobile payment platform from DeviceFidelity Inc., Minneapolis-based remote deposit capture specialist Cachet Financial Solutions announced it will be developing a prepaid mobile app for cardholders of FirstView, an Atlanta-based program manager and processor.
Banks: get your act together or fail, EBAday conference told
Banks are paying lip-service to the concept of customer service and are years behind on innovation – and unless they literally get their act together by collaboratively embracing open software libraries and sharing applications and data, they will not survive.
EMERGE Recap: Digital Currencies Pack Potential to Serve the Underbanked (June 9, 2014)
The rise of Bitcoin and other digital currencies could present new opportunities for serving the underbanked once acceptance becomes more widespread, and payment providers and investors are building an infrastructure to support such uses.
EMV Inching into Prepaid with i2c, Banco do Brasil Americas Travel Card (June 9, 2014)
Despite some skepticism around the business case for prepaid issuers, in particular, to migrate to EMV in the U.S., another card targeting international travelers has made its debut.
Bitcoin ATM Allowed in China, Denied in Switzerland (June 9, 2014)
Bitcoin recently took one step forward and one step back as one provider launched its first Bitcoin ATM in China, while another Bitcoin operator has been denied doing the same more than 4,700 miles away in Switzerland.
People on the Move: Michael Dotsey, Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia has promoted Michael Dotsey to senior vice president and director of research.
People on the Move: Dickson Chu, Ingo Money
Ingo Money, an Atlanta-based technology and solutions provider, hired Dickson Chu as executive vice president, corporate development and chief product officer.
People on the Move: Tim Sloane and Ben Jackson, Mercator Advisory Group
Mercator Advisory Group has appointed Tim Sloane vice president of payments innovation, and promoted Ben Jackson, formerly senior analyst, to director of the Prepaid Advisory Service.
People on the Move: Elizabeth Buse, Amanda Burton and Paulette Garafalo, Monitise plc
Monitise plc has announced a series of updates to its executive leadership team and board of directors, including the appointment of Elizabeth Buse to co-CEO of Monitise Group.
Company on the Move: paysafecard.com Wertkarten AG, Award Recipient
In addition to being the 2014 Paybefore Awards Europe winner in the Consumer Champion category, paysafecard.com Wertkarten AG, which is part of the Skrill Group, also has been included in The New Economy’s list of top 40 most innovative companies in the world.
Companies on the Move: The Members Group and TMG Financial Services, Marketing Honors
Des Moines, Iowa-based payments processor The Members Group and its sister company and credit card agent issuer TMG Financial Services received recognition from the Iowa Chapter of the American Marketing Association, both earning multiple NOVA Awards for excellence in marketing campaigns.
People on the Move: Walter Taylor, TSYS
TSYS, a Columbus, Ga.-based processor, has named Walter Taylor group executive, chief procurement officer.
Tokenisation may offer antidote to soaring cyber crime epidemic
As the number of cybercrime incidents increases, financial institutions and their corporate customers should take renewed steps to protect their data – including using tokenisation and hosted payments pages, according to a new report by Chase Paymentech.
Amex Bolsters Bluebird, Serve with Budgeting Tools; Expands Free Reload Network (June 5, 2014)
New financial management tools for American Express Serve and Bluebird GPR prepaid cards announced today likely will strike a chord with cardholders—many of which already are displaying positive financial behavior, according to the payments network.
EMERGE Keynote: CFSI’s Tescher on Promoting Financial Health for All (June 5, 2014)
With the Center for Financial Services Innovation ringing in its 10th anniversary this year, CFSI President and CEO Jennifer Tescher took a short walk down memory lane—but kept a sharp focus on the road ahead—in her keynote address yesterday at EMERGE: The Forum on Consumer Financial Services Innovation.
Federal Banking Agencies Seek Comment on ‘Outdated, Unnecessary’ Regs (June 5, 2014)
A rare chance to trim back certain redundant financial regulations that seem to spread like ivy has arrived.
Canadian exchange pursues “fairer markets” with MillenniumIT deal
Canadian ‘challenger’ exchange Aequitas, which plans to favour long-term investors by discouraging HFT, has chosen a trading engine and several other tools from MillenniumIT, the Sri Lanka-based technology company owned by the London stock Exchange.
Visa Sets Standards for Prepaid Simplicity, Transparency (June 3, 2014)
Visa isn’t waiting for regulators to help simplify prepaid products for consumers.
Interchange Case’s Next Stop: Supreme Court? (June 3, 2014)
There may be one more round to go in the dispute between merchants and the Federal Reserve over interchange fees and debit routing requirements.
Apple Might Be Readying Digital Currency, Too (June 3, 2014)
As speculation mounts around Apple’s plans for mobile payments and the tremors the company could create among mobile wallet providers, Apple might be prepping to launch its own digital currency.
Responding to NPRMs Is Everyone’s Business: Are You Ready to Respond to the CFPB’s NPRM on General Use Cards?
We have the opportunity to make a difference, to be part of the process and to influence the outcome of prepaid regulations.
Regulator as Incubator in U.K. (June 2, 2014)
Payments startups looking to get off the ground in the U.K. soon could gain support from a somewhat unexpected source: regulators.
MasterCard Launches SASSA-Like Program in Pakistan (June 2, 2014)
Building on its experiences from the rollout of the South African Social Security Agency initiative in 2012, which provides millions of South Africans a secure way to receive social grants, MasterCard has announced the launch of a similar program in Pakistan.
ATM Report: Cash is King at Local Shops (June 2, 2014)
While recent reports are showing a decline in cash transactions, convenience store and gas station owners can increase customer loyalty, foot traffic and sales by installing an ATM, according to a survey of consumer habits in the U.K.
Rise of m-POS Hastens Move Away from Cash (June, 2, 2014)
The spread of m-POS platforms has accelerated the decline of cash, according to a new report revealing that the volume of cash used in POS transactions in the U.S. dropped 10 percent between 2012 and 2013.
Collateral management moves to centre stage
Collateral management as it is currently known will no longer exist within a few years as increased regulatory demands, rising levels of automation and growth of industry tools to optimise collateral transform the industry, according to a new survey and report by Sapient Global Markets.
MasterCard Ups Cardholder Security with Expanded Fraud Policies (May 29, 2014)
MasterCard is beefing up its cardholder security efforts, adding identity theft resolution assistance to all of its credit, debit, prepaid and small business cards issued in the U.S.
Square’s Move into Small Business Advances Could Boost Balance Sheet (May 29, 2014)
After revolutionizing payment card acceptance for small merchants, Square now is seeking to make waves in the cash advance arena.
UnionPay Spending Millions to Promote Online, Mobile Payments (May 29, 2014)
Five months after UnionPay’s partnership with Rev Worldwide to expand its prepaid market opportunities globally, payment network UnionPay is spending a sizable chunk of change to promote card and mobile app usage for online purchases to cardholders within China.
Citi adds TCA tools to futures and options platform
Citi has launched a new set of trading features and transaction cost analysis tools on its Citi Futures and Options Execution platform, which it says will help clients to gain clarity from their futures clearing merchants.
