News


Visa Sets EMV Liability Deadline for ATMs, Opens up Chip Technology (Feb. 5, 2013)

Feb. 5, 2013 Visa Inc. has taken two more steps forward in the U.S. transition toward EMV by setting new deadlines and liability shift dates for third-party ATM acquirers and announcing that it would provide some of its proprietary EMV chip technology to debit card issuers free of charge to facilitate chip adoption industry-wide and to […]

mPowa Strikes Deal with Portugal Telecom (Feb. 5, 2013)

Feb. 5, 2013 U.K.-based mobile payments provider mPowa has inked a white-label deal with Portugal Telecom Group that will enable the carrier to offer small businesses a card reader-based mobile payments service. Financial terms of the deal were not disclosed, but TechCrunch reports it was a multimillion-dollar pact with a seven-year term. The partnership opens […]

Cardplatforms to Develop Payroll Programs with Experian (Feb. 5, 2013)

Feb. 5, 2013 Experian, an information services company and major credit bureau, has announced it will provide Cardplatforms LLC with its international authentication services to help the prepaid card services provider roll out prepaid cards worldwide. Cardplatforms will incorporate its prepaid card issuance network with Experian’s verification services, Prove-ID and AutoDoc-ID, to launch a payroll […]

PIF Launches Chapter for Middle East (Feb. 5, 2013)

Feb. 5, 2013 International not-for-profit trade association Prepaid International Forum (PIF) is launching a regional chapter for the Middle East. Executives from PIF’s regional Chapter Patron, TSYS, have been working with the association’s central body to coordinate the chapter launch, which will include an inaugural meeting on Feb. 18 in Dubai. Invited organizations will consider […]

Urban Trust Shutters Overdraft for Prepaid Cards (Feb. 5, 2012)

Feb. 5, 2012 As of Feb. 1, Urban Trust Bank (UTB), a federally chartered community bank, is no longer offering overdraft protection on its Visa Prepaid Debit Cards. The decision comes after a “careful and thorough evaluation of the prepaid cards’ features in an effort to streamline the cards’ offerings and to best serve the […]

Mobile to dominate rise in retail bank IT spending

Further evidence that bank IT spending is growing again comes from industry analysts at Ovum, which is predicting overall growth of 3.4% among retail banks, reaching $118.6 billion in 2013, as they focus on “customer satisfaction and revenue growth”.

Green Dot Revenue Up on Card Use, Spending Growth (Feb. 4, 2013)

Feb. 4, 2013 Prepaid issuer and program manager Green Dot Corp. said its revenue jumped 15 percent in the fourth quarter of 2012 compared to the previous year, with the growth largely due to upswings in card activation and consumer spending. The Pasadena, Calif.-based company took in $137.3 million in last year’s final three months, […]

Facebook Expands Gifting Program with New Card (Feb. 4, 2013)

Feb. 4, 2013 Facebook is expanding its brick-and-mortar gifting program with the launch of its own branded gift card. The Facebook Card began rolling out last week, the social network said in a blog post, with availability “gradually” expanding to more U.S. users. The preloaded card can be purchased within the Gift Cards & Digital […]

N.J. Lawmakers Pass Bill Requiring Direct Deposit for State Employees (Feb. 4, 2013)

Feb. 4, 2013 New Jersey lawmakers in late January passed a bill designed to drive the state’s payroll system away from paper within 18 months by requiring all state employees to receive compensation by direct deposit beginning July 1, 2014. The bill, which passed the New Jersey Assembly by a vote of 74-0, also enables […]

PFS, Deutsche Card Services to Develop Corporate Prepaid Cards in Europe (Feb. 4, 2013)

Feb. 4, 2013 U.K.-based program manager Prepaid Financial Services Ltd. (PFS) and Deutsche Card Services (DeuCS), a Frankfurt-based acquirer and subsidiary of Deutsche Bank, have signed a strategic partnership to develop and deliver prepaid card solutions across Europe for corporate clients. PFS will provide the technology and support to enable DeuCS to offer new payment […]

Republican Opposition to Cordray Redux (Feb. 4, 2013)

Feb. 4, 2013 Senate Republicans have made it clear their opposition to the re-nomination of CFPB Director Richard Cordray, or any nominee, will not wane until their concerns about the agency are addressed. In a letter to President Barack Obama written by Sens. Mitch McConnell (R-Ky.) and Mike Crapo (R-Idaho) and signed by 43 Republican […]

U.K.’s Weve Completes Vodafone Integration (Feb. 4, 2013)

Feb. 4, 2013 U.K. mobile wallet venture Weve this week announced it has completed the integration of Vodafone, its third mobile network operator, into its mobile advertising and commerce platform and a total of 15 million consumers, or 25 percent of the U.K. population, have opted in to the service. Weve, a joint venture of […]

Market abuse highlights vulnerable European equity market

The imposition of an £8 million fine against defunct Canadian day trading firm Swift Trade earlier this week illustrates the potential for abusive strategies that distort markets – and the need for a new approach from regulators, according to Matthew Coupe, director of regulation and market structure at NICE Actimize.

People on the Move: Nick Millar, Jim Wadsworth and Phil Harrison, VocaLink (February 2013)

February 2013 VocaLink, a London-based international payment provider, recently announced three senior hires. Nick Millar joins as strategy and customer insight director, Jim Wadsworth as product development director and Phil Harrison as commercial director, alternative payments. They report to Paul Stoddart, managing director of strategy and business development. Millar joins VocaLink from Visa Europe, where […]

People on the Move: Robert W. Matschullat, Visa Board of Directors (February 2013)

February 2013 Visa Inc. recently announced that the company’s board of directors has elected Robert W. Matschullat as Visa’s nonexecutive, independent chair. The appointment is effective April 1, following the retirement of executive chair Joseph W. Saunders. Matschullat has been a Visa director since October 2007. He has served as chairman and interim CEO of […]

People on the Move: Kevin Taylor, Keith McKenzie and Ryan Deslippe, SelectCore Ltd. (February 2013)

February 2013 SelectCore Ltd., a Toronto-based prepaid solutions provider, recently announced a strategic restructuring of its executive management team to better position the company to fully capitalize on new contracts and significant growth opportunities that are expected to develop in the near term. Kevin Taylor, director of the corporation, assumes the role of CEO. Keith […]

People on the Move: Mohammad Hashemi, Payza (February 2013)

February 2013 Payza, an online payment platform, has promoted Mohammad Hashemi to the newly created position of vice president of strategy. He will be responsible for implementing Payza’s overall business strategy and global expansion by spearheading its partner acquisition efforts. As Payza’s director of product strategy, Hashemi managed the life cycle of the company’s products, […]

People on the Move: Gerhard Falb, paysafecard group (February 2013)

February 2013 Austria-based  paysafecard group has appointed Gerhard Falb as chief marketing officer. He is responsible for the management of all marketing activities, nationally and internationally. Falb has extensive experience in leadership and marketing, which he gained at mobile operator ONE (now Orange), bwin and Michelin Austria, among others. Before joining the company, Falb worked […]

People on the Move: Steve Bacastow and Charlie Wiggs, Mozido LLC (February 2013)

February 2013 Mozido LLC, a startup that focuses on cloud-based, white-label mobile payments services for banks and merchants, has appointed Steve Bacastow and Charlie Wiggs to its management team. As senior vice president of operations, Bacastow is responsible for leading all company operations functions with a focus on maximizing growth and profitability and meeting compliance […]

People on the Move: Ed Labry, First Data (February 2013)

February 2013 First Data Corp., an Atlanta-based payments processor, announced that its board of directors has named Ed Labry interim CEO while it conducts a selection process. In early January, the company announced that Jon Judge planned to retire as CEO for health reasons and would serve until a transition was effected. Labry has spent […]

People on the Move: Lanny Byers and Howard Hall, Consult Hyperion (February 2013)

February 2013 Consult Hyperion, a London-based IT consultancy that specializes in secure electronic transactions, has opened a U.S. office in New York City. Lanny Byers and Howard Hall have been chosen to lead the U.S. headquarters, and they will serve as co-managing directors and report to CEO Neil McEvoy. Byers has more than 20 years of […]

People on the Move: Andy Nicholas, Citi (February 2013)

February 2013 Citi recently appointed Andy Nicholas head of commercial and prepaid card sales and account management EMEA to lead an experienced team charged with ensuring success and client satisfaction. Nicholas, who is based in the U.K., has been with Citi for 20 years, and has been responsible for commercial card sales and account management […]

People on the Move: Jerry Garcia and Mike McCarthy, Cardtronics Inc. (February 2013)

February 2013 Retail ATM network Cardtronics Inc. has announced that Jerry Garcia is transitioning from his role as chief information officer to the newly created position of chief information security officer. Garcia, who spent the last 10 years designing and developing the information technology systems Cardtronics uses to run its business, now will focus exclusively […]

CFPB Launches Inquiry on Campus Financial Products; Comments Due March 18 (Jan. 31, 2013)

Jan. 31, 2013 The Consumer Financial Protection Bureau (CFPB) today announced it has begun an inquiry into “the impact of financial products marketed to students through colleges and universities” to determine whether these products are “in the best interest” of students. Such products include student ID cards that double as debit cards and cards used […]

FIS Pays $120 Million for Mobile Payments Specialist mFoundry (Jan. 31, 2013)

Jan. 31, 2013 In a move intended to deepen its mobile payments offerings, banking and payments technology expert Fidelity National Information Services (FIS) today said it will pay $120 million to acquire mFoundry, the mobile banking app firm that helped devise Starbucks’ vaunted mobile payments operation, among others. The transaction will give FIS the remaining […]

Western Union Expands Remittance Card Program, Offers Tax Refund GPR (Jan. 31, 2013)

Jan. 31, 2013 Money transfer and global financial services provider Western Union Co. has expanded its Receive remittance card to Costa Rica and Guatemala. Initially launched in El Salvador last June, Receive enables recipients of Western Union money transfers to put all or part of the transferred funds onto a MasterCard-branded prepaid card. The company […]

Earnings Roundup: Facebook, First Data, MasterCard (Jan. 31, 2013)

Jan. 31, 2013 Social media giant Facebook Inc. closed out its first calendar year as a public company with $1.59 billion in fourth-quarter revenue, up 40 percent from $1.13 billion in 2011’s fourth quarter, with the improvement spurred mainly by a surge in mobile ad revenue. The proportion of Facebook’s advertising revenue from mobile devices […]

NCLC Study Shows Improvements in State Unemployment Cards (Jan. 30, 2013)

Jan. 30, 2013 State unemployment recipients who receive their benefits on prepaid cards are saving millions due to lower fees and improved services, according to a new report by the National Consumer Law Center (NCLC). The results of the agency’s 2013 Survey of Unemployment Prepaid Cards were an improvement over the NCLC’s 2011 study, which […]

Citi, Visa Launch Prepaid Card in Philippines (Jan. 30, 2013)

Jan. 30, 2013 Citigroup Inc. and Visa Inc. are joining forces in the Philippines to launch the new Pag-IBIG Citi Prepaid Card, which could reach as many as 13 million Filipinos through its link to the nation’s social security program. The reloadable Visa card is available to all citizens who belong to the Philippine government’s […]

Merchant Group: Retailers Unlikely to Introduce Credit Card Surcharging (Jan. 30, 2013)

Jan. 30, 2013 Merchants across the U.S. are holding off on introducing a surcharge for Visa and MasterCard credit card transactions despite getting the green light to do so this week under the terms of a proposed settlement in the merchants’ antitrust case reached last November. The settlement, subject to final approval in a hearing […]

GiftYa Raises $1 Million to Develop Patented Gift Credit System (Jan. 30, 2013)

Jan. 30, 2013 GiftYa LLC, a mobile and digital gift credit platform and spinoff company of parent GiftCards.com LLC, has received $1 million of seed capital to develop the GiftYa platform. The $1 million investment comes from Jason Wolfe, founder of GiftCards.com and CEO of Wolfe LLC. GiftYa, which will be available online and as […]

SALT Technology Raises $2 Million in Funding (Jan. 30, 2013)

Jan. 30, 2013 SALT Technology Inc., a San Francisco-based provider of a cloud-based mobile payments platform, has raised $2 million in financing from private investors with backgrounds in the mobile, financial and payments technology sectors. The company, which also has offices in London and Toronto, said it will use the new funding to accelerate the development […]

Information Mosaic sets out tools for T2S

Software company Information Mosaic has released an improved version of its corporate actions tool, IMActions, which it says will help banks and CSDs prepare for T2S.

Rise of the machines: banks embrace automation despite the cost

Flawed decisions taken by machines are causing financial services firms to lose customers and suffer unexpected costs, according to new report by the Economist Intelligence unit. Yet retail banks are increasingly turning to technology to assess customers.