Cards

CFPB Snapshot: California Leads Nation in Complaints to Agency

The CFPB receives more than 20,000 complaints every month, according to Director Richard Cordray, and the bureau’s latest installment of its Monthly Complaint Report highlights consumer complaints at the state level. As of June 1, the CFPB has received more than 1.2 million complaints across the country since it began accepting them in 2011. The top three states with the most complaints are California, Florida and Texas with 159,158, 111,559 and 93,472 complaints, respectively.

Payscout Launches Virtual Reality Commerce with Visa’s Help

Retail payments have taken another step into the future. Payment processor Payscout has launched a virtual reality system that employs Visa Checkout and enables consumers to examine products before ordering them for delivery to shoppers’ homes.

Curve Hits 50-50 Milestones; Consumer Card to Come

Curve and its all-cards-in-one Curve Mastercard and accompanying banking app apparently has struck a chord with small businesses and freelancers. More than 50,000 SMEs have signed up for the London-based startup’s program, which recorded £50 million (US$63.3 million) in user spending since the beta period began last year.

Mastercard launches competition for African financial inclusion

The Mastercard Foundation Fund for Rural Prosperity (FRP) has launched a new competition to find financial products and services that improve the lives of poor people in rural areas of Africa. The 2017 competition will follow a rolling format and will be open throughout the year with applications submitted and evaluated periodically. The first submission […]

Mastercard, Western Union Designing Digital Solutions for Refugees

Mastercard and Western Union have teamed up to help refugees around the world access goods, services and financial services within refugee settlements. Announced on June 20—World Refugee Day—the partnership will explore ways to use a digital model to serve the more than 65 million people around the world currently displaced from their homes due to political conflict and natural disasters.

Top Payments Consultants: Rick Oglesby, AZ Payments Group

Even when serving in senior manager and director roles with the likes of American Express and TSYS early in his career, Rick Oglesby, AZ Payments Group president, always felt he was destined to be a payments consultant. That vision came true in 2011, and you don’t have to spend too much time with him before his love of consultancy work—helping companies succeed while establishing and nurturing relationships—becomes apparent and likely is the reason why he was selected as one of the industry’s Top Payments Consultants.

TSB logo

TSB drops Visa to issue Mastercard debit and credit cards in 2018

Visa is no longer a pleaser as TSB will issue Mastercard debit cards to all its current account customers in 2018 as part of a seven-year agreement. The bank says it will continue to issue Mastercard credit cards over the same term. The agreement means the two organisations “will partner to offer additional payment solutions”. […]

The Monday mindset: 19 June 2017

Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Anita Liu Harvey, VP for strategy and innovation at Barclaycard, fires us in the direction of “the magic bullets of future retail”. […]

Dutch regulator fines International Card Services €2.4m

The Netherlands Authority for the Financial Markets (AFM) is fining International Card Services (ICS), a wholly-owned subsidiary of ABN Amro, for excessive credit limits. In March 2017, ICS says it took the initiative itself and prepared a compensation plan for the clients concerned. ICS will pay the €2.4 million fine imposed by the AFM. Which […]

Finastra Logo

Misys and D+H merge to launch fintech titan Finastra

Misys and DH Corporation (D+H) have joined forces to create Finastra, the third largest financial services technology company in the world. As reported in March, D+H was acquired by Vista Equity Partners for $3.6 billion. The venture capital firm, which owns UK-based banking software vendor Misys, beat rival Advent International to acquire D+H. Finastra will […]

Q&A with Andrew Buckley, Mastercard

When the self-described skeptic took over as global head of prepaid for Mastercard earlier this year, Andrew Buckley wasn’t quite convinced that the opportunities ahead were worthy of all the hype. Five months later and he’s among the converted, preaching the gospel of democratization—not just of payments but of innovation.

Mastercard, Oxford Plan Helps Banks Breathe Life into Biometrics

With increasing global smartphone penetration and a willing consumer base, financial institutions recognize the potential of biometrics to offer more convenience and security to their customers—but a lack of familiarity with the still-new technology among top banking brass remains a significant barrier to adoption, a new report from Mastercard and Oxford University found.

Revolut

Revolut launches multi-currency service across Europe

UK-based payments start-up Revolut has unveiled its new business service across Europe for multi-currency accounts, transferring money and corporate cards. Called Revolut for Business, it will enable companies to hold, exchange and transfer in 25 currencies with the interbank exchange rate, issue employees with corporate cards for “global fee-free spending” and manage their transactional activity […]

Case study: Amsterdam Trade Bank – Amster-can

A bank-wide replacement of its main business applications is ambitious enough but it is just the starting point for Amsterdam Trade Bank (ATB), as it seeks to harness new technologies, adopt a new culture and digitise its business.

Mastercard launches digital payment B2B hub for SMEs

Mastercard has unveiled its B2B Hub to help SMEs speed up invoice and payment processes with accounts payable and payment automation tools. According to the firm, a majority of all B2B payments in the US are still made via cheque with manual payment processes. The Mastercard B2B Hub, delivered through card issuers, is an automated […]

CPI Touts Speed, Security of New Instant-Issuance Printer

A new instant-issuance product from CPI Card Group promises faster card processing times along with higher resolution printing. Called Precision by Card@Once, the system is designed to improve security and the customer experience.

Visa Bolsters Transaction Security

Visa is beefing up its Verified by Visa authentication service. The payments network said it’s upgrading its back-end to support 3-D Secure 2.0. The 3-D Secure messaging protocol was invented by the network more than 15 years ago and has become an industry standard for online authentication.

Analysis: commercial cards, clear lines and communication

There is no question that the commercial card sector is growing strongly. According to Research and Markets, the US commercial card market in particular is outstripping other B2B payment types. For banks and banking services providers, this presents a huge opportunity to grow revenues while improving customer experience – a vital component in customer retention and increased lifetime value.

People on the Move: Shafi Shaikh, Mastercard

Mastercard has appointed Shafi Shaikh executive vice president, customer delivery, Asia-Pacific. Shaikh oversees customer support, product delivery and customer relationships.

BitPay’s Visa-Branded Prepaid Card for Bitcoin Reaches Global Scale

BitPay, a 2017 Pay Award winner, said this week that it has released its BitPay Visa Prepaid Debit Card in 131 countries. The card “makes it possible for users to convert bitcoin into a spendable dollar, euro or pound balance” on the card in a matter of minutes, the company said.

Payments UK predicts debit cards to overtake cash in 2018

Rapid growth in the use of contactless cards means cash will be overtaken as Britain’s most frequently used payment method by the end of 2018, according to trade association Payments UK (soon to become UK Finance). Despite this surge, its latest forecast still does not herald the demise of cash – even in ten years’ […]

Amsterdam Trade Bank revamps tech with Misys and Sentia

Amsterdam Trade Bank (ATB) is undergoing a major technology overhaul with Misys as a key partner. The bank is implementing Misys’ solutions from the Fusionbanking and Fusioncapital portfolios to modernise its corporate banking, treasury and capital management (TCM) and trade finance operations.

Payments round-up: 18 May 2017

Words cut. Time saved. A round-up of key events in the payments enclave. Featuring Australian Settlements Limited, IBM, Mastercard, UnionPay International, Visa and Wirecard. Financial services provider Australian Settlements Limited (ASL) has adopted IBM Cloud for its new payments platform (NPP) implementation. ASL provides members, including building societies, credit unions and mutual banks, with settlement […]

The View from Finovate

Payments compete for attention with “RegTech” while an overall lull in disruption suggests that fintech could be in the eye of a storm.

Vacation Savings Plan, Prepaid Card Help Employees Get Away

It’s vacation season, and employers have a new tool to encourage employees to take much-needed time off and come back more productive. 401Play is offering what it calls a vacation savings account program with a companion Capital Prepaid Services’ BlazePays Visa Prepaid Card to help employees save for vacation.

Samsung Pay makes its UK debut

Samsung Pay has arrived in the UK with Visa keen to reveal that its account holders can use their compatible Samsung smartphones for purchases worldwide. In terms of Visa, the service is available to its cardholders who bank with MBNA, Nationwide and Santander. Samsung adds that its app can be used with HSBC (Mastercard and […]

UBank’s Chatbot Helps Customers with Home Loan Applications

Bank has found another way to use the artificial intelligence-powered virtual assistants. The online-only Australian bank launched RoboChat May 15 to help home buyers—and homeowners who want to refinance—complete UBank’s online home loan application more easily.

French Retailer, Bank Tag Team on Mobile Wallet

France-based retail giant Carrefour and French bank BNP Paribas have joined forces to launch Lyf Pay, a new mobile wallet that supports in-store and P2P transactions as well as loyalty cards, coupons and offers.

White paper: value of commercial cards for banks and their clients

This free white paper provides a structured framework for measuring performance of commercial card programmes across multiple industry sectors, suggests a range of norms for card penetration and usage, and describes the key data points for measurement. It also describes the actions that card issuers could take to maximise value from the programmes they have running: retaining business that is already fruitful, and nurturing business which could be more abundantly fruitful.

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