Are Driver’s Licenses Headed for Mobile Wallets? (Dec. 15, 2014)
If Maxwell the talking pig can show a police officer his proof of Geico insurance on a smartphone, why not a driver’s license?
Worldwide
Seasonal Gift Card Sales Headed for Record; Online and Digital Sales Propelling Growth
Overall holiday sales figures may be a mixed bag so far this year, but gift card sales for the season are on track to hit news sales peaks in the U.S. and the U.K., aided by an uptick in online sales, plus growing popularity for digital gift cards, new data suggest.
CFSI Study: Underserved Market Worth $103 Billion; GPR to Maintain Double-Digit Growth (Dec. 11, 2014)
The financially underserved market in the U.S. generated approximately $103 billion in fee and interest revenue in 2013, based on consumer usage volume of $1.3 trillion in financial products and services, according to a new study from the Center for Financial Services Innovation (CFSI) and Core Innovation Capital.
Blade Brings Bitcoin to Debit Cards; Microsoft Accepts Bitcoin Payments in U.S. (Dec. 11, 2014)
After a strong showing in consumer bitcoin spending on Black Friday weekend, Blade Financial yesterday launched what it’s calling the first B2B payment processing platform that extends traditional debit card programs to bitcoin businesses.
People on the Move: Anabel Perez, NovoPayment
Anabel Perez, CEO of prepaid processor and program manager NovoPayment, has been selected as one of this year’s Endeavor Entrepreneurs, which recognizes entrepreneurs who have become role models and give back to their communities as mentors and investors for the next generation of innovators.
Financial services disruption – why I’m backing the banks
For banks, a race to remain relevant is on. In the past few weeks, Lloyds Banking Group has announced its intention to double-down on digital banking, closing branches and cutting costs. In the US, BBVA Compass announced that its agreement with startup Dwolla to offer real-time payment facilities to customers makes it the first mainstream bank to open its technology platform to digital developers like Dwolla
People on the Move: Jane Thompson and Richard Bard, Blackhawk Network Holdings Inc. Board
Blackhawk Network Holdings Inc. has announced that Jane J. Thompson and Richard H. Bard have been elected to its board of directors effective Oct. 6, 2014, when the board expanded to 10 members.
People on the Move: Marc West, Fiserv Inc.
Fiserv Inc. has announced that Marc West has been named president of the company’s digital channels business.
People on the Move: Edward Boyle, Daniel Delshad, Duane Jacobsen and Steve Williams, Blade Financial
Blade Financial has launched what it says is the first B2B payment processing platform extending traditional debit card programs to bitcoin businesses.
People on the Move: Mark Colyer, Metropolitan Commercial Bank
New York City-based Metropolitan Commercial Bank has appointed Mark Colyer vice president of the prepaid card group.
People on the Move: Bob Sacco, MyECheck, Inc.
MyECheck Inc., a Folsom, Calif.-based provider of electronic check solutions for Internet and mobile payments, has named Bob Sacco national account manager.
People on the Move: Dannell Mastrean, TSYS
TSYS has announced the promotion of Dannell Mastrean to group executive of major accounts.
USPS Adds Blackhawk Network Gift Card Malls (Dec. 10, 2014)
Blackhawk Network this week announced a new distribution deal with the U.S. Postal Service, introducing the company’s gift card malls to select post offices in time for the holiday season.
U.S. and Europe Focus on Faster Payments, Quicker Access to Funds (Dec. 10, 2014)
NACHA, the Herndon, Va.-based electronic payments association, and the European Central Bank (ECB) independently are taking steps to speed up the payments process with the goal of same-day settlement.
Bitcoin Transactions Notch $296 Million over Holiday Weekend (Dec. 10, 2014)
During the feverish shopping on Black Friday and Cyber Monday, even bitcoin had its mad moment.
Digital Gift Cards to Get Boost from Multichannel Distribution (Dec. 9, 2014)
With gift cards expected to be a top seller this season, according to a survey by the National Retail Federation, Sprint, GiftCards.com and CashStar are making it even easier for consumer to do their holiday gift card shopping online and on their phones.
Monitise to Develop Mobile Products and Services for Virgin Money (Dec. 9, 2014)
U.K.-based mobile money provider Monitise plc has signed a 7-year agreement with Virgin Money to develop digital banking products and services for Virgin Money customers.
Russia Begins Testing National Payment System Next Week (Dec. 9, 2014)
Russia is scheduled to begin testing its new National Payment System (NPS) with eight banks next week, and the platform is scheduled to become fully operational in the first quarter of next year.
More Must Reading: FFIEC Updated BSA/AML Exam Manual (Dec. 8, 2014)
The FFIEC’s recently updated BSA/AML Examination Manual is emphasizing—as it has in the past—that the buck stops with issuing banks in terms of ultimate responsibility for BSA/AML compliance for prepaid access products, regardless of agreements or contracts with other players in the value chain.
Funding Roundup: Stripe, Dynamics Inc., Atom Bank (Dec. 8, 2014)
Millions of dollars keep flowing into the payments industry as investors recently showed support for advanced payments cards from Dynamics Inc., Stripe’s e-commerce solutions and a digital-only Atom Bank.
RBI Small Bank Guidelines to Foster Inclusion (Dec. 8, 2014)
The Reserve Bank of India has issued guidelines for licensing small finance banks in the private sector to, among other objectives, better meet the needs of unbanked and underbanked populations and to provide credit to small businesses, farmers and small industries.
Mobile Payments App Helps Kohl’s Enroll 20 Million Customers in its Loyalty Program (Dec. 8, 2014)
Department store Kohl’s Corp. expects to enjoy the fruits of combining a mobile payments app with loyalty this holiday season.
Banks falling behind on liquidity monitoring says Swift
Fewer than a third of banks are at the implementation stage of projects implementing the Basel intraday liquidity monitoring rules that come into force next month – and most believe that industry collaboration will be needed to achieve a successful outcome.
ICAP brings BrokerTec and EBS under one roof
ICAP is combining its EBS foreign exchange and BrokerTec fixed income electronic trading platforms into one business unit. The change is“an internal management reorganisation” and the platforms will remain separate for the foreseeable future.
PayPal: Convenience, Int’l Demand Push Holiday Mobile Shopping (Dec. 4, 2014)
Holiday shoppers with PayPal accounts took to their mobile devices in droves last week, with PayPal Inc. reporting a 56 percent surge in mobile sales volume over its platform on Thanksgiving Day compared to last year and a 62 percent jump on Black Friday.
Klarna Eyes U.S. with $100 Million Expansion, New Ohio HQ (Dec. 4, 2014)
Europe’s biggest payments company is coming to the U.S. Stockholm-based e-payments provider Klarna has announced it will earmark at least $100 million for a U.S. expansion, including a new operations center in Columbus, Ohio.
SpendSmart Shutters Prepaid Business, Shifts Focus to Mobile Loyalty Marketing (Dec. 4, 2014)
SpendSmart Networks is pulling the plug on its prepaid card business, citing poor performance amid increasing regulatory pressure and associated costs.
Litigation News: Pulse Network Alleges Antitrust Violations; Target Breach Suit Continues (Dec. 4, 2014)
PULSE Network LLC, a Discover Financial Services company, filed a lawsuit against Visa Inc. late last month alleging antitrust law violations it says undercut PIN debit competition. Meanwhile, Target’s motion to dismiss a lawsuit related to its 2013 data breach was denied.
Bitcoin capitalises on Black Friday and Cyber Monday shopping frenzy
Following its success during the Black Friday and Cyber Monday shopping frenzy this year, alternative currency Bitcoin is gaining popularity and could be poised for major growth in 2015. But the currency still has a long way to go before it catches up with rivals such as PayPal, Visa and MasterCard.
Financial industry chat consolidates as Symphony buys Markit’s messaging service
Symphony Communications, a financial industry messaging service provider, has acquired a rival service provided by Markit, a financial data management provider. The move may bolster Symphony’s ability to rival more entrenched, expensive cloud-based chat services used by financial institutions.
DTCC and FS-ISAC launch cyber threat “beacon” system
A platform for sharing cyber-security threat intelligence among financial services companies has been launched by US post-trade utility the DTCC and non-profit security organisation FS-ISAC. Called Soltra Edge, the platform gathers data about cyber-security threats and converts it into a standardised format for sharing.
Banking on Big Data
The volume, speed and power of technology has transformed the Financial Services industry into one the most sophisticated data driven sectors in the global economy, allowing for the execution of complex global transactions at the push of a button. From high frequency trading to eCommerce to mobile banking, the financial sector is generating a huge amounts of data – in fact, almost too much data. Like individuals, institutions are facing an information overload that is limiting the promise and opportunity of technology.
UnionPay Signs Payments Deals with Apple, China Telecom (Dec. 2, 2014)
China UnionPay continues to take steps to make it easier for its customers to make payments on their mobile devices.
Monitise Bolsters Platform with £49 Million Investment, Expanded Partnerships (Dec. 2, 2014)
U.K.-based mobile money provider Monitise plc is getting a major capital infusion, landing a £49.2 million (US$77 million) investment from the trio of MasterCard, Santander Group and Telefónica.
Viewpoint: The EU Payments Package Puzzle
Debate on the EU Payments Package, composed of the revised Payment Services Directive and the Regulation on Interchange Fees, recommenced in Brussels on Nov. 19. Although the two pieces of legislation are part of one “package,” they’re at different stages in the legislative process, and depending on how they progress, the transition into law could be smooth for the industry—or not.
Tablets and phones becoming the norm for e-retail
While online retailers roll their Black Friday bargains over to Cyber Monday, research shows that an increasing amount of online sales are being made via smartphones and tablets, and this trend is continuing – but this does not mean smaller crowds, as consumers are also switching to ‘click & collect’ services.
Skrill Acquires Ukash, Adds Reach to paysafecard (Dec. 1, 2014)
Skrill Group, a global provider of online payment technologies to merchants and consumers, has added significant reach to its online payment voucher provider paysafecard with the acquisition of Ukash.
NRF: Holiday Weekend Shopping Drops 5.2 Percent from 2013 (Dec. 1, 2014)
Holiday shopping over the Thanksgiving weekend was slightly lower than the previous year, according to a survey by the National Retail Federation.
UGO Wallet Available to Customers of Canada’s Largest Telecoms (Dec. 1, 2014)
UGO Wallet, an NFC mobile wallet developed by UGO Mobile Solutions and Canadian banks President’s Choice Financial and TD Bank Group, launched last week and is available to customers of Canada’s three largest wireless carriers.
‘Contactless’ Oxford Dictionaries Word of the Year Finalist (Dec. 1, 2014)
Is it a surprise to anyone in the payments industry that the word “contactless” was a finalist this year as Oxford Dictionaries’ Word of the Year?
