Paybefore CEO Says Goodbye
Seven and a half years ago, I wrote my first communication as the CEO of Paybefore, and now I’m writing my last. I’ve made the very difficult (but exciting) decision to retire from Paybefore.
PayTech
IRS, States, Private Sector Join to Stem ID Tax Fraud (June 15, 2015)
The agency is collaborating with tax preparation software firms, payroll and tax financial product processors and state tax administrators on the initiative to stem the growing problem of ID-related tax fraud.
The Bancorp to Offer HCE-Based M-Payments in Europe (June 15, 2015)
The Bancorp, a major provider of prepaid card services in the U.S. and Europe, is extending open-loop mobile contactless payment capabilities to its clients in the region through a new partnership with mobile payments company MeaWallet.
MasterCard Extends Tokenization with Support for Private-Label Cards for Use in E-Wallets (June 15, 2015)
MasterCard is extending its digital enablement services (MDES), which provide digital tokens, to store-branded credit cards and merchant card-on-file programs, including apps, e-commerce sites and recurring billing services.
Planning the digital transformation journey
For the new banks now is the chance to disrupt the banking industry. No legacy systems or existing processes or old thinking – they can jump straight to the new. Except, of course, those new banks that are being spun out of existing banks, where that infrastructure, IT and operations are supported by the current systems of the existing bank …
Blackhawk Bolsters Incentives Business with Achievers Corp. Buy (June 12, 2015)
Blackhawk Network is bolstering its employee incentives business with its latest acquisition, the fifth in the space since 2013.
MetaBank’s John Hagy Wins NBPCA’s First Terrence P. Maher Prepaid Influencer Award (June 11, 2015)
The NBPCA today awarded its inaugural Terrence P. Maher Prepaid Influencer Award to MetaBank Senior Vice President and Chief Legal Officer John Hagy.
OIG Report: Fed Regulators Mostly Working Well Together, Cite Areas for Improvement (June 11, 2015)
A multi-agency federal regulator report concluded that the CFPB and prudential regulators are “generally” coordinating their oversight activities pertaining to consumer financial laws, consistent with the Dodd-Frank Act and the provisions of a MOU (memorandum of understanding) governing coordination activities.
EMERGE: FinLab Announces Winners in Startup Contest (June 11, 2015)
Nine startups dedicated to helping households better manage their finances on a tight budget have been selected as winners of the inaugural Cash Flow Management Competition, held by the Center for Financial Services Innovation (CFSI) and JPMorgan Chase’s Financial Solutions Lab (FinLab).
Swift adds business intelligence for securities market
Swift has formally launched a new business intelligence solution for securities market participants following the completion of an early adopter programme. Watch for Securities is “ready for full scale use” by local and global custodians, investment banks, asset managers and broker/dealers, allowing them to monitor and gain business insights from their network traffic.
People on the Move: Stephen Vogel, Banking Up
Banking Up, which enables businesses and financial institutions to deploy consumer retail banking services, has appointed Stephen Vogel CEO.
People on the Move: Eric Sepci and Brian Soder, AFS/IBEX, a division of MetaBank
AFS/IBEX, a division of MetaBank, has hired two senior sales executives. Both are long-time veterans of the premium finance industry.
People on the Move: Suresh Vaghjiani, Global Processing Services (GPS)
UAE-based payments processor Global Processing Services (GPS), which recently was named a One to Watch: Company in Paybefore Awards Europe, announced that Suresh Vaghjiani has joined its senior management team.
People on the Move: Elizabeth McQuerry, Nell Campbell-Drake and Manfred Schuck, International Payments Framework Association (IPFA)
The International Payments Framework Association (IPFA) has appointed a new management team and expanded its focus to include instant or real-time payments.
Company on the Move: Limonetik, ‘Cool Vendors’ List
Limonetik, a Paris-based global digital payments provider, has been included in the list of “Cool Vendors” in the “Digital Commerce, 2015” report by consulting firm Gartner Inc.
People on the Move: Robert Courtneidge, Locke Lord LLP
Locke Lord LLP’s Robert Courtneidge, global head of the cards and payments practice, placed No. 1 in the Payments 2015 Power 10 rankings.
People on the Move: Vincent Patru and Philip Glickman, MasterCard
MasterCard has announced two new appointments in the Asia-Pacific region: Vincent Patru takes on a new role as key account lead, emerging payments, Asia-Pacific, and Philip Glickman joins MasterCard as head of commercial products and solutions, Asia-Pacific.
People on the Move: Stephen Middlebrook, UniRush LLC
Prepaid program manager UniRush LLC has hired Stephen Middlebrook as general counsel and chief compliance officer.
People on the Move: Sandra Braunstein, Wolters Kluwer Financial Services
Wolters Kluwer Financial Services announced that former federal regulator Sandra Braunstein will provide compliance management and Community Reinvestment Act consulting services to the company’s U.S. banking clients.
McKenna to head standards at Global Legal Entity Identifier Foundation
Karla McKenna has been named head of standards at the Global Legal Entity Identifier Foundation on a year’s secondment from Citi, where she is director of market practice and standards.
Apple Pay to Meet the U.K. (June 9, 2015)
Apple Pay is coming to the U.K., but it’s unclear whether Apple is adjusting its business model to entice issuer participation as it moves across the pond.
PayPal’s ‘One Touch for Web’ Launching in Canada, U.K. (June 9, 2015)
Consumers in Canada and the U.K. this week will have access to PayPal’s One Touch for Web payment app, enabling them to pay for purchases with one click after logging in.
Consumer Awareness of E-Money in Russia is Strong (June 9, 2015)
Many Russians today are paying for goods and services with e-money or have at least heard of the payment method, according to a study by research agency TNS Russia.
Viewpoint: Why Banks Still May Be Nervous about Banking Nonbank Money Services Businesses
The FDIC draws attention to a standard fraud claim without offering much guidance.
Apple Pay comes to UK next month
Apple Pay will be available in the UK from next month, with eight of the UK’s most established banks and the major credit and debit card networks supporting it – along with Transport for London.
Pinterest Boosts Interest in E-Commerce with New Buy Button (June 8, 2015)
In the latest move to blur the lines between social media and e-commerce, popular social sharing site Pinterest will enable users to make purchases through its platform.
Visa Europe Predicts Mobile Payments Boom by 2020 (June 8, 2015)
The U.K. might not be a cashless society by 2020, but Visa Europe research predicts mobile payments will help displace cash as they gain popularity.
Reuters: Retailer Take-Up of Apple Pay Slow (June 8, 2015)
Reuters research suggests Apple may be having more trouble signing up top retailers to accept Apple Pay than the tech company anticipated.
Tokenisation is key to tackling threat of payment challengers
The vast majority of payments worldwide are still made in cash. But if mobile were to combine e-commerce with proximity payment, that could be a problem for banks. One potential solution is tokenisation.
Blog: The Mobile Device: Solution or Form Factor?
For the first time since the financial crisis, banks are investing in digital strategies. That’s a step in the right direction, but how banks incorporate mobile into those strategies, ultimately, will determine their success.
Blog: How Does Android Pay Differ from Apple Pay and Samsung Pay for Banks?
Google’s open approach contrasts starkly with Apple’s, which has continued to maintain tight control over all integrated hardware and software components. But what does Android Pay really mean for banks?
Samsung Pay Pushes Back Launch, Adds Consumer Rewards Program (June 3, 2015)
Samsung Pay will roll out in September, a bit later than its originally planned summer 2015 launch. But when the m-payments service goes live in the U.S. and Korea, it will include a consumer rewards program.
FBI Warns of New Cybercrime Threat (June 3, 2015)
Cybercriminals are using a new form of malware to steal shoppers’ personal financial data, according to an FBI alert issued to retailers last week.
Home Depot Wants Breach-Related Lawsuit Dismissed, Faces Lawsuit from FIs (June 3, 2015)
Home Depot has filed a motion to dismiss a class action lawsuit stemming from a data breach last September.
Mobile Payments Providers Must Win Over Nearly 50% of U.K. Consumers (June 3, 2015)
Despite industry fervor behind mobile payments, 47 percent of U.K. consumers don’t want to use their phone to make payments, with 81 percent citing security concerns, according to a recent survey.
Security fears ‘putting people off’ contactless mobile payments
Nearly half of smartphone users do not want to use their device to make contactless payments, mostly over fears about security, according to a survey.
Mobile Fintech Surges in Global Funding Boom (June 2, 2015)
Fintech funding is booming globally and within the overall sector, mobile fintech is getting the most money.
MasterCard, Silicon Valley Bank Support Startups, Innovation with Accelerator Program (June 2, 2015)
Innovation continues to be a hot commodity in payments, and five U.S. startups have been chosen to participate in Commerce.Innovated., an accelerator program to help companies focused on commerce grow their businesses.
P2P Push Continues as Oink Adds Transfer Function (June 2, 2015)
On the heels of Facebook’s app-based money transfer service expanding to New York City and adding functions, money management provider Virtual Piggy Inc. has unveiled a P2P transfer service of its own.
Grocery Store Gaffe Leads to Thousands of Canceled Gift Cards (June 2, 2015)
Australian grocery store chain Woolworths is canceling more than AUD1.3 million (US$1 million) worth of gift cards after it mistakenly emailed nearly 8,000 redeemable card codes to more than 1,000 consumers, according to reports.
