Viewpoint: UDAAP Priorities and the CFPB’s Project Catalyst Initiative
Notes from a business law meeting with speakers from the CFPB, FTC and New York Department of Financial Services.
PayTech
Morgan Drexen Lawsuit against CFPB Thrown Out (May 4, 2015)
The U.S. Court of Appeals for the District of Columbia Circuit recently rejected a lawsuit by Morgan Drexen Inc., a provider of services to consumers through debt-relief lawyers, against the CFPB by a vote of 2-1.
Visa Sticking to October EMV Liability Shift (May 4, 2015)
Visa Inc. is holding to its October 2015 fraud liability shift date for EMV chip acceptance, although several merchant groups reportedly have requested an extension.
Consumer Organizations Push PINs for EMV (May 4, 2015 )
In a letter sent to Congress and other federal agencies, an ad hoc group of four consumer and technology organizations called for broad action to require PINs—not signatures—for all U.S. EMV card transactions.
Earnings Roundup: Visa, MasterCard, Meta, Western Union (May 4, 2015)
Four industry-leading organizations recently have filed their quarterly earnings reports.
Citi Mobile Challenge demos ‘disruptive’ finalists in London
Mobile startups are changing the way customers interact with financial services around the world. Tier one banks know this, and are keen to get a piece of the action. This week, companies from EMEA demoed at the Citi mobile challenge in London in the final stage of an annual event that takes in hundreds of financial startups around the globe.
Green Dot Bank Taps MasterCard for Processing; Deal Won’t Affect Visa Relationship (May 1, 2015)
Green Dot Bank is moving all of the transaction processing business for deposit accounts, including global prepaid and debit products to MasterCard. This week’s announcement follows 15 months of integrating the companies’ technology platforms.
Blog: Secure Elements vs. Cloud-Based HCE: What’s More Secure for NFC Mobile Payments?
In the debate over the secure element approach vs. HCE for mobile payments, Apple Pay introduces a new wrinkle with its hybrid solution, proving this isn’t a duel: All that matters is the pass/fail test for security.
Blog: Not Seeing a Tree for the Forest
Advocates of same-day ACH tout the increased functionality and economic benefits of speeding up payments. But a deeper look at the process reveals more of its hidden risk-mitigation benefits.
Why FDIC Insurance for Google Wallet?
The recent news that funds stored in Google Wallet now are FDIC-insured might indicate the tech giant has more changes in store for the wallet—and may even begin positioning it as a checking account alternative.
PayPal Brings One-Click Shopping Service to Web (April 29, 2015)
Less than a year after debuting its One Touch payment service on mobile devices, PayPal Inc. is bringing the feature to the Web.
People on the Move: Bob Hedges and Teresa Epperson, A.T. Kearney
Consulting firm A.T. Kearney has appointed two partners to its financial institutions practice, Bob Hedges and Teresa Epperson.
People on the Move: Personnel Moves, Cornerstone Advisors
Management consulting firm Cornerstone Advisors has announced a series of personnel changes.
People on the Move: Barry Mosteller, CPI Card Group
CPI Card Group announced that Barry Mosteller, director of research and development, received the Outstanding Member Service Award at the International Card Manufacturers Association 25th Anniversary Expo.
People on the Move: Joe Creamer and Jim Wojtak, MyECheck Inc.
MyECheck Inc., a provider of electronic check solutions for Internet and mobile payments, has added two members to its team.
Company on the Move: Optimal Payments, EGR North America Award
Optimal Payments, a global online payment solutions provider, was named the Best Payments Company at the EGR North America Awards ceremony recently held in San Francisco.
People on the Move: Sarah Grotta, Mercator Advisory Group
Mercator Advisory Group has hired Sarah Grotta, a 20-year payments and banking industry veteran, as its head of the company’s debit advisory service.
People on the Move: Brian Mooney, Merchant Customer Exchange (MCX)
Merchant Customer Exchange (MCX), developer of the CurrentC mobile payment platform, has appointed financial services and payment industry veteran Brian V. Mooney as the company’s interim CEO.
People on the Move: Patrick Dix, SHAZAM Network
The SHAZAM Network has added Patrick Dix to the company’s marketing team as a senior public relations manager.
APEX Europe Speakers to Tackle New Business Opportunities in Payments
When top payments and retail executives gather at All Payments Expo (APEX) Europe May 18-20, 2015 in Marbella, Spain, a key theme will be identifying and navigating new business opportunities surrounding emerging payments technologies, like mobile wallets and host card emulation (HCE).
MCX makes Mooney interim chief exec
Merchant Customer Exchange, developer of the CurrentC mobile payment platform has appointed financial services and payment industry veteran Brian Mooney as interim chief executive. Mooney succeeds Dekkers Davidson, who is leaving MCX to pursue other opportunities.
Payments innovation: lessons from emerging markets
Africa and Asia are the centres of innovation in payments, with the developed markets of the US and Western Europe lagging behind, but the trend is towards domestic offerings rather than regional or international ones, says the latest Payments Innovation Jury Report.
MCX Founding Member Best Buy Supports Rival Apple Pay
Best Buy Co., a founding member of MCX , surprised observers this week with news that it’s supporting Apple Pay on its Website, and adding POS support later this year. Is there a problem?
MasterCard Buys Software Analytics Firm (April 28, 2015)
MasterCard is paying $600 million to acquire Applied Predictive Technologies, a maker of analytics software to help companies tailor investments and calibrate pricing, marketing and merchandising of products. A key asset the new company provides is its “Test & Learn” platform, which will help MasterCard’s clients make more informed decisions to stay competitive, according to […]
Citi Prepaid Services Teams with Enservio to Tackle ‘Great Frontier’ (April 28, 2015)
Citi Prepaid Services is teaming up with Enservio to offer property insurance policyholders the option of a Citi prepaid card for claims payments.
Chase Pulling Out of International Commercial Card Biz (April 28, 2015)
JPMorgan Chase will exit the international commercial card issuing business by the end of this year, but it will continue supporting North American card programs and investing in purchasing cards and single-use accounts, such as virtual cards, as well as other products, a spokesperson for J.P. Morgan’s commercial card business tells Paybefore.
Discover Joins Apple Pay Fold (April 27, 2015)
Discover credit and debit cardholders will be able to make payments via Apple Pay beginning this fall, the companies announced today.
Processor Guidance Important to FI EMV Migration (April 27, 2015)
The Oct. 1, 2015, date for EMV compliance, when liability for counterfeit card transactions at the POS shifts to parties that haven’t adopted the chip card standard, is less than six months away and many financial institutions are finding the effort daunting, according to a study by Fiserv Inc.
Apple Bumps Up Capitol Hill Lobbying Expenses (April 27, 2015)
Apple Inc. is spending more time on Capitol Hill meeting with lawmakers on topics that include mobile payments, new lobbying expense data suggest. During the first three months of this year, Apple’s expenses for lobbying rose 16 percent compared with the same period a year ago.
Global real time payments are finally pulling into the station – 40 years late
Real time payments ‘innovation’ is in fact simply capitalising on advances that first appeared four decades ago, according to panellists at the Swift Business Forum this week. Since then, progress has been glacial in many places. So why has it taken so long to get real time payments?
U.S. Networks Stocks Rise with Access to $6.8 Trillion Chinese Market (April 23, 2015)
Stocks for all four major U.S.-based payments networks were up yesterday, following news that they’re finally gaining full access to one of the largest payments economies in the world.
PayPal Fuels eBay’s Engine in Q1; M-Payments up 40 Percent (April 23, 2015)
Electronic payments were a driving force behind eBay’s first quarter, ended March 31, 2015, which saw the online auction site total $4.45 billion in revenue compared with $4.26 billion in the same quarter a year ago, according to the company’s latest earnings report.
House Bill Likely D.O.A. Because of Proposed Funding Cap on CFPB (April 23, 2015)
Spoiler alert: A bill approved yesterday by the U.S. House of Representatives basically will be dead on arrival as President Barack Obama has vowed to veto any legislation that tries to touch the purse strings of the CFPB.
Fed will report on faster payments at end of 2016
The US Federal Reserve hopes to have a report on how to create a faster payments infrastructure by the end of next year and has begun processing the 325-plus applications it has had from would-be participants in its task force for faster payments.
CGI’s Jerry Norton – Interview at Payments International 2015
David Bannister, Editor at Banking Technology, interviews Jerry Norton, Head of Strategy UK Financial Services, CGI.
US looks to learn from other markets on faster payments
The UK Faster Payments experience is providing some guidance for the US Federal Reserve’s efforts to move beyond its slow ACH system, but it should take a different approach, according to a speaker at the Nacha Payments 2015 conference in New Orleans this week.
Expert: Apple Watch Likely to Be Apple’s Most Profitable Product Ever (April 21, 2015)
The Apple Watch will be Apple’s most profitable product line ever, with gross margins exceeding 60 percent, according to some observers.
Cachet Targets Millennials with Apple Watch (April 21, 2015)
Attracting millennials requires a better banking experience and Apple Watch may hold the key, according to Minneapolis-based mobile money technology provider Cachet Financial Solutions, which today announced its prepaid mobile platform supports Apple Watch.
Samsung’s Biometrics Plans Go beyond Samsung Pay (April 21, 2015)
Samsung has even larger plans for biometrics beyond including fingerprint-based authentication as part of its Samsung Pay mobile payments service.
ICICI Bank Introduces Contactless Payments at Large Corporate Campuses (April 21, 2015)
India’s largest private bank is exploring contactless payments in a limited rollout to corporate campuses that enables employees to use a mobile prepaid account to make NFC payments at corporate canteens and shops.
