Payments Industry: CFPB’s ‘Onerous,’ ‘Complex,’ ‘Expansive’ Rule Needs Work (March 24, 2015)
The CFPB received nearly 5,800 comments on its proposed prepaid regulations before yesterday’s deadline.
PayTech
New House Caucus Will Explore, Support Emerging Payments (March 24, 2015)
A quartet of congressmen has formed a group to explore and support emerging payment technologies.
EY leads latest round of new members for BIAN
The Banking Industry Architecture Network has announced six new members including ACI Worldwide, Atos, EY and Zafin. Its global network now numbers 58 banks, service providers, software vendors and academic partners.
Innovative technology key to transaction banking growth in Middle East
Adoption of innovative technology will be central to the fulfilment of bullish growth predictions of 25% or more for transaction banks in the Middle East, according to a survey of market participants during a recent conference in Dubai.
CFPB Prepaid NPRM: 5,000+ Comments and Counting; NBPCA Comment Letter Urges Restraint, More Dialogue (March 23, 2015)
The NBPCA is calling on the CFPB to limit the scope of its proposed prepaid regulations to focus on primary transaction accounts and to, among other things, simplify disclosures rather than adding complexity for consumers.
Optimal Payments Makes €1.1 Billion Play for Skrill (March 23, 2015)
Two of Europe’s biggest e-commerce brands are coming together. Optimal Payments today announced plans to acquire rival Skrill Group for €1.1 billion (US$1.2 billion).
U.K. to Apply AML Regs to Digital Currency, Fund Research (March 23, 2015)
Following a November 2014 request for information, the U.K. government plans to apply anti-money laundering regulation to digital currency exchanges, which it says will support innovation and deter crime.
‘Right to a bank account’ poses challenge for EU banks
The European Parliament’s Payment Accounts Directive creates a right to a basic bank account, which must be enshrined in national law across Europe by September 2016. But the rules represent a challenge to banks’ ability to manage their business – one that speaks to the heart of the current regulatory debate, according to delegates at the Payments International conference in London this week.
An industry imperative: Swift FIN to ISO 20022 migration
As international regulators demand more detail from banks on payments to individuals and companies, the first order of business is to ensure compliance with mandates. Migrating Swift MT payment formats to ISO 20022 will allow the industry to shape the transformation of payment messaging standards rather than have others shape it – but there is a need to set timelines for implementation or cede control.
‘Unstoppable evolution’ in payments poses threat to irrelevant banks
Banks have been warned that new entrants will come and ‘eat their lunch’ if they fail to remain relevant to the modern consumer in the face of an ‘unstoppable revolution’. The point was made repeatedly during sessions at the Payments International conference in London this week.
What Facebook’s P2P Play Means for Competitors and the Social Media Titan (March 19, 2015)
Now that Facebook has made its move to launch P2P within its Messenger app, the question is how it may affect competitors—including financial services providers pushing P2P—and fit into the company’s long-term goals.
MasterCard Signs Deal with Itaú, Expects Continued Growth of E-Payments in Brazil (March 19, 2015)
Building on the growth of electronic payments MasterCard has been experiencing in Brazil, the card network this week signed a 20-year deal with Itaú Unibanco, resulting in a new electronic payments network in the country, according to an announcement.
CFPB’s Consumer Complaint Database Will Enable Consumers to Make Complaints Public (March 19, 2015)
The CFPB is finalizing its consumer narrative policy and, 90 days after the policy is published in the Federal Register, consumers who have opted in will be able to make their complaints about financial products and services in the bureau’s Consumer Complaint Database public.
Hyperwallet’s New Line of ‘Mass Payments’ Services Touts Control for Global Payers and Payees (March 19, 2015)
Following its February Pay World Best-in-Category win for its Paylution Prepaid Card, Vancouver, B.C.-based Hyperwallet yesterday unveiled a new brand identity and revamped product line of Mass Payments Solutions.
People on the Move: Betty DeVita, MasterCard
MasterCard Worldwide has appointed Betty DeVita as chief commercial officer of MasterCard Labs, the company’s global research and development arm focused on payments innovations.
People on the Move: Shane Hibbeler, Optimal Payments
Global online payment solutions provider Optimal Payments has appointed Shane Hibbeler as vice president of sales.
People on the Move: Anja Manuel, Ripple Labs
Ripple Labs, creators of the Ripple payment protocol, has named Anja Manuel, a former U.S. Department of State official, as an adviser to the company.
People on the Move: Simon Mitchell, Grass Roots
Grass Roots, a provider of employee and customer engagement solutions, has appointed Simon Mitchell to the role of global account director.
People on the Move: John Racine, Wave Crest
Wave Crest Group Limited, a global digital payments provider, has named John Racine as its executive chairman.
Breaking News: CFPB Credit Review Could Foreshadow Regs, Enforcement Actions (March 18, 2015)
The CFPB on March 17 announced a request for public comments on how the credit card market is functioning and the impact of credit card protections on consumers and issuers. The inquiry, which is required by the CARD Act every two years, will focus on issues including credit card terms, the use of consumer disclosures, […]
InComm Connects Visa ReadyLink to Walmart Rapid Reload Service (March 17, 2015)
Walmart’s Paybefore Award-winning Rapid Reload service now is enabling reloads for more than 100 prepaid card programs with the integration of the Visa ReadyLink reload network.
Gyft CEO Talks Fighting Fraud with Bitcoin at SXSW (March 17, 2015)
Gyft, a San Francisco-based mobile gift card company and subsidiary of First Data Corp., has announced plans to use bitcoin to enable gift card providers to issue more secure, consumer-friendly digital products, according to Gyft CEO Vinny Lingham, who spoke during the South by Southwest (SXSW) Conferences & Festivals this week in Austin, Texas.
Alibaba Unveils ‘Smile to Pay’ as Latest Biometrics Approach for M-Payments (March 17, 2015)
Alibaba Founder Jack Ma this week wowed the audience at a computer technology conference in Germany with a live demonstration of “Smile to Pay,” a facial recognition technology the China-based e-commerce giant is developing for mobile shopping and payments.
Viewpoint: Let’s Reduce Complexity and Improve Disclosure
The Colorado congressman suggests having too many disclosures is a disservice to consumers.
Big Firms, Startups Drawn to Blockchain Technology (March 16, 2015)
The value of bitcoin at around $300 is a far cry from its 2013 peak of more than $1,000, but blockchain—the underlying technology that serves as a record of all bitcoin transactions—is garnering a lot of attention.
Financial Services Tools in First Wave of Apple Watch Apps (March 16, 2015)
The Apple Watch is still more than five weeks away from rollout, but thousands of developers are scurrying to ready apps for April 24 when the device goes on sale.
CFPB Hearing on Payday Lending (March 16, 2015)
The CFPB will be holding a field hearing concerning payday lending at noon EDT, Thurs., March 26, in Richmond, Va.
2015 Paybefore Awards: Best Travel Companion
Best-in-Category: STA ISIC Prepaid MasterCard CashCard from Tuxedo Money Solutions, STA Travel and ISIC
2015 Paybefore Awards: Best Health Benefits Delivery
Best-in-Category: The Alegeus Technologies Benefit Debit Card from Alegeus Technologies
Using technology to define e-payments
The current international payments market is hugely fragmented, with multiple networks and mechanisms operating independently of each other and it is clear that new market entrants have the opportunity to shape and define the future of this industry
Appointment: Swift Americas hires markets initiatives director
Swift has hired David Lefferts as managing director, market initiatives for the Americas. Lefferts joins Swift after eight years at Markit, where he held product development, cross-product strategy, and senior business development roles over his eight year tenure.
Viewpoint: All Payments Expo Leaves Us with Positive View of Industry Evolution
Following the All Payments Expo in Las Vegas, we continue to believe the payments industry is in the process of moving from the center of its own ecosystem to becoming a major component in another ecosystem—the consumer shopping experience.
Blog: More than 100 Banks under Silent Siege
Last month, the New York Times revealed that a group of hackers infiltrated more than 100 banks and e-payment systems worldwide. The attack is particularly disturbing because the attackers were able to avoid detection, even while ATMs were randomly dispensing cash, for two years.
Blog: Creating a Robust Card Data Security Strategy above and beyond PCI Compliance
While it’s important for merchants to comply with PCI standards, a comprehensive data security strategy requires more than PCI compliance. Merchants must move beyond a “moment in time” assessment and make security a daily consideration.
Meet Our Paybefore Awards Winners (March 11, 2015)
The celebration of Paybefore Awards winners continues.
Direct Express Earns High Marks from Cardholders; Treasury Shares Demographic Data (March 11, 2015)
The U.S. Treasury’s Direct Express prepaid benefit card program earned a 95 percent satisfaction rating from cardholders in 2014, marking the sixth consecutive year of near 100 percent customer satisfaction.
CFSI Report: Big Data Holds Big Potential for Financial Services Providers (March 11, 2015)
The Center for Financial Services Innovation (CFSI) has released a new report outlining ways big data can help financial services providers better serve their customers.
Etsy Patents Video-Streaming Shopping Service on Heels of IPO Filing (March 11, 2015)
Following last week’s IPO announcement, Etsy Inc., a Paybefore Award-winning online and offline marketplace for buying and selling homemade items and artisanal products, has received a patent on its method for video-streaming interactive shopping events.
2015 Paybefore Awards: Best Choice Retail Card
Best in Category: Walmart Closed Loop Gift Card from Walmart and First Data.
2015 Paybefore Awards: Top of Wallet
Best-in Category: Balance Financial Prepaid MasterCard from Walgreens, MasterCard Worldwide and Galileo
