What the U.K.’s New Payments Regulator Wants (Nov. 25, 2014)
Payments industry participants are getting a taste of what compliance might be like under its new regulator the Payment Systems Regulator (PSR).
PayTech
Free Webinar on the CFPB’s NPRM by K&L Gates and Paybefore (Nov. 25, 2014)
The payments industry is only starting to digest the potential consequences of the CFPB’s sweeping proposed rule on prepaid accounts.
Cardpool, LevelUp Turn Gift Cards into Loyalty Credits (Nov. 25, 2014)
Gift card exchange Cardpool is partnering with LevelUp to make the most coveted gift—the gift card—more valuable by enabling LevelUp users to exchange unused and partially used gift cards for LevelUp credits at more than 14,000 participating merchants.
M-Payments Roundup: PayPal, Apple Pay, Square (Nov. 25, 2014)
The recent launch of the Apple Pay wallet app on the latest iterations of iPhone handsets has created a flurry of activity among m-payments providers trying to attract as many consumers as they can to their solutions.
People on the Move: David Wolfe, CARD.com
CARD.com, a mobile-focused financial product provider, has hired David Wolfe as senior vice president of technology.
Company on the Move: Arroweye Solutions, American Banker Fintech Recognition
Card marketing and production service provider Arroweye Solutions has been selected by American Banker as one of the Top 100 worldwide technology providers to the financial services industry.
Company on the Move: Discover, Consumer Reports Naughty and Nice List
Consumer Reports recently published a Naughty and Nice List based on company practices and policies. Discover made the Nice list by becoming the first major credit-card issuer to provide free FICO scores from TransUnion on monthly statements of qualifying cardholders.
People on the Move: Kevin Schultz, Fiserv Inc.
Fiserv Inc., a Brookfield, Wis.-based financial services technology provider, has named Kevin Schultz group president.
People on the Move: Robert P. Zinn, K&L Gates
Robert P. Zinn, partner and a firm-wide leader of K&L Gates’ global corporate and transactional practice, has been named one of Global M&A Network’s Top 50 North American M&A Lawyers, part of the Top 50 Americas Dealmakers List.
People on the Move: Mark Landry, Yvonne Stelpflug, Ryan Talley and Julie Willse, The Members Group
The Members Group, a Des Moines, Iowa-based payments processor, has added four client business executives, Mark Landry, Yvonne Stelpflug, Ryan Talley and Julie Willse, to its client development team.
People on the Move: Berny Sagmeister, paysafecard
Online payment voucher provider and member of the international Skrill Group paysafecard has appointed Berny Sagmeister vice president of new business.
People on the Move: John Walsh, SightSpan Inc.
Mooresville, N.C.-based SightSpan Inc., which advises organizations on risk-management and AML programs, announced that the company and CEO John Walsh were honored recently with a citation from the government of North Carolina.
People on the Move: Hervé Pierre, SIMalliance Board of Directors
SIMalliance, a London-based nonprofit trade association supporting the creation, deployment and management of secure mobile services and applications, has elected Hervé Pierre to serve a one-year term as the organization’s chairman of the board.
People on the Move: Kevin Watson, Marco Ferrari and Mark Hastings, VendorSafe
The board of directors of VendorSafe, a provider of cloud-managed IT security services, has named Kevin Watson CEO.
Company on the Move: YapStone, Deloitte Technology Recognition
YapStone, a global provider of Web and mobile payment solutions, has been named to the Deloitte 2014 Technology Fast 500, an annual ranking of the 500 fastest-growing North American companies in the technology, media, telecommunications, life sciences and clean technology sectors.
KC Fed Study Suggests Responsible Use of Overdraft Feature (Nov. 24, 2014)
In a new study, the Federal Reserve Bank of Kansas City is providing some much-needed data to the long-standing debate over whether prepaid cards should be permitted to offer an overdraft feature.
Oink Teen Wallet adds Discover Companion Card (Nov. 24, 2014)
Virtual Piggy Inc. has unveiled a new prepaid card targeted for use by teens, who can use the card to shop at brick-and-mortar stores within limits set and managed by their parents.
Visa Offering Fee-Free Tokenization Through 2015 (Nov. 24, 2014)
Payment card issuers looking to use Visa Inc.’s tokenization service will be able to do so with no fee until at least the end of 2015—and maybe further, according to the payment network’s CEO.
CFPB Expands Employees, Budget in FY 2014, Actions Result in $4 Billion in Penalties, Compensation (Nov. 24, 2014)
The CFPB expanded its budget, number of employees and its complaint volume in fiscal year 2014, according to its annual report.
More Must Reading from the CFPB (Nov. 20, 2014)
Lost among last week’s excitement of the issuance of the long-awaited NPRM on prepaid was another CFPB publication that’s a must read—“Study of Prepaid Account Agreements.”
Viewpoint: CFPB Issues Prepaid Account Study
Simultaneously with the release of its 870-page prepaid account proposal last week, the CFPB issued a “Study of Prepaid Account Agreements.”
Industry Leaders Outline Fraud-Fighting Techniques to U.S. Senate (Nov. 20, 2014)
Prepaid industry leaders, which included representatives from InComm, Blackhawk Network and Green Dot, met with members of the U.S. Senate Special Committee on Aging during a hearing yesterday to outline how they’re working to prevent fraudsters from using prepaid debit cards to swindle consumers, particularly phone scams perpetrated against the elderly.
Apple Pay Faces Same Hurdles as other Mobile Wallets (Nov. 20, 2014)
Apple Pay has generated significant buzz since it launched on Oct. 21—and more than 1 million credit cards were registered in the payment app within 72 hours—but Leon Majors, president of the payments practice at Phoenix Marketing International, presented research in Chicago last week at BAI Retail Delivery 2014 that suggests Apple may have some of the same difficulties that have plagued other mobile wallets, including low acceptance.
ALINE Card by ADP Offers Tip-Settlement Feature (Nov. 20, 2014)
With active payroll cards and load amounts on the rise in the U.S., Paybefore-award winning ALINE Card by ADP has added a feature that could prove popular with service industries where employees receive tips as part of their pay.
Softcard Enlists ‘Tappy’ to Teach the Masses about NFC (Nov. 18, 2014)
A bug-eyed puppet in the shape of a POS device might be just what Softcard needs to get consumers thinking about tapping their phones more often to pay at the POS.
Visa Partners with Wirecard AG, Aussie Telecom (Nov. 18, 2014)
Visa Inc. and Wirecard AG announced a partnership the companies say affirms their commitments to growing the prepaid market in Asia-Pacific and Latin America, among other regions.
P2P Rush Continues as Snapchat Debuts Transfer Feature (Nov. 18, 2014)
Popular social messaging service Snapchat is the latest tech provider to throw its hat into the P2P money transfer ring.
EU Debate on Payments Package Starts Nov. 19 (Nov. 18, 2014)
Debate over revised European payments legislation, including interchange reforms, is set to begin in Brussels tomorrow.
InComm Deal Expands PayPal’s Digital Offerings (Nov. 17, 2014)
In a holiday season that’s poised for more mobile searching and shopping, prepaid product and technology provider InComm announced that PayPal is using the InComm Digital Solutions (IDS) platform to support PayPal’s digital gifts services.
Mercator Forecast: Economy Affects Growth of Prepaid Segments, Open-Loop to Hit $337.8 Billion by 2017 (Nov. 17, 2014)
A fluctuating economy has made for a more dynamic prepaid market, benefiting some segments and causing slower growth in others, according to Mercator Advisory Group’s “11th Annual U.S. Prepaid Cards Market Forecasts, 2014-2017.”
Google Wallet for Digital Goods to Be Discontinued (Nov. 17, 2014)
Merchants using “Google Wallet for digital goods” to accept online payments on their Websites soon will have to find a new provider, and consumers no longer will be able to check out with the Google Wallet for digital goods when buying digital merchandise.
Banking and biometrics – a whirlwind romance?
As Bob Dylan, famously sang, The Times, They Are A-Changin’. Once, the tools required to carry out a bank raid usually comprised a shotgun, old stockings and a bag labelled “swag”. Today, it’s a laptop, computer programming skills and patience. And the nature of the crime is changing too – previously, the goal was often to get away with a few thousand pounds, before lying low for a while. Now, the “prize” sought may be the theft of millions or the personal details of thousands, to be then sold on.
Industry Experts Say CFPB’s NPRM Part of Prepaid’s Evolution, Leveling of Playing Field
The prepaid industry was well-represented at today’s CFPB field hearing on prepaid accounts in Wilmington, Del. The consensus among industry experts was that the popularity of prepaid products continues to grow and that the NPRM is the next step in the evolution of the industry, as the rules could create a level playing field for prepaid providers.
CFPB Issues Prepaid Account NPRM: Converging Prepaid into Bank Regulation Mainstream
My original intent, based on attending the field hearing in Wilmington, Del., this morning, was to summarize the key elements for publication today. But, that won’t happen. The 870 pages that comprise the NPRM suggest why it took the CFPB extra time to create and why it will take industry time to understand everything the NPRM covers and, of course, the implications of the proposed rules.
Viewpoint: All I Want for Christmas Is a Gift Card
Blackhawk Network research reveals the reasons consumers selected gift cards as No. 1 on their wishlists for the eighth year in a row, and why gift givers are catching up to what recipients really want.
Breaking News: CFPB Issues NPRM, Proposed Prepaid Disclosures before Today’s Meeting
The wait is over. In advance of today’s field hearing, the CFPB has released its proposed consumer protections for the prepaid market. Read the NPRM as well as proposed “Know Before You Owe” disclosures.
Viewpoint: Must-Have Features to Drive M-Banking Adoption and Usage
Consumers who use digital channels for their banking conduct more transactions per month than those who don’t but are less expensive to service. Maximize your m-banking adoption and usage with features that move the needle.
Letter from the Editor: Back in Action
It’s an odd juxtaposition that the day before our nominations are due for the 2015 Paybefore Awards, the CFPB is holding a field hearing on prepaid. My hope is that the visionaries that make Paybefore Awards a remarkable annual event also make their voices—and those of their customers—heard, as the rules go from proposal to regulation.
CFPB Field Hearing: Responding to NPRMs Is Everyone’s Business
We have the opportunity to make a difference, to be part of the process and to influence the outcome of prepaid regulations.
Consumer Reports Names Best Prepaid Cards (Nov. 12, 2014)
On the eve of the CFPB’s field hearing on GPR cards (and the rumored release of its GPR notice of proposed rulemaking), Consumer Reports has named the “best” GPR prepaid cards.
