Leading payments lawyer Judie Rinearson calls N.Y.’s proposed “BitLicense” rules comprehensive, but are they so comprehensive they’ll chill virtual currency businesses in the state? Give us your opinion in Pay Poll.
Analyst Rick Oglesby posits that what’s happening outside of payments will actually have a bigger impact than what’s happening inside payments. Crazy or on point? Read and decide.
The mobile wallet is having a transformative effect on people’s lives in developing countries, bringing safer, faster, easier financial services to the people who need it most
The news last month (June) that the Luuuk malware had snared its first victim, an unnamed European bank, has again highlighted the magnitude of the challenge facing the banking sector. While the reported theft of €500,000 during the course of a week certainly does not break any records, the discovery of what is believed to be a variant of the feared Zeus malware, is just the latest in a line of increasingly sophisticated cyber attacks
The CFPB wants to expand its Consumer Complaint Database to enable consumers to provide a narrative with their complaints about financial services.
The merchant plaintiffs in a lawsuit against the Federal Reserve Board of Governors have been granted another extension to petition the U.S. Supreme Court to hear the case.
Mobile NFC services continued to expand in 2013 but the big question is, will this be amplified or disrupted by the introduction of host-based card emulation (HCE) into mainstream operating systems?
With the Canadian government planning to phase out paper checks by 2016 for federal benefits recipients, half of Canadians who are unwilling to use direct deposit would be willing to try receiving their benefits on a reloadable prepaid card, according to a public opinion report released earlier this year and commissioned by the Public Works and Government Services Canada (PWGSC).
Unlike manufacturing companies, which run their operations on a single predominant ERP system supported by a few auxiliary solutions, banks have added layer upon layer of technology, ending up with an unmanageable snarl of systems and applications. Just to put things in perspective, it is estimated that on average global banks have more than 5,000 applications.
Regulators across the globe appear divided on the question of whether tighter control of algorithmic trading is necessary: the Australians are pretty laid back about it, the Germans are ahead of the game, while political debate rages in the US …
BLE is getting a lot of buzz because of its potential to complement other technologies like NFC for marketing and consumer engagement, but certain questions remain about its purpose and future.
Canada’s Vancity Credit Union could be an inspiration for U.S. lenders as it explores new territory, working with the CFSI to devise an affordable small-dollar loan product with an unsecured credit line suitable for underbanked consumers.
Setting up a bank in the UK is costly, time-consuming, heavily regulated and not easy. As a result, the dynamic, start-up culture that drives innovation in many other sectors is less prevalent within banking and financial services.
The rise of new technologies is drastically redefining both the responsibilities of chief financial officers and the way they work, providing the ability tomake better organisational decisions with faster, accurate and more reliable data.
As China prepares to open an options market for the first time later this year, big changes are afoot in Asia’s biggest market. French trading technology specialist Horizon Software talks to Banking Technology about the kind of tools that will be needed to liberalise the Chinese economy.
As the implementation of T2S approaches, there is still a gap between the readiness levels of different types of market participant, new Celent research finds. But a ‘wait and see’ approach can only take some firms so far, argues Isabelle Olivier, head of clearing and settlement EMEA at Swift
With passwords continuing to attract widespread derision from consumers it seems that businesses are starting to listen to their customers and in recent weeks voice biometrics has been hitting the headlines, as the technology is set to replace the bane of so many people’s lives.
Banks should not be blind-sided by sustaining innovation: a large part of their digital initiatives look at delivering existing services cheaper, faster and (sometimes) better – but true disruption occurs when addressing customer needs better, faster and maybe, cheaper.
In a landmark ruling, the US Supreme Court has ruled that the intermediated settlement of financial exchanges is an abstract idea and therefore not patent-eligible. David Puth, chief executive of CLS, which won the case in question. discusses the implications of the ruling.
The Supreme Court ruled today to throw out President Obama’s recess appointments to the National Labor Relations Board (NLRB) as unconstitutional. CFPB Director Richard Cordray was appointed the same day but has since been confirmed by the Senate, suggesting the ruling will have little or no effect on the CFPB.
With the advancement of smartphone technology and social media, we’re witnessing a cascade of innovation around loyalty and incentive products. But driving steady deal redemptions requires smooth connections to payment network rails.
Growth in prepaid GPR and payroll cards today exceeds that of all other noncash forms of payment, but stickiness remains a problem for issuers and program managers. Adding mobile access and other financial tools to the mix—such as check deposits with instant good funds and expedited bill pay–makes prepaid a compelling proposition for consumers and providers alike.
A lesson learned from the global financial crises was how critical free cash flow can be for corporates, their customers, and their suppliers. As businesses seek to unlock cash flow from day-to-day operations, savvy treasurers have discovered vendor payments as a means to extend payment terms while improving vendor health, writes Chris Bozek, Managing Director, Head of Global Trade and Supply Chain Products Bank of America Merrill Lynch.
A consortium of merchant groups has been given more time to decide if it will try to take a long-running lawsuit against the Federal Reserve Board of Governors to the U.S. Supreme Court.
While digital currency has received a frosty reception from many national governments, it has been greeted a bit more warmly in Canada.
Depending on who you speak to, the definition of a data scientist seems to mean different things to different people. Some see it as a glorified number crunching role, others believe the position requires someone more inquisitive to spot and respond to key trends.
CFPB Director Richard Cordray headed to the House yesterday to present his bureau’s semi-annual report to the House Financial Services Committee, headed by Jeb Hensarling (R-Texas).
The FDIC has issued another consent order for a company with significant prepaid business and again the focus is on Bank Secrecy Act (BSA) compliance.
In April, US post-trade utility the DTCC called for the US settlement cycle to be moved to T+2, to bring it into line with what’s happening in the rest of the world, which is converging on T+2 settlement cycles – at different speeds.
Despite promises of change heralded by the European Commission’s upcoming MiFID II, the cost of market data in Europe is still far too high and transparency remains a serious problem, according to senior financial industry executives. Yet the arrival of the Market Model Typology standard earlier this year may provide a catalyst for change.
A new generation of trading venues is competing their way into the European securities markets with plans to make trading more efficient. But will they bring benefit to banks and investors?
Could the establishment of an enhanced outsourcing oversight capability do more for asset managers than simply satisfy the FCA? A more mature set of oversight metrics could be used to provide foresight into how the outsourcer might perform in the future.
The Bancorp Bank, a wholly owned subsidiary of The Bancorp Inc., this week revealed in an 8K filing with the SEC that it’s stepping up its Bank Secrecy Act (BSA) compliance efforts in accordance with an FDIC consent order that went into effect June 5.
As the European Parliament adopted MiFID II/MiFIR on 15 April, the financial services industry was left wondering what exactly the new transparency regime is going to mean. Despite a curiously low EC estimate of compliance costs, at between €512 and €732 million, it is clear that MiFID II will have a large impact on the tens of thousands of firms and counterparties that will now fall under its scope.
Rather than spending time debating which option is worse for consumers—overdraft or payday loans—or focusing solely on reining in overdraft, we ought to shift our energies to creating new credit products that meet consumers’ needs transparently and affordably.
While asking a customer for multiple pieces of information and presenting him with various questions satisfies federal guidelines and other legal compliance, it can throw a major wrench in the prepaid card activation model. Out-of-wallet authentication must be accomplished in real time—and that means mobile.
The Consumer Financial Protection Bureau (CFPB) has bumped plans to release its proposed rule on prepaid cards to “the end of the summer,” according to Richard Cordray, the agency’s director.
Banking Technology first appeared 30 years ago this month. David Bannister, the current editor, looks back at that first year of coverage …
Shifting settlement cycles, the rise of big data, global regulation and increasing demand for post-trade services are creating both challenges and opportunities that global exchanges would do well to face wisely, according to Lars Ottersgard, head of market technology and Eva Saidac, head of business development market technology at Nasdaq OMX.
The past month has been a busy one for G-SIBs – global systemically important banks – as they confront the challenges of “what full compliance looks like” in the context of the Basel Committee on Banking Supervision and its Principles for Effective Risk Data Aggregation and Risk Reporting.
