Analysis

Letter from the Editor: Prepping for the Year’s Biggest Industry Event

I can scarcely believe we’re approaching the halfway point of 2017. But I can’t think of a better time for the year’s biggest prepaid industry event. On June 21-23, the NBPCA will host its sixth annual Power of Prepaid conference in Washington, D.C. The business of compliance—not to mention keeping up with technology trends—is keeping everyone on their toes, but it’s vital to stop and reflect with colleagues about the state of the industry and its future. It’s also critical to actually talk to those shaping the legislation and regulations that determine the rules of the road.

Analysis: commercial cards, clear lines and communication

There is no question that the commercial card sector is growing strongly. According to Research and Markets, the US commercial card market in particular is outstripping other B2B payment types. For banks and banking services providers, this presents a huge opportunity to grow revenues while improving customer experience – a vital component in customer retention and increased lifetime value.

Legacy IT is the least of a bank’s problems

A recent Reuters article explored how companies like Cobol Cowboys make a fortune helping banks who struggle to keep their legacy systems running. But in fact, the real problem is not legacy IT, that’s just a symptom of the root problem in banks… the decision makers.

House Balks at Repealing Interchange Reform amid Dodd-Frank Overhaul

Retailers are claiming victory in the battle, if not the war, regarding proposed legislation that would have repealed interchange reform included in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Full House set to vote on amended Financial CHOICE Act June 9.

Target to Pay $18.5 Million to States in Data Breach Settlement

Target Corp. has agreed to pay $18.5 million in a settlement with 47 states and the District of Columbia that stems from a November 2013 data breach of the Minneapolis-based retailer. The breach affected more than 41 million customer payment card accounts and exposed contact information for more than 60 million customers.

Compliance Titans: Jani Gode, Payoneer

Jani Gode’s knowledge of payments compliance reaches to parts of the globe that are about as far away from the small Minnesota farm where she grew up as you can get. Gode leads the global compliance program as chief compliance officer at Payoneer, an online payments company founded in 2005 that enables businesses to send and receive cross-border payments.

Will robotic process automation herald a new digital era in regulatory compliance in banks?

Exploring how the robotic process automation (RPA) powered digital workforce looks to disrupt the manual effort intensive regulatory compliance landscape in BFS, what edge it has over its human counterpart, the roadmap towards RPA driven compliance, challenges in this digitisation journey and success mantras, and innovations that are underway towards building intelligent RPA to replicate human decision-making.

Innovation Day: Fast-Growing Prepaid Market Offers Rewards, Risks

New growth estimates for prepaid are encouraging to say the least, but providers gathering in London for the Prepaid International Forum’s annual Innovation Day said the industry must remain focused on compliance and the customer proposition to safeguard its success.

Are Passwords Here to Stay?

Even as security experts lobby for tighter authentication, a study demonstrates that passwords still command the loyalty of consumers. A payments expert discusses why biometrics and other methods lag behind the warhorse of digital protection.

The View from Finovate

Payments compete for attention with “RegTech” while an overall lull in disruption suggests that fintech could be in the eye of a storm.

Knowledge economy in financial services: from curator to conductor

Once upon a time, not so long ago, companies tried to generate new business by sending marketing messages to prospective clients by post. Direct or “junk” mail – sending a leaflet or letter to anyone for whom the firm had a job title, street address or postcode – was pretty unsophisticated, often derided as a “scattergun” approach.

Compliance Titans: Margo Hirsch Strahlberg, U.S. Bank

If Margo Hirsch Strahlberg, prepaid compliance risk management specialist at U.S. Bank, isn’t managing responsibilities at home or work, she tries to steal time away to hit the gym. “I’ve incorporated more weight lifting into my routine,” she says. “My goal is to dead-lift a few copies of the CFPB’s prepaid accounts rule.”

Facebook’s Q1 results and five things for financial services

With the release of Facebook’s Q1 2017 results, there are five things worth your attention about its strategy that are relevant for financial services. In its latest results, Facebook announced a major emphasis in solving for communities and reiterating the key messages from its F8 developer conference. Q1 2017 profit is +76.6% YoY to $3.06 […]

CFPB Prepaid Rule Survives Congressional Repeal Deadline

The CFPB’s final rule on prepaid accounts has survived a bid to repeal it via the Congressional Review Act (CRA), with lawmakers failing to bring the matter up for vote by the May 11 deadline. But despite the CRA efforts having fizzled, reforming the rule is still on the table.

Fintech outside London – part 2

We look at UK fintech firms working outside of the London “bubble”, examining where they are based and why; their history; target markets; clients; tech specialisations, concerns and future plans.

People on the Move: Brad Fauss, Wirecard North America

Brad Fauss is joining Wirecard North America as general counsel and vice president, compliance and governmental affairs. In his new role, he is responsible for managing the legal, compliance and governmental affairs functions for the North American business. Wirecard, a payments and commerce leader headquartered in Munich, finalized its acquisition of Citi Prepaid Services in March 2017, as part of its global expansion strategy.

Blackhawk Study: Brand Loyalty Can Solve Pain Points for Merchants

Brand power is serious business, according to a new Blackhawk Network study that found consumers trust their favorite brand almost as much as they trust their own families. What’s more, retailers can harness that brand loyalty to help with a bevy of challenges, including driving foot traffic, acquiring new customers and bolstering loyalty among shoppers.

Will augmented reality transform banking?

There has been a lot of rumour and speculation recently, focused around the news that Apple is working on augmented reality (AR) as its next major product. Last year, we saw how fast the take up of AR could be with the introduction of Pokémon Go that became a massive international cultural phenomenon almost overnight. Banks need to prepare sooner rather than later if they are going to take advantage of AR and not be left behind.

U.S. Credit Cards Gain Ground on Debit, Prepaid, Nilson Says

The U.S. purchase volume of credit, debit and prepaid cards increased 7 percent in 2016 compared with last year, according to The Nilson Report. That purchase volume hit $5.648 trillion last year, with the volume from American Express, Discover, Mastercard, and Visa credit cards increasing 8 percent year over over to reach a combined $3.059 trillion—the first time that figure has topped $3 trillion.

Former MoneyGram Compliance Chief to Pay $250,000 Fine

A former MoneyGram compliance head will pay a $250,000 fine and be barred from performing a compliance function for a money transmitter for the next three years after agreeing to a settlement over alleged AML and fraud prevention failures that took place at the company under his watch.

Going Digital: E-Gift Cards Post Triple-Digit Growth

Consumers in India are increasingly turning to physical and digital gift cards. A new study showed that providers issued some 50 million gift cards over the past year, up from 20 million from the previous 12 months, an increase of 150 percent.

Exclusive interview: Luis Uguina, Macquarie

Everyone loves a dreamer, except in the world of banking – where digital aspirations are swiftly cut down to size by the reality of legacy systems. That is until Luis Uguina, chief digital officer for Macquarie’s Banking and Financial Services Group, comes along and challenges everything you thought you knew about banks’ digital offerings.

Time Running Out for CRA Rollback of Final Prepaid Rule

The clock is winding down for Congressional lawmakers to repeal the CFPB’s final prepaid accounts rule under the Congressional Review Act (CRA). Under that law, Congress has until May 9—60 legislative days after the law was published in the Federal Register—to repeal the prepaid rule by simple majority vote in the Senate. But with lawmakers currently in the midst of negotiations over a revised health care bill and Democratic opposition to the rollback likely to be strong, proponents of a repeal could run out of time.

N.Y. DOL Fires Back at Industrial Board of Appeals, Global Cash Card

The New York Department of Labor has fired the latest salvo in the battle over the use of payroll cards in the state. The agency has filed an appeal that could jeopardize the outcome of a petition granted to Global Cash Card to revoke the N.Y. DOL payroll card regulations, which were due to go into effect March 7, 2017. At stake are rules that are considered so burdensome by the prepaid industry that—if restored—could force some payroll card providers out of New York.

Banks Banking on APIs for Payments and Beyond

Facing increased competition from financial services upstarts and tech firms, banks are doubling down on application programming interfaces (APIs) as a competitive tool, a new report shows.

Lessons learnt on a start-up journey

I grew up in Darwin, northern Australia and dreamt of playing hockey for my country. Today I live in Glasgow, thousands of miles away from the sunny climes of home and head up the UK operations and marketing for regtech firm Encompass.

Payroll Cards Earn Top Grades from CFSI—Except in One Area

The payroll card industry received high marks for its standards and its ability to “stretch beyond the basics,” according to a new report from the Center for Financial Services Innovation. But CFSI’s first-ever “Payroll Industry Scorecard” gave the industry an average mark for its ability to provide additional services that “improve customers’ lives.”

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