While the logjam over EMV debit routing may finally be breaking up, it remains unlikely that EMV will reach the mainstream ahead of the liability shifts the payment networks plan to implement in October 2015.
Suggesting that investments in digital currencies, such as Bitcoin, might carry with them a higher risk of fraud and a harder time recovering losses in the event of fraud or theft, the SEC yesterday issued an investor alert regarding the decentralized P2P currency.
Although this lawsuit involves lending practices, the industry would be wise to pay close attention because of its UDAAP implications, which are applicable to all entities the CFPB regulates.
Rules issued last December by Canada’s Department of Finance affecting open- and closed-loop prepaid cards went into effect May 1.
The State of Delaware has thrown its weight behind a civil lawsuit claiming nearly two dozen well-known retailers avoided escheating unused gift card balances to the state by forming special entity corporations based outside the state.
FTC calls for data security legislation to address recent increase of data security breaches.
A new Canadian bill proposes regulations on virtual currencies, cross-border MSBs, due diligence requirements, politically exposed persons and group-wide information sharing.
Bitcoin is the poster child of the cryptocurrency world, but it’s not alone. Michael Mainelli and Bob McDowell take a look at the real-world implications of the rise of AltCoins
When the requirement brought about by the German high frequency trading act to tag algorithms comes into force this month, market participants may well feel hamstrung by the complexity of the regime – and some might wonder whether this requirement goes one step too far …
When the US Federal Reserve Banks asked for comments on improving the US payments system, the tech industry and merchants said “let’s go” while the incumbents said “whoa, not so fast” …
European Parliament today voted in a plenary session to accept the text of the revised payment industry regulations (PSD2 and MIF) that the ECON committee voted on last month.
Building on previous consultations by Her Majesty’s Treasury and the Office of Fair Trading, the Financial Conduct Authority (FCA) is soliciting comment regarding the U.K. payments industry, in particular on issues of competition, access, governance, ownership and innovation.
With a revolution in consumer payments happening at the point-of-sale, online and increasingly through the mobile channel, there is a need and an appetite for change across every aspect of the payments industry.
What do apples and oranges have to do with prepaid model disclosures? See David Beam’s analysis of the CFPB’s blog proposal.
Had the case not been dismissed, ZIP code-related class action lawsuits likely would spread.
While transparency may be seen as a new wonder drug that will cure all the industry’s ills, it does not come without side effects, so it was refreshing to see ESMA promoting a collaborative approach with the industry in defining the details of how MiFID II and MiFIR are implemented.
Heading to college is all about the quest for knowledge. Part of that process is learning to use fact-based, impartial research to reach educated conclusions. Unfortunately, the March 10 Department of Education’s Inspector General’s report, “Third-Party Servicer Use of Debit Cards to Deliver Title IV Funds,” doesn’t make the grade.
Fixed income is a bit like the tortoise of Aesop’s fables, while equities is unquestionably the rambunctious hare. While equities finished the race towards an agency trading model many years ago, fixed income is just plodding onto the starting lines now. But a little outsourcing may provide the rocket boost the industry needs to push ahead, according to Carl James, managing director of dealing services UK at BNP Paribas.
Legislators and companies, such as MasterCard, are introducing standards for prepaid card disclosures that help us all.
Mobile payment isn’t about reinventing the wheel – it’s about making merchants and customers’ lives better by establishing a relationship built on knowledge and trust, according to mobile payments platform Znap.
Until the world has a definitive Legal Entity Identifier, we are going to have to recognise that piecemeal adoption brings with it significant hidden costs in validating, enriching and mapping for regulatory purposes. If the total number of registered market participants is meant to include all the corporates that trade FX forwards, we are far short.
After many years of struggle, Mexicans may be about to snatch the crown of Latin America’s most promising financial services market from their Portuguese-speaking cousins in Brazil.
A global multicurrency processor is breaking down borders to make global shopping a local experience.
In the wake of scandals involving manipulation of market indices, can statistical learning theory be used to detect and fix anomalies in Libor and other market indices?
The Senate Banking Committee will hold a hearing next week on safeguarding consumers’ financial information in the wake of recent data breaches at several major U.S. retailers.
The Basel principles for effective risk management offer a chance to transform information management that should not be missed.
A ruling from the circuit court could be issued within the next 30 to 60 days.
According to a report from the Federal Reserve Bank of Boston, innovative mobile banking features can help underserved consumers obtain safe, secure and convenient options that foster financial inclusion.
In the latest development of the ongoing credit card interchange fee dispute between merchants and Visa and MasterCard, the National Retail Federation (NRF) has appealed a $5.7 billion settlement with the payment card networks.
The financial services sector may be heavily regulated, but it is poorly standardised. A British Standards Institute-led initiative to drive more adoption of voluntary standards could reap considerable benefits for the industry.
San Francisco startup offers merchants a data-driven business insights platform that does the heavy lifting for them.
In a recent press release, the CFPB called on financial institutions to “voluntarily” disclose to the public its financial product marketing agreements made with colleges and universities.
As we approach year-end, the Canadian federal government has introduced three items of significance to federally regulated financial institutions (FRFIs).
With regulators agreeing that “higher expectations” must be met by G-SIFIs for risk data aggregation and reporting by 2016, firms are now under huge pressure to provide data strategies and implementation plans and end denial about any shortcomings.
Moving to improve and clarify payroll card industry practices, MasterCard today released new standards requiring all employers and payroll card providers involved in offering MasterCard-branded payroll cards to meet specific protocols for consumer choice and transparency
With new arrivals from big names including FATCA, MiFID, Dodd-Frank and the AIFMD, 2014 is set to be another eventful year in the regulatory space. So what are our Top 10 predictions?
With no fewer than 70,000 pages of regulation, and some record fines, 2013 will be a year to remember (or possibly to forget) for many financial services professionals
Basel III has transformed liquidity risk management departments into glorified regulatory functions, according to a new report by analyst firm Celent. As if this good news was not enough to be getting on with, the research house also inevitably concludes that banks will have to change their risk data, models, appetite, organisational and analytics frameworks too.
For centuries, Turkey has stood at the crossroads of Europe and Asia. While the country is leading the way in mobile banking, its infrastructure reflects a culture where minarets mix with mobile masts and ATMs compete for space with ancient monuments.
With the rise in mobile payments and wallets, cash is dead and so is the ATM business, right? Not according to the ATM manufacturers, who are all being remarkably sanguine.
