Viewpoint: 4AMLD and Its Impact on the Prepaid Industry in Europe
If proposed changes to simplified due diligence go through as drafted, it will drive out a whole section of the prepaid market from Europe.
Industry Comment
Uniting entity data – the missed opportunity
In a post-2008 crisis landscape dominated by regulatory reform, compliance is only part of the issue. If firms can address how they manage multiple data sets and deploy a truly enterprise-wide model, they can capitalise on the real opportunity – achieving a competitive advantage.
When Banks Play Games
For the banking sector, which by definition at least is as much economic activity as it is social utility, the relevance of gamification is no longer debatable. Yet recent research shows that just 9% of banks globally have made forays into gamification
Big Data and data management in capital markets
The capital markets industry continues to be amongst the top data driven industries. Electronic trading generates millions of market messages during a given day. With diminishing returns in high-frequency trading, focus has shifted from high-speed trading to looking for patterns in large volumes of market data for financial information and use cases.
The value of SEPA beyond the SEPA-zone
The work corporates are doing to streamline cash management processes should not end with SEPA implementation, says. Indeed, the principles and ideas underpinning SEPA can inform progress even in the most challenging markets.
ITT Pushes Back on CFPB Claims and Why You Should Care
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.
The looming spectre of a Financial Transaction Tax
The introduction of a financial transaction tax could mean London losing a swathe of banking business to financial centres with a lighter regulatory regime, such as Hong Kong or Singapore not to mention the logistical and technical challenges for banks.
Blog: Apple Is ‘Serious’ about Moving into Payments
Apple entering the payments space has been a tantalizing prospect for many for a while now. It’s certainly something that would easily upset the status quo of the payments market, and I don’t believe Apple is aiming for the low-hanging fruit.
Blog: Retain Customers by Measuring the Right Data
Management of metrics—such as average handle time, first call resolution, etc.—certainly results in cost saving. But exclusive focus on these metrics results in a huge missed opportunity to improve customer loyalty, increase sales and build brand identity.
Viewpoint: EC Payments Package Update
What we know and what we can do before the final Plenary European Parliament vote on the Payments Package.
Mobile payment security will depend on using the ‘smart’ in smartphone
Confusion and concern over security is cited over and over again as the biggest barrier to widespread consumer uptake of mobile payments. And no wonder – confidence in the protection of sensitive cardholder data lies at the heart of trust in this technology. An EMV card as a physical asset is cryptographically secure. How can we emulate this security with something that is virtual?
Credit where it’s due – why the Singapore regulator has it right on security
What does the Monetary Authority of Singapore have to do with virtualised data centres and cloud computing? Security measures that, among other policies, go a long way toward preventing attacks by rogue operators working on the inside, for one thing.
The Future of Payments: towards a vision for 2020
While the payments landscape has evolved rapidly over the past decade, due to a flurry of innovation and regulation, expansive growth in electronic payments and the inclusion of new market entrants, industry research indicates that the next decade will be a period of even faster changes.
Blog: PIF Comments on RBI’s Revised Prepaid Guidelines
Industry players welcome the guidance to bring the legal framework for prepaid under a single policy document that leaves little room for ambiguity, and industry continues to advocate for further reforms that will help drive growth of prepaid products to benefit Indian citizens.
Blog: Prepaid Mania Catches On
Just in case there was any doubt among the critics, skeptics and the media, new numbers prove the value of prepaid cards to merchants and consumers. In 2014, retail purchases made with prepaid cards will top US$200 billion, equaling 5 percent of all retail spending in the U.S. Now, merchants are looking for ways to capitalize on the popularity.
Viewpoint: Important Changes to Canada’s AML Laws: Here We Go Again
A new Canadian bill proposes regulations on virtual currencies, cross-border MSBs, due diligence requirements, politically exposed persons and group-wide information sharing.
Improving data governance and ensuring data ownership
New regulations requiring financial institutions to increase the amount of data fields they have on their customer records and swingeing fines imposed when processes and data are found to be inadequate have triggered an increased focus on data governance.
EU financial markets – from fragmentation to harmony?
Consolidation of market infrastructure in Europe will continue, as firms choose post-trade service providers that meet their needs in terms of cost-effectiveness or value-added services. However, some of the real cost issues in Europe are still to be addressed.
New solutions for optimising cash in the retail industry
Managing cash in stores remains a major challenge for retailers – trapped cash hinders working capital management and is unavailable for investment, debt repayment or business expansion. But new ways are being developed to manage store cash …
Viewpoint: Bitcoin Payment Services: Challenges, Opportunities and the Role of Regulation
Did you know SWIFT, invented in 1973, the backbone of the current bank transfer system still uses telegraph to transmit payment information? Really! To me, that’s not too dissimilar from using pigeons as messengers rather than email. Maybe it’s time to upgrade our payment systems.
Viewpoint: Prepaid Cleared for Takeoff in Russia
Forget politics. As Russia moves its way toward a cashless economy, prepaid cards will thrive amid increasing demand from different customer groups, development of a regulatory framework and increasing interest from retailers building loyalty programs.
Viewpoint: CFPB’s Draft Model Forms Highlight Problems with Uniform Disclosures
What do apples and oranges have to do with prepaid model disclosures? See David Beam’s analysis of the CFPB’s blog proposal.
What’s giving high-frequency traders the jitters?
What is the latest technological snag affecting high-speed trading performance? In a word, jitter – a major risk, particularly when carrying out arbitrage.
Why banks need to branch out into the cloud
Despite the well-known benefits of cloud computing, 75% of banks in Europe are using outdated core banking systems. Why are some banking institutions slower to adopt cloud than others?
FinTech’s Lazarus effect brings business models back from the dead
The FinTech sector is entering a new phase – one where it is bringing old business models back from the dead
Banking in the Digital World
While established banks struggle with their legacy systems, smaller players and new entrants are quickly adopting new technologies – but there are some trends in digital banking that are being slowly adopted by the banking industry as a whole.
Viewpoint: Dept. of Education Student Debit Card Report Doesn’t Make the Grade
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.
Why banks need a chief mobility officer
Mobility has risen to such a level of importance that many people believe it deserves its own C-level position to advance and align mobility strategy throughout the enterprise. In no other industry is this more pressing than in banking where financial institutions are increasingly using mobile apps to set themselves apart from their rivals.
Blog: The NFC Tragicomedy: Where the MNOs Went Wrong (March 2014)
As momentum builds for HCE, MNOs may be left wondering why they’re getting cut out of the mobile payments value chain. While GSMA has been pushing NFC adoption with great force, the problem is that this force encouraged MNOs to go solo.
Blog: Square Cash: Fast, Cheap and Easy
Design of Square Cash’s caliber is not cheap. Finding a way to move money faster than conventional methods is not cheap. Is Jack Dorsey’s media darling gathering press and praise at the expense of sound strategy? Or, is Square Cash more than the very few screens that meet the eye?
Viewpoint: Better Disclosures Are Good for Consumers and Industry
Legislators and companies, such as MasterCard, are introducing standards for prepaid card disclosures that help us all.
Key technology issues facing banks
Countless articles have been written about the challenges and issues facing the banking sector globally over the last few years and it is a brave pundit that tries to pin these down to a handful of sound bites,
Industry Views: M&A on the Rise
We asked M&A experts to tell us what to expect in the coming months, specifically around prepaid, mobile and emerging payments. They all agreed on one thing: Change will continue to be the norm.
Viewpoint: Inside the EC Payments Package and the Aggressive Timeline for Passage
The European Parliament’s ECON Committee vote on the “Payments Package” has resulted in inconsistent legislative text that differs significantly from the EC draft proposal. With an aggressive timeline for passage, including an April plenary vote, the payments industry needs to make its voice heard on the potentially harmful impacts of the proposed changes.
Editor’s Note: Keeping What Makes You Great
We may not be the shiny new thing like mobile, but prepaid has a role to play in the new era of payments because it’s accessible to every consumer. For prepaid businesses to stay relevant and take their place in this evolving market, they must hold onto the innovative spirit and keen focus on solving problems that sparked the industry more than 15 years ago.
Why Yahoo’s malware attack is hitting banks hard
At the end of last year, Yahoo was hit by a malware attack. It affected over two million clients, mainly in Romania, Great Britain, France, Italy and Spain, putting their personal data at risk. Upon visiting the website between 27 December and 3 January, users received advertisements, some of which were malicious and infected users’ devices without even a click.
Banning foreign banks from the UK? What about the technology?
The Prudential Regulatory Authority has set out a series of requirements for non-EU banks who want to do business in the UK.
In addition to the regulatory system changes, what would the technological and infrastructure challenges of such a ruling be?
Banking on you – how wearable tech could change finance
Something big is happening to the internet (and, no, I am not talking about Bitcoin though that would be a fascinating topic for another time). In a nutshell, it’s changing into something you wear rather than go to, writes Aman Narain, global head of digital banking at Standard Chartered.
Blog: Tackling Financial Literacy Is a Team Effort
Wherever you sit in the industry, you can help the end users of prepaid products (or future users) by supporting basic financial education. The key is to make it fun.
Blog: From Atoms to Bits: The Digital Age of Money
As we move to digitize everything, the transition to digital wallets hasn’t been an easy feat. O2 recently announced it would discontinue its mobile wallet and despite efforts by industry heavyweights, mass adoption of a digital/mobile wallet still is proving elusive.
