Viewpoint: A Win-Win Proposition: Savings on GPR Cards (August 2013)
Adding a savings tool to GPR cards drives usage and retention and helps cardholders get ahead.
Industry Comment
The globalisation of immediate payments – rolling out faster transactions
The way we pay is evolving, with changing consumer attitudes and new technologies combining to usher in a new era of payments and banking.
Evolution of Payments
One common thread unites developed and emerging economies across the globe – the ubiquity of mobile devices are changing the way people interact with businesses and each other. In many countries, the number of mobile phones in use surpasses the number of consumer bank accounts. This shift in consumer behaviour is changing the face of payments as we know it.
Demystifying m-commerce
Payments made via mobile devices are fast becoming de rigueur as tablet sales are expected to overtake personal computers by 2017. Shane Fitzpatrick addresses five common myths about m-commerce and how to capture online revenues. Smartphones are already more popular globally than desktop PCs and of the 1.875 billion phones to be sold in 2013, […]
Can balloons really enable HFT, or is it just hot air?
As the high-frequency trading arms race continues, some firms are exploring the idea of using lighter-than-air balloons as a faster way of transmitting data.
Viewpoint: 7 European Markets and Their Shifting Prepaid Opportunities (Spring 2013)
An Edgar, Dunn & Company study compares the existing state and prospects for corporate and government prepaid programs in Europe in 2010 and 2013. We assessed seven European countries— France, Italy, Germany, the U.K., Spain, Poland and Turkey—and rated the attractiveness of each market, based on the legal and regulatory environment and prepaid market receptiveness, against the prepaid market opportunity.
How to achieve customer-centricity
Why are banks and insurers struggling to operate as true customer-centric organisations when they know great customer service is a crucial differentiator? The answer lies in the enterprise operating model, which can create a structural barrier to achieving customer-centricity, writes Sean Tomlinson. head of consulting, private sector, Steria (right). The problem with the enterprise operating […]
Industry Views: Card Manufacturers Talk EMV (Pay Magazine, Spring 2013)
Although the network EMV liability shift is about two years out, card manufacturers already are consulting with their U.S. issuing clients to help them make decisions now about how they will approach the transition to EMV.
The Fine Line: collaboration vs. competition in mobile payments
Following the news that Polish banks will work together on establishing a common mobile payment infrastructure, Philippe Eschenmoser, head of business consulting at SIX Payment Services, explains why other European banks should learn from the Polish market.
The new FCA – don’t have nightmares
Is there anything to fear about the new FCA? Well, possibly quite a lot, it would seem. A hundred or so days into the new era of the FCA and it would be hard for anyone in the wealth management or private banking sector to have missed the message that the regulation of the sector is going to be different from now on.
Strengthening financial visibility for improved risk management
New research shows that large businesses are continuing to identify risk management and corporate governance as pressing financial priorities. To achieve true visibility into these areas, corporate treasurers need detailed insight and accurate forecasting capabilities.
EMV – driving the global eradication of card fraud
Authentication, risk management, transaction integrity and cardholder verification, are the four features that define the EMV standard, specified by EMVCo, the organisation that manages the EMV standards and associated compliance processes. These are designed to protect merchants, acquirers and cardholders from fraudulent transactions. However, closing the loop on fraud altogether will be almost impossible without […]
Viewpoint: A Closer Look at Choosing an HSA Administrator (July 2013)
Employers looking at consumer-directed health care plans with HSAs tend to pick providers based on one or two administrative details, but they really need to dig into what kind of benefit experience employees will get. The quality of that interaction can make all the difference, and yield happy, engaged employees.
Digital money, mobile wallets & Latin America
In our world of 100%+ mobile penetration, companies in Latin America will soon need to think like their next wave of prospective customers, most of whom are unbanked. This means understanding their lifestyles, habits and needs in order to decide how to best generate value.
Pressing the reset button
Whether or not the coalition government succeeds in implementing all of its proposals remain to be seen but undoubtedly the transformation of the banking sector – across all levels – is most certainly underway …
Showrooming, Mobile Shoppers and the Changing Face of Retail (July 2013)
For the lucrative and important teen demographic especially, shopping doesn’t start at the mall or even in a magazine. It starts at the virtual corner of Instagram and Vine.
FATCA-style agreements present taxing times for GRC teams
If your role has anything to do with governance, risk and compliance or with international tax agreements, then you’ll be familiar with the United States Foreign Account Tax Compliance Act and the potential impact on many of the world’s financial institutions …
Four steps for denying DDoS attacks
Financial institutions have been battling waves of large distributed denial of service attacks since early 2012. Many of these attacks have been the work of a group called the Qassam Cyber Fighters, which until recently posted weekly updates on Pastebin about the reasons behind its attacks.
Making contact … eventually
Despite security concerns, contactless payments technology continues to be rolled out globally. Visa International recently estimated that the volumes of contactless transactions it will process during 2013 will quadruple. MasterCard’s figures show that since 2012 there has been a 50% increase in the number of contactless cards it has issued.
Industry Views: Building Long-Term Cardholder Relationships with Financial Literacy
Despite what you’ve been seeing in the mainstream media recently, many prepaid card providers have not only lowered fees in the last few years but many are educating cardholders about how to avoid fees altogether.
Twitter shakes up market: the impact of social media on algos
On 23 April 2013, the markets suffered a brief, sharp drop as algorithms reacted to “news” from the Associated Press’s Twitter handle that President Obama had been injured in a bombing attack at the White House. In a few minutes, the Dow Jones dropped 145 points, Standard & Poor’s 500 Index lost $136 billion in […]
In New York Times, Prepaid Fee Story Misses the Mark (July 2013)
Patrice Peyret of Banking Up responds to a front-page article in the New York Times, “Paid via Card, Workers Feel Sting of Fees.”
Viewpoint: Industry Must Set Record Straight on Payroll Cards (July 2013)
The prepaid industry must seize on the recent media frenzy as an opportunity to inform and educate the public, government officials and other policymakers.
Viewpoint: The Coming Clash between Financial Technology and Financial Regulators (July 2013)
Regulators regulate, and when they do act, it can have dramatic impact on a company’s business model.
Viewpoint: What Prepaid Card Issuers Need to Know about Breakage (July 2013)
Tori Blake and Chuck Rouse explain the new rules of breakage connected to the Financial Accounting Standards Board and the International Accounting Standards Board’s upcoming Revenue Recognition Standards.
In New York Times, Prepaid Fee Story Misses the Mark (July 2013)
By Patrice Peyret, Banking Up In the July 1 New York Times story “Paid via Card, Workers Feel Sting of Fees,” reporters Jessica Silver-Greenberg and Stephanie Clifford raise an important question but fail to answer it: Are a significant number of employers forcing hourly workers to use expensive payroll cards? The three key conditions here […]
NFC mobile payments: overcoming the barriers for banks
The past few years have seen major changes to the way we make low value payments, from pre-paid wallets such as the Oyster Card through to contactless cards in retail transactions – thanks to Near Field Communication devices.
Reducing threats to availability in the banking sector
The financial services sector’s growing interdependence between internet-accessible clearing and transaction processing infrastructure means that a successful DDoS attack can have far reaching consequences, such as customer dissatisfaction and loss of trust, brand damage, increased operating costs and lost revenue to name just a few.
FATCA, IGAs and AML Technology
After a long wait, the first real FATCA implementation deadlines are just around the corner. To meet the new account identification requirements, by 1 January 2014, institutions should be in the process of implementing the necessary upgrades in their onboarding and overall compliance systems and processes.
Banking on a mobile relationship
The last five years have been tough for the UK banking sector, but optimism is slowly returning, writes Ian Byrne, banking director UK & Ireland at Wincor Nixdorf. Capital reserve ratios are largely being met, the prices of bank stocks are becoming more stable, and there is now even talk of the Government divesting its stake in the banks which it bailed out. Indeed the sector has deserved this boost, but it has got a lot of work to do before it can rekindle the relationship with today’s more technology-adept consumer.
Changing banking for good: aspiration or opportunity?
The possibility of jail for miscreant top bankers has hit the headlines following publication of the Parliamentary Commission on Banking Standards final report, a compendium of all that is considered wrong with both banks and the regulator …
Safeguarding the banks: the challenging role of the security manager
Responsible for protecting people and assets across single or multiple countries in a range of different environments, the role of security manager in the finance industry is not for the faint hearted.
Blog: Mobile Payments Test Drive: Square Wallet, Starbucks App and Lemon (June 2013)
Mobile wallets get a considerable amount of media attention, but will any of them really drive users to leave the plastic card era behind? I recently did a comparison test of Square Wallet, Lemon and Starbucks’ own mobile app. While all the payment types I used worked surprisingly well, none of them was an experience that elevated shopping into the futuristic world these apps conjure up among payments enthusiasts.
Embrace the internet to determine the future of banking
The impact of the internet on the banking industry may yet turn out to be far more important than the financial crisis and the subsequent regulatory overhaul. Viewing statements on-line and making payments electronically is just the very beginning of the revolution.
ISO 20022 – A Hero for Our Times
ISO 20022 has been hailed as the lingua franca in payments and securities for some years now. It offers great potential for re-engineering the payments industry, and for process improvement, but for a standard that promises so much it is still relatively unknown.
Industry Views: Card Manufacturers Talk EMV (June 2013)
Although the network EMV liability shift is about two years out, card manufacturers already are consulting with their U.S. issuing clients to help them make decisions now about how they will approach the transition to EMV. First and foremost is the decision on when to begin, then which cards in their portfolio should have priority. […]
Blog: Physical and Digital Products In-Store Pack a One-Two Punch
By Thomas Cornelius, SVP, InComm Today’s consumers are constantly on the go—they’re busier, they multitask more and they have less time to get everything done. As a result, their shopping habits have changed. In fact, according to Forrester, more than 50 percent of in-store retail sales (approximately $1.2 trillion) are now Web-influenced. To meet the […]
The financial services production line: improving the customer journey
Customers expect their interactions to be as short, and as easy as possible, with a satisfactory outcome. This ideal customer experience can be achieved through a combination of the right strategy, the right resources, the right workforce skills and supporting tools and technology . But so many firms still fail to get it right
Lacking a legacy
Much has been said about the ‘bank 3.0’ landscape. We all now know that the Generation Y consumer, or the ‘digital native’ customer, demands a new type of banking. From online, anytime banking, to mobile payments, the face of banking is changing accordingly
Meeting the Needs of the Social Customer
While a child as young as nine years old can use Facebook and Twitter (despite rules saying users should be over 13), multi-million dollar financial service companies often fall behind in their adoption of social media.
