People on the Move: Tom Ryan and Amy Sink, PSCU Board
PSCU, a credit union service organization, has added two members to its board of directors.
News
People on the Move: Robert Butler, Brian Day and Corey Weeklund, The Members Group (TMG)
Payments processor The Members Group (TMG), a credit union service organization, has announced a new vice president, as well as the promotions of two employees.
Equiniti opens Cardiff centre to bring fintech focus to pension reform
Pensions and payments company Equiniti has opened a new fintech innovation centre in Cardiff, which will focus on bringing together fintech tools for employee share plans, online applications for investment platforms and web and mobile applications for pension products.
FCA sets out terms for probe into corporate and investment banking
The UK’s Financial Conduct Authority’s study into competition in investment and corporate banking will focus on choice, transparency, bundling and cross-subsidisation in debt and equity capital markets, mergers and acquisitions and acquisition financing. It will also consider links between competition in these primary market services and related activities such as corporate lending and broking, and ancillary services.
MasterCard Send Promises Faster B2B, P2P Payments via Debit (May 21, 2015)
The race to accelerate payments heated up this week with the introduction of MasterCard Send, a new platform enabling the rapid transfer of funds by businesses, merchants, governments, nonprofits and card issuers to consumers via debit network rails.
APEX Europe: Tapping New Opportunities for Prepaid (May 21, 2015)
With enviable annual growth rates across Europe—27 percent from 2010-2017—providers tapping new market opportunities, and digital and physical channels converging, prepaid is destined to become everyday money, according to Jason Field, head of prepaid product management, Europe, MasterCard.
APEX Europe: Apple Pay’s Business Model a Tough Sell in Europe (May 21, 2015)
Apple may have a hard time exporting its Apple Pay business model to Europe, where interchange revenue is much lower than in the U.S.—and about to get lower.
Axis Bank Offers P2P Payments with Ping Pay (May 21, 2015)
Customers of India’s Axis Bank are now able to send money to each other through Facebook, messaging apps Twitter and WhatsApp, email and phone contact lists using Ping Pay, a multi-social media app developed by Fastacash, a Singapore-based social payments vendor.
Misys adds Islamic banking capabilities to platform
Banking technology vendor Misys has launched an Islamic banking platform called Misys FusionBanking Essence Islamic, as part of a plan to capitalise on the 17% annual growth in Islamic banking worldwide.
Leeds Building Society targets “customer engagement” with HP deal
Leeds Building Society is to revamp its customer engagement tools through a ten-year deal with HP Enterprise Services, which will encompass a number of independent software vendors working on different parts of the business. The deal builds on the earlier deal between the two firms in 2013, which focused on the building society’s core banking platform.
Daiwa Securities switches post-trade platforms as Hong Kong gears up for growth
Japanese investment bank Daiwa Securities has transferred its Hong Kong business onto a new post-trade processing platform built by specialist vendor Torstone. The bank says the move is part of a long-term plan to revamp its back-office technology in the city, as Hong Kong steps up its role in the integration of China’s capital markets into the global mainstream.
Alibaba Receives U.S. Money Transmitter License (May 19, 2015)
Alibaba, the China-based e-commerce giant, appears to be sharpening its focus on the U.S. payments arena.
Walmart Accepting Alipay m-Payments in China (May 19, 2015)
Walmart is making bold moves with mobile payments in China, where it’s signed on with e-commerce giant Alibaba to accept mobile payments via the Alipay Wallet in 25 of its 410 Chinese outlets, the Arkansas-based retailer announced this week.
Survey: FSPs Ramping Up Risk Management Investment (May 19, 2015)
Financial services providers are beefing up their risk management capabilities in the wake of the increasing threat of cybercrime and fraud, a new report says.
Customers’ Coffee Costs a Latte More; Must Improve Password Maintenance (May 19, 2015)
Starbucks customers last week noticed their purchases were costing a lot more than expected after hackers exploited the Starbucks app’s auto-reload function that’s connected to consumers’ payment cards, according to reports.
PayPal Enters into Consent Order with CFPB (May 19, 2015)
PayPal, reportedly, has agreed to a consent order with the CFPB that would require the company to refund $15 million to consumers who were affected by alleged practices that included, among others, enrollment without authorization and deceptive advertising for its PayPal Credit program, previously known as BillMeLater.
Viewpoint: One-Size-Fits-All Regulation of Prepaid Accounts Does More Harm than Good
The NBPCA supports the CFPB goal of protecting consumers, but the proposed rule doesn’t differentiate between prepaid products that serve different needs.
FIX protocol dominates in post-trade workflow
Three-quarters of market participants use the FIX protocol for confirmation and affirmation of their transactions, according to a new survey released by financial industry standards body the FIX Trading Community.
DOE Issues Proposed Rulemaking for Student Cards (May 18, 2015)
The proposed rule includes numerous provisions applying to checking and prepaid card accounts established by colleges or universities on behalf of students or parents for disbursing financial aid.
Samsung Terminates Wallet, Prepares for Samsung Pay Rollout in U.S., Europe and Korea (May 18, 2015)
Samsung is terminating its mobile wallet service at the end of June, paving the way for Samsung Pay, its mobile payment service for Android devices.
Aite Study: Gathering Steam, NFC Payments Set to Skyrocket (May 18, 2015)
Proximity payment transaction volume is estimated at $7.5 billion this year and is expected to grow gradually before skyrocketing to $487 billion in 2020, according to an Aite Group report.
Mobey Forum, Biometrics Institute and Natural Security Alliance join forces to promote biometrics for digital services
The Biometrics Institute, Mobey Forum and Natural Security Alliance have launcehd a cross-association collaboration to promote the use of biometrics in digital services. The organisations plan to have their inaugural meeting, on biometrics for non-government services, in Paris on 1 July.
Good news for graduates as financial sector hiring continues to grow
Concerns over a growing skills gap and lack of future talent are the biggest worries among financial firms’ recruiters, leading to a renewed focus on graduate hiring.
Moven, Accenture to jointly develop technology for banks
Accenture and Moven, the online-only bank founded by Brett King, have signed a deal to jointly develop new digital banking services — including services for the established banks. The two firms say their partnership will be useful to the larger banks because it will help them to cut costs and roll out digital services to their customers faster.
Senior Lloyds Bank, The Bancorp, PayPal executives share insights on future of payments at the UK’s largest payments technology event
PayExpo 9 & 10 June 2015, ExCeL, London www.payexpo.com “If meeting our customers’ needs means we should embrace alternative currencies and payment methods, then we should listen and adapt,” says Terry Cordeiro, Head of Proposition Development – Digital, Transformation at Lloyds Bank. He said this when discussing banking and payments issues ahead of his presentation […]
Efforts to harmonise real-time payments implementation are up against the clock
The window of opportunity to harmonise international real-time payments implementations is rapidly closing as plans for domestic systems move ahead according to panellists at the EBAday conference this week.
ISDA releases UTI derivatives trade reporting service
The International Swaps and Derivatives Association has launched UTIPrefix.org, a service that enables counterparties to obtain a unique trade identifier (UTI) prefix for derivatives trade reporting.
Indian bank launches WhatsApp, Facebook, Twitter mobile payments
India’s Axis Bank has released a mobile payments service called Ping Pay, which allows customers to send money to each other using Facebook, Twitter, WhatsApp, email or phone number. The bank says the service will help it to reach young consumers and smartphone users.
LevelUp Breaks into POS Mobile Carrier Billing via Sprint (May 13, 2015)
LevelUp is trying something it says is a first in the U.S.—enabling users of its mobile payments platform to charge in-store purchases to their mobile phone bills, beginning with Sprint customers.
Denmark Seeks to Eliminate Most Cash Transactions (May 13, 2015)
The Danish government wants to eliminate the obligation of accepting cash for certain retailers—expediting a move toward a cashless economy some government officials believe will reduce costs and increase productivity for affected businesses.
Cyber security tops DTCC risk barometer
US post-trade utility the DTCC is reporting that almost half of the respondents in its most recent Systemic Risk Barometer Study cited cyber security as their top concern, making it the single largest fear and doubling its rating compared to just 12 months ago.
People on the Move: Bob Mengani, Chartwell Compliance
Chartwell Compliance has hired Bob Mengani as senior compliance director.
People on the Move: Tony Sabetti, CPI Card Group
Littleton, Colo.-based card producer CPI Card Group has hired industry veteran Tony Sabetti to lead CPI’s mobile and NFC market initiatives through CPIMobile, a digital issuance solution using Sequent technology.
Company on the Move: FIME, EMVCo Board of Advisors
FIME, a France-based provider of consulting, test and certification services for payment systems, cards and terminals, has been elected to the EMVCo board of advisors to represent the technical associates for a one-year term.
People on the Move: Tim Carter, Fortumo
Mobile payments company Fortumo has appointed Tim Carter chief revenue officer, based in the company’s London office.
People on the Move: Dean Young, National Association of Credit Union Service Organizations (NACUSO) Board
Dean Young, senior vice president of relationship development at PSCU, was appointed to the National Association of Credit Union Service Organizations’ (NACUSO) board of directors.
People on the Move: Shawn Carden, New Wave Holdings Inc.
New Wave Holdings Inc., a prepaid industry holding company, has appointed Shawn Carden CEO.
People on the Move: Hartwig Gerhartinger, Prepaid International Forum (PIF) Board
paysafecard, a global provider of prepaid online payment methods and member of the international Skrill Group, announced that Dr. Hartwig Gerhartinger, senior legal counsel at paysafecard, has been selected to join the board of the Prepaid International Forum (PIF) as a non-executive director.
Report: Cybercrime Costs to Quadruple by 2019 (May 12, 2015)
The cost of data breaches globally will quadruple over the next four years to $2.1 trillion, as cybercrime becomes more sophisticated and profitable.
Alibaba Could Open Apple Pay’s Door to China (May 12, 2015)
Two of the biggest names in global commerce are exploring a partnership that could bring Apple Pay to China.
