Comment Deadline Reminder: Nov. 27 for N.Y. Payroll Regs
It may be Black Friday next week, but it’s also the deadline to comment on potentially harmful payroll card regulations pending in the state of New York.
News
Singapore Exchange and EBS Market to build bridge between FX OTC and futures
The Singapore Exchange is to launch FX block futures on ICAP’s FX platform EBS Market, in a deal the two companies say will bridge the FX OTC and futures markets. The move comes as regulators around the world seek to move as much trading activity towards cleared platforms as possible, as part of the ongoing G20 reform agenda.
Prepaid Financial Services Nabs Strategic Investor amid Record Profitability (Nov. 19, 2015)
London-based Prepaid Financial Services (PFS), an e-money issuer that specializes in acquiring, prepaid and alternative banking solutions, has sold 5 percent of the company to a strategic investor after being valued in excess of £50 million (US$76.5 million).
Fintech Investment Dollars Keep Coming, but Challenges to Growth Remain (Nov. 19, 2015)
Funding continues to roll in for fintech startups, with a pair of firms landing investments totaling more than $21 million this week.
China’s Biggest Messaging App Integrates Western Union Money Transfer (Nov. 19, 2015)
The convergence of social media and money transfer has taken another step forward, with China’s biggest mobile messaging app partnering with Western Union to enable users to make cross-border P2P transfers.
Norwegian mobile payment service Valyou closes down
The Norwegian Valyou mobile payment service started by DnB and Telenor will be closed at the end of this month as a result of slower than expected activation of NFC enabled POS terminals and a much lower than expected end user uptake.
SIA sets sights on German P2P mobile payments market
Italian payments company SIA is expanding its P2P service Jiffy into Germany, together with IT firm GFT Technologies. The move is part of SIA’s plan to roll out real time money transfer via mobile phone to 400 million European current account holders.
Viewpoint: Accessing Europe: The World’s Largest Single Market
Craig James explains how passporting with an e-money license allows U.S. prepaid companies to conduct business in EU countries.
Merchants Use First Amendment in Florida Surcharge Law Fight
Retailers argue the semantics between calling a price difference a “surcharge” or a “discount.”
Distributed ledger adoption in securities will split front-to-back
Either the distributed ledger is the greatest revolution in financial services for a generation, or it will make little difference to anything, according to the strongly divided opinions expressed by speakers at the Mondo Visione Exchange Forum in London last week.
Apple Pay Extends to Canada with Amex Partnership (Nov. 17, 2015)
Apple Pay’s availability continues to slowly cover the globe with the latest addition—Canada. American Express today announced the availability of Apple Pay for cardholders with cards issued by Amex Bank of Canada.
MasterCard Joins Vodafone Wallet, Demos Loyalty Feature in Paris (Nov. 17, 2015)
Users of Vodafone’s mobile wallet soon will be able to add their MasterCard-branded payments cards to the wallet app and subsequently make contactless payments via NFC, the European telecom provider announced. Vodafone Wallet added support for Visa-branded payment cards earlier this year and compatibility with Visa- and MasterCard-branded payment cards could help Vodafone Wallet compete against Apple Pay, which launched in the U.K. in July.
Hyperwallet Program Offers Rewards for Independent Workers (Nov. 17, 2015)
Worker payout solutions provider Hyperwallet has launched a new loyalty program that enables its clients, particularly in the direct selling industry, to provide rewards for independent workers who opt to receive their earnings on a prepaid card.
The European Union Council Approves the PSD2 (Nov. 17, 2015)
The European Union Council has approved the revised Payment Services Directive (PSD2).
BT adds Volante messaging tools to Radianz cloud
Financial network BT Radianz has added Volante Technologies’ tools to the BT Radianz Cloud, in a move the two firms say will improve the reliability of clearing, settlement and payment transaction processing while cutting costs.
FDIC Issues Revised Brokered Deposit FAQs Affecting Prepaid (Nov. 16, 2015)
The FDIC last week issued a revised financial institution letter soliciting public opinion on a proposed update to its series of FAQs related to identifying, accepting and reporting brokered deposits. The revised guidance, which has a 45-day comment period that ends Dec. 28, has far-reaching implications for the prepaid industry.
Four Startups to Get Boost from MasterCard Accelerator Program (Nov. 16, 2015)
MasterCard has named the startups comprising the next class of its Start Path fintech accelerator. The four startups, which were selected from more than 200 applicants, will receive mentoring from MasterCard experts, access to the company’s commercial partners and the opportunity to integrate with MasterCard solutions for six months.
Visa Europe Testing Blockchain for Remittances (Nov. 16, 2015)
Visa Europe is exploring the use of blockchain technology to speed and simplify international remittances. Under a new partnership with Epiphyte, a startup specializing in bringing blockchain to mainstream financial services, the Visa Europe Collab innovation hub is testing the use of a distributed ledger to process remittance transactions.
Data at heart of efforts to rebuild trust — but don’t expect miracles
Trust – or more often, the lack of it – has become a recurring theme in financial services over the last few years. But if financial institutions really wanted to rebuild trust, they might start by looking at some of the safety improvements made by other industries such as the aviation industry, many of which rely on data, according to speakers at the Mondo Visione exchange forum in London.
Banking Technology Awards 2015: and the winners are …
Banks from around the world were in attendance at the 16th Annual Banking Technology 2015 Awards ceremony in London last night to hear the names of the winners that had been selected from more than 120 entries, all of which were submitted to the scrutiny of an expert panel of judges. Hopeful entrants travelled from as far […]
London’s 22,500 Black Cabs Go Mobile with HailoPay (Nov. 12, 2015)
In a global battle pitting two companies, Hailo and Uber, that connect drivers with riders, U.K-based Hailo announced this week that all of London’s 22,500 black cabs now accept mobile payments using HailoPay, a payment gateway for passengers to pay for black cab rides using their smartphones.
New MasterCard Prepaid Products Target Underbanked in Africa, Corporate Travelers (Nov. 12, 2015)
Prepaid’s ability to suit a wide range of uses was on display this week, with two new MasterCard-branded prepaid products announced, targeting two very different audiences.
Samsung Pay to Explore Handset-Based P2P Service? (Nov. 12, 2015)
Samsung Pay grabbed attention in the m-payments race with its technology enabling users to pay with their handsets at any POS terminal, whether or not it accepts NFC. Now reports suggest Samsung Pay may add P2P services.
European exchanges shuffle IT management
European exchange groups in London and Frankfurt have announced changes in their technology leadership, with the announcement of a new group chief information officer at the London Stock Exchange and a restructuring of responsibilities at Deutsche Börse.
People on the Move: Betty Mitchell, Arroweye Solutions
Arroweye Solutions, a digital-on-demand payments technology firm, has named Betty Mitchell vice president of client engagement.
People on the Move: Paul E. Harner, Ballard Spahr
Ballard Spahr announced that Paul E. Harner, has joined the firm and will work in Ballard Spahr’s offices in New York and Baltimore.
People on the Move: James E. Staley, Barclays
Barclays PLC and Barclays Bank PLC has appointed James E. Staley group CEO.
People on the Move: Trent Sorbe, Central Payments
Payments veteran Trent Sorbe, president of Central Payments, a division of Central Bank of Kansas City, testified before the CFPB on Oct. 28, as part of the federal agency’s small business advisory panel.
People on the Move: Thomas Scanlon, Davis Wright Tremaine LLP
Thomas Scanlon has joined the financial services and payments practice groups at Davis Wright Tremaine, where he will practice mostly in the firm’s office in Washington, D.C.
People on the Move: Craig Vosburg, MasterCard
MasterCard has appointed Craig Vosburg president, North America Markets, effective Jan. 1, 2016.
People on the Move: Cindy Smith, Meta Financial Group Inc.
Meta Financial Group Inc. announced that Cindy Smith has been named executive vice president, head of technology and operations.
People on the Move: Todd Bradley, Mozido
Mozido, a global provider of digital commerce and payment solutions, announced that Todd Bradley has been appointed CEO.
Company on the Move: Datamonitor, Progressive Digital Media Group Plc
Progressive Digital Media Group Plc, has completed its acquisition of Datamonitor Financial, Datamonitor Consumer, MarketLine and Verdict from Informa plc.
Bruce Wallace and Michael Dreyer, Silicon Valley Bank
Silicon Valley Bank announced that Bruce Wallace is taking on the role of chief digital officer and Michael Dreyer is joining the company’s executive management team as chief operations officer.
MasterCard Continues Security Push with Global Rollout of Zero Liability (Nov. 11, 2015)
As part of a recent push toward enhancing cardholder security, MasterCard is extending its updated Zero Liability policy to cardholders across the globe.
Trio Indicted in Cybercrime Scheme Including JPMorgan Hack (Nov. 11, 2015)
Federal prosecutors have charged a trio of accused cybercriminals in a wide-ranging hacking and fraud scheme Attorney General Loretta Lynch called “one of the largest thefts of financial-related data in history.”
Anti-CFPB Group Amps up Rhetoric with TV Ad (Nov. 11, 2015)
A 30-second advertisement that aired during last night’s Republican presidential debate took aim at the CFPB and likely raised the hackles of the bureau’s proponents.
Senators Urge CFPB to Investigate Prison-Release Prepaid Cards (Nov. 11, 2015)
Eighteen U.S. senators led by Cory Booker (D-N.J.), sent a letter last week to the CFPB urging protections for prisoners released from jail who receive prepaid cards when they exit incarceration.
EC admits MiFID II delay is ‘necessary’
The European Commission has acknowledged that further delay to MiFID II may be ‘necessary’, following a letter from ESMA which said it would not be possible to implement the legislation in time. The delay follows an earlier setback in May and means the new rules could be delayed until January 2018.
Optimal Payments Rebrands to Paysafe (Nov. 10, 2015)
Optimal Payments, a global payments solution provider, today announced its new company name and brand identity, Paysafe Group plc.
