APEX Panel: The Changing Shape of Personal Financial Services (Feb. 25, 2015)
With more than a quarter of U.S. households either unbanked or underbanked, there is a major opportunity in creating alternative financial products to serve that segment.
News
Doubts rankle as European Commission races towards MiFID II deadline
European regulator ESMA is preparing to issue hundreds of pages of MiFID II cost-benefit analysis and Q&A material between now and July – but market participants are concerned about unresolved issues and rushed implementation as the deadline draws ever closer.
Deutsche Bank signs 10-year modernisation deal with HP
Deutsche Bank and Hewlett-Packard have announced a 10-year, multi-billion dollar agreement that will see parts of the bank’s global IT systems rationalised and migrated to HP platforms10
Citi Mobile Challenge comes to Europe, Middle East and Africa
Citi has opened the doors to entrants for its Citi Mobile Challenge in Europe, the Middle East and Africa, an annual competition that invites developers from around the world to build innovative financial services based on Citi’s digital platform.
Visa Checkout to Reach 16 Countries This Year (Feb. 23, 2015)
Visa is expanding Visa Checkout, its secure online payment service, to reach a total of 16 countries this year, the company said last week.
Report: Google Wallet Hatching Makeover, Dangling Incentives for Carrier Support (Feb. 23, 2015)
Google Inc. is plotting another makeover for its 4-year-old Google Wallet, to be revealed in May at its annual I/O developer’s conference, according to a Feb. 20 report in the Wall Street Journal.
APS to Offer Banking Services through 11,500 Post Office Locations (Feb. 23, 2015)
Customers of Advanced Payment Solutions (APS), a London-based provider of alternative banking solutions, soon will be able to access banking serves through the U.K. Post Office’s 11,500 branches.
FCA approval takes Bloomberg into European trade reporting space
Continuing its policy of offering products that fit across user workflows, Bloomberg has moved in to the transaction reporting space in Europe. The company’s Trade Order Management System has been granted approval by the Financial Conduct Authority to report securities with an ISIN and OTC derivatives as part of the UK’s Approved Reporting Mechanisms regime.
Samsung’s LoopPay Deal Buys Quick Path to Mobile Payments, Pressure for Apple Pay? (Feb. 19, 2015)
Samsung this week announced its purchase of mobile payments startup LoopPay, taking over its technology that enables magnetic stripe cards to be processed as contactless transactions at traditional payment terminals.
Judge Tosses Anti-Steering Rules, but Expert Says Door May Be Open for Appeal (Feb. 19, 2015)
A federal judge has ruled that American Express no longer may bar retailers from steering customers toward paying with cards with lower merchant fees.
Pay.gov Integrates PayPal, Dwolla with U.S. Gov’t Payments Portal (Feb. 19, 2015)
Pay.gov, the U.S. government’s online payments portal for 90 federal agencies, is expanding to embrace digital wallets, including PayPal and Dwolla, the U.S. Treasury announced this week.
FCA to probe competition in corporate and investment banking
The Financial Conduct Authority plans to conduct a market study of the investment and corporate banking sector to decide if competition in the sector is working properly. It may also look into the asset management later in the year.
Patent Hints at Coupons and Loyalty for Apple Pay; JetBlue Takes it to the Skies (Feb. 18, 2015)
Apple Inc. has filed a patent application indicating plans to add loyalty features to Apple Pay, introducing the option to redeem coupons and tickets via NFC, according to a new report.
Mitek Takes Mobile Deposit to SMBs (Feb. 18, 2015)
Mobile deposit capture (MDC) has gained tremendous ground with consumers looking for more convenient access to funds.
APEX Preview: How Washington Views Bells, Whistles and Horns
Prepaid may be a more expensive business to enter—as compliance costs increase and margins thin—but that doesn’t mean the entrepreneurialism and innovation that birthed the industry are finished. A panel at All Payments Expo in Las Vegas next week will explore what it takes to enter and succeed in the market amid unprecedented regulatory scrutiny and oversight.
Investment network eToro migrates to hybrid cloud
Online social investment network eToro has moved its core IT infrastructure onto a hybrid cloud system. The platform will allow it to maintain sensitive applications in a private cloud while using a public cloud for others.
Federal Gov’t to Support Apple Pay; MasterCard and Visa Beefing Up Security Efforts (Feb. 17, 2015)
The U.S. government is the latest to get behind Apple Pay as part of its commitment to encourage more secure payments technologies, the White House announced during its Summit on Cybersecurity and Consumer Protection at Stanford University on Feb. 13.
Ohio Lawmakers Reintroduce Bill to Add Congressional Oversight to CFPB (Feb. 17, 2015)
Lawmakers last week reintroduced a bill to add congressional oversight for the CFPB, which currently operates independently.
Cyberattack Hits 100 Banks, up to $1 Billion Stolen (Feb. 17, 2015)
Hackers may have made off with as much as $1 billion in a series of attacks on more than 100 banks and financial institutions in 30 nations.
Idea Bank experimental bank branch opens doors
Poland’s Idea Bank has launched an experimental branch aimed at corporate clients. The ‘Idea Hub’ bank branch was created to test the idea that innovative bank branches can attract customers and provide a complementary service to online and mobile banking services.
Banks warned to brace for the coming storm as Carbanak malware steals $1 billion
Financial institutions are being urged to revisit their cyber-security following revelations that an online gang using the Carbanak malware stole up to $1 billion from banks in 30 countries around the world in a series of highly-sophisticated attacks over the last two years.
Capital markets firms must do more to protect IP
Capital markets firms are losing their intellectual property too easily to competitors, business partners and third parties. Most companies could benefit from a tougher approach to IP, including licencing agreements and more use of patents, according to a new report by analyst firm Aite.
EBRD sets sights on Romania as reforms gather pace
The European Bank for Reconstruction and Development and the Bucharest Stock Exchange are seeking to attract international investors to the Romanian stock market, following the launch of an ambitious government reform programme aimed at getting the country upgraded from frontier to emerging market status.
Customer segmentation central to success in digital banking
Banks have been struggling to work out the balance between the potential of new technologies, and the propensity (or otherwise) of customers to use them. After years of standardisation between platforms, the answer may actually be to carefully analyse and categorise customers based on their digital propensity and level of financial engagement – and to make sure that each kind of customer is handled differently, according to a new report by analyst firm Celent.
Blockbuster Move: Green Dot Buys AccountNow, AchieveCard (Feb. 12, 2015)
Green Dot has acquired AccountNow and AchieveCard to expand its active cardholder base and distribution outside traditional retail, the company tells Paybefore.
Industry Veteran Creates CFPB NPRM Word Cloud
Wondering what the CFPB’s NPRM emphasizes?
Aite: 60% of U.S. POS Locations to Be EMV-Compliant by Year-End (Feb. 12, 2015)
About 60 percent of U.S. POS locations will accept EMV chip transactions by yearend, according to a recent Aite Group survey. The results suggest the push to upgrade terminals in advance of the October 2015 liability shift is “accelerating,” but serious gaps in awareness and planning still exist, especially among small and midsize merchants.
ICICI Bank Launches ‘Pockets’ Digital Wallet Targeting Youth (Feb. 12, 2015)
India’s second-largest bank ICICI Bank this week launched “Pockets,” a mobile wallet targeting younger consumers powered by a Visa prepaid card, enabling smartphone users to send and request funds, shop online and pay bills, whether or not they are an ICICI bank customer.
People on the Move: Stephen Rudner, Mark Westmoreland, Treliant Risk Advisors
Compliance advisory firm Treliant Risk Advisors has named Steve Rudner and Mark Westmoreland as principals of the firm.
People on the Move: Vasant Prabhu, Visa Inc.
Visa Inc. has announced the appointment of Vasant Prabhu as executive vice president and CFO.
Carl Williams, Planet Payment Inc.
Planet Payment Inc. announced that company president and CEO Carl Williams has been named chairman of its board of directors, effective immediately.
People on the Move: Mark Moore, Silicon Valley Bank
Mark Moore is now assistant general counsel for Silicon Valley Bank.
Companies on the Move: Meta Payment Systems Client Spotlight Awards
Meta Payment Systems, a division of MetaBank, has announced the recipients of its 2014 Client Spotlight Awards, honoring high-performing prepaid clients for the 2014 calendar year.
People on the Move: Pete Pouridis, Merchant Risk Council Board
The Merchant Risk Council (MRC), an association for professionals within ecommerce payments and fraud, announced that Pete Pouridis, vice president, loss prevention, The Neiman Marcus Group, has been appointed chairman of the MRC’s global board of directors.
People on the Move: Stefano Diemmi, Svyatoslav Garal, Alyson Grosshandler, goSwiff
Singapore-based goSwiff, a provider of mobile commerce, marketing and professional services, added three executives to its global team over the past several months.
People on the Move: Julia Cheney, Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia has promoted Julia Cheney to assistant vice president and assistant director in the Payment Cards Center (PCC).
People on the Move: Linda Rossetti, W.net
The Women’s Network in Electronic Transactions (W.net), has announced that Linda Rossetti, founder and president of ISO Bluestone Payments LLC, has been elected its 2015 national president.
People on the Move: Scott Pearson, Ballard Spahr LLP
Attorney Scott Pearson has joined law firm Ballard Spahr LLP as a partner in the firm’s consumer financial services group, which defends financial institutions in class actions, government enforcement proceedings and other complex litigation.
People on the Move: Jay Shipowitz, Back on My Feet Board
Back on My Feet, a nonprofit organization that promotes the self-sufficiency of people experiencing homelessness by engaging them in running, has named Jay Shipowitz, CEO of ACE Cash Express, as the new chairman of its national board of directors.
Japan’s FSA sets ambitious growth targets as ‘Abenomics’ pursues renewed mandate
Japan’s Financial Services Agency has ambitious plans to more than double the proportion of foreign investors in Tokyo’s securities market by 2020. The plans are part of a wider shift linked to ‘Abenomics’, the government push to revitalise Japan’s economy.
