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.”
News
ESMA kicks off latest OTC derivatives clearing consultation with discussion paper
European securities regulator ESMA has started the latest round of consultation on OTC derivatives clearing with the release of a discussion paper on regulatory technical standards for the European Market Infrastructure regulation, the new pan-European rulebook.
BNP Paribas goes with Swift for T2S link
BNP Paribas Securities Services is to use Swift’s value added network service to connect to T2S, the single European settlement platform due to roll out in 2015-16.
Misys targets branch innovation in Middle East
Rising technological sophistication offers the chance to reinvent retail banking in the Middle East, says Chris Weddell, business solutions group director Middle East and Africa at bank software and systems vendor Misys.
Casablanca Finance installs Avaloq banking system
Moroccan investment bank Casablanca Finance Group has installed a new banking system from Swiss technology company Avaloq, as the Moroccan financial services industry spreads its wings across Africa.
MCX Picks FIS to Develop M-Commerce Platform (July 11, 2013)
July 11, 2013 Another major piece of MCX’s jigsaw puzzle fell into place today with the announcement that payments technology provider FIS will provide the payments processing platform, including transaction routing and settlement, for the retail consortium’s evolving mobile commerce system. Jacksonville, Fla.-based FIS will execute mobile payments at participating retailer outlets in combination with […]
Visa Europe Predicts 52 Million Contactless Payments per Month (July 11, 2013)
July 11, 2013 By the end of 2013, European consumers will be making more than 52 million contactless transactions every month, according to a projection by Visa Europe. That would represent a marked increase from 2012, which saw a total of 147 million contactless transactions. The rapid increase in NFC-enabled smartphones and digital wallets coming […]
SpendTrend: Card Spending Growth Hits 10-Month High (July 11, 2013)
July 11, 2013 Consumers continued to demonstrate strong spending habits in June, according to the latest SpendTrend data released by First Data Corp., an Atlanta-based payments processor. Wet weather that dampened demand on the East Coast in the early part of the month was offset by warmer weather across the rest of the U.S., leading […]
On-Demand Bike Lockers Come to Seattle Metro System (July 11, 2013)
July 11, 2013 Seattle-area Metro riders who bike to transit stations have a new option for storing their cycles, thanks to a series of new “eLockers” that can be rented on an hourly basis using a stored value card. The lockers—located at 10 Metro stations throughout the Seattle area—are provided by BikeLink, a secure on-demand […]
Libor is dead … long live NYbor?
Uncertainty over the mechanism for calculating the Libor benchmark in future remains in the wake of the generally applauded appointment of NYSE Euronext as its new administrator.
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.
HDFC Bank India takes up Numerix risk tools
India’s HDFC Bank has chosen to install risk management tools provided by Numerix, in a move the bank says will help consolidate its risk management and reporting capabilities.
Bahrain Bourse to install Nasdaq OMX trading engine
The Bahrain Bourse is to replace its trading platform with a new one provided by Nasdaq OMX, as the Bourse aims to become a trading hub in the Persian Gulf region.
Saudi Riyad Bank rebuilds treasury tech with Calypso
Saudi Arabia’s Riyad Bank has chosen technology company Calypso Technology to help revamp its treasury operations and improve its back office.
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.
Western Union Debuts Payroll Card in U.A.E., New India Transfer Service (July 9, 2013)
July 9, 2013 Money transfer giant Western Union Co. continues to expand its payment product offerings and grow its global footprint, unveiling a new payroll card in the United Arab Emirates and money transfer services in India. In the U.A.E, Western Union and Commercial Bank of Dubai have announced a new, co-branded prepaid payroll card […]
TransCard Launches Self-Service Gift Card Kiosk (July 9, 2013)
July 9, 2013 Prepaid processor and program manager TransCard has announced a new self-service gift card kiosk targeted for placement in shopping malls. Known as RUBY, the automated kiosk enables shoppers to select a gift card denomination, enter payment and receive the card without the assistance of a customer service mall employee. “After studying the […]
Bitcoin Wallet Goes Live in Kenya (July 9, 2013)
July 9, 2013 A Bitcoin wallet developer in Kenya this month launched a service enabling locals to send and receive the virtual currency to most nations around the world using any Internet-enabled mobile phone or desktop computer, with the capability of converting Bitcoins to M-Pesa, Kenya’s popular mobile money service. Nairobi-based Kipochi Ltd (Kipochi means […]
State Bank of India Launches Prepaid Card for Remittances (July 9, 2013)
July 9, 2013 State Bank of India (SBI) has partnered with Indian forex firm UAE Exchange and Financial Services Ltd. to launch a co-branded prepaid card enabling users to receive remittances directly on the card. The State Bank Xpress Money Card, which runs on the Visa network, can be loaded with up to Rs50,000 (US$831.90) […]
KBC Bank Ireland turns to TSYS technology
KBC Bank Ireland has signed up payments technology company Tsys to help launch its debit card portfolio in Ireland.
Online payments on rise in Turkey
A partnership between German and Turkish payments specialists aims to take advantage of Turkey’s rising levels of online commerce, with the help of three Turkish banks.
Polish banks unveil mobile payments standard
Mobile payments looks set to receive a boost in Poland after six banks announced they will collaborate to create a new standard in the country.
Bank Group Takes on M-Payment Security with Temporary Card Numbers (July 8, 2013)
July 8, 2013 With security among the most important issues for providers and users of mobile payments, a group of banks is working to develop a new standard to improve mobile transaction security online and at POS. The Clearing House (TCH), a banking association and payments company whose 22 member banks include Bank of America, […]
Six Polish FIs Join Forces on M-Payments (July 8, 2013)
July 8, 2013 Mobile payments in Poland may soon take a major step forward now that six leading Polish banks are working together to develop a mobile device-based, in-store payment system set to debut by the end of this year. The banks involved include Poland’s largest lender, PKO Bank Polski, and together account for 70 […]
Ukraine’s PrivatBank Launches mPOS Card Scanner for Small Business (July 8, 2013)
July 8, 2013 PrivatBank, a Ukraine-based financial institution, has launched a contactless mobile POS offering that enables small businesses to accept card payments by scanning the card using a smartphone and its iPay application. The mPOS service is available to corporate and private customers in Ukraine and Russia, according to PrivatBank, which says it is […]
ABA Endorses Linkable Networks’ Card-Linked Offer Technology (July 8, 2013)
July 8, 2013 Banks are finding more ways to enrich their mobile payments offerings with technology making it easier for consumers to redeem digital coupons with their credit, debit or prepaid cards. Through its Corporation for American Banking subsidiary, the American Bankers Association (ABA) this month endorsed Linkable Networks’ card-linked offer technology designed to distribute […]
New Turkish exchange embraces Nasdaq OMX technology
Turkey’s newly-merged Borsa Istanbul has formed a deal with Nasdaq OMX, under which the new Turkish market will take up Nasdaq trading, clearing, market surveillance and risk technology.
NYSE Euronext opens SME market in Netherlands
NYSE Euronext has launched EnterNext, a market for small- and medium-sized companies, in the Netherlands for the first time – a move the exchange says will help local SMEs to get the financing they need.
N.Y. AG Investigates Payroll Card Fees (July 3, 2013)
July 3, 2013 New York’s attorney general is looking into prepaid payroll card programs at some of the state’s largest employers, following a report in the July 1 New York Times, which characterized payroll cards as laden with fees. Attorney General Eric Schneiderman has sent letters to about 20 employers seeking information about their programs, […]
CFPB Finalizes Rule for Supervising Nonbanks Engaged in ‘Risky’ Conduct (July 3, 2013)
July 3, 2013 The Consumer Financial Protection Bureau has finalized its rule outlining procedures to supervise nonbanks engaged in conduct that poses risk to consumers. The CFPB may supervise not only nonbank providers of consumer financial products and services, but its authority also extends to a nonbank’s affiliate service providers, according to the rule. The […]
Chicago Nears Launch of Contactless Transit Payment System (July 3, 2013)
July 3, 2013 Chicago area transit riders soon will be able to pay fares with a tap, now that the city’s Open Standards Fare System is set to make its debut in August with the Chicago Transit Authority (CTA) and suburban bus operator Pace. Known as Ventra, the system is a partnership between Cubic Transportation […]
Report: GPR Cardholders Call Customer Service 2.7 Times per Month (July 3, 2013)
July 3, 2013 Prepaid cardholders’ customer service needs vary widely based on the type of card they are calling about, according to new research Contact Solutions LLC, and analyzing those patterns can go a long way toward cutting operating costs, the firm says. Cardholders of large government prepaid card programs make an average of 5.5 calls per […]
Iraq Stock Exchange prepares new trading system
The Iraq Stock Exchange is to upgrade its trading technology using Nasdaq OMX, in a project that highlights the progress made by the country’s stock market since the American-led invasion in 2003.
BAML boosts Boussuge to head GTS in EMEA
Bank of America Merrill Lynch has appointed Jennifer Boussuge as head of Global Transaction Services for EMEA. Boussuge has been with the company for more than 19 years, during which time she has held a number of leadership roles, most recently as head of global sales for GTS.
Deutsche Börse launches first public vendor-neutral cloud marketplace
German exchange group Deutsche Börse has announced what it claims to be the world’s first vendor-neutral marketplace for cloud services.
With $25 Million Investment, M-Payment Startup Clinkle Preps College Campus Launch (July 2, 2013)
July 2, 2013 The latest mobile payments startup dazzling Silicon Valley tech investors is Clinkle Corp., which last week announced it has raised $25 million from several high-profile backers to launch a payment platform already in pilot at Stanford University. Details are scanty so far, but Clinkle reportedly is a smartphone app that links to […]
Intuit to Sell Financial Services Division for $1 Billion (July 2, 2013)
July 2, 2013 Intuit Inc. has agreed to sell its financial services division, known as IFS, to private equity firm Thoma Bravo for just over $1 billion. The deal, which is still subject to regulatory approval, would cover Intuit’s corporate-targeted Internet banking platform, digital payments, mobile banking and purchase rewards business. Certain assets currently within […]
PFS Introduces Mobile App for Prepaid MasterCard Customers (July 2, 2013)
July 2, 2013 London-based Prepaid Financial Services (PFS) today announced a new mobile app for its PFS Prepaid MasterCard customers enabling users to store and manage their prepaid cards through a mobile digital wallet controlled through a smartphone. The Pocket to Pocket mobile app is initially available for the Apple iOS platform; an Android version […]
Court Says Gap Didn’t Infringe on Gift Card Patents (July 2, 2013)
July 2, 2013 Patent-holding company Alexsam Inc. has been dealt another court defeat in its series of lawsuits against a group of retailers the company claimed infringed on its prepaid gift card patents. Last Friday, a federal jury in Marshall, Texas, ruled that Gap Inc. did not infringe on the technology covered by the patents—which […]
