News
People on the Move: Alan Safahi, OpenCoin Advisory Board (May 2013)
Alan Safahi, founder and CEO of ZipZap Inc., a San Francisco-based cash payment network for online financial services and e-commerce transactions, has been named to the advisory board of OpenCoin, creator of the open-source currency platform Ripple. With nearly 30 years of hands-on experience in the IT, telecommunications and financial services industries, Safahi has created […]
People on the Move: Andrew Buckley, MasterCard (May 2013)
MasterCard has appointed Andrew Buckley head of commercial products for Europe. Based in London, he will be responsible for leading the commercial team in Europe and delivering advanced commercial payments solutions to small businesses and large corporations and their employees. Prior to joining MasterCard, Buckley served as vice president for global corporate card product management at American Express, […]
People on the Move: Frank Bisignano and Ed Labry, First Data Corp. (May 2013)
The board of directors of First Data Corp., an Atlanta-based payments processor, has named Frank Bisignano CEO. He also joins the First Data board of directors. Bisignano most recently served as co-chief operating officer of JPMorgan Chase, where his responsibilities included overseeing global technology, real estate, operations, procurement, compliance, regulatory control and oversight, resiliency, security […]
People on the Move: Andrew Dodge, eGifter (May 2013)
Social and mobile gifting company eGifter, has hired Andrew Dodge as vice president of sales. He will focus on driving demand among retailers and payment channel partners for the eGifter platform, which enables retailers to add social gifting, group gifting and mobile delivery of e-gift cards to their own Websites, fan pages and mobile apps. Dodge […]
People on the Move: Rob von Behren, Braintree Inc. (May 2013)
Braintree Inc., a Chicago-based e-commerce payments processor, has announced that Rob von Behren has joined the company as lead engineer for its San Francisco office. He will help to advance Braintree’s position in mobile commerce, including its one-touch mobile payment solution Venmo. A long-time systems engineer, von Behren has deep experience in distributed computation, high-performance […]
MTS plans move on US fixed income markets
MTS, the European electronic fixed income marketplace majority owned by the London Stock Exchange, plans to open a platform for US institutional investors, allowing them direct access for the first time.
MCX Ranks Swell with Southwest, More Chains (May 9, 2013)
Momentum continues to build for U.S. merchant consortium MCX, which today announced another batch of diverse merchants joining its mobile commerce effort. Southwest Airlines and Chili’s Grill & Bar are the latest to join MCX, along with other recently added companies, including DICK’S Sporting Goods, Hobby Lobby Stores Inc., Meijer and convenience store chains QuikTrip […]
i2c Passes $1 Billion in Latin America, Caribbean Processing (May 9, 2013)
Payment processor i2c Inc. has processed more than $1 billion in payments on cards issued by partner banks in Latin America and the Caribbean over the past year, the company said this week. “We started focusing on [the region] just over two years ago and our $1 billion milestone is evidence of the momentum our […]
Google Wallet Chief Exits Company (May 9, 2013)
Google Inc.’s vice president of payments and wallet has left the company to pursue outside interests, Google confirms. Osama Bedier, who joined Google in 2011 after eight years at PayPal, played a key role in Google Wallet’s recent milestones as well as announcing Google’s purchase of TxVia about a year ago. “We can confirm that Osama […]
Consumers Union Cautions Municipalities about Prepaid Card Fees (May 9, 2013)
As municipalities continue to explore and, in at least one case, implement programs involving government-issued identification that doubles as a prepaid card, Consumers Union this week urged city leaders to be cautious of prepaid cards that might come with “high fees and weak consumer protections.” In letters sent to the National League of Cities, an advocacy group […]
Fed Group Report Cites Collaboration, Tech Advances in M-Payments (May 9, 2013)
Over the past two years, the mobile retail payments landscape has been marked by collaboration across diverse industry players, increased channel and technological convergence, market entry by nonbank entities, and technological innovation and experimentation. Those were among the findings of a new white paper issued by the Federal Reserve Banks of Atlanta and Boston, which […]
BM&F Bovespa links up to BT Radianz Cloud
Brazilian exchange BM&F Bovespa has joined the BT Radianz Cloud, a financial community that connects 500 member locations in Latin America with BT’s global network.
FIS picks up four-year outsourcing deal at Sainsbury’s
Bank has named FIS as its technology partner to provide a technology platform in a fully-hosted outsourcing deal that will run for the next four years.
EU sets out retail bank switching and transparency proposals
The European Commission has published proposals designed to make it easier for European consumers to understand and compare the bank services they receive and switch bank accounts if they are not happy with their existing provider.
Collateral efficiencies could cost $53bn – and weaken risk control
The cost to fully upgrade the financial industry’s infrastructure to make efficient use of collateral will reach $53 billion, according to new research by Celent – but too much standardisation could do more harm than good, warns SIX Securities Services.
German banks set standard framework for clearing OTC derivatives
A legal framework for the standardised clearing of OTC derivatives has been established in Germany with the approval of standardised documentation by the German Banking Industry Committee, the Deutsche Kreditwirtschaft. The DK has published the framework agreement, called the CRV – Clearing-Rahmenvereinbarung – for use by German banks and their buy-side customers with immediate effect. The document […]
Java start-up Waratek inks deal with Intralink for Asia push
Java virtualisation specialist Waratek, one of the finalists in the Swift-backed Innotribe Challenge at this year’s Sibos in Dubai, has formed a partnership with Asia market access specialist Intralink to expand into Asia Pacific. As well as the Innotribe final, the Waratek CloudVM for Java offering has been selected for the Fintech Innovation Lab, based […]
CFPB: Gift Card Issuers Must Honor Cards after Funds Escheat to State (May 2013)
The Consumer Financial Protection Bureau (CFPB) recently published a final determination regarding whether the unclaimed property laws of Maine and Tennessee relating to unredeemed gift cards are inconsistent with and preempted by the gift card provisions of the Electronic Fund Transfer Act and Regulation E. In its ruling, the CFPB determined that Maine’s unclaimed property […]
HKMEx goes live on BT Radianz Cloud
Hong Kong Mercantile Exchange has joined the BT Radianz Cloud, a network that the exchange hopes will help better connect it to investors from the outside world.
Banks should prepare for NFC says Celent
NFC is gradually beginning to overcome the obstacles that have held back development. Banks should prepare for the coming upswing in usage, according to a new report by financial research firm Celent.
Discover Inks Global Acceptance Pact with UAE Card Network (May 7, 2013)
Discover Financial Services has signed a deal with Network International to enable acceptance of the Dubai-based company’s Mercury Network cards around the globe. Under the agreement, Mercury cardholders will be able to make payments and access cash over the Discover, Diners Club International, PULSE and other partner networks, paving the way for acceptance in more […]
‘PayTooSwipe’ Touts Global Mobile Merchant Acceptance via EMV, NFC (May 7, 2013)
PayToo Corp. has joined forces with Mobilepaid Ltd. and AnywhereCommerce to offer PayTooSwipe, a mobile payment acceptance solution it is rolling out globally. The concept, building on PayToo’s global wallet targeting unbanked consumers and mobile payment platform, enables any smartphone or tablet to accept payment from all types of cards including magnetic stripe, EMV chip […]
Wendy’s Pilots Mobile Payment at 88 Stores in Western U.S. (May 7, 2013)
May 7, 2013 Wendy’s is the latest quick-serve restaurant to pilot mobile payments by adding a feature to its mobile app. The pilot, involving 88 Wendy’s locations in Oregon, Washington, Texas and New Mexico, enables consumers that have linked a credit card or Wendy’s gift card to the app to pay for their orders at […]
M&S Contactless Program Netting 230,000 Weekly Transactions (May 7, 2013)
May 7, 2013 U.K. retailer Marks & Spencer (M&S) has completed a rollout of contactless payment technology in 644 of its stores and now is processing 230,000 contactless payments a week. Piloted last summer in 25 of its London stores, M&S’s contactless program uses technology from Visa Europe that enables customers to pay for purchases […]
M&S Contactless Program Netting 230,000 Weekly Transactions (May 7, 2013)
U.K. retailer Marks & Spencer (M&S) has completed a rollout of contactless payment technology in 644 of its stores and now is processing 230,000 contactless payments a week.
PayToo Corp. has joined forces with Mobilepaid Ltd. and AnywhereCommerce (May 7, 2013)
PayToo Corp. has joined forces with Mobilepaid Ltd. and AnywhereCommerce to offer PayTooSwipe, a mobile payment acceptance solution it is rolling out globally. The concept, building on PayToo’s global wallet targeting unbanked consumers and mobile payment platform, enables any smartphone or tablet to accept payment from all types of cards including magnetic stripe, EMV chip […]
Jury Sides with Patent Company in Gift Card Case (May 6, 2013)
A bid by a group of big-name retailers to invalidate patents related to prepaid cards has failed in federal court, leaving the merchants subject to future legal action by the holder of the patents. The case dates back to 2010, when patent holder Alexsam Inc. sued retailers, including Best Buy, JC Penney, Barnes & Noble, […]
Mobey Forum: MPOS Disrupts Payments Landscape (May 6, 2013)
Mobile point of sale (MPOS) technology, with its quick enrollment process, low-cost hardware and apps that enable mobile devices to accept card payments, is disrupting the payments landscape as it transitions from a niche solution for small merchants to a revenue generator for large retailers, according to a white paper from Mobey Forum. “Little more […]
Fed Economist: Durbin’s Effect on Merchants ‘Varied,’ Consumer Benefits Not Yet Clear (May 6, 2013)
A new article from a senior economist at the Federal Reserve Bank of Kansas City explores the “varied” effects of the Durbin Amendment on merchants and suggests it’s unclear whether the rule achieved its goal of improving payment systems efficiency or helping merchants pass on saving to consumers. The Durbin Amendment resulted in a Federal […]
BYNDL, Sprout Partner on M-Payments at Vending Machines (May 6, 2013)
Mobile transaction services company BYNDL Inc. has teamed up with Sprout Retail, a vending-focused consumer marketing firm, to deliver mobile payments, stored value, digital coupons and surveys to vending customers via mobile devices. Seattle-based startup BYNDL offers a “vending cloud,” which enables vending technology providers to offer their vending operator clients digital services to sell […]
FINRA appoints di Florio to curb risk
The US Financial Industry Regulatory Authority has appointed Carlo di Florio as executive vice president, risk and strategy. In his new role, di Florio will lead FINRA’s office of risk, emerging regulatory issues, enterprise risk management and strategy.
FCA to focus on competition and communication
The UK financial services sector has asked new regulator the Financial Conduct Authority to do more to support competition, improve its communication with the industry and provide clearer and more predictable regulation, according to a the results of a survey published by the FCA today.
ASX prepares client clearing for OTC derivatives
The Australian Securities Exchange has set out plans to offer client clearing of OTC derivatives before the end of the year, in a move designed to provide new risk management controls to Australian investors.
Google Invests in P2P Loan Company, Rolls out Transit Card in Kenya (May 2, 2013)
Google made two moves to expand its role in financial services this week, investing in a P2P lending company and rolling out a contactless transit card in Kenya. Google acquired a minority stake in Lending Club, an online financial community that matches creditworthy borrowers with investors, providing an alternative to traditional banking with competitive loan […]
Discover: More than 50 Merchant Acquirers on Board for PayPal POS Acceptance (May 2, 2013)
Discover has signed deals with more than 50 merchant acquirers in the run-up toward implementing in-store acceptance of PayPal via Discover’s payment network. The agreements—which cover acquirers, including Heartland Payment Systems, TSYS and Vantiv—will enable PayPal acceptance at more than 2 million merchants by the end of this year, according to Discover. PayPal announced its […]
CFPB Sets Oct. 28 as Compliance Date for Revised Foreign Remittance-Transfer Rule (May 2, 2013)
The Consumer Financial Protection Bureau this week made some adjustments and extended by several months the effective date of final rules on international money transfers, ending a period of limbo for remittance-transfer providers. Oct. 28, 2013, is the new effective date for the CFPB’s revised final remittance rule affecting foreign remittances, amending Regulation E of […]
‘Action-Triggered’ Instant-Load Prepaid Card Latest Promo Tool from parago (May 2, 2013)
Consumers could have one more reason to redeem cash-based promotional offers if parago, a Lewisville, Texas-based incentive provider, succeeds with its new “action-triggered” prepaid card. Designed to increase response to direct mail and other promotional offers, the new offering enables marketers to send consumers a zero-balance prepaid card that marketers can instantly load with value […]
Dodd-Frank 1073 amendments ease bank fears
Banks can breathe a sigh of relief following the publication of amendments to US Dodd-Frank Rule 1073 today, which should allay fears that draconian regulation was about to stifle cross-border payments.
People on the Move: Hugh Meadows, UMB Financial Corp. (May 2013)
UMB Financial Corp., a Kansas City, Mo.-based financial services holding company, has announced that Hugh Meadows has joined UMB as vice president, debit/prepaid card product manager for health care services. He is responsible for executing strategy and driving growth to UMB prepaid and debit card portfolios through new sales and expanding existing business. He also […]
