Jan. 21, 2013 A pair of payment startups have received cash infusions from investors totaling nearly $30 million. San Francisco-based BillFloat, which provides small-dollar loans to customers for electronic bill payments, landed $21 million from Investor Growth Capital (IGC), with participation from Bronze Investments and previous BillFoat investors Venrock, FirstRound Capital and Baseline Ventures. As […]
Jan. 21, 2013 The Federal Reserve’s Retail Payments Office (RPO) last week announced it will be conducting its triennial study to determine the current volume and composition of electronic and check payments in the United States, with new attention on fraud metrics. “While the Federal Reserve’s 2013 Payments Study will continue to build upon trend […]
German central securities depository Clearstream has partnered with Belgian bank and insurance firm Belfius, to develop a new collateral service for bilateral trades, focusing on OTC derivatives and aimed at corporates and medium-sized banks.
The London Stock Exchange Group has entered a partnership with Peru’s Lima Stock Exchange, in which the LSEG will provide trading and smart order routing technology to Peru.
Identity theft soared during 2012, accounting for half of all financial fraud in the UK. This drove the level of account takeover frauds up by 53% during the year, according to CIFAS, the UK Fraud Prevention Service.
Proposals in Germany that would affect the country’s capital market structure could create problems of regulatory arbitrage when the European Commission’s MiFID II arrives in 2015-16, according to Mark Spanbroek, general secretary at the FIA European Principal Traders Association.
Nasdaq OMX is to combine its market technology and corporate solutions businesses, in a move that it says will help the firm provide more transparency to customers and a stronger business proposition.
As job cuts continue to bite at some of the world’s largest banks and financial institutions, new figures from Bloomberg Industries reveal the scale of the cull driven by lacklustre macroeconomic performance in Europe, a declining stock market and tightening financial regulation.
Cambodia’s Acleda Bank has embarked on a massive programme of expansion in a bid to reach unbanked customers in the country, drawing on core banking technology provided by Swiss banking software company Temenos.
Swift has opened its Innotribe Startup Challenge 2013 for entries. The year-round competition is intended to introduce financial industry decision makers and early-stage investors to the “innovations and emerging companies that are poised to transform the industry”.
An alliance between central securities depositories in Germany, Spain, Brazil, South Africa and Australia aims to tackle the expected global shortfall in collateral arising from tough new financial regulation.
VocaLink, the international payment provider, has made three senior appointments in its strategy & business development division. Nick Millar joins as strategy and customer insight director, Jim Wadsworth as product development director and Phil Harrison as commercial director, alternative payments.
Jan. 17, 2013 A group of prepaid card providers has reached a settlement in a Florida investigation over fee disclosures and what the state’s Attorney General said were misleading claims regarding credit. The investigation was launched in early 2009 into business practices of AccountNow, First Data, Green Dot, NetSpend and UniRush Financial Services, all of […]
Jan. 17, 2013 Saral Money, a project India’s government launched in late 2012 to gradually extend basic financial services to India’s 400 million unbanked consumers, is gaining momentum through the participation of Visa Inc., five major Indian banks and payments processor TSYS, which is providing biometric technology to authenticate users who sign up for the […]
Jan. 17, 2012 An industry-wide mobile payments service set to launch next year in the U.K. will enable users to send mobile payments using just their phone numbers and a password. Eight of the nation’s major banks, including Barclays, HSBC and RBS, have signed on to the program, which is being guided by the U.K. […]
Jan. 17, 2013 Social Money Services is enhancing its SmartyPig tools enabling consumers to save for specific purchases with SmartyPig OneClick, which links to specific items on a consumer’s wish list from any e-commerce Website. Participants who set up a SmartyPig account can click on images of items they want to buy without leaving that […]
Jan. 17, 2013 PayPal parent company eBay, JP Morgan Chase and U.S. Bancorp recently released fourth-quarter financial results. eBay Inc. reported net revenue of $4 billion for the fourth quarter ended Dec. 31, 2012, a 17.6 percent increase compared with $3.4 billion during the same period a year earlier. The San Jose, Calif.-based company also […]
A heated argument that erupted between panellists at an event in London yesterday signals deep divides in Europe over the role that financial regulators should take as France and Germany introduce their own national rules.
Interdealer broker ICAP has raised $36 million through the sale of a 12% stake in its Traiana post-trade processing and risk management business to a consortium of banks – Bank of America Merrill Lynch, Barclays, Citi, Deutsche Bank, JP Morgan, Nomura, and the Royal Bank of Scotland.
January 2013 By Adam Perrotta, Assistant Editor Putting together a deal in the gift card business during the thick of the holiday shopping season is no easy feat—just ask Giftango Corp. CEO David Nelsen, who spent the final weeks of 2012 negotiating the sale of his company to Atlanta-based prepaid distribution and technology […]
The UK Payments Council has announced that the introduction of its planned Mobile Payments Service has been pushed back until “spring 2014” – a year after its previously expected introduction, and two years after Barclays broke from the rest of the UK banks and launched its Pingit service. The delay comes despite commitments from financial […]
Market participants have expressed support for controversial new proposals in Germany to control high-frequency trading, including a requirement to obtain a licence or stop trading.
Financial research company Defaqto has appointed Patrick Gale as its new non-executive chairman. Gale replaces Rupert Pennant-Rea, who served as chairman for six years.
Jan. 15, 2013 Competition in the network branded prepaid card market has led to lower costs and better functionality for card users, says a new working paper from the Mercatus Center at George Mason University. The well-functioning market, combined with a lack of evidence that consumers are making errors when choosing a prepaid card, means […]
Jan. 15, 2013 NCR Corp., eager to expand use of its mobile apps for restaurants and retailers, this week announced an agreement with PayPal Inc. designed to make it easier for consumers to manage their bills and pay for food using their smartphones when dining out. Duluth, Ga.-based NCR plans to integrate PayPal alongside credit […]
Jan. 15, 2013 MasterCard has inked a deal with Kenya’s Equity Bank to issue new debit and prepaid cards over the next 18 months. The 5 million new cards will be equipped with PayPass contactless technology and EMV chips, and are set to roll out initially in Kenya, followed by Uganda, Tanzania, Rwanda and South […]
Jan. 15, 2013 Chattanooga, Tenn.-based processor and program manager TransCard this week said it has acquired HQ Gift Cards, the nation’s largest program manager of mall-based prepaid and gift cards, as part of a broader expansion push. Gardena, Calif.-based HQ, founded in 2000 and acquired in 2006 by Ceridian Stored Value Solutions, manages gift and […]
Jan. 15, 2013 PEX Card, a New York City-based provider of the Visa-branded PEX Card prepaid expense-management card for small and midsize businesses, has launched PEX Mobile, a suite of iOS and Android applications enabling PEX Card administrators to perform day-to-day cash management and expense control functions using a smartphone. “PEX Card administrators often play […]
Jan. 15, 2013 Mozido LLC, an Austin, Texas-based startup providing cloud-based, white-label mobile payments services for banks and merchants, has signed a multiyear deal for access to the cloud infrastructure and hosted IT solutions of Savvis, a subsidiary of telecom CenturyLink. “By leveraging Savvis’ leading cloud and hosting infrastructure, we will enable customers in the […]
January 2013 Experts on five markets—Brazil, France, Italy, Middle East and Russia—discuss how prepaid is developing where they’re doing business, as providers and consultants. By Loraine DeBonis, Editor-in-Chief Paybefore: How widely has prepaid been adopted in Brazil beyond the meal voucher market? Neissan Monadjem: The food voucher programs along with the mobile prepaid “card” vertical represent 80 […]
Online trading service DCM Capital has released a trading platform with a social media sentiment feed, allowing traders to incorporate information from channels such as twitter and Facebook into their trading decisions.
HSBC is to pilot a foreign exchange netting system in China after getting approval from authorities there – the first foreign bank to get such approval. The programme is part of the Chinese State Administration of Foreign Exchange’s recently launched Foreign Currency Centralised Management pilot scheme for multinational companies.
Vienna Stock Exchange has started a new low-latency market data service that it says will provide better, faster market data for investors interested in trading Vienna, Prague and Ljubljana.
Banking software provider Misys has incorporated global processing into its trade finance solution, TI Plus, in a move that the firm says will help banks gain a competitive advantage through improved customer service and reduced costs.
Investors looking to trade in Russia can now take advantage of a new high-speed route from Frankfurt to Moscow, built by technology and connectivity provider TMX Atrium. The idea behind the new link is to provide access for clients that need low-latency access to the Russian market, which currently represents the world’s sixth largest economy, […]
Jan. 14, 2013 MCX executives and member merchants revealed a few more details about their plans for mobile payments during a panel at the National Retail Federation’s Annual Convention & EXPO in New York City today, including that its initial mobile payments solution will be primarily barcode- and cloud-based. The coalition of merchants, which announced formation […]
Jan. 14, 2013 First Data Corp.’s CEO Jonathan J. Judge plans to step down from the company for health reasons, the company said. First Data will conduct a search for a new CEO and Judge will maintain his positions as CEO and board member until a replacement is found, but no later than March 31, […]
Jan. 14, 2013 Restricted-spend healthcare payment provider Medagate, a wholly owned subsidiary of InComm, has announced the launch of what the company calls the first dual-network healthcare spending card. The MasterCard-branded Dual Value Health Card enables employers and health plans to offer members a healthcare funding account, such as a health savings account (HSA) or […]
Jan. 14, 2013 Payelp Global, a Los Angeles-based e-commerce platform serving merchants via 300 different payment gateways worldwide, is expanding its services to include a reloadable virtual prepaid card for consumers in regions that lack broad credit and debit card penetration. The offering builds on Payelp’s existing partnership with Moscow-based Qiwi Ltd., which recently introduced […]
Jan. 14, 2013 Nearly twice as many mobile phone users by the end of 2017 will have used their devices for mobile banking, compared with this year—1 billion versus 590 million—according to a new report from U.K.-based Juniper Research. The developed markets of Far East & China, North America and Western Europe will have the […]
