Fintech and the role of government
What support does the fintech industry, and the broader financial ecosystem actually want (or need) from government?
What support does the fintech industry, and the broader financial ecosystem actually want (or need) from government?
The Bank for International Settlements (BIS) has unveiled its FX Global Code, a set of global principles promoting good practice in the foreign exchange (FX) market. The code has been developed by a partnership of central banks and market participants from 16 jurisdictions for “integrity and effective functioning”. Many organisations are welcoming the code, such […]
Target Corp. has agreed to pay $18.5 million in a settlement with 47 states and the District of Columbia that stems from a November 2013 data breach of the Minneapolis-based retailer. The breach affected more than 41 million customer payment card accounts and exposed contact information for more than 60 million customers.
Jani Gode’s knowledge of payments compliance reaches to parts of the globe that are about as far away from the small Minnesota farm where she grew up as you can get. Gode leads the global compliance program as chief compliance officer at Payoneer, an online payments company founded in 2005 that enables businesses to send and receive cross-border payments.
Exploring how the robotic process automation (RPA) powered digital workforce looks to disrupt the manual effort intensive regulatory compliance landscape in BFS, what edge it has over its human counterpart, the roadmap towards RPA driven compliance, challenges in this digitisation journey and success mantras, and innovations that are underway towards building intelligent RPA to replicate human decision-making.
New growth estimates for prepaid are encouraging to say the least, but providers gathering in London for the Prepaid International Forum’s annual Innovation Day said the industry must remain focused on compliance and the customer proposition to safeguard its success.
Payments compete for attention with “RegTech” while an overall lull in disruption suggests that fintech could be in the eye of a storm.
Asset management firm Jabre Capital Partners has chosen Broadridge’s integrated trading, portfolio management, and risk management platform to help manage its front, middle and back-office operations. Broadridge says its solution will enable Jabre to streamline and automate workflow, and help meet its pre- and post-trade compliance requirements while providing connectivity to brokers and EMS platforms. […]
If Margo Hirsch Strahlberg, prepaid compliance risk management specialist at U.S. Bank, isn’t managing responsibilities at home or work, she tries to steal time away to hit the gym. “I’ve incorporated more weight lifting into my routine,” she says. “My goal is to dead-lift a few copies of the CFPB’s prepaid accounts rule.”
The CFPB’s final rule on prepaid accounts has survived a bid to repeal it via the Congressional Review Act (CRA), with lawmakers failing to bring the matter up for vote by the May 11 deadline. But despite the CRA efforts having fizzled, reforming the rule is still on the table.
Brad Fauss is joining Wirecard North America as general counsel and vice president, compliance and governmental affairs. In his new role, he is responsible for managing the legal, compliance and governmental affairs functions for the North American business. Wirecard, a payments and commerce leader headquartered in Munich, finalized its acquisition of Citi Prepaid Services in March 2017, as part of its global expansion strategy.
What President Trump’s record on regulatory reform means for payments and financial services so far, and what comes next.
Good days and good times have come to Australia’s fintech scene with the 2017-18 Australian budget bringing in some useful initiatives. Some of the positives include open financial data reforms, reduced barriers for banking licences, an expanded regulatory sandbox and digital currency tax cuts – all welcomed by Fintech Australia, a national industry association. Australian […]
A former MoneyGram compliance head will pay a $250,000 fine and be barred from performing a compliance function for a money transmitter for the next three years after agreeing to a settlement over alleged AML and fraud prevention failures that took place at the company under his watch.
Correspondent banking relationships have reduced globally by 25%, despite the fact that global GDP per capita grew during the same period, following the 2008 financial crisis, according to research by Accuity. Henry Balani, global head of strategic affairs at Accuity, says: “The irony is that regulation designed to protect the global financial system is, in […]
A group of fintech companies and associations are asking for changes to the second Payment Services Directive (PSD2) due to fears it will force them to become technologically dependent on banks. The coalition of 60 European Union (EU) based entities have signed a seven-page manifesto seeking the European Commission (EC) to make changes to the […]
The clock is winding down for Congressional lawmakers to repeal the CFPB’s final prepaid accounts rule under the Congressional Review Act (CRA). Under that law, Congress has until May 9—60 legislative days after the law was published in the Federal Register—to repeal the prepaid rule by simple majority vote in the Senate. But with lawmakers currently in the midst of negotiations over a revised health care bill and Democratic opposition to the rollback likely to be strong, proponents of a repeal could run out of time.
The New York Department of Labor has fired the latest salvo in the battle over the use of payroll cards in the state. The agency has filed an appeal that could jeopardize the outcome of a petition granted to Global Cash Card to revoke the N.Y. DOL payroll card regulations, which were due to go into effect March 7, 2017. At stake are rules that are considered so burdensome by the prepaid industry that—if restored—could force some payroll card providers out of New York.
I grew up in Darwin, northern Australia and dreamt of playing hockey for my country. Today I live in Glasgow, thousands of miles away from the sunny climes of home and head up the UK operations and marketing for regtech firm Encompass.
Legislation that would overhaul the CFPB and end taxpayer-funded bailouts of large financial institutions, among other mandates, moved one step closer to law May 4.
Temenos has launched open banking and Payment Services Directive (PSD2) targeted services on its MarketPlace. The aim, says the vendor, is “to facilitate the exchange of value between banks and fintech companies”. MarketPlace is “customer driven”, says Ben Robinson, group chief strategy director of Temenos – i.e. the vendor proactively seeks out solutions that customers […]
The digital edition of the spring 2017 issue of Pay Magazine is now available and it’s full of insights and information to help move your company forward. A theme of the spring issue is game-changing technology—and the innovators, products and companies behind it. This edition of Pay Magazine includes an interview with The Bancorp’s Jeremy Kuiper, who discusses some of the major shifts occurring in the industry.
Paybefore’s Pay Magazine Spring 2017 issue out now.
The latest fintech funding round-up featuring Token, Ongo, National Bank of Canada (NBC) and a bunch of venture capitalist firms.
It’s official. The CFPB is pushing back the effective date of its final rule on prepaid accounts until April 1, 2018—six months after the originally scheduled implementation date of Oct. 1, 2017. What’s more, the agency has decided to “revisit at least two substantive issues” in the final rule: requirements for digital wallets that are capable of storing funds; and error resolution and liability limitations for prepaid accounts that cannot or have not yet been registered.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Mastercard gets approval to buy VocaLink for $920m Deal expected to close in coming weeks. Bank of England implicated in Libor rigging by secret recording Well, it was secret. FIS sheds Ambit Private Banking business FIS inherited it […]
Congressional Republicans hoping to hobble the CFPB and unwind the law that supports it, the Dodd-Frank Act, have another tool at their disposal.
The U.K.’s Competition and Markets Authority gave its blessing April 11, enabling Mastercard to complete its acquisition of 92.4 percent of VocaLink Holdings for $920 million. The deal, which is expected to close within weeks, gives Mastercard control of a large portion of the U.K. transaction processing market.
As fintech regulators across the world begin to set up their own sandboxes, with different models and standards, the UK’s Financial Conduct Authority says a “Wild West” version could emerge. But hang on folks, we got a new sheriff in town. Speaking at the Innovate Finance Global Summit in London, Christopher Woolard, executive director of […]
The CFPB accepted comments on its proposed delay of the effective date for its final rule on prepaid accounts through April 5. Rep. Scott Tipton (R-Colo.) likes the idea of a delay so much, he’s proposing giving the industry even more time.
Students gain financial literacy and banks develop important relationships with the community and new banking customers as shown in the FDIC’s Youth Savings Pilot.
Billing disputes and fraud, identity theft and embezzlement are among the most common complaints that consumers have about their credit cards, according to the CFPB.
The states weigh in on the CFPB leadership structure with two amicus briefs. A group of 17 states, plus the District of Columbia, has sided with the agency as it fights a court ruling that says the president should have the authority to fire the head of the CFPB. Meanwhile, 15 other states have taken an opposing stance.
As the U.K. moves ahead with plans to implement the revised Payment Services Directive (PSD2), the Prepaid International Forum (PIF) has asked regulators for more clarification on certain aspects of how the framework will be applied in the country.
A proposed class action lawsuit was filed by a former prisoner who claims he had no choice but to receive a prepaid card upon his release instead of the cash he arrived with, minus any card fees he was charged.
The Supreme Court issued a unanimous decision finding that a New York law prohibiting merchants from disclosing surcharges to cover the costs of credit card processing while allowing for discounts in the case of cash transactions regulated speech
Facing charges by the Federal Trade Commission that Netspend deceived cardholders and denied or delayed their access to funds, the TSYS subsidiary agreed to a $53 million settlement, which consists of $40 million on deposit in customer accounts and $13 million in refunded fees. Netspend doesn’t admit any wrongdoing under the terms of the settlement.
A look at the most popular Viewpoints in Pay Op-Ed so far in 2017 shows two clear trends of thought: What will happen to the CFPB and payments under the Trump administration, and how can prepaid providers reach more consumers and increase profitability?
Wells Fargo will pay $110 million to settle a class action lawsuit brought by U.S. consumers over a scandal about fake accounts its employees set up for customers without their knowledge. But the trouble continues for the financial institution, which has received a dim evaluation from a federal regulator.
The UK’s Payment Systems Regulator (PSR) is calling for even more competition and creativity in the sector over the next 12 months. At the launch of its “Annual Plan and Budget for the year 2017/18”, held at the Barbican Centre in London, it summarised its achievements and set out its ambitions to build on the […]