U.K. Regulator Calls for More Competition in Payments
The U.K. needs more competition in its retail payments infrastructure. That’s the conclusion of a new report from the country’s Payment Systems Regulator.
Regulation
Treasury’s Walt Henderson Wins Terrence P. Maher Award
The NBPCA’s Power of Prepaid Conference kicked off in Washington, D.C., on June 22, with discussion of the prepaid industry’s most pressing challenge, regulatory uncertainty. One of the highlights of the morning sessions, however, was the presentation of the third annual Terrence P. Maher Prepaid Influencer Award to Walt Henderson, director of EFT strategy division at the U.S. Department of Treasury. Henderson has managed the Treasury’s benefits disbursement prepaid program from its inception, overseeing substantial growth and consistently high customer satisfaction.
Who is the greatest fintech leader of 2017?
This year’s Banking Technology Awards are taking place on 13 December in London and once again we will be recognising individuals for leading and playing an instrumental role in devising and/or delivering the technology strategy to support the key business objectives of an organisation. The Tech Leadership Award category is open to all industry participants worldwide – those […]
Tate Takes Reins at NBPCA
Brian Tate has been named president and CEO of the NBPCA, replacing Brad Fauss, who in May stepped down from his role at the helm of the prepaid industry association to join Wirecard North America. Tate has served with the NBPCA since 2013 as vice president of government affairs, helping lead the organization’s legislative and regulatory policy agenda, including managing the federal political strategy and building relationships with policymakers on the national and state levels.
Instant Payments Set to Displace Cards in Europe, Report Says
More than $809 billion is set to switch to the fledgling instant payments system in Europe by 2027, representing a significant threat to cards, according to a new report from Ovum, a London-based consultancy. Instant, or real-time, payments enable account-to-account bank transfers in seconds instead of days.
Banking Technology Awards 2017 now open for entry!
Know any innovative products, inspirational projects, skilled teams or visionary leaders that deserve a special recognistion this year? Nominate them for a Banking Technology Award!
CFPB Seeks Comment on Proposed Changes to Prepaid Rule
The CFPB has issued a request for comment on proposed changes to its final rule on prepaid accounts that would adjust requirements for resolving errors on unregistered accounts and provide greater flexibility for credit cards linked to digital wallets.
House Passes Dodd-Frank Reform Minus Interchange Reform
The Financial CHOICE Act of 2017 (HR 10), legislation to overhaul the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, was approved along party lines by the U.S. House of Representatives 233-186 on June 8. The legislation focuses on ending big-bank bailouts and supporters say it provides more accountability for Washington and Wall Street, while removing barriers to economic growth.
Compliance Titans: Craig James, Neopay
Craig James, founder and CEO of compliance consultancy Neopay, views compliance like a chess match—you have to know the board better than everyone else, so nothing surprises you.
Amex Faces State Pressure over Anti-Steering Case as DOJ Backs Off
The U.S. Justice Department may have dropped its antitrust suit against American Express, but 11 states want to press on in a case that started in 2010. At issue is the company’s push to prevent Amex-accepting merchants from offering shoppers financial incentives to use other card brands.
Infographics: how regtech savvy are you?
Banking Technology and BearingPoint conducted a survey to find out the industry view on regtech and its implications for all parties involved. The findings are now available in this nifty infographics.
Sterling Bank and Trust signs for iFinancial BankWare core system
Sterling Bank and Trust, a new bank in the Bahamas, has selected the BankWare core system from UK-based International Financial Systems’ (iFinancial). The bank will be using the multi-currency accounting, exposure management, current accounts, deposits, loans, payments, and Swift modules from the BankWare portfolio of retail and wholesale banking solutions. The bank is part of […]
Letter from the Editor: Prepping for the Year’s Biggest Industry Event
I can scarcely believe we’re approaching the halfway point of 2017. But I can’t think of a better time for the year’s biggest prepaid industry event. On June 21-23, the NBPCA will host its sixth annual Power of Prepaid conference in Washington, D.C. The business of compliance—not to mention keeping up with technology trends—is keeping everyone on their toes, but it’s vital to stop and reflect with colleagues about the state of the industry and its future. It’s also critical to actually talk to those shaping the legislation and regulations that determine the rules of the road.
Blockchain is here to stay, but what regulatory and legal hurdles does it now face?
DLA Piper’s John D. McGonagle speculates on what the rise of blockchain technology might mean for the future of banking, the feedback which the UK regulator FCA may receive from interested stakeholders, and some of the regulatory and legal hurdles which blockchain technology may need to negotiate in the near future.
International Regtech Association launched
International Regtech Association (IRTA) is a new worldwide industry body with over 100 founding members.
House Balks at Repealing Interchange Reform amid Dodd-Frank Overhaul
Retailers are claiming victory in the battle, if not the war, regarding proposed legislation that would have repealed interchange reform included in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Full House set to vote on amended Financial CHOICE Act June 9.
Lombard Risk still feeling the loss
UK-based regtech and risk management vendor Lombard Risk is still reporting losses in its latest full year results. For the period ended 31 March 2017, pre-tax loss came in at £1.6 million, an improvement on the £2.2 million from the year before. As reported in May 2016, as a result of its loss for 2015/16 […]
Top fintech stories this week – 26 May 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Fintech and the role of government
What support does the fintech industry, and the broader financial ecosystem actually want (or need) from government?
Bank for International Settlements unveils code for special FX
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 to Pay $18.5 Million to States in Data Breach Settlement
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.
Compliance Titans: Jani Gode, Payoneer
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.
Will robotic process automation herald a new digital era in regulatory compliance in banks?
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.
Innovation Day: Fast-Growing Prepaid Market Offers Rewards, Risks
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.
The View from Finovate
Payments compete for attention with “RegTech” while an overall lull in disruption suggests that fintech could be in the eye of a storm.
Jabre Capital turns to Broadridge for risk management
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. […]
Compliance Titans: Margo Hirsch Strahlberg, U.S. Bank
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.”
CFPB Prepaid Rule Survives Congressional Repeal Deadline
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.
People on the Move: Brad Fauss, Wirecard North America
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.
Industry views: Trump’s first 100 days
What President Trump’s record on regulatory reform means for payments and financial services so far, and what comes next.
Budget boosts Australia’s fintech
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 […]
Former MoneyGram Compliance Chief to Pay $250,000 Fine
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.
Research: Decline and fall in correspondent banking relationships
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 […]
Fintechs blast banks over PSD2 direct access angst
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 […]
Time Running Out for CRA Rollback of Final Prepaid Rule
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.
N.Y. DOL Fires Back at Industrial Board of Appeals, Global Cash Card
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.
Lessons learnt on a start-up journey
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.
Bill Targeting Dodd-Frank, CFPB Passes First Hurdle in the House
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 MarketPlace gets boost with new services and leadership
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 […]
Spring Edition of Pay Magazine Has Sprung
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.
