Banks are continuing to spend money on branches, but they are dramatically changing their role to become centres for sale-oriented advice rather than service-oriented transactions, driven by the rapid growth of digital banking.
The IRS has announced new procedures, effective January 2015, limiting the number of tax refunds electronically deposited into a financial account or prepaid card account to three, in an effort to combat fraud and identity theft.
A Brazilian fraud ring has absconded with US$3.75 billion in two years using malware to penetrate Boleto payments from individual consumers and companies, and redirecting those payments to fraudulent accounts, according to a report by security solutions provider RSA Research Group.
The European Banking Authority is urging EU financial institutions to avoid buying, holding or selling digital currencies, like Bitcoin, until regulations for the decentralized currencies are in place.
Visa and MasterCard may be able to dodge paying massive security deposits to continue operating in Russia, under new legislation that took effect July 1.
Payza announced this week that its online payment processing and eWallet services now are available to U.S. residents and businesses.
Paybefore Award-winning online voucher provider paysafecard.com Wertkarten AG has expanded this week into Peru and Uruguay, two Latin American countries the company says are ripe for prepaid online payments growth.
One in four consumers worldwide has been a victim of card fraud in the last five years, and consumer confidence is wavering, according to a new global fraud study from ACI Worldwide and Aite Group.
Cole Taylor Bank has been ordered to pay more than $4.1 million by the Illinois Department of Financial and Professional Regulation (IDFPR) and the Fed for failing to properly monitor the activities of its third-party “agent” Higher One Inc.
The notion that millennials wouldn’t be caught dead in a bank branch might have been greatly exaggerated.
With new laws in Italy requiring all merchants and businesses to accept debit card payments on purchases over €30 (US$41), Telecom Italia is equipping its small-business customers with m-POS readers from payleven.
Moven, a mobile-focused financial services provider, announced today it has raised $8 million in Series A funding.
Financial app development pioneer Yodlee Inc. is ready to go public, 15 years after it launched amid the dotcom boom.
By Marilyn Bochicchio, CEO Brad Hanson, president of MetaBank and its payments division Meta Payment Systems, has a vision. It’s bringing financial inclusion and dignity to those who don’t have access to traditional banking systems. And, he doesn’t care if you’re skeptical about a $1.9 billion asset bank from Storm Lake, Iowa, driving this initiative or […]
Just months after landing a mobile app partnership with McDonald’s in Sweden, Stockholm-based developer Seamless has reached a deal with U.S.-based technology company and prepaid distributor InComm.
PayPal’s bid for payments ubiquity continues. The company has unveiled a pair of initiatives that incorporate wearable and biometric technology, launching a new app for the Android Wear line of smartwatches and expanding its fingerprint authentication to the Samsung Galaxy tablet.
Getting mobile payments services to market quickly is one of the calling cards for host card emulation (HCE) technology, and Spanish financial services group BBVA is claiming to be the first major global bank to commercially launch an HCE-based mobile contactless payments service.
Customers of Bancomer Transfer Services Inc. will have more than a thousand additional locations in Mexico to collect cash remittances.
The Supreme Court ruled today to throw out President Obama’s recess appointments to the National Labor Relations Board (NLRB) as unconstitutional. CFPB Director Richard Cordray was appointed the same day but has since been confirmed by the Senate, suggesting the ruling will have little or no effect on the CFPB.
Debit card growth continued in 2013, with consumers and businesses increasingly shifting toward electronic payments.
A convenience that’s been catching on in the U.S.—depositing a check by taking a picture of it with a smartphone—is coming to the U.K., according to reports.
With the advancement of smartphone technology and social media, we’re witnessing a cascade of innovation around loyalty and incentive products. But driving steady deal redemptions requires smooth connections to payment network rails.
Growth in prepaid GPR and payroll cards today exceeds that of all other noncash forms of payment, but stickiness remains a problem for issuers and program managers. Adding mobile access and other financial tools to the mix—such as check deposits with instant good funds and expedited bill pay–makes prepaid a compelling proposition for consumers and providers alike.
A lesson learned from the global financial crises was how critical free cash flow can be for corporates, their customers, and their suppliers. As businesses seek to unlock cash flow from day-to-day operations, savvy treasurers have discovered vendor payments as a means to extend payment terms while improving vendor health, writes Chris Bozek, Managing Director, Head of Global Trade and Supply Chain Products Bank of America Merrill Lynch.
The combination of prepaid card infrastructure and mobile wallets will disrupt the current account model in Europe, according to a new white paper from Mobey Forum.
A consortium of merchant groups has been given more time to decide if it will try to take a long-running lawsuit against the Federal Reserve Board of Governors to the U.S. Supreme Court.
While digital currency has received a frosty reception from many national governments, it has been greeted a bit more warmly in Canada.
Meta Financial Group Inc., holding company of MetaBank, has been included in the annual “Top 200 Community Banks and Thrifts” list in American Banker Magazine.
The annual transaction value of online, mobile and contactless payments will nearly double over the next four years, reaching $4.7 trillion by 2019, up from just over $2.5 trillion this year, with contactless payments primarily driven by card purchases rather than mobile.
Host card emulation (HCE) technology has gained an unlikely supporter. SIMalliance, which had been critical of HCE’s role in bringing NFC-based mobile payments into the mainstream, said today that HCE likely will expedite SIM-based NFC payment deployments.
MasterCard is continuing to expand the reach of its rePower reload network, partnering with DCR Strategies Inc./TruCash to enable reloads in Canada.
NJ S 2235 was introduced in the State Senate, offering hope that New Jersey’s attempt to grab unclaimed funds that otherwise may be owed to another state finally might be put to rest.
Mass transit continues to be among the most promising areas for NFC payments, with Washington, D.C., reportedly planning to put the technology in motion next year.
Earlier this month American Express announced several new budgeting capabilities it’s adding to Serve, along with expanded retail distribution in Safeway and other retailers through a new partnership with Blackhawk Network.
Cardtronics plans to add a new deposit function to more than 2,500 ATMs in the company’s Allpoint Network.
CFPB Director Richard Cordray headed to the House yesterday to present his bureau’s semi-annual report to the House Financial Services Committee, headed by Jeb Hensarling (R-Texas).
The FDIC has issued another consent order for a company with significant prepaid business and again the focus is on Bank Secrecy Act (BSA) compliance.
The prepaid card continues to be the fastest-growing form of electronic payment, but to maintain that position in a world where emerging payments are gaining ground every day, the industry must keep innovating.
Payments M&A activity continues as corporate payments provider WEX Inc. announced a major move into the health care payments sector, entering a definitive agreement to acquire Evolution1 for $532.5 million.
After splashy debuts two years ago, two celebrity-backed prepaid cards quietly are exiting the market this summer.
