Joseph Hurley has been with Discover since 1985 when the then-small company with the big idea—cash-back rewards—got started. He has held positions in marketing, product management, government relations, and network products and services. From 2008-2010, Hurley was deputy president of Diners Club International, and from 2003-2008 he served as head of global client relations and vice president […]
Fiserv Inc., a Brookfield, Wis.-based provider of financial services technology, has announced that its debit payments network, formerly known as ACCEL/Exchange, has a new name: Accel. The name reflects the network’s ability to accelerate funds transfers across retail, biller and social P2P payments, and positions the network within the Fiserv portfolio of payments capabilities to […]
American Express Co. has promoted Edward P. Gilligan to president. Gilligan has served as vice chairman of American Express since 2007, when he was named head of a B2B group responsible for the company’s global relationships with merchants, corporations and bank partners. He joined the company in 1980, and he was named business unit president […]
Allied Payment Network, a Fort Wayne, Ind.-based provider of online bill payment services to the financial industry, has announced that Steve Paradine, a financial industry sales veteran with more than 25 years of experience, has joined the company as its senior vice president of sales. His previous experience includes Fidelity National Information Services (FIS), where […]
Best use of virtual or digital delivery associated with a prepaid program or payments, such as gaming, virtual currency and P2P.
In this installment of our Paybefore Awards coverage, get to know each of the winning programs in the following categories: Best Business-to-Business Prepaid Card Program Outstanding Mobile Wallet or Mobile Application Best Virtual or Digital Program Most Effective Marketing Campaign
A difficult future for the banking industry, but a potentially great one for London as a financial centre, was predicted by Sir John Gieve, chairman of VocaLink and former deputy governor of the Bank of England, speaking at the opening of Swift’s Business Forum in London today. But the industry must be careful and diplomatic if it wants to have any real say in how the future is shaped.
UnionPay’s recent expansion push has taken a major step forward now that the Shanghai-based payment card network has announced a new prepaid card to be issued by The Bancorp in the U.S. The UnionPay Travel Prepaid Card, announced yesterday in New York City, marks the first UnionPay card of any type available in the U.S. […]
London-based prepaid voucher specialist Ukash is extending the reach of its services further with a new deal announced this week with MoneyGram. The alliance will enable Ukash customers to send funds from the Ukash Website to recipients at any MoneyGram outlet worldwide. The service will launch in the U.K. later this year, with plans to […]
Several payment startups have reported funding rounds in recent days, among them are, Tango Card, ZooZ and GoCardless. Tango Card, a Seattle-based provider of a multipurpose gift card that can be used to buy closed-loop gift cards from national retailers, donate to charity or cash out remaining balances, this week announced a $4.1 million series […]
Mobile commerce in the Netherlands reached EUR560 million (US$748 million) in 2012, or 6 percent of all online spending volume during the year, according to a report from industry group Thuiswinkel. The number of Dutch consumers who made a purchase via mobile device during the second half of 2012 was 1.7 million, up a whopping […]
Giving consumers preferential customer service treatment and instant discounts for paying with their smartphones could help boost mobile payment usage, a new Accenture survey suggests. In a broad survey of 4,000 U.S. and Canadian consumers conducted online last year, half of respondents already using their smartphones for payments said they would be more likely to […]
Dermot Turing, partner at Clifford Chance, told the IPS conference that regulators are hampering innovation by making it hard for the industry to collaborate though application of competition law. He advocates that banks – particularly from the transaction and payments world – should be educating the regulators in order to get better regulations.
The rising prevalence of mobile POS systems could result in up to $1.1 trillion in additional card payments per year and increase payment card acceptance by as many as 20 million merchants, according to a new report by Javelin Strategy & Research. Mobile POS systems like Square, PayPal Here, SpotPay and iZettle, which have become popular […]
Brick-and-mortar retailers are cheering the U.S. Senate’s support of proposed legislation that would prevent some online and catalog merchants from selling goods without collecting sales tax, which traditional retailers say would level the playing field as in-store, online and mobile sales channels converge. The U.S. Senate on May 6 will vote on the Marketplace Fairness […]
Cross-border shopping could become more convenient with a pair of new services from TSYS that display transactions in multiple currencies, along with the daily exchange rate, so consumers can decide which currency they prefer to pay with before making in-store or online purchases. Through a partnership with Planet Payment Inc., an international multicurrency payment processor, […]
In a move meant to embody the evolution of the company, automated retail provider Coinstar Inc. has announced plans to change its name to Outerwall Inc. The name change, which will be subject to shareholder vote in late June, reflects Coinstar’s growth “from a single coin-counting kiosk business into multiple automated retail businesses,” the Bellevue, […]
By Hunny Huria, Visa At times I’m amazed how social media has changed our lives and continues to have potential to impact it more. There are innumerable people who start the day by checking their Facebook accounts. As of December 2012, Facebook had more than half a billion daily active users, and 9 million apps […]
Mobile wallets are still in the formative stage of their development but a few lessons already are emerging, according to certain payment industry players sharing their experiences this week at CARTES America in Las Vegas. Inventing new ways to pay using a smartphone is not enough to justify the effort to develop mobile wallets because […]
The Belgian automated interbank retail payment system has been completely migrated to a new Clearing and Settlement Mechanism developed and operated by French payment processing specialist STET
KBC Bank has partnered with payment specialist Sentenial to offer the latter’s Origix Corporate payment management solution to the bank’s business clients.
Maurice Cleaves, Barclays, talks to Banking Technology editor David Bannister about the themes that emerged at the International Payments Summit 2013 in London.
Payday and deposit advance loans were in the news today, with a new report from the Consumer Financial Protection Bureau (CFPB) and a Notice of Proposed Guidance from the FDIC each indicating that regulators soon could tighten rules governing short-term credit products. Payday and deposit advance loans can lead to a repeating cycle of indebtedness […]
The U.S. rollout this spring of MasterCard’s MasterPass may be quieter than some other product launches because it doesn’t directly target consumers, Ed Olebe, group head, wallet services, emerging payments, MasterCard, said this week at CARTES America in Las Vegas. MasterPass, unveiled earlier this year as the successor to last year’s PayPass Wallet Services and […]
Online merchants using Vindicia’s CashBox SaaS platform are now able to accept paysafecard for digital goods and services, according to paysafecard, a European-based prepaid electronic payment solution provider, with offices in in Vienna, London and New York. “Vindicia is the ideal partner . . . to help us strengthen our footprint in the U.S.,” said […]
The companies behind the Isis mobile wallet have teamed up with cashless acceptance technology provider USA Technologies (USAT) to launch a mobile payment and loyalty program for vending machines across the U.S. The partnership is an extension of USAT’s involvement in Isis’s test run in Salt Lake City and Austin, Texas, where Isis users can […]
Brett King, founder of Moven, speaks to Banking Technology editor David Bannister about how banks have to cope with the move to a virtual world and the emergence of what he calls “smarter payments”.
The U.S. EMV migration poses many challenges, but a few issuers and merchants already getting their feet wet with chip-and-PIN conversions told attendees at CARTES America this week that U.S. consumer response to EMV cards so far is positive. The first U.S. commercial bank to roll out EMV cards to its customers in mid-2011, Santa […]
A subsidiary of Leawood, Kan.-based processor Euronet Worldwide has launched a prepaid card issuing, processing and BIN sponsorship solution in Europe. Euronet 360 Finance Ltd. now is offering electronic money and payment services under the oversight of the U.K. Financial Conduct Authority (FCA). By passporting its e-money license across the Single Euro Payments Area (excluding […]
Chicago-based social gifting service Boomerang has rolled out a new rewards service aimed at helping online publishers better engage and monetize their users by offering free gift card rewards to online merchants. Boomerang Rewards, an extension of the company’s recently unveiled brand platform, enables online publishers to give customers promotional gift cards to more than […]
EMV chip-enabled card growth continued at a healthy clip worldwide last year but China and Europe led demand, according to new data the Smart Payment Association (SPA) released today at the annual CARTES America meeting in Las Vegas. EMV card production overall rose 9 percent last year to 975 million cards, up from 898 million […]
With the switch from magnetic stripe to EMV-equipped payment cards in the U.S. on the horizon, American Express said it will begin issuing corporate cards with chip-and-signature EMV technology within the first half of this year. The new cards will offer enhanced security by using advanced encryption technology that makes it more difficult for unauthorized […]
StoreFinancial Services has announced a marketing program designed to strengthen the bond between professional sports teams and their fans, as well as ties between team sponsors and their customers. With the Fan Experience Card program, which features a restricted authorization network (RAN) prepaid card that can be redeemed at any merchant inside or outside the […]
State Bank of India (SBI) has launched a new prepaid card targeted for use by students and blue collar workers, the bank said. The Visa-branded State Bank Smart Payout Card is available at all SBI branches and can be used for POS and online purchases, as well as ATM cash withdrawals. Cards can be loaded […]
Blackhawk Network Holdings Inc. exceeded expectations with its initial public offering launched last week, raising $230 million and bringing its market value based on the IPO price to $1.2 billion. The prepaid card provider and third-party distributor owned by Safeway Inc. priced 10 million of its shares at $23 each, after Blackhawk’s existing shareholders initially […]
The industry has been waiting for a possible preemption ruling from the Consumer Financial Protection Bureau (CFPB) since last summer when the agency requested comments on whether certain state laws with a two-year escheat period conflict with federal law that requires no expiration prior to five years. The CFPB has determined that escheat laws in Maine […]
Visa Inc. is set to launch a new mobile financial service in Pakistan built on technology the payment network acquired under its 2011 purchase of mobile banking service provider Fundamo. According to a report on the Website of The Express Tribune of Pakistan, the service will use Visa’s VisaNet electronic payments processing network and will […]
Virgin Australia is joining a growing number of airlines adding a prepaid travel card as a perk for frequent flier customers. Members of the airline’s Velocity Frequent Flyer program will have the option to upgrade their existing Global Wallet membership card to a contactless Visa prepaid card, enabling customers to load funds onto their cards […]
Swift and the Banking Commission of the International Chamber of Commerce have introduced new legal and technology standards for the new Bank Payment Obligation payment instrument. The BPO allows buyers and suppliers to secure and finance international trade transactions. It provides the benefits of a letter of credit in an automated and secured environment, and […]
Visa Europe is adding two new functions to its Personal Payments mobile money transfer service, enabling users to make instant transactions in any European currency. The multi-currency feature will be rolled out across the European Union by the end of this year, Visa Europe said, and will enable payments to be sent and received across […]
