The work corporates are doing to streamline cash management processes should not end with SEPA implementation, says. Indeed, the principles and ideas underpinning SEPA can inform progress even in the most challenging markets.
While the logjam over EMV debit routing may finally be breaking up, it remains unlikely that EMV will reach the mainstream ahead of the liability shifts the payment networks plan to implement in October 2015.
Suggesting that investments in digital currencies, such as Bitcoin, might carry with them a higher risk of fraud and a harder time recovering losses in the event of fraud or theft, the SEC yesterday issued an investor alert regarding the decentralized P2P currency.
Although this lawsuit involves lending practices, the industry would be wise to pay close attention because of its UDAAP implications, which are applicable to all entities the CFPB regulates.
The State of Delaware has thrown its weight behind a civil lawsuit claiming nearly two dozen well-known retailers avoided escheating unused gift card balances to the state by forming special entity corporations based outside the state.
The Reserve Bank of India (RBI) has released a final committee report on enhancing security in the country’s electronic payments sector with the use of Public Key Infrastructure (PKI) technology.
FTC calls for data security legislation to address recent increase of data security breaches.
A new Canadian bill proposes regulations on virtual currencies, cross-border MSBs, due diligence requirements, politically exposed persons and group-wide information sharing.
The Illinois House last week approved legislation that, if signed into law, might affect companies’ payroll card programs, beginning Jan. 1, 2015, when the new rules would take effect.
Trading firms are still struggling with the Dodd-Frank requirement for certain swaps to be traded on registered Swap Execution Facilities. According to a survey conducted by trading communications vendor IPC Systems, 60% of survey respondents said the industry as a whole was behind on meeting the deadlines on SEF trading, though only 39% said their […]
As tax day approaches, the Louisiana House of Representatives yesterday approved a bill that would end the state’s Department of Revenue practice of automatically sending tax refunds on prepaid debit cards to taxpayers who don’t select a specific method for receiving their funds.
Despite the deep controversy created by Michael Lewis’ expose of HFT Flash Boys, global equity markets are not broken, according to a senior capital markets panel at Trade Tech Paris 2014.
European Parliament today voted in a plenary session to accept the text of the revised payment industry regulations (PSD2 and MIF) that the ECON committee voted on last month.
Building on previous consultations by Her Majesty’s Treasury and the Office of Fair Trading, the Financial Conduct Authority (FCA) is soliciting comment regarding the U.K. payments industry, in particular on issues of competition, access, governance, ownership and innovation.
What do apples and oranges have to do with prepaid model disclosures? See David Beam’s analysis of the CFPB’s blog proposal.
Had the case not been dismissed, ZIP code-related class action lawsuits likely would spread.
The IRS has ruled that Bitcoin and other digital currencies are property, not currency, and will be treated as such for tax purposes.
Walmart this week opted out of the $7.25 billion settlement Visa and MasterCard reached last fall over interchange fees and filed its own antitrust suit against Visa.
US financial institutions are spending more on risk mitigation than ever before, according to a new study by post-trade services utility the DTCC.
The National Technical Information Service today has issued an interim final rule establishing a certification program for access to the Social Security Death Master File. The DMF is a tool used by many industries as a means to thwart fraud.
Global standards and approaches to regulation need to focus more on removing risk from the financial system rather than on compliance – but to do so international regulators will need to harmonise their efforts and embrace technology to a much greater degree.
Heading to college is all about the quest for knowledge. Part of that process is learning to use fact-based, impartial research to reach educated conclusions. Unfortunately, the March 10 Department of Education’s Inspector General’s report, “Third-Party Servicer Use of Debit Cards to Deliver Title IV Funds,” doesn’t make the grade.
The Federal Reserve Board has earned a major victory in its long-running legal battle with a group of merchants over its rules implementing the Durbin Amendment, including caps on interchange fees for debit card transactions.
The number of central clearing counterparties is likely to rise in the near future as new entrants put Latin America, Africa and Australia on the map for OTC derivatives clearing, but with more regulatory intervention expected and unpredictable customer flows, the new venues face an uncertain future
The Consumer Financial Protection Bureau (CFPB) is developing a new fee disclosure format for prepaid cards, ahead of new rules on the topic the agency expects to propose this year.
European Parliament has voted to adopt proposed cybersecurity rules requiring organizations to meet new security standards and share information in case of security breaches.
Legislators and companies, such as MasterCard, are introducing standards for prepaid card disclosures that help us all.
The New York State Department of Financial Services (NYDFS) has begun accepting applications from firms looking to set up digital currency exchanges and will issue proposed regulations on digital currency in the coming months, the agency said.
Broadridge Financial Solutions has formed an alliance with UK software developer Lombard Risk Management under which Lombard’s collateral management system will be integrated into Broadridge’s applications and infrastructure services.
The European Parliament’s ECON Committee vote on the “Payments Package” has resulted in inconsistent legislative text that differs significantly from the EC draft proposal. With an aggressive timeline for passage, including an April plenary vote, the payments industry needs to make its voice heard on the potentially harmful impacts of the proposed changes.
First Data’s plan for its STAR Network to license Visa’s common Application Identifier (AID) could help get the ball rolling for EMV adoption as other debit networks continue to weigh their own options for routing debit transactions under the Durbin Amendment, observers say.
Government agencies using prepaid cards to deliver benefits are seeing solid user satisfaction and improving efficiencies as such programs evolve, amid an environment of pending regulatory changes and heavy scrutiny by consumer advocates, according to a panel of experts convened at the All Payments Expo (APEX) in Las Vegas this week.
The U.S. House of Representatives last week passed the Consumer Financial Protection and Soundness Improvement Act (H.R. 3193), which combines six bills, approved by the House Financial Services Committee last November, that are designed to bring more accountability, oversight and transparency to the Consumer Financial Protection Bureau (CFPB), according to the bill’s supporters.
Lawmakers in Washington, D.C., today are hosting the fifth in a series of hearings to discuss data breaches, their effect and possible methods to prevent them, as the All Payments Expo (APEX) wraps up four days of hot-topic discussions in Las Vegas, including payments security and fraud trends.
A group of major international banks have agreed to jointly develop and use the centralised Know Your Customer Registry announced by Swift at the start of the year.
Until the world has a definitive Legal Entity Identifier, we are going to have to recognise that piecemeal adoption brings with it significant hidden costs in validating, enriching and mapping for regulatory purposes. If the total number of registered market participants is meant to include all the corporates that trade FX forwards, we are far short.
With a growing number of U.S. employers offering their employees the option of payroll cards, the Network Branded Prepaid Card Association (NBPCA) has joined with consumer advocacy group Consumer Action to develop a pair of guides to help companies and employees learn about payroll cards, including how they work, options for accessing wages and how to avoid or limit fees.
The deadline for trade reporting mandated by the European Market Infrastructure Regulation is 12 February, and many institutions are working hard to meet it. In this webinar, Banking Technology and the DTCC will be discussing how the industry managed the transition and what challenges remain.
The Government Accountability Office is the latest government agency to scrutinize the increasingly popular campus-based debit and prepaid cards.
The U.S. House of Representatives is scheduled to vote tomorrow on the Consumer Financial Protection and Soundness Improvement Act (H.R. 3193).
