Financial services looking up, down Mexico way
After many years of struggle, Mexicans may be about to snatch the crown of Latin America’s most promising financial services market from their Portuguese-speaking cousins in Brazil.
North America
Earthport launches payments route to Mexico and Colombia
Cross-border payments company Earthport has launched two new routes into Mexico and Colombia, as part of a drive to open up Latin America for faster, more efficient and transparent payments.
Cashing out: Ontario mobile payment infrastructure is on the money
Canadians are in a hurry to get rid of their cash – at least as a method of payment, nor are they content with the contactless tap-and-go cards currently in use; they are anxious to replace cards with contactless smartphone technology, writes Aaron Rosland, senior economic counsellor for the Government of Ontario, Canada.
Known Unknowns: preparing for SEF-traded FX options
The Dodd-Frank Act launched the acronym SEF into the alphabet soup of modern capital markets, After three years of repeated discussions, consultations, submissions and furious wrangling, Swap Execution Facilities finally come into operation this week.
Blog: Online Gamblers and Digital Wallet Providers Cash In
More than 125,000 online gambling accounts were created in less than a month, according to New Jersey’s Division of Gaming Enforcement. As one of three states where online gambling is now legal, the Garden State presents significant opportunity for digital wallet providers.
SIX Financial Information gets ready for FATCA
Switzerland’s SIX Financial Information has begun delivering FATCA tax information to the US Inland Revenue Service, ahead of the controversial extraterritorial tax’s reporting deadline in July.
PNC Bank signs up to OB10 e-invoicing
US bank PNC has linked its invoice automation platform to OB10, the global e-invoicing network run by specialist firm Tungsten Corporation, in a deal that the bank says will help its commercial customers by making payments faster and improving the quality of payments data. PNC Bank is the first commercial bank in the US to […]
Viewpoint: The Future of HSAs
How employees are using their accounts can have a dramatic impact on an employer’s overall HSA strategy and benefit plan. As we approach the 10th anniversary of the enabling legislation for HSAs, the industry, employers and brokers/agents all have the opportunity to move HSAs forward with the use of insightful reporting and analytical tools.
Five Minutes with First Data
Paybefore chats with First Data’s Ben Love to get some insight into the company’s recent moves, as well as the future of payments.
Canadian “HFT-free” exchange prepares for 2015 launch
A new Canadian stock exchange aimed at retail and long-term investors is planning its debut next year, offering a service designed to curb high-frequency trading and support capital raising.
Innovators’ Spotlight: Womply
San Francisco startup offers merchants a data-driven business insights platform that does the heavy lifting for them.
Derivatives reform chaos “stupid and self-inflicted”
Reforms to the way derivatives trade in the US and Europe are causing a conflict between consumer desire for bespoke solutions and regulatory attempts at standardisation – and the self-inflicted panic as the deadline approaches indicates the cost may be too high, according to a panel of senior capital markets representatives speaking at an event organised by the Futures and Options Association in London on Tuesday.
No SEFs please, we’re bankers …
Most banks are still not ready for the arrival of Swap Execution Facilities, the new category of trading venues created by the Dodd-Frank act in the US to handle OTC derivatives. Worse still, market participants are almost universally negative about SEFs, according to a new paper by research house GreySpark Partners.
Barclays fined again for “widespread” failure to keep records
Barclays has been fined $3.75 million by the US Financial Industry Regulatory Authority for its failure to keep electronic records, including emails and instant messages, which are required by law. The failure is the latest in a string of recent fines for the bank.
Nasdaq OMX Treasuries dark pool will revitalise bond trading
Electronic fixed income trading, one of the last major asset classes traded by humans, could take a big step forward when a new Nasdaq OMX dark pool trading venue goes live next year.
Breaking News: CFPB Postpones Prepaid Rules until May 2014 (Dec. 6, 2013)
The Consumer Financial Protection Bureau won’t issue its proposed rules for GPR prepaid cards until May of 2014, according to the agency’s updated rulemaking agenda.
Credit Agricole CIB outsources US IT in multimillion deal
Credit Agricole CIB has signed an outsourcing deal with Genpact, in which the technology firm will help the bank by providing its IT development and maintenance, production support, infrastructure management and user support in the US.
Isis aims to breathe new life into US mobile wallet market
The latest version of the telco-backed Isis mobile wallet service has been launched across the US, following 18 months of testing in Texas and Utah by owners AT&T Mobility, T-Mobile USA and Verizon Wireless.
Viewpoint: They Mean It—They Really, Really Mean It! (November 2013)
New OCC guidance reminds financial institutions that third-party oversight is where it’s at.
Mercator Forecast: Potential Regs, Sluggish Economy Puts Brakes on Double-Digit Growth for Prepaid (November 2013)
The high double-digit growth numbers in prepaid fall to single digits as the industry faces regulatory uncertainty and a sluggish economic recovery.
People on the Move: Jon Sarvis, TMG Financial Services (November 2013)
Jon Sarvis has been named CEO of TMG Financial Services (TMGFS), a Des Moines, Iowa-based payments solutions provider.
Companies on the Move: ProPay, EcommerceBytes Awards (November 2013)
ProPay, a merchant services provider and TSYS company, recently was recognized as the top online payment service by merchants participating in the EcommerceBytes awards survey.
People on the Move: Rich Pelikan and Mickey Goldwasser, Payveris (November 2013)
Payveris, a Wethersfield, Conn.-based online and mobile payments company, has expanded its executive leadership team with the addition of industry veterans Rich Pelikan and Mickey Goldwasser.
US banks “not prepared” for Dodd-Frank swap rules
A surprisingly high proportion of US banks are still not prepared to comply with Dodd-Frank’s regulations on swaps, despite the impending arrival of mandatory trading on swap execution facilities, according to Charley Rich, vice president of product management at tech firm Nastel.
Next Stop, Contactless (October 2013)
Amid big transit rollouts in Chicago and Salt Lake City, Las Vegas is getting in on the action with a new pilot program enabling transit riders to pay bus fares with a tap.
Walgreens Encourages Healthy Finances with GPR Card (October 2013)
Pharmacy giant will soon find out if its suite of financial services is just what the doctor ordered for the millions of unbanked and underbanked consumers in the U.S.
Money2020 Packs Punch with Big Numbers, Startups and Product Demos (October 2013)
Money2020 highlighted financial services technology innovation, as the biggest names from major payment companies, startups and investors convened to glimpse the future of payments.
Viewpoint: Let’s Make a Deal (October 2013)
Although retailers traditionally had balked at offering discounted gift cards, many are shifting strategies to keep up with consumer demand and are increasing overall sales.
People on the Move: Craig Fuller, TransCard (October 2013)
Chattanooga, Tenn.-based prepaid processor and program manager TransCard announced that CEO Craig Fuller has been named CEO of the Year in the North America division by Finance Monthly.
People on the Move: Lisa Shipley, Transaction Network Services (October 2013)
Transaction Network Services has hired Lisa Shipley as head of global strategy for the Reston, Va.-based company’s payments division.
People on the Move: Ned Horsted, R&P Group (October 2013)
Ned Horsted has been awarded the U.S. Recruiting Network, South Dakota Top Producer for Q3 2013.
People on the Move: Patricia Hewitt, Amy Hoke and Ronald Mazursky, Mercator Advisory Group (October 2013)
Mercator Advisory Group recently announced several company appointments.
People on the Move: Grace Wang, Green Dot Corp. (October 2013)
Green Dot Corp. has named Grace Wang chief financial officer. She will report to CEO Steve Streit, and will assume her new role Nov. 18, 2013.
People on the Move: Matt Wilcox, Fiserv Inc. (October 2013)
Fiserv Inc., a Brookfield, Wis.-based financial services technology provider, has hired Matt Wilcox as managing director, marketing strategy and innovation, digital payments.
People on the Move: Lois Hansen, CO-OP Financial Services (October 2013)
CO-OP Financial Services, a Rancho Cucamonga, Calif.-based credit union service organization, has named Lois Hansen vice president, product development.
People on the Move: Ben Kaplan, CashStar Inc. (October 2013)
CashStar Inc., a Portland, Maine-based provider of digital gifting technology and Paybefore Award-winner, recently announced that Ben Kaplan has been named president and CEO.
People on the Move: Meyer Malka and Elizabeth T. Ploshay, Bitcoin Foundation Board (October 2013)
Bitcoin Foundation, a nonprofit institution founded last year to promote Bitcoin use, has elected Meyer (Micky) Malka and Elizabeth T. Ploshay to its board.
People on the Move: Rajeev Kumar, Access Prepaid Worldwide (October 2013)
Program manager Access Prepaid Worldwide, a MasterCard company, has appointed Rajeev Kumar regional director and general manager for the Middle East and Africa.
Nasdaq signs algo testing deal with Thesys
Nasdaq OMX is planning to launch a test facility for algo trading early next year. The Algo Test Facility will be developed jointly with Thesys Technologies, a subsidiary of Tradeworx,
Sapient rolls out FATCA compliance service
Sapient Global Markets has released a suite of software and services designed to help companies meet FATCA, the controversial new US regulation that obliges banks to report their US customers so that they can be taxed.
