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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.

PayNearMe Expands Bill-Pay Service with CVS Deal

With 27 percent of U.S. households unbanked or underbanked, according to the most recent FDIC report on the subject, PayNearMe continues in its efforts to make it easier for such consumers, as well as those who prefer not to use plastic or checks, to pay bills using cash.

Results Are In for Top Payments Consultants

In spirited voting, the payments industry has chosen the top five consultants who help their businesses thrive by providing perspective, research and strategic planning. Surprisingly, write-in candidates played a key role in shaping the top five list—one of them received nearly 6,500 votes.

People on the Move: Glynn Frechette, PSCU

People on the Move: Glynn Frechette, PSCU

Credit union service organization PSCU has named Glynn Frechette as senior vice president of Advisors Plus, PSCU’s division of strategic consultants and marketing experts.

Fintech funding round-up: 4 May 2017

Money talks, but it doesn’t sing and dance, and it doesn’t walk. And long as I can have you here with me, I’d much rather be, forever in fintech funding. Featuring FriendlyScore, Nav, Stockspot and InDebted. London-based FriendlyScore, a Software-as-a-Service (SaaS) B2B credit-scoring platform, will be opening its doors to new investors. The company is […]

Banking Technology May 2017 issue out now

The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.

Gently does it for FIS revenue rise

It’s a tale of small numbers with FIS’s latest financial results revealing a moderate rise for earnings and revenue. In its first quarter, FIS’s GAAP revenue increased 3.4% to $2.2 billion from $2.1 billion in the prior year quarter. Operating income increased to $260 million for the quarter, from $184 million in the prior year […]

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.

Banks Banking on APIs for Payments and Beyond

Facing increased competition from financial services upstarts and tech firms, banks are doubling down on application programming interfaces (APIs) as a competitive tool, a new report shows.

Chipotle Investigates Breach

Chipotle has suffered a breach of its payment card processing system, and is reportedly analyzing transactions that took place between March 24 and April 18 for more evidence of the intrusion.

Blockchain and Bitcoin round-up: 3 May 2017

No need to pace yourself. Here’s a quick blockchain and Bitcoin round-up. Featuring Infosys Finacle, Commercial Bank of Qatar, Adel and Blockpool. Infosys Finacle and the Commercial Bank of Qatar have completed a pilot on the “first ever” cloud-based blockchain network to process international remittances. The bank, along with its subsidiary Alternatifbank (ABank) in Turkey, […]

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.

Payroll Cards Earn Top Grades from CFSI—Except in One Area

The payroll card industry received high marks for its standards and its ability to “stretch beyond the basics,” according to a new report from the Center for Financial Services Innovation. But CFSI’s first-ever “Payroll Industry Scorecard” gave the industry an average mark for its ability to provide additional services that “improve customers’ lives.”

Inpay EMI

FLEETCOR Grows Cross-Border Business with $675 Million Cambridge Buy

Less than two months after announcing a major joint venture in the gifting vertical, FLEETCOR Technologies has made a big move into the red-hot cross-border payments sector, reaching an agreement to acquire international B2B payments specialist Cambridge Global Payments for $675 million.

Prepaid Vets’ New Gifting Play Targets Underserved Merchants

With retailers of all sizes seeking to harness the power of omnichannel gift cards to drive revenue and engage customers, a pair of prepaid industry veterans have formed a new company aimed at helping midsize merchants expand gift cards sales. Dubbed nthCard, the company is the brainchild of Wayne Chatham—a serial prepaid entrepreneur who most recently served as CEO of Card Compliant—and fellow industry veteran John Bechard.

Podcast: five steps to reinventing insurance

In the latest InsurTech Bytes – the podcast for the future of insurance by FinTech Futures – we learn from one of the best disruption duos in insurance: Trov and Anthemis Group.

Cash cloud – AWS, Google and Azure are smashing it

Amazon Web Services (AWS), Google and Microsoft Azure have all reported healthy growth figures, with artificial intelligence (AI) forming the central role in the future of the platforms, reports Telecoms.com (Banking Technology‘s sister publication). Current market leader AWS has demonstrated another quarter of exceptional growth, though it is slowing ever so slightly. Let’s be clear, […]

Payments start-ups PayKey and Blue Code win Temenos innovation final

Israeli payments start-up PayKey was voted as Temenos’ Innovation Jam winner by the attendees of the 2017 Temenos Community Forum in Lisbon. Another payments start-up, Austria-based Blue Code, was crowned the winner of the Judges Awards (the judges panel consisted of three Temenos’ senior execs, two representatives from banks and a consultancy). The prize is […]

Blockchain and Bitcoin round-up: 28 April 2017

Quick steps to quick news. Hot on the heels of Wednesday’s (26 April) blockchain and Bitcoin round-up, here’s another one. Featuring Emercoin, IHS Markit, Santiment and Coinsource. “We have crossed the Rubicon, getting rid of the last instruments which affect the health of the Emercoin network. Whether this was the right step or a mistake […]

JP Morgan Chase exits R3 blockchain consortium

JP Morgan Chase has finally bid farewell to the R3 blockchain consortium as it pursues its own interests. As Banking Technology reported in November, JP Morgan was understood to be in the “leave” camp as it opted out of a fundraising effort for R3. R3 had initially planned to raise $200 million from its members […]

Top fintech stories this week – 28 April 2017

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Amlak in core banking software overhaul with Temenos and NDC EXCLUSIVE. T24 will replace Silverlake Axis’ SIBS. Temenos MarketPlace gets boost with new services and leadership Targets open banking and PSD2 services. Trio tussle to win Payments Canada’s […]

Temenos MarketPlace gets boost with new services and leadership

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 […]

How to Grow Prepaid through Financial Well-Being

Prepaid providers are at a crossroads: They can create products that carry relative high fees, or craft consumer-friendly programs that promote financial health. Here’s a case for doing the latter.

‘Mythbusting’ Payroll Cards

To coincide with its just released and first “Payroll Industry Scorecard,” CFSI is separating fact from fiction when it comes to payroll cards, which continue to face scrutiny by state regulators and the media.

Ripple’s blockchain network going places with ten new faces

Ten more financial institutions have jumped onboard Ripple’s blockchain network for cross-border payments. The new faces are MUFG, BBVA, SEB, Akbank, Axis Bank, YES Bank, SBI Remit, Cambridge Global Payments, Star One Credit Union and eZforex.com – representing a mix of banks and payment service providers (PSPs). “The world’s largest banks have been the first […]

The future of insurance is collaboration

To the outside observer the insurance industry may look very conservative with dominant global companies and local players operating in the way they have done for years and with very little interaction with their customers. But this is changing.

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