InComm’s E-Commerce Store, Cardency, Opens on eBay (Dec. 15, 2015)
InComm is tapping into consumer preferences by connecting eBay shoppers with its gift card partners through a proprietary storefront exclusively on the e-commerce site.
Worldwide
Dunkin’ Donuts Mobile App Integrates Apple Pay (Dec. 15, 2015)
Users of the popular Dunkin’ Donuts payment and loyalty app now can use Apple Pay to purchase, gift or reload virtual Dunkin’ Donuts Cards to fuel the retailer’s mobile app. The integration began on Dec. 7, in time for the holiday gifting season and adds another use case for Apple Pay.
UnionPay Debuts Mobile Wallet in China with Deep Partnership Roster (Dec. 15, 2015)
China-based payments giant UnionPay has launched QuickPass, a mobile payments service with more than 20 bank partners and acceptance at more than 10,000 retail locations. That deep roster of launch partners could help state-run UnionPay compete with privatelyheld players in the Chinese m-payments sector, most notably Alibaba and Tencent.
Currency Cloud Report: Filling the Need for Speed (Minus Cost/Complexity) (Dec. 15, 2015)
London-based B2B fintech company Currency Cloud recently released a trend report revealing the need for faster, less expensive and less complicated ways to make cross-border business payments. With $18 million in funding fueling its U.S. expansion, Currency Cloud says it’s taking on those cross-border pain points.
Cards lead cashless payments growth – just ahead of ATM cash withdrawals
Cashless payments are growing around the world as more people have access to bank accounts, but only at a slightly faster rate than ATM withdrawals, indicating that cash still has a strong hold.
Chinese fintech stars are rising, says global report
The UK has made a good showing in a new report, the Fintech 100, with 12 start-ups from the UK’s fintech eco-system featuring on the report’s 50 ‘Emerging Stars’ list – the most from any single country – but the Chinese are fast catching up.
Executive Profile: One on One with Joby Orlowsky, Discover Network
Joby Orlowsky is a die-hard Cubs fan—is there any other kind?—but the Chicago native’s optimism extends well beyond baseball. After nearly 20 years at Discover, Orlowsky is animated when he talks about the future of payments and Discover’s place in it. And unlike some, he’s not spooked about a potential fintech bubble.
Chrystal Named Interim CEO at Bancorp (Dec. 14, 2015)
The Bancorp Inc. has named John Chrystal as interim CEO of the company and president of subsidiary The Bancorp Bank. A member of the Bancorp board of directors, Chrystal will replace Frank Mastrangelo, who will continue to serve the company in the newly created role of technologist in residence.
Walmart Unveils Mobile Wallet; Retailer Still Supports MCX’s CurrentC (Dec. 14, 2015)
Big box retailer Walmart has joined the plethora of m-wallets on the market with its launch of Walmart Pay, but the retail giant says it’s committed to MCX’s CurrentC. And, even though the move could be a boon for Walmart, analysts say it doesn’t really go head-to-head with Apple Pay and other wallets usable at multiple retailers.
Wirecard Offers Alipay POS Acceptance in Europe (Dec. 14, 2015)
A new partnership between Germany’s Wirecard Group and Alipay will enable Chinese travelers to make POS payments in Europe using the Alipay mobile wallet. The initiative will give European brands and retailers access to the $165 billion Chinese tourism market—and Alipay’s more than 400 million active users.
Helping millennials chart today’s financial waters
Millennials – those highly sophisticated, tech-savvy men and women born between 1980 and 2000 – present enormous opportunities for banks and other financial institutions. Yet to be successful, these businesses must understand and meet the needs of a generation that grew up having it all, seeing it all, and being exposed to it all since early childhood – and that is no easy task.
Legacy systems – still the big barrier to banking innovation
Outdated legacy IT systems are a major stumbling block for traditional UK high street banks as they look to fight back against their often more agile rivals, widely known as ‘challenger banks’, who unhindered by complex, unwieldy IT infrastructures are typically better positioned to innovate.
Swift to launch global payment innovation project
Swift is planning to launch a global payment innovation initiative, which it says will dramatically improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments. The platform is due to launch early next year.
Banking Technology Dec/Jan 2016 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.
Senator Menendez Strikes at Prepaid Again
It’s almost become a holiday tradition for Senator Robert Menendez (D-N.J.) to propose prepaid legislation in December. His previous three attempts went nowhere, but this time he proposed his bill in November. Still, more pressing issues, such as spending and cybersecurity, may keep his measure on the back burner for now.
Viewpoint: Overcoming Prepaid Debit’s Value Issue
Churn is by far the biggest challenge facing prepaid debit card companies. Issuers can combat it by tapping smartphones and real-time analytics to deliver personalized services through a preferred communication channel.
Viewpoint: EMV’s UX Fail and the Case for Contactless
Poor user experience with EMV could be a boon for contactless cards and NFC mobile payments. But retailers could take immediate steps to improve the UX with contact EMV, starting with cashier education.
Viewpoint: The Payments Landscape: The Friction is Real
When it comes to the payments, there are more choices than sweet treats at Dylan’s Candy Bar in NYC (i.e., the world’s largest candy emporium!). The payments landscape is likely to become increasingly confusing and fragmented as retailers ramp up their efforts to influence buying decisions. If we don’t help our members evolve and understand how things are changing, credit unions risk losing the transaction and engagement.
As Fraud Moves to CNP, New Company Aims to ‘Armor’ Transactions (Dec. 9, 2015)
With EMV technology increasing security for card-present transactions, fraudsters are shifting their focus to the card-not-present (CNP) environment, including online, mobile and phone purchases—but new market entrant Tender Armor has a plan to increase security for CNP transactions.
InComm: Gift Cards Hot for Holiday Season (Dec. 9, 2015)
Consumers are hot for gift cards this holiday, but more are turning to online and mobile channels to purchase virtual and physical cards, new data from InComm show.
EU Fee Caps Effective Today (Dec. 9, 2015)
The European Union’s cap on fees banks can charge retailers for processing credit and debit card payments went into effect today, but there are some questions whether the measure will have the desired effect.
People on the Move: Gavin Haycock, Paysafe Group
Paysafe Group, a global provider of online payment solutions, has appointed Gavin Haycock to the newly created role of senior vice president, corporate communications.
People on the Move: Scott Fitzgerald, Bob Botelle and Scott Conti, BlueSnap
BlueSnap, a global payments technology company, has hired three top executives with more than 70 years of combined payments and technology experience: Scott Fitzgerald, Bob Botelle and Scott Conti.
People on the Move: Sunil Gossain and Raji Soussou, InAuth
InAuth, a provider of solutions that help businesses limit risk, reduce fraud and enhance authentication within their digital channels, announced the addition of key staff and the opening of its European headquarters in London.
People on the Move: Almis Ledas, suretap
Digital wallet technology provider suretap has appointed Almis Ledas, an experienced executive in the Canadian mobility and mobile payments ecosystem, as its president.
People on the Move: Don Andrews, Venable LLP
Don Andrews, a compliance and risk management attorney with experience in regulatory enforcement and the corporate suite, has joined law firm Venable LLP as a partner in the New York City office.
CFSI, Core: Underserved Opportunity Grows to $138 Billion (Dec. 8, 2015)
Financially underserved Americans spent $138 billion in fees and interest in 2014, up 7.6 percent from the previous year, according to a new study from the Center for Financial Services Innovation and Core Innovation Capital. The survey results highlight the opportunity presented by the underbanked segment for financial services providers that can provide innovative solutions to help those consumers improve their financial security.
FTC Bans Telemarketers from Accepting Cash Reload Mechanisms (Dec. 8, 2015)
The FTC has banned telemarketers from accepting four types of payments—among them are cash reload mechanisms. The ban is supposed to help shield consumers from fraudulent telemarketers.
suretap, Enstream Testing Tap-to-Pay Service for Commuters (Dec. 8, 2015)
After adding a loyalty component to its mobile wallet last month, Canada-based suretap is working with mobile technology provider and sister company EnStream to test a program with the Société de transport de Montréal enabling commuters to pay transit fares using their mobile wallets.
CFPB Staffing, Fines up in Fiscal 2015 (Dec. 8, 2015)
The number of CFPB employees grew to 1,529 in 2015, from 1,443 the previous fiscal year, according to the agency’s financial report for the 2015 fiscal year, ended Sept. 30. The CFPB collected civil penalties totaling $183.1 million from 37 cases in 2015—a substantial increase from the $77.5 million collected in 2014.
CFPB Denies UniRush Petition for More Time to Produce Documents (Dec. 7, 2015)
The CFPB has denied UniRush’s petition to narrow the scope and extend the time the company has to produce documents for a bureau investigation following an October system outage that left some RushCard cardholders without access to their account information and, in some cases, their funds.
Study: Global E-Commerce on the Rise (Dec. 7, 2015)
As the global e-commerce market surges to $2.4 trillion by 2019, 23 percent of this total is expected to come exclusively from mobile devices, according to a recent study by Worldpay. The results for prepaid are a mixed bag, with closed-loop vouchers/cards booming and network branded card e-commerce volume expected to decline.
First Data Fixes Processing Outage in 45 Minutes (Dec. 7, 2015)
Hardware issues are to blame for a brief outage of First Data’s ability to process certain credit and debit cards Friday.
Deutsche Börse re-signs for Scila Surveillance sofware
Deutsche Börse has renewed its contract with Stockholm-based independent surveillance technology provider Scila, signing a five-year agreement to continue using its software.
Blockchain Ready?
2015 has been a year of extensive discussion about what role blockchain can play in making processes in the financial services industry more efficient. It has also been a year where both banks and start-ups have been testing whether distributed ledger technology can adequately replace costly legacy systems and improve securities processing, writes Brian Collings. […]
Time to think strategically about Basel capital calculations
As part of the ongoing Basel reforms, the Bank for International Settlements is busy rewriting the rules that govern how much capital banks must maintain in order to mitigate different types of risk. So far the Standardized Approach for Measuring Counterparty Credit Risk Exposures and the Fundamental Review of the Trading Book have garnered the most attention. However, these are just two components of a much larger package of changes to the Basel capital requirements, which banks need to think about holistically and start factoring into their technology programs now
Getting to grips with mobile security
The sensors built into mobile devices offer a whole new way of identifying their users though biometric techniques, according to security expert Uri Rivner.
Holiday E-Retail Roundup: Amazon the Big Black Friday Winner, A Record Cyber Monday (Dec. 3, 2015)
The online retail numbers keep rolling in as the holiday shopping season launches into high gear, and more shoppers than ever are making purchases online.
InComm to Invest $20 Million in Georgia Despite Other Suitors (Dec. 3, 2015)
During a Dec. 2 press conference with Georgia Governor Nathan Deal and Atlanta Mayor Kasim Reed, InComm announced it will remain in its Atlanta headquarters and invest $20 million in facilities and equipment as well as hire an additional 275 employees in the state.
Mozido Supercharges TWallet for Indonesia’s Largest Telco (Dec. 3, 2015)
Boasting more than half of Indonesia’s 255 million people as wireless customers, mobile network operator Telkomsel Indonesia is tapping Mozido to help it entice more of its 140 million customers to use its mobile wallet.
