Texas Merchants Continue to Fight State’s Surcharge Law
Surcharges vs. discounts.
Worldwide
One-Sided Gift Card Arbitration Clause May Be Unconscionable in California
Changing terms of an agreement.
Judge Denies Bid by Citi, First Data to Reconsider Liability Cap in Data Breach Case
Three-party agreements causes problems.
N.Y. and Texas AGs Request RadioShack to Notify Gift Card Holders
Rights of gift card holders.
Dave & Buster’s Faces Class Action over Gift Card Practices
Redeeming for dollars.
Viewpoint: A Regulatory Snapshot for Payment Services and E-Money in Europe
Payment opportunities in the EU come with complex requirements, which is why it’s important to understand the ever-changing legislative issues.
Brazil’s Elo Goes Global with Discover Partnership (Aug. 25, 2015)
Elo, the largest Brazilian credit card brand, is accepted in more than 1.65 million domestic locations.
Rumors Swirl as Countdown to Android Pay, Samsung Pay Launches Near (Aug. 25, 2015)
Google Inc. in May said Android Pay would launch “soon,” and this week notifications surfaced at some McDonald’s stores suggesting the rollout could come as early as this week.
Orc adds high speed link to Istanbul exchange
Electronic trading specialist Orc has launched a high speed connection to Borsa İstanbul. which brought all the Turkish capital markets exchanges under one roof in 2013. “Turkey is becoming an increasingly attractive market, with a steady rise in trading activity and demand from the region,” said Orc.
Systems you just can’t bank on: how legacy has become a liability
Let’s be clear: banks do a very difficult job – they store the value of society expressed as money. We trust them and they can’t get it wrong, but they are nothing but people and IT. Everything they own is on computer and they don’t like to take risks with this. Consequently, IT change for banks has been slow and safe. It has been incremental: bit by bit, byte by byte.
PayPal Kicks off First Post-Spinoff Buy with Modest (Aug. 24, 2015)
PayPal’s purchase last week of Chicago-based Modest—its first acquisition since its spinoff from eBay—could be the beginning of a major shopping spree.
NYDFS: BitLicense Applications Show ‘Substantial Interest’ (Aug. 24, 2015)
Less than three months after New York State’s Department of Financial Services finalized the U.S.’s first state-level framework for licensing digital currency companies, nearly two dozen firms have applied for the so-called BitLicense, the agency said.
The Clearing House Calls for Level Playing Field for Banks, Alternative Payment Providers (Aug. 24, 2015)
The Clearing House (TCH) is calling on regulators to increase data security oversight for alternative payment providers, such as Apple, Google, Square and Venmo, which the bank-owned TCH says are not being held to the same regulatory standards as major banks, according to a new white paper.
Reserve Bank of India Grants Payments Bank Approval to Create Access for Citizens (Aug. 24, 2015)
The Reserve Bank of India has granted approval to 11 companies to set up payments banks in an effort to grant millions of Indian citizens access to basic banking features. Companies receiving approval included telecoms, tech firms and the post office.
A different banking landscape
Historically, the large banks have been Lords of the Manor, between them owning every scrap of land as far as the eye can see. However, times are changing: invaders offering services the banks cannot provide as competitively have begun to disrupt the peace and take small pockets of land for themselves. Likening the march of the fintech new entrants to a land-grab by an invading force, the disruptors began with a neglected allotment here and there, then moved to take a meadow and now some are on the verge of swallowing up villages and small towns …
Regulators seek input on harmonisation of unique OTC trade reporting identifiers
The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions are seeking comment on proposals for harmonising the Unique Transaction Identifier used to be used for OTC derivatives trade reporting.
Viewpoint: Emerging Payments Vs. Legacy—It’s Not Either/Or
We recently surveyed more than 1,000 Americans about their payment preferences. The key trend that emerged: Traditional and emerging payments tools are being used together, not cannibalizing each other.
Viewpoint: Bitcoin: Take Charge of Your Destiny
Like it or not, the bitcoin craze is here to stay. Over time, bitcoin will be a major disruptor in payments—with broad implications for governments, businesses and consumers. Burying your head in the sand is not an option.
Amex’s Serve Introduces Cash-Back Rewards for Everyday Spending on GPR Card (Aug. 19, 2015)
American Express Co. today introduced the option for Serve GPR cardholders to earn 1 percent cash back on all purchases, a move analysts say is likely to intensify competition in the GPR category.
QIWI Integrates payWave into Visa QIWI Wallet (Aug. 19, 2015)
Building on a contactless payments boom in Russia, Visa and Russian payment services provider QIWI have integrated Visa’s payWave contactless technology into the Visa QIWI Wallet, providing millions of users with a new mobile payment option at contactless terminals.
High Price Tag for Mobile Shopping Cart Abandonment (Aug. 19, 2015)
Mobile commerce providers and retailers left a potential $24.5 billion in revenue on the table because of user experience issues, according to a new report from Jumio Inc.
Mobile to take lead in payments over the next five years
Mobile phones will take an increasingly leading role in the payments space over the next five years as a result of technologies that allow safe storage of payment details in smartphones, according to a report prepared by the Consult Hyperion on behalf of Payments UK.
People on the Move: David Hunter, bux.com Global Ltd.
Payment solutions provider bux.com Global Ltd. announced that David Hunter has joined the company as a non-executive director and member of the board.
People on the Move: Steven L. Antonakes, Eastern Bank
Boston-based Eastern Bank has appointed Steven L. Antonakes senior vice president and chief compliance officer.
People on the Move: Michael Moeser, Javelin Strategy & Research
Javelin Strategy & Research has hired Michael Moeser as director of payments for the retail and small business sectors.
People on the Move: Nandan Mer, MasterCard
MasterCard announced the appointment of Nandan Mer, who is currently group executive of loyalty solutions based in London, to the role of division president for Japan.
People on the Move: David Nute, PayRange Inc.
Mobile payments provider PayRange Inc. has appointed David Nute vice president of operations and finance.
Company on the Move: Rakuten Inc., New Tech Research Centers in Boston, Singapore
Tokyo-based Internet service company Rakuten Inc. has announced the opening of two international branches of the Rakuten Institute of Technology in Singapore and Boston.
People on the Move: Patricia A. Watson, TSYS
TSYS announced that Patricia A. Watson has been named senior executive vice president and chief information officer, effective Sept. 14.
Target and Visa Finalize Deal to Settle Data Breach Costs (Aug. 18, 2015)
Target Corp. has reached a deal with Visa Inc. to reimburse credit and debit card issuers for costs incurred following a massive data breach disclosed during the 2013 holiday shopping season that exposed personal data of more than 100 million consumers.
Apple Pay’s Australian Rollout Stalls on Bank Negotiations (Aug. 18, 2015)
Apple Inc.’s plan to roll out Apple Pay soon in Australia—which has a high penetration of contactless cards and NFC terminals—has hit a snag as the country’s largest banks balk at paying the toll Apple requires, according to reports.
PHH Granted Stay in CFPB Decision, Questions Bureau’s Power (Aug. 18, 2015)
In a blow to the CFPB, mortgage servicer PHH Corp. earlier this month was granted a stay pending appeal of a $109 million enforcement action issued by Director Richard Cordray and the bureau in June.
Earthport’s Ripple Integration Takes the Blockchain to Banks (Aug. 18, 2015)
Global payments network Earthport has teamed up with Ripple Labs to offer real-time cross-border payments via Ripple’s blockchain-based transaction ledger protocol.
Instinet to offer cash management and payment services to research clients
Nomura’s equities execution unit, Instinet Europe, is to offer cash management and payment services to purchasers of its investment research products following authorisation from the UK’s Financial Conduct Authority to operate as a payment institution.
Frenemies at the gate
A curious cultural shift is taking place when it comes to problem-solving in the financial services industry, writes Joe Channer The sector is not renowned as a home for co-operation: competition is intense, the stakes high, and individualism rewarded. Yet the industry has recently seen a marked increase in collaborative ventures. The post-crisis environment, with […]
Commerce, PayPal Join for New Data Insights (Aug. 17, 2015)
The U.S. Department of Commerce and PayPal are teaming up to help guide international strategy for small and midsize U.S.-based businesses by combining data generated by PayPal’s global payments networks with government-sourced economic data.
State Bank of India Poised to Launch ‘SBI Buddy’ M-Wallet (Aug. 17, 2015)
The State Bank of India this week enters India’s increasingly competitive mobile wallet field with “SBI Buddy,” an m-wallet enabling consumers to make purchases directly from participating merchants’ e-commerce offerings.
Digital drives hiring in marketing and sales at FS firms
The drive to digital and need to boost financial services brands is leading to increased demand for marketing and sales support staff and pushing up bonuses for people with the right skills.
Wide application for wearables in financial services industry
There has been hype around wearable technology for some time now but only now is it reaching market maturity with the introduction and subsequent adoption by consumers of smart watches and wristbands. Just as we saw with smart phones and tablets, consumer technology, in this case wearables, has the potential to have a huge impact on the business world. The implications for the financial services industry are significant
Fintech ‘unconference’ comes to New York
On 15 September, fintech firms BBVA Open Talent, Consult Hyperion, NYPAY and Next Bank NYC will present keynotes and discussions as well as twenty fintech start-up demos competing as part of the BBVA Open Talent competition.
