CFPB Hearing on Payday Lending (March 16, 2015)
The CFPB will be holding a field hearing concerning payday lending at noon EDT, Thurs., March 26, in Richmond, Va.
Worldwide
What is the role of social media in the financial services realm?
Social media has taken the world by storm over the past decade. Facebook, which is generally considered to be the “grandfather” of social media, was only founded 11 years ago, YouTube the next year and Twitter two years later
2015 Paybefore Awards: Best Travel Companion
Best-in-Category: STA ISIC Prepaid MasterCard CashCard from Tuxedo Money Solutions, STA Travel and ISIC
80% of banks to replace core systems “within five years”
Four out of five banks believe they will have to replace their core banking system in the next three to five years, with nearly 90% in favour of including SaaS or cloud based services as part of the infrastructure, according to a new survey of senior bank executives.
2015 Paybefore Awards: Best Health Benefits Delivery
Best-in-Category: The Alegeus Technologies Benefit Debit Card from Alegeus Technologies
Using technology to define e-payments
The current international payments market is hugely fragmented, with multiple networks and mechanisms operating independently of each other and it is clear that new market entrants have the opportunity to shape and define the future of this industry
Liquidnet beefs up European algo sales team
Global institutional trading network Liquidnet has hired Chris Jackson as European head of its Execution and Quantitative Services group. This new role will involve setting the strategic direction of the European trading desk and Algorithmic Services Group, as well as heading the sales effort for Liquidnet’s global algorithmic offering with European clients.
Viewpoint: All Payments Expo Leaves Us with Positive View of Industry Evolution
Following the All Payments Expo in Las Vegas, we continue to believe the payments industry is in the process of moving from the center of its own ecosystem to becoming a major component in another ecosystem—the consumer shopping experience.
Blog: More than 100 Banks under Silent Siege
Last month, the New York Times revealed that a group of hackers infiltrated more than 100 banks and e-payment systems worldwide. The attack is particularly disturbing because the attackers were able to avoid detection, even while ATMs were randomly dispensing cash, for two years.
Blog: Creating a Robust Card Data Security Strategy above and beyond PCI Compliance
While it’s important for merchants to comply with PCI standards, a comprehensive data security strategy requires more than PCI compliance. Merchants must move beyond a “moment in time” assessment and make security a daily consideration.
Banks warned to stay out of politics as state-sponsored cyber-attacks get personal
Bankers should watch what they say in public, or risk a devastating computer network attack on their business from state-sponsored hackers. This was the stark warning offered by speakers at the FIX Trading Community conference in London yesterday.
Meet Our Paybefore Awards Winners (March 11, 2015)
The celebration of Paybefore Awards winners continues.
Direct Express Earns High Marks from Cardholders; Treasury Shares Demographic Data (March 11, 2015)
The U.S. Treasury’s Direct Express prepaid benefit card program earned a 95 percent satisfaction rating from cardholders in 2014, marking the sixth consecutive year of near 100 percent customer satisfaction.
CFSI Report: Big Data Holds Big Potential for Financial Services Providers (March 11, 2015)
The Center for Financial Services Innovation (CFSI) has released a new report outlining ways big data can help financial services providers better serve their customers.
Etsy Patents Video-Streaming Shopping Service on Heels of IPO Filing (March 11, 2015)
Following last week’s IPO announcement, Etsy Inc., a Paybefore Award-winning online and offline marketplace for buying and selling homemade items and artisanal products, has received a patent on its method for video-streaming interactive shopping events.
2015 Paybefore Awards: Best Choice Retail Card
Best in Category: Walmart Closed Loop Gift Card from Walmart and First Data.
Regulations raise new questions about industry standards
Financial market regulations across the globe are increasingly focusing on risk management. This includes ensuring it is clear who firms are trading with and for, and confirming that firms can identify the instruments being traded. As a result, the field of reference data is increasingly held under the regulatory microscope and that lens extends to the standards used to identify financial instruments, writes Chris Pickles.
2015 Paybefore Awards: Top of Wallet
Best-in Category: Balance Financial Prepaid MasterCard from Walgreens, MasterCard Worldwide and Galileo
2015 Paybefore Awards: Outstanding Pay Solution – Platform
Best-in-Category: OceanPay Visa Prepaid Card from Brightwell Payments and The Bancorp
2015 Paybefore Awards: Outstanding Pay Solution – Program
Best-in-Category: Global Cash Card for Popeyes from Global Cash Card and MasterCard Worldwide
2015 Paybefore Awards: Top Motivator
Best-in-Category: Delta Air Lines Performance Pays Debit Card from Xerox, MasterCard Worldwide and Comerica Bank
Supreme Court: Regulators Can Change Rule Interpretations without Advance Notice, Comment Period (March 10, 2015)
The Supreme Court is backing the authority of regulators to reinterpret their own rules without seeking industry input.
CFPB Releases Arbitration Study; Considers Next Steps for Regulation (March 10, 2015)
The CFPB is considering next steps in weighing new regulations for arbitration agreements widely used in financial services businesses to settle consumer disputes, following today’s release of the 728-page “Arbitration Study: Report to Congress 2015.”
EU Passes Interchange Caps; Prepaid Businesses Must Look Elsewhere for Income (March 10, 2015)
The long road to interchange reform in the European Union has come to an end of sorts with passage of interchange caps today in the European Parliament.
Digitisation replaces regulation as top concern for retail banks
The need for a digital strategy has leapt to the top of retail banks’ agendas over the past year, replacing regulatory issues, as they look to fend of competition from tech and e-commerce rivals.
Velocimetrics doubles data capture rates for trading analytics
Real-time business performance monitoring and analysis specialist Velocimetrics has announced that its TipOff product can now capture network packets to disk at a sustained rate of 40 Gigabits/sec, almost double its previous performance.
Don’t be the slowest zebra in the herd
At lunchtime on the African savannah, you needn’t be the fastest zebra to survive –you need to avoid being the slowest. You can only be sure you’re not the slowest zebra if you can see what the rest of the herd are up to. Efforts in software security to share information on attacks, responses, and best practices are important to understanding what the herd is doing …
Experts: Cardholder Authentication Key to Stemming Apple Pay Fraud (March 9, 2015)
The Wall Street Journal reported last week that fraudsters were exploiting stolen credit card data to set up fake Apple Pay accounts and buying big-ticket items in Apple’s own stores and other retail outlets.
Despite 1 Million Cards on Apple Pay, Chase Sees ‘Need to Be Everywhere’ (March 9, 2015)
JPMorgan Chase isn’t putting all of its mobile payments eggs (or apples) in one basket.
Transfast Partners with Trio of Kenyan Banks for Same-Day Deposits, M-Pesa (March 9, 2015)
International money transfer company Transfast has announced partnerships with three of Kenya’s largest banks to speed up its services for sending and receiving funds across borders.
EBA Drawing Blueprint for SEPA-Wide Instant Payments (March 9, 2015)
EBA Clearing, a provider of European payment infrastructure solutions, is laying the groundwork for a Europe-wide instant payments processing service.
LMAX Exchange and Z.com Trade extend liquidity solution
A three-party alliance between alternative FX market LMAX Exchange, retail FX provider Z.com Trade and retail FX trading platform MT4 have built a combined liquidity pool, which aims to provide ‘last look’ liquidity to a wider market.
Securing the future of NFC?
Ever since the deployment of Apple’s NFC solution – ‘Apple Pay’, and the various competitors launches since, there’s been speculation around what the future holds for consumer payments and how security will impact it
Citi Mobile Challenge extends deadline
The Citi Mobile Challenge, which seeks to unearth innovation and developer talent in some of the most far flung reaches of globe in a bid to get the best talent to help change the way the world banks, has extended its registration deadline to allow more people to take part.
Financial services firms still cagey about cloud computing
Cloud computing is becoming more prevalent throughout the financial sector but many firms say they are less than halfway to having a firm cloud strategy in place, with controls and security remaining primary concerns.
Schulman: PayPal’s Open Platform Is Key to Success in Digitization of Money
Explosive developments in mobile commerce and payments will drive a level of disruption in the next three to five years unlike anything the financial services industry has seen before, Dan Schulman, incoming CEO of PayPal, forecast this week.
Blackhawk Boosts Wallet App with Gift Card Exchange, Scanning (Mar. 5, 2015)
Blackhawk Network Inc. is bolstering its mobile wallet app, adding a feature that will enable users to sell and exchange gift cards as well as the ability to scan physical gift cards to add them to the wallet.
Google Shuts Down Softcard (Mar. 5, 2015)
Google wasted no time shutting down Softcard after acquiring technology and intellectual property from the telco-backed mobile wallet last week.
Study: Prepaid Satisfaction High but Image Problem Persists (Mar. 5, 2015)
With plenty of room to further penetrate the market—40 percent of respondents had not used a prepaid card—survey results around willingness (or not) to recommend prepaid to a friend, suggest the industry may be suffering from a lingering image problem.
People on the Move: Brett King, Anthemis Group
Brett King is joining digital financial services investment and advisory firm Anthemis Group as a venture partner.
