CPI Card Group to Acquire EFT Source (Aug. 26, 2014)
Littleton, Colo.-based card producer CPI Card Group is acquiring EFT Source, a provider of card programs and personalization services for the financial payments industry.
Worldwide
NACS Merchants Challenge Fixed Cost Component, Relent on Network Routing (Aug. 25, 2014)
The merchant groups embroiled in a long-running legal battle over debit interchange fees have petitioned the U.S. Supreme Court to review the case on the grounds that the Federal Reserve improperly took into account certain costs incurred by card issuers when calculating debit interchange fee limits. However, the retailers have not challenged a separate rule governing the number of unaffiliated debit card networks that must be available for debit and prepaid card transactions, which is good news for card issuers because it gives much longed-for certainty around a challenging issue.
CBA Takes Umbrage with CFPB’s ‘Vague Allegations’ (Aug. 25, 2014)
The Consumer Bankers Association is taking umbrage over what it says are vague allegations by the CFPB’s private education loan ombudsman regarding agreements colleges and universities have with financial institutions to provide financial products to students.
More Time to Comment on N.Y.’s Bitlicense Proposal (Aug. 25, 2014)
In the wake of a flood of interest in a regulatory framework for digital currency companies proposed by New York State’s Department of Financial Services, the DFS has doubled the length of the comment period to 90 days.
Should banks consider domestic payments schemes?
Domestic card schemes have traditionally partnered with MasterCard and/or Visa in an arrangement that leaves the domestic player handling the local transactions and their international partner facilitating and controlling the international business. Should banks work with both or just partner with one of the international schemes?
Viewpoint: Finding the Genius in Mobile Payments
The available technologies that will make payments simpler, cheaper and seamless, and will therefore drive mobile payments, aren’t going away.
Viewpoint: Gift Card Evolution, Not Revolution
Digital gift cards bring depth, not disruption, to gift card product lines.
Viewpoint: Attention Banks and Vendors: Don’t Forget the Contract
For banks and their third-party vendors, it’s crucial to have a solid contract. Or, at least it’s crucial if they want to avoid the ire of regulators and fines that could reach into the billions.
Viewpoint: The Case for Gift Card Exchange
Gift card exchanges play a key role in connecting motivated shoppers with retailers and driving incremental sales, according to survey data from Blackhawk Network. Consumers say they’d like to see more retail locations add gift card exchanges.
Blog: Emerging Trends in Prepaid Card Fraud
Fraudsters are ingenious at finding cracks in the bulwark against prepaid card fraud, but industry cooperation can blunt their effect with strategic practices that are surprisingly easy to implement.
Trading automation, regulations, and systemic risk
The financial services industry has always pursued technical supremacy. But after years of financial crisis and attempted reforms to improve the transparency and understanding of risk exposure in financial services, we seem as much in the dark as ever …
PayPal, Braintree Rolling Out ‘One Touch’ Mobile Payment Service (Aug. 20, 2014)
PayPal and Braintree, which is part of PayPal’s business unit, are rolling out the One Touch mobile payment solution, which will enable consumers to make purchases on their mobile devices from PayPal merchants with one touch of the screen, rather than entering user IDs, passwords and payment card information.
Merchants Petition Supreme Court in Debit Interchange Case (Aug. 20, 2014)
A group of merchant associations this week petitioned the U.S. Supreme Court to review a March decision by the U.S. Court of Appeals for the District of Columbia.
M-Pesa Slashes Fees as Possible Rival Emerges (Aug. 20, 2014)
Users of Kenya’s popular M-Pesa P2P payments platform can send funds at lower costs now that telecom provider Safaricom has slashed transaction fees for most transfers by more than two-thirds.
People on the Move: Jon Round and Terry Murray, CARD.com
CARD.com, a mobile-focused financial product provider, has hired Jon Round as chief operating officer and Terry Murray as head of prepaid operations.
People on the Move: Jamie Topolski, Fiserv Inc.
Fiserv Inc., a Brookfield, Wis.-based financial services technology provider, has named Jamie Topolski director of alternative payment strategies, output solutions.
People on the Move: Martha Weaver, Gift Card Network
The Gift Card Network, a gift card-specific marketing and collaboration platform, has named Martha Weaver director.
People on the Move: Maurice Cleaves, The Payments Council
The Payments Council, a U.K.-based payments industry association has appointed Maurice Cleaves interim CEO, effective Nov. 3, 2014.
People on the Move: Marcell L. King, Payveris
Payveris, an online and mobile payments company, has announced plans to create a merchant solutions division, which will be led by payments industry veteran Marcell L. King as president, merchant solutions.
DHgate Becomes First Chinese Merchant to Deploy MasterPass (Aug. 19, 2014)
Beijing-based e-commerce platform DHgate is integrating MasterCard’s MasterPass online payment service to simplify online purchasing for customers.
Global Payout to Acquire M-Payments Provider Focused on Underserved (Aug. 19, 2014)
Global Payout Inc., an electronic payment and prepaid solutions provider, today announced plans to acquire Maxie Mobile LLC, a global mobile payments provider focused on the underserved.
SumUp Nets New Funding for mPOS Expansion (Aug. 19, 2014)
European mPOS provider SumUp has landed a new investment of more than $10 million to expand operations, including propelling adoption of its recently launched chip and PIN card reader.
QR Code Patent Latest Clue on Apple’s Mobile Wallet Plans
Details of Apple Inc.’s mobile wallet plans continue to trickle out, with the latest clue found in a patent filing that illustrates a QR code. Published late last month, the application describes a parental control system that would enable parents to control payment authorization on their children’s mobile devices.
PCI Council: Merchants Should Scrutinize Vendors’ Data Security
The Payment Card Industry Security Standards Council has issued new guidance to help merchants ensure that third-party providers have implemented sufficient security measures to protect shoppers’ payment card data.
FIS Providing Services for Univision MasterCard Prepaid Card
Spanish-language media company Univision has chosen payment technology supplier FIS to provide end-to-end prepaid services for the Paybefore Award-winning Univision MasterCard Prepaid Card.
Heartland Acquires mPOS Tablet Maker Leaf
Heartland Payment Systems has acquired Leaf, creator of an mPOS tablet, a deal the payments processor said demonstrates its commitment to providing resources and support for small- to medium-sized businesses.
FIX may yet be the Alpha and Omega of post-trade messaging
Capital markets participants may be able to achieve significant cost savings by making greater use of the FIX Protocol, according to a new study by post-trade specialists Alpha Omega Financial Systems.
FX industry calls for greater accountability on IBOR benchmarks
ACI, the foreign exchange industry body, has called for the adoption of a new Model Code for sell-side and buy-side firms on financial benchmarks, to harmonise codes of conduct and prevent a recurrence of the Libor and other recent rate fixing scandals.
FleetCor Acquires Comdata for $3.45 Billion (Aug. 15, 2014)
Corporate payments provider Comdata Inc. has been acquired for $3.45 billion by FleetCor Technologies Inc., a global provider of fuel cards and other workforce payments.
A Sad Goodbye to Terry Maher, One of the Industry’s Good Guys
On Aug. 12, we lost a dear colleague, friend and frequent contributor to Paybefore.
Smart Card Alliance: HCE Unlocks NFC Potential, Poses Hacker Risks (Aug. 14, 2014)
Host card emulation (HCE) unlocks the potential for NFC to expand mobile payments by making them more convenient and consumer-friendly, but developers must proceed with caution because of various security risks HCE poses, according to a new white paper from the Smart Card Alliance.
575 Million EMV Cards by End of 2015, Says Group (Aug. 14, 2014)
More than 575 million payment cards in the U.S. will be equipped with EMV chip security technology by the end of 2015, according to the latest projections from an industry group managing EMV implementation.
Consumers in 190 Countries Can Use Payza to Buy Bitcoin (Aug. 14, 2014)
Payza, an online payment processing and e-wallet services provider, announced that customers in 190 countries can now buy bitcoins from their Payza account and then transfer the digital currency into their Bitcoin wallets.
Indian E-Gifting Platform Adds Pair of Leading Retailers (Aug. 14, 2014)
Electronic gifting is growing in India, where retailers have adopted e-gifting to drive sales and increase brand awareness.
Revitalizing Reloads
By Loraine DeBonis, Editor-in-Chief Options are exploding for prepaid cardholders with swipe, no-cost and mobile reloads making it easier than ever to spin cash into digital gold. Turning cash into an electronic form of payment is undergoing a bit of a renewal. With mobile deposit, unprecedented partnerships, free options and new uses for reload networks—from […]
More Lawmakers Try to Influence DOE on Campus Card Rules (Aug. 13, 2014)
Letter writing among U.S. lawmakers has been fast and furious lately as they try to influence how the U.S. Department of Education handles new rules governing universities’ and colleges’ arrangements with financial service providers that deliver financial aid dollars.
Amazon Dives into mPOS Market (Aug. 13, 2014)
There’s a new player in the mPOS arena—and it’s a heavyweight.
The Small Business Opportunity for Digital Banking (Aug. 13, 2014)
Financial institutions looking to attract and retain small business customers can do so by beefing up their digital banking services, according to a new white paper from Fiserv.
paysafecard Debuts Prepaid MasterCard (Aug. 13, 2014)
Online payment voucher provider paysafecard has launched a new prepaid MasterCard, giving customers of the Vienna-based company a way to pay for offline purchases, as well.
Open plan development: collaboration in retail banking
One of the most distinguishing features of the current wave of financial innovation is how the innovators are often not banks, but small fintech firms often led by former bank employees.
