Capital markets big data ‘still at an early stage’ says Thomson Reuters
Most capital markets firms are still not using big data and even those that do often lack a concerted strategy, according to a new report commissioned by Thomson Reuters.
Worldwide
Ready for the ‘summer of 39’ aftermath?
This summer, regulatory pressure on financial services firms has ratcheted up to unprecedented levels. Many may have breathed a sigh of relief as Dodd-Frank rule-making slowed … but the respite was only fleeting. Since July, the industry has been bombarded with 39 new consultation papers in the EU and UK alone
FinCEN Urges Culture of Compliance among FIs, Issues Advisory (Aug. 12, 2014)
FinCEN is urging financial institutions to foster a culture of compliance with Bank Secrecy Act/Anti-Money Laundering (BSA/AML) rules and has issued an advisory explaining how basic principles can strengthen compliance within organizations.
CFPB Soliciting Complaints about Digital Currency (Aug. 12, 2014)
It isn’t just complaints about prepaid card products that the CFPB is trawling for.
USPS Loses Nearly $2B in Q2, Could Banking Services Stop the Bleeding? (Aug. 12, 2014)
The U.S. Postal Service (USPS) on Aug. 11 posted a net loss of $2 billion for the quarter ended June 30, 2014, compared with a net loss of $740 million for the same period a year ago, increasing pressure on the beleaguered organization to find new sources of revenue.
MasterCard, First Data Enhance Card Controls for Asia-Pacific Customers (Aug. 12, 2014)
MasterCard and First Data Corp. today announced a partnership to extend MasterCard’s inControl product for managing card spending to First Data’s customers in Asia Pacific, to enhance their growing use of payments cards for e-commerce purchases.
Don’t drown in over-regulation
It should be no shock that the risk for banks of being caught-out for non-compliant activity has soared in recent years in the wake of the global financial crisis of 2008. Banks are being monitored more closely now than ever before and it’s been difficult to escape without scrutiny or a heavy reputational impact.
CFPB Eyes the Big Ten (Aug. 11, 2014)
The CFPB is focusing on universities in the Big Ten Conference to see if these schools, some of the largest in the U.S., have appropriately disclosed their agreements with financial institutions regarding the financial products they offer their students. “Making these agreements available for all financial products shows schools’ and companies’ commitment to transparency, helping […]
PayPal Rebrands Credit Service, Eyes Offline Expansion (Aug. 11, 2014)
PayPal Inc.’s recent rebranding of its Bill Me Later service is part of an effort to bring credit more to the forefront of its business and continue its expansion into offline payments, according to the company.
New App Option a Clue to Twitter e-Commerce Plans? (Aug. 11, 2014)
Rumors of Twitter’s imminent entry into e-commerce got more fuel last week, when some users of the company’s Android app noticed a new “Payment & Shipping” option.
Card use extending to smaller purchases as contactless catches on
Growth in the volume of debit and credit card purchases in the UK continues to outstrip the growth in value as consumers use their cards more frequently for lower value payments. A threefold increase in contactless payments was a factor in the trend.
Meta Out from Under Consent Order (Aug. 8, 2014)
MetaBank has been released from its Consent Order by the Office of the Comptroller of the Currency (OCC), according to an announcement by the bank’s parent company, Meta Financial Group.
Growing RDC, Mobile Wallet Business Bolsters Cachet IPO (Aug. 7, 2014)
Capitalizing on its recent high-profile moves in the mobile banking space, Cachet Financial Solutions netted nearly $6 million in its Initial Public Offering last month.
FTC: Apps Must Provide More Consumer Info before Download (Aug. 7, 2014)
Many mobile apps used for shopping don’t provide consumers with enough information before they download them to their smartphones, according to the FTC.
New Payroll Law in Illinois Effective Jan. 1, 2015 (Aug. 7, 2014)
Paybefore typically confines discussions about state legislative and regulatory activity to the State Tracker section of Pay Gov. But after we published Pay Gov yesterday, Illinois passed a law that explicitly allows payroll cards in the state, subject to certain conditions.
SEPA Standards Take Effect in Europe (Aug. 7, 2014)
Cross-border payments in the Eurozone have reached a milestone, with Aug. 1 marking the migration deadline for all credit and direct debit transfers to comply with Single Euro Payments Area (SEPA) requirements.
Viewpoint: Why HCE is an Acronym You Need to Know
HCE moves payments credentials to the cloud, which could radically speed up mobile payments development. Analyst Sarah Grotta believes HCE also offers compelling leadership opportunities for prepaid card issuers.
Viewpoint: Jack Ma and the Discovery of Billions
Alibaba Group’s $7.5 billion empire lurks like a crocodile waiting to strike its next opportunity. What does the Chinese giant’s appetite mean for the worldwide payments industry?
Money20/20 lays down 36-hour FinTech developers’ challenge in Las Vegas
FinTech developers, designers and entrepreneurs are being challenged to a 36-hour development tournament in the days leading up to this year’s of the Money20/20 event in Las Vegas in November.
People on the Move: Tom Iler and Paul Wakolbinger, Billtrust
Billtrust, a Hamilton, N.J.-based provider of outsourced billing services, has hired Tom Iler as chief information officer and Paul Wakolbinger as senior vice president of sales.
People on the Move: Andrew Copeman, Aite Group
Andrew Copeman has joined Aite Group as an analyst on the retail banking team.
People on the Move: Josh Flowers and Ajaykumar Gopal, CARD.com
CARD.com, a mobile-focused financial product provider, has hired Josh Flowers as chief financial officer. The company also has promoted Dr. Ajaykumar Gopal to vice president of growth and data science from director of data science and analytics.
People on the Move: Mike Fisher, CPI Card Group
Littleton, Colo.-based card producer CPI Card Group announced that Mike Fisher has joined the company to lead its EMV Field Support Team, and he will provide guidance in the migration to EMV in the U.S for CPI’s customers.
People on the Move: Melanie Barker, The Members Group
Des Moines, Iowa-based payments processor The Members Group has appointed Melanie Barker chief operating officer and executive vice president.
People on the Move: Brian Cornell, Target Corp.
Target Corp. announced that its board of directors has named 30-year retail and consumer products veteran Brian Cornell as the company’s next chairman of the board and CEO, effective Aug. 12, 2014.
UK looks to cryptocurrencies and FinTech to boost economy
The UK Government is to examine the potential of digital currencies as positive force in the wider economy and as a means of encouraging innovation in financial services.
Blackhawk, Barclays to Launch Pingit Gifting Feature (Aug. 5, 2014)
Blackhawk Network today announced a partnership with U.K.-based Barclays Bank PLC to launch an e-gifting feature for Barclays’ Pingit mobile banking service, enabling consumers to purchase an e-gift for themselves or someone else using their mobile devices.
American Express Begins First HCE Test (Aug. 5, 2014)
American Express has begun testing host card emulation (HCE) technology for mobile NFC payments at POS terminals in Croatia.
CFPB: Small-Dollar Overdrafts Are Big Problems for Some (Aug. 5, 2014)
Debit card-initiated overdrafts are leading to disproportionate charges for cardholders, with fees often larger than the overdraft amount, according to a new report by the CFPB.
Token Efforts on Security Are More than Gestures
As consumers and merchants embrace card-not-present (CNP) transactions, such as online and mobile payments, the industry is looking for ways to further secure these channels.
Diebold: on the comeback trail
After a decade of being the ATM maker you’ve never heard of, Diebold is returning to Europe and a year into his tenure as president and chief executive at the firm, Andy Mattes thinks that the company’s profile is about to change.
Best execution failures: there’s blame on both sides
A Financial Conduct Authority investigation that found banks and brokers are failing to provide best execution highlights the need for more responsibility and education among their buy-side customers.
Merchants Cautioned on New POS Malware Threat (Aug. 4, 2014)
Federal officials are warning retailers about a new form of malware that hackers could use to access POS systems and steal consumer data.
CFPB Launches Financial Education Program (Aug. 4, 2014)
The CFPB has launched a program for low-to-moderate income consumers that includes counseling from national and local social services staff and a Website featuring financial education tools.
Square Announces Plans for EMV Chip Reader (Aug. 4, 2014)
Square, the San Francisco-based mobile card reader provider, will be releasing a new card reader enabling merchants to use their mobile devices to accept payments from cards that are EMV-enabled.
Retail Groups Call for Open Tokenization Standards (Aug. 4, 2014)
U.S. merchant groups have banded together to call for open standards for tokenized payments, to be managed by an independent body.
“Cambrian explosion” of data costs banks dear
The rising volume of market data is comparable to the Cambrian Explosion in which the number of species on Earth dramatically increased around 542 million years ago. Banks will have to adjust to this deluge of data if they are to keep pace with aggressive new competitors.
Starbucks Plans Further Jolt for Mobile (July 31, 2014)
Starbucks has racked up nearly 12 million active monthly users for its mobile app, which processes 6 million transactions a week—and the company is looking to build upon that success, according to CEO Howard Schultz.
CardCash.com Acquires Plastic Jungle (July 31, 2014)
CardCash.com, a Brick, N.J.-based marketplace for secondary gift cards, today announced it has acquired the assets of gift card exchange Website Plastic Jungle.
Research: FIs Don’t Need to Wait to Capitalize on M-Payments (July 31, 2014)
Financial institutions can capitalize now on mobile payments opportunities until the market for mobile payments at the POS matures, according to a white paper by Fiserv Inc., a Brookfield, Wis.-based financial services technology provider.
