CFSI, Core Study: Underserved Market Worth $89 billion in 2012 (Dec. 12, 2013)
The U.S. financially underserved market was worth $89 billion last year, according to a new study from the Center for Financial Services Innovation (CFSI).
Worldwide
PreCash’s Evolve Money Adds Card Funding Option; Gen Y Driving Mobile Bill Pay (Dec. 12, 2013)
PreCash is expanding its Evolve Money online and mobile bill pay app by enabling customers to pay bills using debit and prepaid cards, in addition to cash.
Square Adds Talent with Two Acquisitions; Streamlines Card Reader (Dec. 12, 2013)
Square Inc. has stuffed its stocking in recent days with a few key acquisitions primed to enrich consumers’ use of the mobile payments app for everyday activities.
Regulatory Almanac Part 2: 10 Things to Look Out for in 2014
With new arrivals from big names including FATCA, MiFID, Dodd-Frank and the AIFMD, 2014 is set to be another eventful year in the regulatory space. So what are our Top 10 predictions?
Bitcoin boom prompts banking dilemma
Bitcoin is more traceable but less regulated, less expensive but more volatile, and more decentralised but less accountable, than a regular currency. Feeling confused? That’s not the half of it, according to Ernst & Young.
Shorter Holiday Shopping Season Could Mean Stronger E-Gift Card Sales
Gift cards will rule again as consumers’ top holiday gift choice in 2013, and a shortened holiday shopping season could benefit increasingly popular e-gift cards.
Regulatory Almanac Part 1: Top 10 Events of 2013
With no fewer than 70,000 pages of regulation, and some record fines, 2013 will be a year to remember (or possibly to forget) for many financial services professionals
People on the Move: Glenn Bogan and Bill Shepp, Allied Payment Network
Allied Payment Network, a Fort Wayne, Ind.-based provider of online bill payment services to the financial industry, has hired two industry veterans to join the company’s executive team.
People on the Move: Ruben Corona, 3PEA International Inc.
3PEA International Inc., a Henderson, Nev.-based prepaid processor and program manager, has hired Ruben Corona as vice president of sales and strategy.
Companies on the Move: CPI Card Group, Center of Excellence Recognition
Littleton, Colo.-based card producer CPI Card Group has received a Center of Excellence award by the Smart Card Alliance.
Companies on the Move: Fiserv Inc., Mobile Payments Awards
Fiserv Inc., a Brookfield, Wis.-based financial services technology provider, recently announced that its Popmoney P2P payments service has taken top honors at the Mobile Money Global Awards and the Mobile Excellence Awards.
People on the Move: Douglas J. Hajek, E. Thurman Gaskill and Frederick V. Moore, Meta Financial Group Inc.
Meta Financial Group Inc. (MFG), the holding company of MetaBank, has announced the addition of Douglas J. Hajek to its board of directors, and the retirement of E. Thurman Gaskill.
Company on the Move: Paul Hastings LLP, U.S. Innovative Lawyers Report
Paul Hastings LLP has placed second this year among the top 40 most innovative law firms in the Financial Times’ “U.S. Innovative Lawyers” report.
People on the Move: Carl J. Williams, Planet Payment Inc.
Planet Payment Inc., a Long Beach, N.Y.-based payments processor, has appointed Carl J. Williams president.
People on the Move: Saleh I. Al-Furaih, Prepaid International Forum Middle East
International nonprofit trade association Prepaid International Forum (PIF) announced that Dr. Saleh I. Al-Furaih, head of consumer asset business at Al Rajhi Bank, has been appointed chairman of PIF’s Middle East chapter.
People on the Move: Chris Harvey, The Members Group
The Members Group, a Des Moines, Iowa-based card processing and payment solutions provider, announced that Chris Harvey, executive assistant to the TMG CEO, has been named vice president of the Des Moines, Iowa, chapter of the Executive Women International board of directors.
People on the Move: Andrew Mathieson, TSYS
TSYS, a Columbus, Ga.-based processor, has announced the promotion of Andrew Mathieson to group executive of relationship management.
People on the Move: Sébastien Motte, Virtual Piggy Inc.
Virtual Piggy Inc., a Hermosa Beach, Calif.-based provider of e-commerce solutions enabling children to manage and spend money within a parent-controlled environment, has appointed Sébastien Motte to lead business development in the gaming sector for the company.
People on the Move: Rajat Taneja, Visa Inc.
Visa Inc. has appointed Rajat Taneja executive vice president of technology.
People on the Move: Tim Armandpour, Colleen Lindow and Christopher McLaughlin-Brooks, YapStone
YapStone, a Walnut Creek, Calif.-based provider of Web and mobile payment solutions, recently announced several high-level appointments.
PayPal President Plans Consumer Marketing Push; Gives Nod to Bitcoin, Frowns on NFC (Dec. 10, 2013)
PayPal is bullish on Bitcoin, negative on NFC and ready to begin a major marketing push of the company’s buildup of mobile payment technology at the POS, according to David Marcus, PayPal president.
Payments Startup Clinkle Sheds Quarter of Staff (Dec. 10, 2013)
Clinkle Corp., the darling of investors and the media in recent months, appears to have hit some potholes on the road to launching a payment app that reportedly enables users to transfer funds between individuals and groups, and emphasizes social media.
Be Kiind: Digital Gift Card Senders Only Pay if Card is Redeemed (Dec. 10, 2013)
Digital gift card provider Kiind has found a way to make hay from the fact that about 10 percent of gift cards go unredeemed.
Fortumo Takes Mobile Billing to 4th-Largest Consumer Market (Dec. 10, 2013)
Mobile carrier billing company Fortumo today is launching mobile operator billing in Indonesia, the fourth-largest country in the world by population.
Manpower sees growth in UK financial sector jobs
According to Manpower, one of the largest personnel firms worldwide, job prospects in the UK finance sector “look strong heading into 2014 with a Net Employment Outlook of +10%”.
The joy of Basel III
Basel III has transformed liquidity risk management departments into glorified regulatory functions, according to a new report by analyst firm Celent. As if this good news was not enough to be getting on with, the research house also inevitably concludes that banks will have to change their risk data, models, appetite, organisational and analytics frameworks too.
Relieving the pain and expense of compliance data management
The data management aspects of compliance can run into tens of thousands of man-hours per institution, each year. Firms have to adapt and find new techniques to manage this increasing burden.
Mizuho International revisits reference data risk
Wrapping up all of the reference data a large global bank needs and making sure it is standardised, automated and ready for the regulator is a big task. Japanese bank Mizuho International has just installed an EDM service from vendor Golden Source, which it says will help to support trading and satisfy the regulator.
Most U.K./U.S. Consumers in the Dark about NFC, Surveys Suggest (Dec. 9, 2013)
Surveys suggest that U.S. and U.K. consumers don’t know much about NFC and don’t care.
ExxonMobil, Rite Aid Join MCX as 50-Plus Merchants Sign On (Dec. 9, 2013)
The retailer-led mobile payment consortium Merchant Customer Exchange (MCX) today announced ExxonMobil has joined its ranks, along with Rite Aid Corp., supermarket chain Giant Eagle and the convenience store chain Kum & Go.
Surveys Say: Consumers Want Small-Dollar Loans (Dec. 9, 2013)
Last week was a busy one for the payday loan industry. On Tuesday, New York’s Department of Financial Services (DFS) sent subpoenas to 16 online “lead generation” firms suspected of deceptive or misleading marketing of illegal, online payday loans in New York. On Wednesday, two new reports were released examining small-dollar lending.
Brisk Holiday Sales in U.S. and Canada (Dec. 9, 2013)
Year-over-year retail sales have been brisk between Thanksgiving and Cyber Monday in the U.S. and Canada, according to payment processors First Data Corp. and Moneris Solutions Corp.
Fed Issues Guidance on Managing Outsourcing Risk (Dec. 9, 2013)
The Federal Reserve has issued guidance on managing outsourcing risk to assist financial institutions with understanding and managing the risks associated with outsourcing bank activity to a service provider.
Caplin targets regional banks with FX platform as a service
Smaller regional banks may want a single-dealer FX platform; unfortunately, they’re not cheap, so UK technology company Caplin Systems is targeting regional banks that want a single-dealer FX platform without building it themselves.
Locks on the door “aren’t enough” to fight financial crime says Fiserv
Financial crime specialist Fiserv has just launched its Financial Crime Risk Management platform, which aims to help financial institutions to ward off financial crime and slash their risk.
BIAN adds first Middle East member
The Banking Industry Architecture Network has gained its first member in the Middle East with the addition of Commercial Bank of Qatar to its roster.
McObject hires Hillier-Brook as European rep
US data management company McObject has appointed Ian Hillier-Brook as its representative in the UK and Europe.
Chase Says Cardholder Data May Have Been Exposed to Hackers (Dec. 5, 2013)
JP Morgan Chase & Co. has notified 465,000 holders of prepaid cards issued by the bank that some of their personal data may have been exposed to hackers after its systems were breached last summer.
PayPal Inks Acceptance Deal with M-POS Provider PayAnywhere (Dec. 5, 2013)
Mobile POS provider PayAnywhere has struck a deal to enable its merchant clients to accept payments via PayPal’s payment card.
Chinese Officials Ban FI Use of Bitcoin (Dec. 5, 2013)
Chinese officials today have banned financial institutions in the country from using Bitcoin as currency, asserting that bitcoins are merely virtual goods that have no status as legal tender.
