People on the Move: William Lamar Jr., Sionic Mobile Board
Sionic Mobile, an Atlanta-based m-commerce company providing mobile gifting, payments and rewards, named William “Bill” Lamar Jr. to its board of directors.
Worldwide
Meriton takes long-term view as GoldenSource appoints new head
Mike Meriton, long-term chief executive at enterprise data management specialist GoldenSource, has stepped aside to make way for a new occupant of the post, John Eley.
Blog: 2014—Diversification for E-Money
2014 is shaping up to be a big year for e-money and those players with the ability to spot opportunities (think loyalty and mobile), and the agility to react to them, will increase market share and thrive.
“Unbanked banks” suffer from tougher KYC rules
Senior transaction banking executives have called for a political discussion to resolve the issue of emerging market access to banking services caused by the reduction of the correspondent banking services network.
Durbin/NACS Oral Arguments: Appellate Court Expresses Skepticism
A ruling from the circuit court could be issued within the next 30 to 60 days.
Mobile Solutions Can Assist Underbanked Consumers
According to a report from the Federal Reserve Bank of Boston, innovative mobile banking features can help underserved consumers obtain safe, secure and convenient options that foster financial inclusion.
Retailer Group to Appeal Card Fee Settlement
In the latest development of the ongoing credit card interchange fee dispute between merchants and Visa and MasterCard, the National Retail Federation (NRF) has appealed a $5.7 billion settlement with the payment card networks.
Growth under threat from new Basel III, EMIR, Dodd-Frank regs
Regulation is driving a structural shift away from capital markets and investment banking towards transaction banking – but even this hint of opportunity could be under threat, according to senior financial services panellists speaking at the BAFT IFSA conference in London this week.
U.S. Appeals Court Panel Hears Arguments on Interchange Rate-Cap Dispute (Jan. 21, 2014)
Three judges for the U.S. Court of Appeals in D.C. convened last Friday to ask questions of lawyers representing debit card issuers, the Federal Reserve and merchants, as the panel weighs the Fed’s appeal of a lawsuit vacating its rule capping debit interchange rates at 21 cents in 2011, in accordance with the Durbin Amendment in the Dodd-Frank Act.
Border Arrests Believed to Be Linked to Target Data Breach (Jan. 21, 2014)
The Target stores data breach that occurred during the holiday shopping season and affected millions of Target shoppers continues to make headlines as police made two arrests at the Texas-Mexico border.
Visa’s V.me Nears Full Commercial Rollout, Adding Countries and Merchants
As the push to minimize steps for consumers inputting card data when making online and mobile purchases gathers steam, competition among digital wallets is intensifying.
Getting personal: banks must brace for change
Major global banks need to grasp social networks, cloud computing, user-generated content, personalisation, contextual information and gamification if they are to maintain a competitive edge and stay connected with customers. But they also need to ensure their innovations are transmitted thoroughly to all employees, according to panellists at the BAFT IFSA conference in London on Monday.
Standards: the middle way
The financial services sector may be heavily regulated, but it is poorly standardised. A British Standards Institute-led initiative to drive more adoption of voluntary standards could reap considerable benefits for the industry.
Cost of KYC too high says Swiss start up
The rising cost of KYC at global banks is threatening to disconnect smaller regional banks and even entire countries, according to Joachim von Hänisch, head of Swiss start-up company KYC Exchange, which plans to launch next Wednesday.
Capital markets on a firmer footing for 2014
Following the tumultuous change that came in the wake of the subprime crisis, capital markets firms have yet to regain a strong foothold but 2014 is showing increasing evidence of a shift to a higher gear.
PayPal Unveils Plans to Streamline Payment Process Online and In Stores (Jan. 16, 2014)
PayPal is vowing to make it simpler for consumers to use its brand.
MasterCard Makes another Stride in Africa with Ecobank Licensing Pact (Jan. 16, 2014)
MasterCard has finalized a licensing deal with pan-African banking group Ecobank under which the bank’s customers will have access to MasterCard’s payment solutions.
As Customers Move to Mobile, BofA to Shutter More Branches (Jan. 16, 2014)
Bank of America may close up to 150 branches by the end of the year as the bank’s heavy investment into mobile banking continues to bear fruit, the company said.
TD Bank Launches Teen Card (Jan. 16, 2014)
TD Bank, the Cherry Hill, N.J.-based subsidiary of The Toronto-Dominion Bank, has launched a Visa-branded GPR prepaid card for teenagers—giving them the ability to make purchases in stores and online and enabling parents to track spending and set limits.
i2c to Provide Processing for New Japan Prepaid Card (Jan. 15, 2014)
Prepaid processor i2c Inc. will launch a new prepaid card in Japan in partnership with Shinsei Bank and CardFlex Japan, a subsidiary of Japanese electronics and media retailer Tay Two Corp.
Transit Systems in Washington D.C., Chicago Testing NFC Payments (Jan. 15, 2014)
Contactless transit payment is coming to the nation’s capital.
Five U.K. Banks to Offer Zapp’s Mobile Payments Service (Jan. 15, 2014)
Zapp has partnered with five banks in the U.K. that have approximately 18 million customers combined to provide the financial institutions with its mobile payments service.
Treasury Solicits Vendors for Direct Express Debit Card Contract Expiring in 2015 (Jan. 14, 2014)
One of the largest prepaid programs in the U.S. has an RFP out for issuers.
Alibaba Nixes Bitcoin; Canada to Demo Gov’t-Backed Digital Currency (Jan. 14, 2014)
Digital currency continued to receive a hot-and-cold reception around the world this week, with Chinese e-commerce provider Alibaba banning Bitcoin payments, just as the Royal Canadian Mint prepared to demo a digital currency of its own.
Better ATM Services Expands Reseller Network in California (Jan. 14, 2014)
Better ATM Services today announced a reseller agreement with Advanced Network Inc., in which ANI becomes a member of Better ATM Services’ reseller network.
An Inside Look at the CFPB (Jan. 14, 2014)
As the payments industry awaits new rules on GPR prepaid cards set to be issued by the Consumer Financial Protection Bureau in May, an in-depth piece in Sunday’s Washington Post offers a fascinating look at the inner workings of the agency—and valuable insights into the CFPB’s origins, culture and motivations.
2013 Holiday Sales Tick Up in U.S. and Canada (Jan. 13, 2014)
The 2013 holiday shopping season generated brisk sales figures in the U.S. and Canada, according to newly released reports from both sides of the border.
Scope of Target Data Breach Widens; Neiman Marcus Also Hit (Jan. 13, 2014)
The scope of the data breach Target Corp. initially disclosed last month has expanded from 40 million credit and debit card customers to as many as 70 million more Target customers whose names, mailing addresses, phone numbers or emails may have been exposed, the retailer said on Jan. 10. The second set of data, which […]
RBC, Bell Wallet Now Live in Canada (Jan. 13, 2014)
Royal Bank of Canada and telecom provider Bell Canada have gone live with a mobile payment system that enables RBC customers to make purchases online and in stores using NFC-compatible smartphones over Bell’s mobile network.
People on the Move: Laurie Minarik, The Members Group
The Members Group, a Des Moines, Iowa-based card processing and payment solutions provider, announced that Laurie Minarik has been named senior director of client relations.
People on the Move: Mark Miller and Pete Sinisgalli, Billtrust
Billtrust, a Hamilton, N.J.-based provider of outsourced billing services, announced the addition of Mark Miller, chairman and CEO of consumer digital services company Allconnect, and Pete Sinisgalli, director of supply chain solutions provider Manhattan Associates, to its board of directors.
People on the Move: Kamran Zaki, Adyen
Adyen, an Amsterdam-based provider of international and multichannel payment solutions, has appointed Kamran Zaki president of Adyen North America.
Breaking News – Sen. Warner Introduces Bill Targeting Prepaid Card Fee Disclosures (Jan. 10, 2014)
Expected by the payments industry for weeks, U.S. Sen. Mark R. Warner (D-Va.) yesterday introduced a bill calling for banks to “more fully disclose the hidden fees often charged for the use” of prepaid cards.
Breaking News – Chase to Exit Corporate, Public Prepaid (Jan. 9, 2014)
JPMorgan Chase & Co. is seeking to exit the corporate and public prepaid sectors.
Breaking News – U.K.’s O2 Wallet Shuts Down after 18 Months (Jan. 9, 2014)
O2 Wallet, which made a splash when it launched in April 2012 as the U.K.’s first mobile wallet, is shutting down after just 18 months.
PayPal in Asia Launches ‘mo.bi.pay’ Website Checkout Feature for SMBs (Jan. 9, 2014)
PayPal is making it easier for small and midsize businesses to add mobile payment capabilities to existing Websites with mo.bi.pay, a new service announced this week.
Sluggish Transition Leads to SEPA Deadline Extension (Jan. 9, 2014)
The European Commission today has announced a six-month grace period from the Feb. 1 migration deadline for electronic payments that don’t meet Single Euro Payments Area (SEPA) requirements.
Singapore Issues Bitcoin Tax Guidance (Jan. 9, 2014)
Another day, another government weighing in on the ongoing Bitcoin brouhaha.
Card Manufacturer TCT Lands £3.2 Million Infusion to Grow Operations (Jan. 9, 2014)
Thames Card Technology Ltd. (TCT) has landed a capital infusion of £3.2 million (US$5.3 million) to expand its operations.
Industry Views: Trends and Resolutions for 2014 (Part 1 of 2)
To kick off 2014, we asked payments industry thought leaders in the U.S. and Europe to reflect on the year that turned out not to be the “Year of NFC” and to look ahead at what will dominate prepaid and emerging payments for the next 12 months. We also asked them what the industry’s New Year’s resolutions should be.
