Industry Views: Trends and Resolutions for 2014 (Part 2 of 2)
Industry thought leaders weigh in on priorities for 2014.
Worldwide
HSBC targets online commerce with FX conversion for retailers
HSBC has rolled out a service that will allow online retailers to give customers the choice to pay in various international currencies.
Swift boosts collaboration push with Financial Crime Compliance unit
Swift has created a dedicated Financial Compliance Services unit to manage a growing number of service offerings. The new unit will focus initially on the development of a Know Your Customer Registry planned for launch later this year as well as the integration and development of existing services.
Senate Confirms Yellen as Next Fed Chief (Jan. 7, 2014)
The U.S. Senate on Monday confirmed Janet Yellen as chairman of the Federal Reserve, succeeding Ben Bernanke, whose term expires Jan. 31, after eight years in that post.
Report: Smartphone, Tablet Sales to Top $700 Billion in 2018 (Jan. 7, 2014)
Mobile payments via smartphones and tablets are set to surge over the next few years, reaching $707 billion worldwide in 2018, according to a new report by Juniper Research.
Industry Groups Release Latest SEPA Standardization Requirements (Jan. 7, 2014)
The European Payments Council (EPC), which represents the European banking industry in relation to payments, and the Cards Stakeholders Group (CSG), which represents retailers, vendors, processors, card schemes and the EPC, have published the latest version of the Single Euro Payments Area (SEPA) Cards Standardisation Volume.
Executive profile: One on One with Mark Schatz, Stored Value Solutions
When he can’t sleep at 2 a.m., Mark Schatz, managing director of Stored Value Solutions, will get up and run eight miles. Akin to a phoenix, running invokes renewed clarity that supports his mission in managing one of the companies that gave birth to the closed-loop gift card industry.
More mobile please – but make it relevant
The likes and dislikes of mobile banking customers around the world suggest that there is an opportunity to expand mobile services globally – but providers need to be careful they are targeting the right information to the right people, according to a new survey by analytics firm FICO.
Spurred By Zynga Acceptance Plan, Bitcoin Tops $1K Mark (Jan. 6, 2014)
Zynga Inc., the maker of popular social media games like FarmVille, has announced it will begin accepting Bitcoin as payment for in-game virtual goods.
RBI: Lack of Bank, Telecom Cooperation Holding Back Mobile Banking in India (Jan. 6, 2014)
The uptake of mobile banking in India has been hampered by a lack of cooperation between banks and telecoms, among other issues, according to a report by the Reserve Bank of India.
Spindle Closes Yowza!! Deal Combining M-Payments with Couponing (Jan. 6, 2014)
Mobile payments tech company Spindle Inc. today announced it’s closed a deal to buy Yowza!!, a Los Angeles-based mobile couponing platform, adding some scale to Spindle’s service.
People on the Move: Therese D. Pritchard, Bryan Cave LLP
Law firm Bryan Cave LLP has named Therese D. Pritchard the next chair of the firm, beginning Oct. 1, 2014, following a planned transition period.
People on the Move: Sandra Braunstein, Federal Reserve Board
Sandra Braunstein, director of the division of consumer and community affairs, will retire April 1, 2014, after nearly 27 years with the Federal Reserve Board, including 10 years as the director of the division.
Companies on the Move: Fiserv Inc., Industry Accolades
Fiserv Inc., a Brookfield, Wis.-based financial services technology provider, recently announced that Mobiliti from Fiserv received the highest score for a customizable solution in the Javelin Strategy & Research 2013-2014 Mobile Banking Vendor Scorecard.
People on the Move: Ric Duques, Mozido LLC
Mozido LLC, a startup that focuses on cloud-based, white-label mobile payments services for banks and merchants, announced that Ric Duques has been named the company’s chairman of the board.
People on the Move: Trevor Pavey and Alexander Rensink, The NFC Forum
The NFC Forum, a nonprofit industry association that advances the use of near field communication technology, has announced two newly elected vice chairmen of its board of directors, Trevor Pavey of Broadcom Corp., and Alexander Rensink of NXP Semiconductors.
People on the Move: Lizz Wheeler, National Gift Card Corp.
National Gift Card Corp.—an Elgin, Ill.-based marketer and supplier of gift cards for use in loyalty, incentive and rewards programs—has named Lizz Wheeler vice president of business development.
Companies on the Move: Stinson Leonard Street LLP, Merger Completed
Law firm Stinson Leonard Street LLP officially launched, completing a merger between Stinson Morrison Hecker and Leonard, Street and Deinard that was initially announced Sept. 23, 2013.
Companies on the Move: TSYS, The Civic 50 Recognition
TSYS, a Columbus, Ga.-based processor, has been recognized as one of America’s most community-minded companies in The Civic 50, an annual initiative that identifies and recognizes companies for their commitment to improve the quality of life in the communities where they do business.
People on the Move: Melissa D. Smith, WEX Inc.
WEX Inc., a provider of corporate payment solutions, has named Melissa D. Smith CEO.
Starbucks Gift Card Makes its Debut in China (Jan. 3, 2014)
Starbucks Corp. is introducing its gift cards in China, the company announced today, as it begins a significant expansion of its stores in the burgeoning gift card market.
Let the Appeals Begin; NRF Files Against Interchange Settlement (Jan. 3, 2014)
The National Retail Federation formally has appealed a $5.7 billion settlement with MasterCard and Visa over credit card interchange fees, opening the next phase of a long-running legal dispute between merchants and the payment card networks.
A Blow to Bitcoin in India as Exchanges Suspend Operations (Jan. 3, 2014)
Several of India’s largest Bitcoin exchanges have shuttered after the country’s central bank issued a statement last week warning of the risks of virtual currencies.
In Wake of Target Breach, Calls for Enhanced Data Security (Jan. 2, 2014)
As the fallout continues from a data breach at Target retail stores that may have exposed millions of shoppers’ financial information, politicians and business groups are lobbying lawmakers to investigate the matter and crack down on security weaknesses that could lead to similar incidents.
Amazon, DoubleBeam Divide GoPago’s M-POS Assets (Jan. 2, 2014)
Could 2014 bring a wave of m-POS consolidation? That trend springs to mind as details emerge about the sale of m-POS startup GoPago, a rising star launched in 2009 that secured a $25 million investment from JPMorgan Chase & Co. less than a year ago.
European Central Bank Launches New Board, Replacing SEPA Council (Jan. 2, 2014)
The European Central Bank has created a new board, replacing the Single Euro Payments Area (SEPA) Council, the ECB says will encourage development of an “integrated, innovative and competitive market” for retail payments in euro currency in the European Union.
Editor’s Letter: Starting Off the New Year Right
Now that you’re back in the office and once again glued to your computer screen, you’ll continue receiving the industry news, insights and analysis you’ve come to expect from Paybefore. But it won’t exactly be business as usual for Paybefore this year.
Breaking News: Sen. Menendez Introduces Prepaid Card Bill (Dec. 20, 2013)
Most folks this week are concentrating on tracking down last-second gifts or holiday dinner menu items. Not U.S. Sen. Robert Menendez (D-N.J.). He is, again, looking to “rein in hidden fees and strengthen financial protections offered by prepaid card companies” with new legislation announced today.
PayPal Buys StackMob in Latest ‘Talent Buy’ (Dec. 19, 2013)
PayPal’s acquisition this week of StackMob, which provides a mobile payments development platform, is the latest in a series of deals bringing in top talent and new technology to enhance payment options PayPal offers to its diverse array of customers.
Survey: Millennials Clamoring for Gift Cards this Holiday Season (Dec. 19, 2013)
Gift cards are a hot item on millennials’ wishlists this year.
Chinese Bitcoin Exchange Forced to Stop Accepting Deposits in Local Currency (Dec. 19, 2013)
Reinforcing Bitcoin’s reputation for volatility, the value of the digital currency nosedived more than 35 percent Wednesday following word that BTC China, one of the country’s largest Bitcoin exchanges, was forced to stop accepting deposits in the Chinese currency renminbi.
Target Data Breach Latest Sign It’s High Time for EMV (Dec. 19, 2013)
A breach of data that may have exposed the financial information of 40 million shoppers at Target stores highlights the urgency of bolstering payment card security measures and adopting EMV chip technology, according to industry observers.
MasterCard takes controlling stake in mobile remittance service
MasterCard has teamed up with mobile payment solutions provider eServGlobal and Belgacom’s carrier services unit BICS to extend the capabilities of their international mobile remittance platform HomeSend. The three firms have set up a joint venture which uses the HomeSend platform, in which MasterCard will have a controlling share.
Bank of America goes with Earthport for global low-value payments
Bank of America Merrill Lynch has signed a multi-year agreement with Earthport to “significantly expand Bank of America Merrill Lynch’s low value clearing capabilities globally, and to advance the efficiency of its high volume, low value payments”.
2014: a good year for the fraudsters
2014 looks to be a good year for fraudsters as government and law enforcement struggle to come to terms with the issues and the continuing spread of mobile continues to offer them poorly-protected targets.
Blog: Prepaid Program Potential: 3 Steps Banks Must Take to Engage Millennials
To attract the key millennial demographic, banks must look to prepaid and mobile.
Blog: Turning Skepticism into Trust: 3 Ways to Improve Financial Services Loyalty Programs
Of any industry, the financial services sector might be the most contradictory when it comes to loyalty program effectiveness.
Breaking News – CFPB: Expand CARD Act Disclosure Requirements to Include Prepaid Card Marketing Agreements
In a recent press release, the CFPB called on financial institutions to “voluntarily” disclose to the public its financial product marketing agreements made with colleges and universities.
Viewpoint: Year-End Blizzard for Canada’s FIs
As we approach year-end, the Canadian federal government has introduced three items of significance to federally regulated financial institutions (FRFIs).
LEIs and CDOs: why aren’t data professionals taking the reins?
With regulators agreeing that “higher expectations” must be met by G-SIFIs for risk data aggregation and reporting by 2016, firms are now under huge pressure to provide data strategies and implementation plans and end denial about any shortcomings.
