India’s government has launched an electronic money order service, opening a channel for citizens living abroad to purchase an electronic Indian postal order (eIPO) over the Internet. India established eIPOs for Indian citizens outside the country to pay for Right to Information requests, which enables citizens to request data and other information from any public […]
Japan’s Mizuho International has adopted the common reporting, financial reporting and liquidity coverage ratio modules of Wolters Kluwer’s Basel III toolkit, which is designed to help banks cope as regulators tighten the screws on the banking sector’s capital requirements.
US derivatives giant CME Group and OTC trade processing service MarkitServ have connected to support clearing for OTC FX transactions, ahead of new regulations in the US and Europe on the central clearing of OTC contracts.
Post-trade services provider Omgeo has appointed Edward Hazel of Goldman Sachs, Richard Taggart of State Street and Susan Cosgrove of the DTCC to its board of managers. The Omgeo board members are responsible for representing the interests of all Omgeo’s clients as decisions about strategy, governance and operations are made. Hazel is the global co-head […]
Best use of a consumer-funded reloadable network branded prepaid card for general use, such as ATM access and purchasing. Includes travel, remittance and youth-focused (including campus and student) programs; excludes payroll programs. For Paybefore’s purposes, card may mean a physical card or alternate form factor, including a virtual card. Best in Category: PayPal Prepaid MasterCard […]
The JP Morgan Task Force Report into its Chief Investment Office’s $6 billion-plus loss found the bank’s Value at Risk was being calculated with an Excel spreadsheet that “required time-consuming manual inputs to entries and formulas, which increased the potential for errors”.
In future, the possibility of a bank failure will be accepted as a normal market process, and barriers to entry for new start-ups, including a removal of capital requirement obstacles, will be removed, the Financial Services Authority and the Bank of England have confirmed.
By Lori Breitzke, E&S Consulting LLC In the initial installment of this article, we addressed how trends in EMV will impact the prepaid sector. But developments in near field communication (NFC) merit an equally close watch, as they, too, should have bearing on the prepaid market and how it plays out moving forward. Let’s start […]
American Express and Walmart today announced that accounts held under the companies’ Bluebird program now will be eligible for FDIC insurance and, as such, will be able to receive direct deposit of government disbursements, including Social Security payments, military pay and tax refunds. The companies also have added a pre-authorized check-writing function, as well as […]
Allpoint Network, the Bethesda, Md.-based ATM network operator, has expanded its surcharge-free network by 5,000 new cash machines located across the upper Midwest and northern Plains states. Allpoint’s surcharge-free ATM network, already the world’s largest, according to the company, now totals more than 55,000 machines across North America, the U.K. and Australia. An affiliate of […]
Spain’s Banco Sabadell, operating under various local bank brands from its headquarters in the city of Sabadell, has launched an NFC payments pilot with mobile network operator Telefónica and BlackBerry. Participating customers will receive an NFC-enabled BlackBerry Curve smartphone with their Visa payment card details stored in the handset, the bank said. Customers may download […]
The decision by Senate Banking Committee chairman Tim Johnson, (D-S.D.), to retire next year opens a race for another Senate seat and simultaneously puts leadership of the influential banking committee into play. Sen. Johnson, 66, today announced that he will not run again when his current term ends in 2014, leaving a vacant seat that […]
They were never going to be happy in Switzerland about the US FATCA legislation that will be used to hunt down people avoiding US taxes, but it’s a surprise to hear that some Swiss burghers are feeling sorry for a group of US citizens who have become part of the fabric of society there.
In today’s multi-channel age, banks cannot afford to focus all their efforts on a single digital strategy any more than solely on the branch experience – the winners will be those that can see beyond channel-specific efforts and provide a truly integrated offering.
Banks, asset managers and hedge funds will have to increase their IT budgets in 2013 to take account of weak market growth and a raft of oncoming financial regulation, according to new research by Ovum.
The U.S. economy’s slow recovery from the recession is driving millions of consumers between 18 and 34 years old to use prepaid cards as an alternative to a traditional bank account, forcing banks to rethink how they market financial services to young adults, various experts suggest. And as underemployed young adults in the so-called Millennial […]
More U.S. consumers are paying bills online and more are considering using their mobile phones to pay bills as well, according to the Western Union Payments Money Mindset Index, released today. The online survey of more than 3,000 respondents conducted by Javelin Strategy & Research, found that consumer preference for online and mobile bill payments […]
Contactless payment cards are gaining a significant foothold in Turkey, passing the 10 million card milestone in 2012, according to a new report from the Interbank Card Center of Turkey (BKM). The pace of growth has been rapid, with the number of contactless prepaid, debit and credit cards expanding to 10.3 million in 2012, up […]
The growing student card market has a new entrant. Chattanooga, Tenn.-based processor and program manager TransCard is targeting banks that want to offer prepaid cards to college students with its newest reloadable prepaid product. The company’s announcement of its Student Prepaid Card comes just weeks after unveiling a prepaid card for banks to offer customers […]
Indonesian bank PT Bank Central Asia Tbk has adopted an anti-money laundering toolkit from specialist security firm Nice Actimize, to help the bank monitor for suspicious market activity and ensure regulatory compliance.
Following a period of equity market consolidation, the time is right for a new entrant to step forward and transform the exchange business, according to Alasdair Haynes, chief executive of startup trading venue Aquis Exchange.
March 21, 2013 A troublesome roadblock to U.S. EMV adoption crumbled this week when 10 debit networks agreed to license a common U.S. debit application identifier (AID) from Discover Financial Services as the foundation solution for routing debit transactions under the EMV, or chip-card standard. The Secure Remote Payments Council’s decision resolves a stalemate that […]
March 21, 2013 The news that MasterCard soon will begin charging a fee to operators of some types of digital wallets has many industry observers considering the move a shot across the bow in a coming struggle for access to digital wallet customers. But others say the fee simply represents a step forward in the […]
March 21, 2013 Western Union Co. continues to expand its prepaid offerings globally and yesterday announced the rollout of its Global Share platform, which the company says will enable it to work more easily with partner companies that offer complementary products and services. The platform will facilitate better collaboration and improve products’ speed to market, […]
March 21, 2013 For mobile wallet providers, reaching scale with consumers and merchants has proved to be the 800-pound gorilla. However, Heartland Payment Systems, the Princeton, N.J.-based merchant processor, and LevelUp, a promotion-based mobile payment and loyalty network from Boston-based SCVNGR, believe their partnership will solve the problem. Following pilot programs in New York City, Boston, […]
As tough new collateral requirements bring ever greater pressure to bear on banks and financial market participants, the union of European clearing houses EMCF and EuroCCP into a new combined entity will help make clearing and settlement more efficient, according to Diana Chan, chief executive at EuroCCP.
March 19, 2013 The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued clarification of its regulatory stance on persons and entities engaged in the use, exchange and administration of virtual currencies. According to a guidance notice issued by FinCEN this week, users of virtual currencies, such as Bitcoin and Amazon Coins are not considered […]
March 19, 2013 International payment processor Planet Payment Inc. has joined with China UnionPay to enable UnionPay card users to shop online at e-commerce merchants based in the U.S. and Canada. The deal grants such retailers access to one of the largest card brands in the world, while continuing UnionPay’s recent efforts to expand acceptance […]
March 19, 2013 The key to widespread adoption of mobile payments will be the degree to which consumers trust the process of using smartphones or other mobile devices to pay, according to new survey data from Auriemma Consulting Group (ACG). In a Web survey conducted in December 2012 of 1,000 consumers in the U.K., where […]
March 19, 2013 Billtrust today has launched QR codes for biller statements, a service enabling consumers and businesses to pay their bills online by scanning the QR code with their smartphones. The Hamilton, N.J.-based provider of outsourced billing services can imprint a QR code on any outbound billing document, according to the company. When the […]
Technology and information companies CGI and Experian have partnered to help Europe’s banks and corporates meet the requirements of SEPA, the Single Euro Payments Area, on direct debits.
Information Mosaic and Thomson Reuters have agreed to integrate the latter’s ISO-based corporate actions data feed with the former’s corporate actions solution, IMActions. Customers will get access to corporate actions data covering 94,000 companies in more than 93. “Corporate actions is a complex market where customers are balancing a global set of requirements combined with […]
Swedish trading system specialist Tbricks has released OnDemand, a new platform that it says will remove the need for trading firms to make any investment in hardware, installation nor running costs.
March 18, 2013 Another prepaid veteran is going public. Blackhawk Network Holdings Inc. filed for an initial public offering today, planning to raise up to $200 million in stock to be sold by existing investors, including its parent company, Safeway Inc. The Pleasanton, Calif.-based prepaid card provider and third-party distributor, founded in 2001 as a […]
March 18, 2013 PayPal Inc. has received approval from regulators in Russia to operate as a non-credit banking institution in the country, which paves the way for the e-commerce giant to begin operating a domestic payments business in a market the company considers to be one of its biggest growth opportunities. The news initially was […]
March 18, 2013 Intuit Inc. has cast its lot into the competitive European mobile card reader market. Announced as a pilot in November, Intuit Pay includes a chip-and-PIN card reader and companion iOS app that enables payments via MasterCard or Visa. Intuit said versions of the app for other platforms, such as Android, are coming […]
March 18, 2013 Samsung’s plan to embed Mobeam Inc.’s new light-pulse technology into its latest generation of smartphones could provide a quicker route to connecting consumers’ handsets with millions of retailers’ existing POS scanners than some other methods, including NFC, some experts suggest. The South Korean phone maker last week said the new Samsung Galaxy S4 […]
Read about our winners and view event photos. The Paybefore Awards Europe ceremony will be held during Prepaid Expo Europe on 18 April in London. Best-in-Category honorees will be announced for the first time. On March 4, Paybefore celebrated 72 programs in 23 categories, naming for the first time Best-in-Category honorees at the 7th Annual Paybefore Awards […]
for a growing number of people, wary of the debasing of currencies through quantitative easing, alternatives such as Bitcoin are becoming more popular.
Market data vendor Interactive Data has responded to the introduction of Financial Transaction Taxes in France and Italy with a new service that supports the identification of instruments that are likely to be subject to them.
