As the IRS and industry continue to fight identity theft-related tax refund fraud, the agency’s Criminal Investigation Program initiated 776 investigations into ID theft fraud during the 2015 fiscal year, according to the IRS’s newly released 2015 Data Book.
Mobile banking use in the U.S. has increased to 43 percent of adults with capable devices. But only a relative few of those consumers have paid bills with their mobile phones.
An Accenture survey finds not only that most consumers prefer people over digital channels for customer service, but that human-based interaction can save hassles.
Exchange group SIX and Switzerland’s five largest banks are in talks over a joint mobile payments platform for the country. SIX, retail chains Migros and Coop, and telecoms company Swisscom are planning to create a standardised digital payment system for consumers in Switzerland. A joint statement from the banks – UBS, Credit Suisse, Raiffeisen, PostFinance […]
Global risk and compliance and payments solutions provider Accuity has opened a new office in Miami to serve new and existing clients in Miami, Central America, Mexico, Colombia, Venezuela and the Caribbean.
Javelin Strategy & Research has announced that Emmett Higdon has joined the firm and will assume the role of director of mobile.
The Hyperledger Project—a collaborative effort, led by the nonprofit Linux Foundation, with the goal of establishing an open blockchain distributed ledger platform that will satisfy a variety of use cases across multiple industries—has announced newly elected leaders of its governing board and technical steering committee, along with new corporate members.
The Retail Gift Card Association (RGCA) has elected five new members to its board of directors and appointed two current board members to executive-level positions.
John Sloan has been named president and CEO of Allegiance Capital Corp., a Dallas-based private investment bank.
Sweden’s Länsförsäkringar Bank has become the first bank in the country to take TCS Financial Services’ Bancs core banking system. Meanwhile, Temenos and SAP are also busy with core renovation projects in the region (see below for more details). TCS will provide system integration and support services to Länsförsäkringar, the fifth largest retail bank in […]
The IRS has concluded that a company can defer the recognition of advance payment income received from the sale of unredeemed gift cards that are redeemable for goods or services for up to two years.
Starbucks plans to add another prepaid card to its popular loyalty program, enabling members to earn points for purchases made at other retailers. The Starbucks Reward Prepaid Card is issued by Chase and runs on Visa’s payment network, meaning cardholders can use the card anywhere Visa is accepted and earn loyalty points for Starbucks.
New approaches to authentication are kicking into high gear as eBay joins the FIDO Alliance, which promotes biometrics, while IDology launches a mobile authentication product.
The OCC will release a paper to start discussions on new regulations for financial startups, which banks reportedly want.
The U.S. Department of Justice has dropped its legal claim against Apple Inc. over the FBI’s request that the tech company help unlock the iPhone of one of the shooters in last year’s attacks in San Bernardino, Calif. According to a court filing, the FBI was able to access the device without Apple’s assistance.
Merchants have been challenging state surcharge laws, but the courts stand firm.
A Radio Shack gift card holder’s motion to get his legal fees and expenses paid first in the electronics retailer’s Chapter 11 case has been denied. Consumers with Radio Shack gift cards may file a claim by Dec. 2, 2016and if the claim is judged to be valid, claimants will receive 100 percent of the card balance, according to the Website.
Swift has signed a memorandum of understanding (MoU) with China International Payment Service (CIPS Co.) to develop China’s cross-border payments infrastructure. The agreement sets out plans to use Swift to connect China’s Cross-border Interbank Payment System (CIPS) with its global user community. Alain Raes, Swift chief executive of Asia Pacific and EMEA, says there are […]
The world has been talking about “mobile payments” for years, but the phrase means different things to different people. So what exactly are mobile payments? And how much more mobile than cash or cards can payments actually get, asks Philipp Nieland, co-founder and CTO of PPRO Group. Some people believe that mobile payments are those […]
The National Retail Federation and the Electronic Payments Coalition don’t agree on much when it comes to interchange, but the two groups each have reached out to the Fed arguing that consumers aren’t benefiting enough from the cap on debit card interchange.
Legal experts suggest that the investigation could provide insight on how the FTC might seek to influence the audit process going forward.
The settlement calls for Home Depot to establish a fund of $13 million to reimburse customers who suffered out-of-pocket financial losses due to the breach, and spend at least $6.5 million to fund identity protection services for affected shoppers.
The payments network gave few details of a December 2013 incident involving an unidentified merchant, but an online letter says card account information could have been compromised.
Banking Technology is conducting a brief survey to find out the industry view on real-time payments and their implications for all parties involved. How ready are you? What are the key drivers for your organisation to embrace real-time payments? Will they displace the existing types of payments? And what are your main concerns when it […]
On the final day of the All Payments Expo in New Orleans on March 23, Sam Maule, emerging payments practice lead at Carlisle & Gallagher Consulting Group, challenged the audience to change the way they think about providing payments solutions. “You all care [about new payment options], but consumers don’t. They have solution overload,” he said.
For retailers and brands setting their sights on digital gifting, it’s important to maintain a strong focus on card design and delivery to ensure the best possible customer experience, according to a group of retail and gifting experts this week at the All Payments Expo in New Orleans.
The sharks were circling at the All Payments Expo in New Orleans this week. To close out the day on Tuesday, a group of eight startups and early stage payment companies pitched their idea or product to a group of three payments industry expert “sharks.” When the waters had calmed, AuthenticID, an Atlanta-based provider of identity verification products, had emerged as the winner.
B2B represents the most promising growth area for Web-connected devices and cars that can order products. And prepaid could be how users pay for such transactions.
A U.S. Treasury Department lawyer gives tips about how to stay ahead of the curve when it comes to regulatory rulemaking.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! As it’s Easter holidays in the UK, this time it’s published on Thursday. Deutsche Bank reduces branch network in Germany Rise of digital banking drives change. Polymer notes pose £45m problem for UK cash machines Slippery when plastic. […]
Commerzbank is now live with an integrated set of finance and risk solutions powered by the SAP HANA platform. SAP says the bank has more than 70% of its balance sheet running on SAP Bank Analyzer and SAP Accounting for Financial Instruments. It adds that Commerzbank is able to close its monthly books “significantly faster”, […]
While prepaid cards long have been positioned as transactional tools to help the underbanked make electronic purchases, the future of the sector lies in expanding the definition of prepaid to serve multiple money management needs for a variety of customers—including those who also have a traditional bank account.
Craig James, CEO of London-based compliance consultancy Neopay, delivered a talk at the All Payments Expo in New Orleans on March 22 to help companies eyeing Europe as an international expansion market.
Tuxedo Money Solutions is bringing its Paybefore Award-winning STA Travel ISIC Prepaid MasterCard to the U.S.
Mobile wallets command serious buzz in the payment and retail worlds, but at the All Payments Expo Tuesday in New Orleans, experts pointed out that the technology has yet to gain global traction and consumers will need more from such programs than the ability to make purchases.
As retailers and brands seek to deepen connections with their customers, emerging payment technologies represent a key opportunity for meaningful engagement with consumers, according to Talbott Roche, president and CEO, Blackhawk Network. Delivering a keynote address on the opening day of the All Payments Expo in New Orleans on Monday, Roche explained how the growing ubiquity of mobile devices and the rise of the connected consumer have created myriad new channels for messaging and engagement.
Federal financial institution regulatory agencies on March 21 issued guidance clarifying the applicability of the Customer Identification Program (CIP) rule to prepaid cards issued by banks.
Speakers at the All Payments Expo in New Orleans report significant gains for the anti-fraud technology. But terminals represent a significant speed bump.
Experts at the All Payments Expo talk up gift cards, and give advice on how to sell programs to superiors. They also set their sights on digital gift cards.
Hong Kong start-up Neat is setting its sights on the millennials’ market and will let customers open a payment account with a selfie. Neat founder David Rosa, a former MD at Citi, says the app and payment card will use facial recognition technology to confirm the holder’s Hong Kong identification card is correct. It’s not […]
