MoneyGram Settles Claims that it Transferred Money to Fraudsters
MoneyGram agrees to pay $13 million to settle claims that criminals used its network for fraudulent transactions. The company also will increase its anti-fraud activities.
PayTech
A Year In, Progress for Fed’s Payments Improvement Plan
A year after the Federal Reserve announced a plan to enhance the speed, safety and efficiency of payments in the U.S., the program has made substantial progress, the Fed reports.
BBVA Puts $250 Million into New VC Firm
Spanish financial services group BBVA is changing its fintech investment strategy, closing its in-house VC fund and contributing $250 million to a new, independently managed firm, Propel Venture Partners.
Visa Europe expands tokenisation service for cloud-based payments
Visa Europe is expanding its Visa Europe Payment Tokenisation Service (VEPTS) for cloud-based payments. VEPTS will be available for payment credentials such as banks’ own mobile payment apps, a variety of wearable and other connected devices, internet browser-based wallets, and retailer-specific checkout offerings such as Visa Checkout. Sandra Alzetta, executive director product enablement for Visa […]
BBVA breaks off fintech fund
BBVA, a major shareholder in Atom Bank, a UK challenger, has announced an increase in its financial technology fund to US$250 million from US$100 million and a partnership with Propel Venture Partners which will see Propel managing the investment independently. Propel will use the US$250 million in a US and a European fund while opening an office […]
Grocery Shoppers with Gift Cards Prefer Online Rebates
A Blackhawk study finds that grocery shoppers with gift cards prefer larger online rebates than smaller instant discounts at checkout. The study also examines which mobile apps top shoppers’ lists.
Canada Sees Surge in Mobile, Contactless Payments
Canada’s payments system is undergoing a rapid transition, with mobile P2P, e-wallet and contactless transactions on the rise, according to a report from the Canadian Payments Association.
Innovators’ Spotlight: PaySwag
Retailers have long recognized the importance of customer engagement to drive sales and retain customers. But Reno, Nev.-based PaySwag is proving the power of engagement to improve results in a somewhat unexpected sector—bill payments.
Banking Technology February 2016 issue out now
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
People on the Move: Virginie O’Shea, Aite Group
Aite Group has promoted Virginie O’Shea to research director of the institutional securities and investments practice.
People on the Move: Sepideh Behram, The Bancorp
The Bancorp has appointed Sepideh Behram senior vice president, chief compliance officer.
People on the Move: Louise Roseman, Federal Reserve Board of Governors
Louise Roseman, director of the division of reserve bank operations and payment systems, will retire later this year after more than 30 years of service to the Federal Reserve Board, including 17 as director.
Company on the Move: First Data, Research and Development Hub in Ireland
First Data intends to establish a research and development center in Ireland that will house up to 300 skilled employees to centralize work on a number of the company’s leading technology platforms.
People on the Move: Alexander N.M. Niejelow, MasterCard
MasterCard has appointed Alexander N.M. Niejelow senior vice president of public policy.
People on the Move: Shazia Manus, The Members Group (TMG)
Shazia Manus, CEO of payments processor The Members Group (TMG), has been named one of the 2016 Most Influential Women in Payments.
People on the Move: Andrew Siden, NBPCA Board
Andrew Siden recently has been named to the NBPCA’s board of directors.
IRS Thwarts Hack; Obama Calls for More Cybersecurity
Oh the irony. On the same day President Barack Obama and his administration presented plans to strengthen the country’s cybersecurity, the IRS announced an attack on its Website.
U.K. Gov’t Group Calls for Open Banking Standard
A U.K. government panel is calling for the development of an open banking standard that will enable banking data to be shared and used securely, giving consumers access to tailored financial solutions and an easier way to compare products and services.
Kentucky Police Bust Gift Card Fraud Scam
Police in Louisville, Ky., have arrested nine people for allegedly running a fraud ring centered around gift cards.
Connecting the Dots between Online Offers and In-Store Purchases
Knowledge is power. And, that’s particularly true for merchants and marketers that want to track consumers from online ad campaigns to in-store purchases. Arming merchants with the right knowledge is the goal of Discover’s Merchant Data Platform.
Visa Launches Consumer Transaction Controls for Cardholders
Visa’s newest service enables prepaid and other cardholders to exercise more control over their accounts via spending controls and alerts. Issuers can choose to offer the service to customers.
MasterCard, SVB Select Four Startups for Accelerator Program
Four more startups have been selected for the Commerce.Innovated. program. The companies represent the fourth class chosen by MasterCard and Silicon Valley Bank as part of a program to help startups get their products and services off the ground.
Russian Lawmakers Want to Ban Bitcoin
Bitcoin continues to encounter hurdles as its supporters try to facilitate the digital currency’s mainstream acceptance. Though certain states and countries are welcoming bitcoin, or permitting it with certain provisos, Russia is considering a ban.
Q&A with Emily Baum, Prepaid International Forum
The Prepaid International Forum (PIF) is celebrating its 10-year anniversary in 2016. Emily Baum, a non-executive board member of the forum and business development director of PrePay Solutions, tells Paybefore more about PIF, where the 23-member group is headed and how the industry is responding to calls for increased prepaid regulation following the Paris terrorist attacks.
Green Dot Announces Tax Return Promotions Including Free Refund Advance
Green Dot and subsidiary Santa Barbara Tax Products Group have announced a pair of promotions to make this time of year less taxing on consumers while helping independent tax preparers get more customers coming through their doors. One of the promotions involves up to a $750 free advance toward consumers’ tax returns.
Visa Aims to Boost Commerce Products with Outside Developer Help
Visa wants to strengthen its commerce offerings by opening up its technology treasure chest to software developers bent on improving consumer experiences. The payment network has launched Visa Developer, an “open platform that gives application developers access to Visa’s payments technology, products and services.”
Investment Roundup: Fit Pay, Digital Asset Holdings, Blockstream
The money keeps rolling in for fintech. Fit Pay, a wearable payment technology startup, raises $3.1 million in seed capital, while distributed ledger technology companies collectively have raised $103 million.
Hackers Target Gyft, Neiman Marcus Customer Data
Cybercriminals continue to target payments providers and retailers, with Gyft and Neiman Marcus among the latest firms to announce separate data breaches. The attacks highlight two major data security issues facing financial providers and retailers: third-party security and the migration of fraud to online accounts as a result of enhanced POS security brought about by the arrival of EMV.
T2S takes one step forward amidst backwards steps
The European Central Bank has selected connectivity provider SIA, in partnership with telco Colt, for its connection to TARGET2-Securities (T2S), the delayed centralised European platform for the settlement of domestic and cross-border securities transactions. The European Central Bank is expected to migrate to SIA and Colt’s value-added network infrastructure in June 2016. The two companies will also provide the ECB with a message processing […]
Visa Developer opens up payments technology
Visa Developer, will offer software application developers will open access to Visa’a payments technology, products and services. The new Visa Developer platform is designed to help financial institutions, merchants, and technology companies meet the demands of consumers and merchants, who increasingly rely on connected devices to shop, pay and get paid. At launch, the new […]
Cashless payments plateau is stats mirage: Deutsche Bank
European Central Bank (ECB) figures appear to show that cashless payments transaction volumes in 2014 remained flat at 68 billion payments. However, Deutsche Bank analyst Heike Mai, who specialises in payments and shadow banking, has published a report that corrects this conclusion. Entitled ‘Payments in the euro area: Are they stagnating? – No!’ the report […]
Visa Encourages NFC and In-Seat Mobile Ordering at Super Bowl 50
At Super Bowl 50 on Sunday, Visa will promote contactless payments at concession stands and in-seat mobile ordering for fans who don’t want to miss any action. Ingenico also announces a big terminal deal for the game.
Western Union Gains Access to More than 660 Million Consumers in Viber Deal (Feb. 4, 2016)
Western Union continues to extend its digital reach with access to approximately 664 million users of mobile messaging app Viber, which enables its customers to send free text messages, photos, videos and make free calls with its push-to-talk capability, among other features.
Pin4 Cardless ATM System Plans Big Expansion (Feb. 4, 2016)
Pin4, a cardless ATM withdrawal system, could expand to some 70,000 U.S. cash machines by the third quarter of 2016, up from approximately 15,000 in the first quarter of 2016, says CEO Richard Witkowski.
Innovators’ Spotlight: Poynt
Electronic payment options for consumers are proliferating, and shoppers expect merchants to accept the full gamut of form factors. But for retailers—especially small and midsize enterprises (SMEs)—it can be tough to keep up. That’s where Poynt comes in.
CFPB Takes Aim at Lack of Checking Account Options for Consumers
The CFPB announced today a three-prong approach to ensure consumers are receiving a fair shake regarding checking account access. But what may surprise many in the prepaid industry is that the agency also is providing information to consumers about the prepaid option.
EU Commission, U.S. Reach New Privacy-Shield Agreement (Feb. 2, 2016)
Shortly after the original deadline to reach an agreement expired on Sunday, the EU Commission and the U.S. have agreed to a new Safe Harbor deal. The new framework will protect the fundamental rights of Europeans when their data are transferred to the U.S. and ensure legal certainty for businesses, according to an EU Commission announcement.
Visa Launches Visa Commerce Network for Consumer Rewards (Feb. 2, 2016)
In a new twist on card-linked offers, Visa launches Visa Commerce Network, which it says will make it easier for merchants to engage Visa cardholders with reward and loyalty offers. Uber and Dunkin’ Donuts are among the first companies using the tool.
EU Eyes New Virtual Currency, Prepaid Regs, Transaction Monitoring (Feb. 2, 2016)
European Union leaders are calling for tighter regulation of prepaid cards and virtual currencies to restrict terrorist financing and anonymous payments. The European Commission—the executive arm of the EU—also said it will consider launching an intra-EU version of a transaction monitoring agreement that has since 2010 helped detect the movement of funds by terrorists between the U.S. and EU.
Man Pleads Guilty to Laundering $250 Million in Digital Currency (Jan. 2, 2016)
Arthur Budovsky pleaded guilty in January after it was determined his company, Liberty Reserve, served as a global hub for laundering more than $250 million of ill-gotten funds from cybercriminals, according to the DOJ.
