CFPB Takes Aim at Student Loan/Financial Aid Sector (July 28, 2015)
The CFPB has taken action against two companies over what the agency says were illegal practices related to student loans and financial aid information.
PayTech
Visa Considers Acquisition of Visa Europe (July 27, 2015)
Visa Inc. has confirmed it’s in negotiations to acquire Visa Europe in what could be a $20 billion deal. Visa expects to resolve discussions about the possible acquisition in October and provide an update about its decision during the company’s fourth quarter earnings report.
Report: CurrentC to Launch Next Month for iPhone and Android (July 27, 2015)
CurrentC—the mobile payments service backed by a consortium of major retailers—reportedly will launch next month, and curiosity is running high about how the merchant-centric app will stack up against Apple Pay and other emerging mobile wallets.
Square Secretly Files for IPO (July 27, 2015)
After more than a year of rumors, it appears Square finally could be taking the plunge and going public. The m-POS pioneer—which has been expanding steadily into other verticals—has filed confidentially for an IPO with the SEC, according to Bloomberg, which cited sources with knowledge of the plan.
Cometh the Digital Bank
The only banking activity that is digital is taking money out of clients’ accounts, which is performed in real-time with 100% consistency. After that the banking journey is far slower and less consistent.
Blog: What the Blockchain Can Do for Gift Cards
While the role of bitcoin itself is still in question, there is a growing industry consensus that the blockchain—bitcoin’s underlying technology—may become to value, what the Web has been to information. And, the gift card industry may be the first to reap the benefits.
JPMorgan Chase Hack Could Be Connected to Stock, Bitcoin Schemes (July 22, 2015)
Last year’s cyberattack on JPMorgan Chase may have been part of a scheme to manipulate stock prices rather than to steal personal financial data, according to a new report.
Social Media Driving Mobile Money Boom (July 22, 2015)
Mobile money transfers are projected to balloon nearly 150 percent this year, with social media services driving much of that growth.
People on the Move: Steve Antonakes, CFPB
Steve Antonakes has stepped down from his position as deputy director of the CFPB as well as his position as associate director for supervision, enforcement and fair lending.
People on the Move: Martin Wheatley, Financial Conduct Authority
The U.K.’s Financial Conduct Authority has announced that Martin Wheatley is stepping down as CEO, effective Sept. 12, 2015.
People on the Move: David Hunter, Pannovate Ltd.
Pannovate Ltd., a card design, personalization and augmented reality SaaS business, has appointed David Hunter chairman.
Company on the Move: Payveris LLC, New Headquarters
Payveris LLC, a digital payments company serving banks and credit unions across the U.S., has announced that it has completed its move to a new corporate headquarters.
People on the Move: Joanne Briggs and Drew Cockton, Tuxedo Money Solutions
Tuxedo Money Solutions, a payment technology and prepaid card provider, has appointed Joanne Briggs and Drew Cockton as client relationship managers for its travel sector clients.
People on the Move: Stefano Pessina, Walgreens Boots Alliance Inc.
Walgreens Boots Alliance Inc., pharmacy, health and well-being company, announced that its board of directors has named Stefano Pessina as CEO.
Blog: Fighting Fraud Starts with Common Sense on the Front Lines
Some cybercriminals are geniuses, I’m sure, but my recent personal experience with fraud suggests there is a gaping chasm between the promises of high-tech fraud-prevention methods and the existing, low-tech reality.
First Data Readies for Multibillion-Dollar IPO (July 21, 2015)
Less than a decade after a private equity firm took the company private, First Data Corp. announced Monday it has filed documents with the SEC relating to an IPO of its common stock.
Fed Report: $139 Billion in Gov’t Prepaid Loads in 2014 (July 21, 2015)
Government agencies disbursed a total of $139 billion through prepaid cards in 2014, according to the Federal Reserve’s latest annual report on government prepaid programs.
CFPB: Citi to Pay $770 Million for Marketing and Billing Practices Related to Credit Card Add-On Services (July 21, 2015)
As the Dodd-Frank Act turns 5 today, the CFPB is making good on its consumer protection mandate, announcing today a new enforcement action.
PayPal’s Shares Rise as it Flies Solo (July 20, 2015)
PayPal’s stock rose more than 5 percent on its first day of trading as an independent company, bringing its total market capitalization to about $50 billion, making it an even more potent force in the red-hot payments M&A arena, observers say.
Meta Buys Tax Refund Company for $50 Million (July 20, 2015)
Meta Financial Group Inc. and bank subsidiary MetaBank are getting ready for tax season early with the acquisition of Fort Knox Financial Services Corp. and its subsidiary, Tax Product Services. The deal, valued at approximately $50 million, bolsters Meta’s business in the tax refund prepaid card vertical.
U.K. Payments Study Shows Consumers’ Need for Speed
Faster payments could be the key factor in getting U.K. consumers to switch bank accounts, a new report says. In a study commissioned by ACI Worldwide, 45 percent of 2,000 of consumers polled in the U.K. said the prospect of faster and more convenient electronic payments would encourage them to consider moving their accounts to a different bank.
Ageing reconciliation systems cost firms dear
Two-thirds of top-tier financial institutions have established reconciliation centres of excellence following a recent wave of consolidation of the reconciliation function – but more than half of firms say their reconciliation technology platform was at least five years old, and a quarter of respondents use platforms more than nine years old.
Apple Pay U.S. Merchant Acceptance Reaches 1 MM, up 400 Percent since Launch (July 16, 2015)
Apple Pay this month has reached a new milestone: More than 1 million U.S. merchants now accept the m-payments service, according to new data from Ingenico.
MasterCard JV Partners with Sri Lanka’s Largest Telco on Mobile Remittances (July 16, 2015)
Sri Lanka’s largest telco, Dialog Axiata, is partnering with MasterCard joint venture HomeSend to enable mobile remittances to the country, which represents a US$7.2 billion money transfer market.
Authorities Smash Hacking ‘Hornet’s Nest’ (July 16, 2015)
A major online hacking forum and malware marketplace has been shut down in a coordinated operation by law enforcement officials in 20 countries.
Equniti to acquire Transglobal Payment Solutions
Equiniti has exchanged contracts to acquire TransGlobal Payment Solutions, whose platform is used by Equiniti International Payments, the group’s foreign exchange payments business, launched in 2011.
Volante launches ‘Babel Fish’ for financial messaging transformation
A ‘Babel Fish’ for financial messaging has been launched by Volante Technologies with the intention of simplifying corporate-to-bank integration and removing obstacles to on-boarding. Like the fictional universal translator from Hitchhikers’ Guide to the Galaxy, the system translates incoming message formats into something that the receiver can understand.
Clearing the path to BPO adoption for international trade finance banks
The release in 2013 of Universal Rules for Bank Payment Obligation by the International Chamber of Commerce effectively endorsed and formalised the structure for international trade finance processes. Despite this, the volume of completed BPO transactions remains low
Green Dot Cuts Ribbon on Tech Center in China (July 14, 2015)
Green Dot Corp. today opened the doors to Green Dot Shanghai Software Technology Co. Ltd., a wholly owned subsidiary located in the Zhangjiang Hi Technology Park in the Pudong district of Shanghai.
Apple Pay Goes Live in U.K. (July 14, 2015)
Apple Pay went live today in the U.K., and analysts say its prospects of catching on with consumers are promising, at least from the hardware perspective.
First Data Amps up Gifting Platform with Latest Acquisition (July 14, 2015)
First Data Corp. has made another move to bolster digital gifting options for its retail clients, acquiring digital gift card platform Transaction Wireless Inc. (TWI).
Viewpoint: Canada’s Digital Privacy Act Receives Royal Assent, but Breach Notification Provisions Lag Behind
It’s now law, but not all of the act is in force yet.
Viewpoint: Amendments to Canada’s AML Legislation: What’s New and What’s Next
Regulated entities that verify identity in connection with the issuance of stored value cards may find more flexibility in the principle-based approach to identity verification outlined in the proposed regulations.
Viewpoint: The 3 Pyramids of Customer Success in E-Gifting
As retailers prepare for the year’s biggest gifting season, there are some key principles to guide digital gifting strategies that maximize revenue and loyalty.
Treasury: AML, CTF Efforts Have Been Effective (July 13, 2015)
Efforts to combat money laundering and terrorist financing have succeeded in making life difficult for criminals seeking to engage in those activities, according to a pair of reports from the Treasury Department.
Amex Taps Web Logins to Speed Checkout (July 13, 2015)
American Express may be not be the first among its rivals to introduce streamlined online checkout, but its new service features a sleek shortcut for users that could be a key advantage in driving adoption.
InComm Adds MetaBank as Prepaid Card Issuer (July 13, 2015)
MetaBank, through its Meta Payment Systems division, has announced an agreement to be an issuing bank for Atlanta-based InComm’s prepaid card programs.
Banks must replace ‘old digital’ to improve corporate treasury offerings
The ‘digitisation’ of banking provides an opportunity for banks to improve their treasury service offerings as they face a second wave of digital expectations from key corporate customers, according to a report from analyst firm Celent.
Viewpoint: 3 Keys to Sustainable Public Sector Programs
Public sector programs usually offer predictable loads and transaction volumes, and that information can be a plus. But reliable load patterns don’t guarantee overall success, especially if you price yourself out of profitability and sustainability.
Viewpoint: How the Ripple Protocol Could Change Payments
Unless you’re a mathematician or a bitcoin fan, trying to understand what Ripple is—and why it’s so revolutionary—requires a bit of research (not to mention a double espresso!). That being said, here at Hyperwallet, we definitely think this new technology is worth investigating. In fact, I’d wager a bet that, within just a few years, Ripple could become as important to the world of payments as the Internet is to the world of information today.
