MasterCard and Visa announced the formation of a new cross-industry group focused on enhancing payment system security to keep pace with the expectations of consumers, retailers and financial institutions.
Sally Beauty, the specialty retailer and distributor of professional beauty supplies, is the latest retailer allegedly falling prey to hackers—or, at least, becoming the victim of rumors that credit and debit card information and other customer data has been compromised.
With Bitcoin and other digital currencies continuing to stir controversy, one of the main arguments of critics calling for tightly regulating such forms of tender is that the currencies’ anonymous nature makes them conducive to use in illicit activities and transactions. But as a U.S. Congressman points out in a letter to federal regulators, paper money also can be used anonymously for illicit ends—and thus, the tongue-in-cheek missive claims, regulators should turn their attention to banning cold, hard cash too.
BNY Mellon says a global overhaul of its payments infrastructure will position it for “a new era” in payments and fundamentally change its relationship with customers and other financial institutions internationally.
First Data’s plan for its STAR Network to license Visa’s common Application Identifier (AID) could help get the ball rolling for EMV adoption as other debit networks continue to weigh their own options for routing debit transactions under the Durbin Amendment, observers say.
Government agencies using prepaid cards to deliver benefits are seeing solid user satisfaction and improving efficiencies as such programs evolve, amid an environment of pending regulatory changes and heavy scrutiny by consumer advocates, according to a panel of experts convened at the All Payments Expo (APEX) in Las Vegas this week.
Four months after the nationwide rollout of the Isis mobile wallet, two-thirds of Isis users have installed at least one payment card on the wallet, and those users make an average of six to seven NFC-based transactions with Isis each month.
The U.S. House of Representatives last week passed the Consumer Financial Protection and Soundness Improvement Act (H.R. 3193), which combines six bills, approved by the House Financial Services Committee last November, that are designed to bring more accountability, oversight and transparency to the Consumer Financial Protection Bureau (CFPB), according to the bill’s supporters.
Lawmakers in Washington, D.C., today are hosting the fifth in a series of hearings to discuss data breaches, their effect and possible methods to prevent them, as the All Payments Expo (APEX) wraps up four days of hot-topic discussions in Las Vegas, including payments security and fraud trends.
The “fractured” U.S. banking system, which shuts out many consumers and fails to provide ideal utility for others, presents a major opportunity for new players to enter the financial services market.
Several trends in retail financial services are bringing together large financial institutions and much smaller startup companies.
Paybefore today announced the Best-in-Category winners in 20 categories for its eighth annual Paybefore Awards.
Mobile payment isn’t about reinventing the wheel – it’s about making merchants and customers’ lives better by establishing a relationship built on knowledge and trust, according to mobile payments platform Znap.
A group of major international banks have agreed to jointly develop and use the centralised Know Your Customer Registry announced by Swift at the start of the year.
Paybefore held a special 2014 Paybefore Awards presentation on the kickoff day of All Payments Expo (APEX) in Las Vegas today, honoring three winners in the new Consumer Champion category.
Millions of Americans use small-dollar credit products each year to deal with unexpected expenses, smooth income fluctuations or build credit history.
JPMorgan Chase & Co. last week announced plans to adopt Pew’s GPR model disclosure box for its Chase Liquid GPR card, sold only at its bank branches.
InComm has partnered with a major Asian online payment service provider to launch a POS-activated gift card mall platform in Southeast Asia.
Ken Harvey, the erstwhile HSBC group chief technology and services officer and group chief information officer, is to become chairman of CLS Group Holdings and CLS Bank International, succeeding Gerard Hartsink who will retire in October.
Purchase, N.Y.-based Aurora Financial Systems Inc. announced that Tom Britz has joined the firm as senior vice president and general manager of the new corporate services division.
CardConnect, a Philadelphia-based payments technology company, announced that Jeffrey Shanahan, who has served as president of the company since 2008, has been appointed CEO.
Cryptomathic, an e-security solutions provider with offices in Europe and North America, has appointed Amru Kotb senior vice president.
Enacomm Inc., a Tulsa, Okla.-based provider of voice processing infrastructure, has hired David Anderson, who will serve as vice president and chief marketing officer.
Mercury Payment Systems LLC, Mercury Payment Systems, a Durango, Colo.-based payment processor, has appointed Andrew Patterson chief technology officer.
Mozido LLC, a startup that focuses on cloud-based, white-label mobile payments services for banks and merchants, has named Scott Sandlin president and a member of the board of directors.
Michael Mueller, co-founder and, for the last nine years, CEO of paysafecard group, has decided to leave the company board. Udo Mueller assumes the role of CEO.
Planet Payment Inc., a Long Beach, N.Y.-based payments processor, has appointed Carl J. Williams CEO.
The fight against fraudsters who attack prepaid cards is getting some major network muscle. Visa Inc. announced it has completed technical development on the first industry-wide prepaid database to detect and prevent fraud schemes that target prepaid cards.
Swift has announced the availability of a cloud-based application designed to eases the client onboarding process between financial institutions and their clients. First outlined at the Sibos 2012 event in Osaka, the MyStandards Readiness Portal, is backed by some big names in the business – HSBC, Citi and Clearstream spoke at a Standards Forum session […]
Owners of the new Samsung Galaxy S5 smartphone soon will be able to make in-store payments via their PayPal accounts by just lifting—or rather, swiping—a finger.
Fraud associated with ACH transactions and wire transfers is on the rise, creating fresh challenges for financial institutions already grappling with higher risks from data breaches, malware and account hijacking, according to Fiserv.
Spanish financial services group BBVA has announced it is acquiring Paybefore Award-winning Simple, the Portland-Ore.-based digital banking company founded in 2009, for $117 million.
When upgraded public transit fare-payment systems went live recently in Chicago and Salt Lake City, contactless payment transactions soared into the millions.
MasterCard has entered into an agreement to acquire Chicago-based mobile payment technology provider C-SAM.
The Nevada Gaming Commission has approved the use of prepaid cards for wagering on slot machines in the state.
Amazon has announced that customers in the U.S., U.K. and Germany now can use the e-retail giant’s Amazon Coins in-app currency on all Android-based smartphones and tablets.
What do taxis, the weather, mobile wallets and raincoats have in common? They are all potential variables in determining a person’s daily spend – and they provide a great opportunity for banks to use data to save customers money, according to Aman Narain, global head of digital banking Singapore at Standard Chartered.
Google has acquired Israeli startup SlickLogin, which has developed technology that uses high-frequency sound waves to authenticate user identity when logging into Websites.
With a growing number of U.S. employers offering their employees the option of payroll cards, the Network Branded Prepaid Card Association (NBPCA) has joined with consumer advocacy group Consumer Action to develop a pair of guides to help companies and employees learn about payroll cards, including how they work, options for accessing wages and how to avoid or limit fees.
The European Parliament’s ECON Committee today voted to endorse proposed amendments to the European Union’s “Payments Package” legislation, which includes the revised Payment Services Directive (PSD2) and the regulation on interchange fees for card-based payment transactions (MIF Regulation).
