Feb. 4, 2013 Senate Republicans have made it clear their opposition to the re-nomination of CFPB Director Richard Cordray, or any nominee, will not wane until their concerns about the agency are addressed. In a letter to President Barack Obama written by Sens. Mitch McConnell (R-Ky.) and Mike Crapo (R-Idaho) and signed by 43 Republican […]
Feb. 4, 2013 U.K. mobile wallet venture Weve this week announced it has completed the integration of Vodafone, its third mobile network operator, into its mobile advertising and commerce platform and a total of 15 million consumers, or 25 percent of the U.K. population, have opted in to the service. Weve, a joint venture of […]
As the global payments markets changes, Western Union has plans to change with it. Massimiliano Alvisini, regional director UK, Ireland & Nordics explains how and why.
New research from Experian shows that “only 65% of euro transactions have fully accurate destination routing data and 12% of electronic payments made to and from businesses in euros currently contain data errors”.
February 2013 VocaLink, a London-based international payment provider, recently announced three senior hires. Nick Millar joins as strategy and customer insight director, Jim Wadsworth as product development director and Phil Harrison as commercial director, alternative payments. They report to Paul Stoddart, managing director of strategy and business development. Millar joins VocaLink from Visa Europe, where […]
February 2013 Visa Inc. recently announced that the company’s board of directors has elected Robert W. Matschullat as Visa’s nonexecutive, independent chair. The appointment is effective April 1, following the retirement of executive chair Joseph W. Saunders. Matschullat has been a Visa director since October 2007. He has served as chairman and interim CEO of […]
February 2013 SelectCore Ltd., a Toronto-based prepaid solutions provider, recently announced a strategic restructuring of its executive management team to better position the company to fully capitalize on new contracts and significant growth opportunities that are expected to develop in the near term. Kevin Taylor, director of the corporation, assumes the role of CEO. Keith […]
February 2013 Prosper, a San Francisco-based peer-to-peer financing platform to invest and borrow money, has appointed Stephan Vermut CEO and member of the board of directors. The former founder and managing partner of Merlin Securities, Vermut also has more than 25 years of experience in financial services with Wells Fargo, where he led the bank’s […]
February 2013 Payza, an online payment platform, has promoted Mohammad Hashemi to the newly created position of vice president of strategy. He will be responsible for implementing Payza’s overall business strategy and global expansion by spearheading its partner acquisition efforts. As Payza’s director of product strategy, Hashemi managed the life cycle of the company’s products, […]
February 2013 Austria-based paysafecard group has appointed Gerhard Falb as chief marketing officer. He is responsible for the management of all marketing activities, nationally and internationally. Falb has extensive experience in leadership and marketing, which he gained at mobile operator ONE (now Orange), bwin and Michelin Austria, among others. Before joining the company, Falb worked […]
February 2013 Mozido LLC, a startup that focuses on cloud-based, white-label mobile payments services for banks and merchants, has appointed Steve Bacastow and Charlie Wiggs to its management team. As senior vice president of operations, Bacastow is responsible for leading all company operations functions with a focus on maximizing growth and profitability and meeting compliance […]
February 2013 First Data Corp., an Atlanta-based payments processor, announced that its board of directors has named Ed Labry interim CEO while it conducts a selection process. In early January, the company announced that Jon Judge planned to retire as CEO for health reasons and would serve until a transition was effected. Labry has spent […]
February 2013 Diebold Inc.’s board of directors has elected Henry D.G. Wallace as chairman of the board. He has been a member of the Diebold board since 2003. Wallace is a former group vice president and chief financial officer at Ford Motor Co. During his 30-year career at Ford, he held numerous positions in finance […]
February 2013 Consult Hyperion, a London-based IT consultancy that specializes in secure electronic transactions, has opened a U.S. office in New York City. Lanny Byers and Howard Hall have been chosen to lead the U.S. headquarters, and they will serve as co-managing directors and report to CEO Neil McEvoy. Byers has more than 20 years of […]
February 2013 Citi recently appointed Andy Nicholas head of commercial and prepaid card sales and account management EMEA to lead an experienced team charged with ensuring success and client satisfaction. Nicholas, who is based in the U.K., has been with Citi for 20 years, and has been responsible for commercial card sales and account management […]
February 2013 Retail ATM network Cardtronics Inc. has announced that Jerry Garcia is transitioning from his role as chief information officer to the newly created position of chief information security officer. Garcia, who spent the last 10 years designing and developing the information technology systems Cardtronics uses to run its business, now will focus exclusively […]
Jan. 31, 2013 The Consumer Financial Protection Bureau (CFPB) today announced it has begun an inquiry into “the impact of financial products marketed to students through colleges and universities” to determine whether these products are “in the best interest” of students. Such products include student ID cards that double as debit cards and cards used […]
Jan. 31, 2013 In a move intended to deepen its mobile payments offerings, banking and payments technology expert Fidelity National Information Services (FIS) today said it will pay $120 million to acquire mFoundry, the mobile banking app firm that helped devise Starbucks’ vaunted mobile payments operation, among others. The transaction will give FIS the remaining […]
Jan. 31, 2013 Money transfer and global financial services provider Western Union Co. has expanded its Receive remittance card to Costa Rica and Guatemala. Initially launched in El Salvador last June, Receive enables recipients of Western Union money transfers to put all or part of the transferred funds onto a MasterCard-branded prepaid card. The company […]
Jan. 31, 2013 Social media giant Facebook Inc. closed out its first calendar year as a public company with $1.59 billion in fourth-quarter revenue, up 40 percent from $1.13 billion in 2011’s fourth quarter, with the improvement spurred mainly by a surge in mobile ad revenue. The proportion of Facebook’s advertising revenue from mobile devices […]
Jan. 30, 2013 State unemployment recipients who receive their benefits on prepaid cards are saving millions due to lower fees and improved services, according to a new report by the National Consumer Law Center (NCLC). The results of the agency’s 2013 Survey of Unemployment Prepaid Cards were an improvement over the NCLC’s 2011 study, which […]
Jan. 30, 2013 Citigroup Inc. and Visa Inc. are joining forces in the Philippines to launch the new Pag-IBIG Citi Prepaid Card, which could reach as many as 13 million Filipinos through its link to the nation’s social security program. The reloadable Visa card is available to all citizens who belong to the Philippine government’s […]
Jan. 30, 2013 Merchants across the U.S. are holding off on introducing a surcharge for Visa and MasterCard credit card transactions despite getting the green light to do so this week under the terms of a proposed settlement in the merchants’ antitrust case reached last November. The settlement, subject to final approval in a hearing […]
Jan. 30, 2013 GiftYa LLC, a mobile and digital gift credit platform and spinoff company of parent GiftCards.com LLC, has received $1 million of seed capital to develop the GiftYa platform. The $1 million investment comes from Jason Wolfe, founder of GiftCards.com and CEO of Wolfe LLC. GiftYa, which will be available online and as […]
Jan. 30, 2013 SALT Technology Inc., a San Francisco-based provider of a cloud-based mobile payments platform, has raised $2 million in financing from private investors with backgrounds in the mobile, financial and payments technology sectors. The company, which also has offices in London and Toronto, said it will use the new funding to accelerate the development […]
Citi has introduced a new kind of ATM designed to help customers do virtually all their banking without visiting a branch.
Jan. 29, 2013 Mobile wallets are far from fully developed, but a handful are gaining an early edge on competitors based on ease of use and payment options, according to new analysis from Carlisle & Gallagher Consulting Group. The firm’s “Mobile Wallet Market Analysis” set out to analyze “apps for smartphones or tablets enabling consumers […]
Jan. 29, 2013 Software maker Intuit Inc. has acquired Facebook e-commerce platform Payvment, taking over the Palo Alto, Calif., company’s employees, technology and patents—but not its customers. In a note posted on its Website yesterday, Payvment announced that its team was “joining a new company” and that the platform—which enables retailers to create their own […]
Jan. 29, 2013 In a move POS terminal maker Ingenico said is part of its bid to become a “one-stop-shop” for multichannel payment solutions, the Paris-based company has entered a deal to acquire payment processor Ogone Partners for EUR360 million (US$485 million). Ingenico will incorporate Ogone’s 42,000-merchant online payments platform into its existing POS and […]
Jan. 29, 2013 Adding to a growing array of mobile payments options for merchants, FreedomPay is entering the fray with “Vibe,” a mobile wallet initially targeting restaurant operators interested in creating targeted consumer promotions on the fly, based on specials, weather and in-store traffic conditions. The Radnor, Pa.-based payment processor says its cloud-based mobile wallet […]
UK banks are still in “a difficult place” as they face economic uncertainty, increased cost and competitive pressures, complex regulations and rapid technological changes – but the changes that are happening in the payments industry offer scope for them to reclaim the initiative and deploy innovative solutions.
Jan. 28, 2013 Paybefore today announced winners for the 2013 Paybefore Awards—the most prestigious recognition of excellence in the worldwide prepaid and emerging payments industry. And for the first time in the seven-year history of the awards, Paybefore is allowing visitors to Paybefore.com (subscribers and nonsubscribers) to cast their votes for Best in Category through Feb. […]
The organization that stood out from the crowd in 2012 to make a positive, game-changing difference in the prepaid/emerging payments environment in a geographic region or globally. May be a new or established organization. Company Name: American Express American Express is a global financial services company, providing customers with access to products, insights and experiences […]
Best prepaid or emerging payments program launched and operated by a non-U.S. company outside the United States. Programs using a U.S.-based company for processing or similar support are eligible. Program Name: NuCard Prepaid CardCompany Name: Tutuka South Africa has a large microlending market that provides short-term, unsecured loans to millions of South Africans. NuCard was […]
The in-market mobile wallet or mobile application that (1) provides end users with value-added features and/or enhances payment capabilities, user decision-making or loyalty and (2) provides retailers with a strong value proposition. Program Name: moneto Prepaid MasterCardCompany Names: DeviceFidelity, MasterCard With real-time balance and transaction history, free P2P money transfers, the only instant cash-back rewards […]
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. Program Name: PayPal Prepaid MasterCardCompany Names: PayPal, MasterCard The PayPal Prepaid MasterCard is the only prepaid card that can link automatically to PayPal’s digital […]
Jan. 25, 2013 Just a day after President Obama nominated CFPB Director Richard Cordray to continue in his role as the bureau’s director, a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit ruled that the President violated the Constitution when he bypassed the Senate to fill vacancies on the National Labor Relations Board, according to a […]
Jan. 24, 2013 Wasting little time following his inauguration on Monday, President Barack Obama this afternoon has re-nominated Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB). The confirmation process for the former Ohio Attorney General could be rocky, considering Obama’s appointment of Cordray last year during a congressional recess. “There were no […]
Jan. 24, 2013 With U.S. financial institutions increasingly using social media to market to and interact with consumers, federal regulators have set their sights on establishing guidelines for consumer protection and compliance over such channels. The Federal Financial Institutions Examinations Council (FFIEC) has issued a notice of proposed guidance and request for comment from the […]
Jan. 24, 2013 The number of consumers using mobile devices to pay bills is slowly gaining momentum, according to Fiserv Inc., a Brookfield, Wis.-based provider of financial services technology, in its fifth annual Billing Household Survey, which assesses bill payment habits of active online households and infrequent or non-Internet users. Though the percentage of households […]
