PayTech

N.Y. DOL Fires Back at Industrial Board of Appeals, Global Cash Card

The New York Department of Labor has fired the latest salvo in the battle over the use of payroll cards in the state. The agency has filed an appeal that could jeopardize the outcome of a petition granted to Global Cash Card to revoke the N.Y. DOL payroll card regulations, which were due to go into effect March 7, 2017. At stake are rules that are considered so burdensome by the prepaid industry that—if restored—could force some payroll card providers out of New York.

Banks Banking on APIs for Payments and Beyond

Facing increased competition from financial services upstarts and tech firms, banks are doubling down on application programming interfaces (APIs) as a competitive tool, a new report shows.

Chipotle Investigates Breach

Chipotle has suffered a breach of its payment card processing system, and is reportedly analyzing transactions that took place between March 24 and April 18 for more evidence of the intrusion.

Blockchain and Bitcoin round-up: 3 May 2017

No need to pace yourself. Here’s a quick blockchain and Bitcoin round-up. Featuring Infosys Finacle, Commercial Bank of Qatar, Adel and Blockpool. Infosys Finacle and the Commercial Bank of Qatar have completed a pilot on the “first ever” cloud-based blockchain network to process international remittances. The bank, along with its subsidiary Alternatifbank (ABank) in Turkey, […]

Payroll Cards Earn Top Grades from CFSI—Except in One Area

The payroll card industry received high marks for its standards and its ability to “stretch beyond the basics,” according to a new report from the Center for Financial Services Innovation. But CFSI’s first-ever “Payroll Industry Scorecard” gave the industry an average mark for its ability to provide additional services that “improve customers’ lives.”

Inpay EMI

FLEETCOR Grows Cross-Border Business with $675 Million Cambridge Buy

Less than two months after announcing a major joint venture in the gifting vertical, FLEETCOR Technologies has made a big move into the red-hot cross-border payments sector, reaching an agreement to acquire international B2B payments specialist Cambridge Global Payments for $675 million.

Prepaid Vets’ New Gifting Play Targets Underserved Merchants

With retailers of all sizes seeking to harness the power of omnichannel gift cards to drive revenue and engage customers, a pair of prepaid industry veterans have formed a new company aimed at helping midsize merchants expand gift cards sales. Dubbed nthCard, the company is the brainchild of Wayne Chatham—a serial prepaid entrepreneur who most recently served as CEO of Card Compliant—and fellow industry veteran John Bechard.

Payments start-ups PayKey and Blue Code win Temenos innovation final

Israeli payments start-up PayKey was voted as Temenos’ Innovation Jam winner by the attendees of the 2017 Temenos Community Forum in Lisbon. Another payments start-up, Austria-based Blue Code, was crowned the winner of the Judges Awards (the judges panel consisted of three Temenos’ senior execs, two representatives from banks and a consultancy). The prize is […]

Temenos MarketPlace gets boost with new services and leadership

Temenos MarketPlace gets boost with new services and leadership

Temenos has launched open banking and Payment Services Directive (PSD2) targeted services on its MarketPlace. The aim, says the vendor, is “to facilitate the exchange of value between banks and fintech companies”. MarketPlace is “customer driven”, says Ben Robinson, group chief strategy director of Temenos – i.e. the vendor proactively seeks out solutions that customers […]

How to Grow Prepaid through Financial Well-Being

Prepaid providers are at a crossroads: They can create products that carry relative high fees, or craft consumer-friendly programs that promote financial health. Here’s a case for doing the latter.

‘Mythbusting’ Payroll Cards

To coincide with its just released and first “Payroll Industry Scorecard,” CFSI is separating fact from fiction when it comes to payroll cards, which continue to face scrutiny by state regulators and the media.

Ripple’s blockchain network going places with ten new faces

Ten more financial institutions have jumped onboard Ripple’s blockchain network for cross-border payments. The new faces are MUFG, BBVA, SEB, Akbank, Axis Bank, YES Bank, SBI Remit, Cambridge Global Payments, Star One Credit Union and eZforex.com – representing a mix of banks and payment service providers (PSPs). “The world’s largest banks have been the first […]

Paybefore Reveals 2017 Pay Awards Winners

Paybefore announced the winners for the 2017 Pay Awards—the most prestigious recognition of excellence in the global prepaid and payments technology industry. Our expert judging panels have made their decisions. Now you can weigh in and help your favorites win the coveted Best-in-Category designation and a spot in the Pay Magazine – Awards Issue.

i2c and Bento team to offer SMEs more spending control via prepaid card

i2c Inc. has joined forces with expense management specialist Bento for Business to launch a new prepaid card designed to give small business owners and their employees a better way to manage spending and expenses. Powered by i2c’s Agile Processing payments platform, the Mastercard-branded Bento employee expense card features integrated alerts, card-level restrictions and digital dashboards to enable companies to track and control employee spending in real-time, the companies said.

Spring Edition of Pay Magazine Has Sprung

The digital edition of the spring 2017 issue of Pay Magazine is now available and it’s full of insights and information to help move your company forward. A theme of the spring issue is game-changing technology—and the innovators, products and companies behind it. This edition of Pay Magazine includes an interview with The Bancorp’s Jeremy Kuiper, who discusses some of the major shifts occurring in the industry.

Swift launches blockchain proof of concept

Swift has launched a proof of concept (PoC) to explore whether blockchain/distributed ledger technology (DLT) can be used by banks to improve the reconciliation of their nostro databases in real time. Under the current correspondent banking model, Swift says banks need to monitor the funds in their overseas accounts via debit and credit updates and […]

U.S. EMV Hits Milestone: 1 Billion Visa Chip Transactions in March

U.S. EMV use has hit a milestone. Visa said that for the first time, the number of Visa chip card transactions topped 1 billion last month, a 330 percent increase from March 2016. The announcement comes as the payment network reported a 42 percent overall increase in processed transactions in its 2017 fiscal second quarter.

CFPB to Delay Final Prepaid Rule by 6 Months, ‘Revisit’ Aspects with New Proposal

It’s official. The CFPB is pushing back the effective date of its final rule on prepaid accounts until April 1, 2018—six months after the originally scheduled implementation date of Oct. 1, 2017. What’s more, the agency has decided to “revisit at least two substantive issues” in the final rule: requirements for digital wallets that are capable of storing funds; and error resolution and liability limitations for prepaid accounts that cannot or have not yet been registered.

Mastercard, Merchants Launch Masterpass-Enabled Bots

Hungry Facebook Messenger users can order a meal, do their grocery shopping or send a gift card for a sweet treat without leaving the messaging platform. Mastercard announced April 18 at the Facebook Developer Conference that it has launched Masterpass-enabled, artificial intelligence-powered chatbots with Subway, FreshDirect and The Cheesecake Factory.

Blackhawk Beefs up Specialty Gift Cards with Grocer Albertsons

Blackhawk Network has launched a gift card program with grocery chain Albertsons that promises to give shoppers more options for “spring and summer holidays” such as Mother’s Day and Father’s Day, Blackhawk said. The program focuses on category gift cards that run via the Visa payment network.

Thumbs up for Mastercard’s new biometric card

Mastercard has launched its latest biometric card, combining chip technology with fingerprints to verify the cardholder’s identity for in-store purchases. South Africa is the first market to test the evolved technology, with two separate trails recently concluded with Pick n Pay, a supermarket retailer, and Absa Bank, a subsidiary of Barclays Africa. According to Mastercard, […]

People on the Move: Jeff Lewis, Advising Next Group

People on the Move: Jeff Lewis, Advising Next Group

Mobile banking and telecom provider Next Group Holdings has signed Jeff Lewis, president of Jeff Lewis Advisory, to provide oversight and recommendations on the development of its GPR and gift card products.

People on the Move: Ken Hayes, SRM

People on the Move: Ken Hayes, SRM

SRM (Strategic Resource Management), an independent contract advisory firm for financial institutions, has appointed Ken Hayes as senior vice president of strategic solutions.

Ant Wins MoneyGram Board Approval after Upping Bid to $1.2 Billion

China’s Ant Financial Services Group appears to have beat back a surprise challenge by Euronet Worldwide to acquire MoneyGram. After raising its offer for the money transfer giant by more than one-third, to $1.2 billion, Ant’s bid has earned the approval of MoneyGram’s board of directors. But the deal still must win regulatory and shareholder approval before Ant officially acquires MoneyGram and gains a massive foothold in the global remittance market.

Zelle Makes Presence Known in P2P Arena

The recent performance of Zelle Network, the P2P payments platform with the funny name, is no laughing matter for competing P2P providers. Early Warning Services, a provider of real-time payments, authentication and risk mitigation services, announced April 17 that its Zelle Network processed more than 170 million P2P payments in 2016, totaling $55 billion in transaction value.

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