Contactless payments ramp up in 2017
Following the announcement WhatsApp will enter into the mobile payments arena, new estimates from Juniper Research claims Apple Pay contactless users will nearly double over 2017.
PayTech
Mastercard Wins U.K. Approval for VocaLink Buy
The U.K.’s Competition and Markets Authority gave its blessing April 11, enabling Mastercard to complete its acquisition of 92.4 percent of VocaLink Holdings for $920 million. The deal, which is expected to close within weeks, gives Mastercard control of a large portion of the U.K. transaction processing market.
Urban FT taps Sunrise Banks for prepaid partnership
White-label digital banking services provider Urban FT is joining forces with Sunrise Banks.
Harland Clarke Pays $630 Million Premium for RetailMeNot
No doubt banking on the value consumers will place on integrating online coupons into the purchasing experience, payments provider Harland Clarke has agreed to purchase merchant offers marketplace RetailMeNot Inc., in a deal valued at around $630 million.
CFSI, Chase Seek Fintech Startups for Financial Health Awards
Fintech entrepreneurs still have a few weeks left to win financial backing from two big players in the payment space. The Center for Financial Services Innovation (CFSI) and JPMorgan Chase’s Financial Solutions Lab (FinLab) plan to award $250,000 to programs that help consumers build financial health, “with a special focus on those communities that are frequently underserved, such as older Americans, communities of color, people with disabilities and products that address the gender wealth gap.”
DeVere delves deeper into fintech space with e-money app launch
Financial consultancy firm DeVere Group has launched an app-only e-money service as it pushes deeper into the banking and fintech sector. As Banking Technology reported last month, the group took advantage of Lithuania’s ambitions to attract fintech firms and set up a new office in the capital Vilnius. This was preceded by the unveiling of […]
Mastercard AIs up future with start-ups
Mastercard has welcomed five new start-ups to its Start Path Global programme – its initiative to boost its share of the commerce market. The programme is open to all start-ups who focus on banking and payments and have raised a “significant seed” or Series A round of investment. Three out of the five firms joining […]
U.S. Rep. Tipton Pushes for Longer CFPB Prepaid Rule Delay
The CFPB accepted comments on its proposed delay of the effective date for its final rule on prepaid accounts through April 5. Rep. Scott Tipton (R-Colo.) likes the idea of a delay so much, he’s proposing giving the industry even more time.
Executive Profile: Walt Granville, Digiliti Money
From his current role as senior vice president of mobile innovations at Digiliti Money (formerly Cachet Financial Solutions), Walt Granville has the perfect vantage point to see the transformative power of mobile for prepaid programs. Find out more from the former pro runner, including which apps are on his must-list, where he sees prepaid in five years and the trend he’s watching most in 2017.
Top fintech stories this week – 7 April 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Are You Protected from Contact Center Fraud?
Payments companies are used to defending themselves against fraud from all sorts of angles, but they would do well to mind the phones. By 2020, 75 percent of omni-channel, customer-facing companies will face a targeted attack, with the contact center as the primary point of compromise, according to Gartner research.
Western Union App Integrates Apple Pay
Facing increased competition from mobile P2P services, money transfer giant Western Union has made a move to bolster its own mobile offerings. U.S.-based users of Western Union’s mobile app now can use Apple Pay to send money from within the app domestically, or to more than 200 countries and territories.
People on the Move: Anwar Tameez, The Bancorp
Anwar Tameez has joined The Bancorp as managing director, head of operations.
Company on the Move: BBVA, Joining Hyperledger
Spain-based financial services group BBVA has officially joined Hyperledger, a global coalition working to advance blockchain technologies in various corporate sectors.
Company on the Move: Cachet Financial Rebranding as Digiliti Money
Mobile money and remote deposit capture specialist Cachet Financial Solutions Inc. has changed its name change to Digiliti Money Inc.
People on the Move: Ray Seefeldt, Edge Consultancy
Edge Consultancy has hired Ray Seefeldt to lead its e-security and risk management practices.
People on the Move: Sandy Arkell, Mastercard
Mastercard has appointed Sandy Arkell as executive vice president, corporate controller and principal accounting officer, effective May 5.
People on the Move: Market Development Heads, Pay360
Pay360, the payments business of global software solutions provider Capita, has appointed four new market development experts.
Company on the Move: RegTech Association, Launch
A group of 13 Australian financial services and technology startups has come together to form the RegTech Association, a consortium focused on encouraging collaboration between startups and other stakeholders in the regulatory technology, or “regtech” space in Asia-Pacific.
FDIC Savings Pilot Helps Students, Banks
Students gain financial literacy and banks develop important relationships with the community and new banking customers as shown in the FDIC’s Youth Savings Pilot.
Credit Card Complaints Increase in CFPB’s Latest Snapshot Report
Billing disputes and fraud, identity theft and embezzlement are among the most common complaints that consumers have about their credit cards, according to the CFPB.
States Square off in Fight over CFPB Leadership Structure
The states weigh in on the CFPB leadership structure with two amicus briefs. A group of 17 states, plus the District of Columbia, has sided with the agency as it fights a court ruling that says the president should have the authority to fire the head of the CFPB. Meanwhile, 15 other states have taken an opposing stance.
PIF Seeks Clarity, Exemptions as U.K. Moves toward PSD2
As the U.K. moves ahead with plans to implement the revised Payment Services Directive (PSD2), the Prepaid International Forum (PIF) has asked regulators for more clarification on certain aspects of how the framework will be applied in the country.
Class Action Filed Against Bank over Prison-Release Cards
A proposed class action lawsuit was filed by a former prisoner who claims he had no choice but to receive a prepaid card upon his release instead of the cash he arrived with, minus any card fees he was charged.
Supreme Court Finds N.Y. Surcharge Laws Regulate Speech
The Supreme Court issued a unanimous decision finding that a New York law prohibiting merchants from disclosing surcharges to cover the costs of credit card processing while allowing for discounts in the case of cash transactions regulated speech
Blockchain and Bitcoin round-up: 4 April 2017
Hot on the heels of yesterday’s round-up, here’s more bite-sized blockchain and Bitcoin news. Featuring TaaS, Living Room of Satoshi and Bitfinex. TaaS, the “first-ever” tokenised closed-end fund dedicated to blockchain assets, will partner with two cryptocurrency exchanges, Livecoin and Kuna, to offer its tokens for trading starting on 28 April. Investors will be able […]
Netspend Settles with FTC for $53 Million
Facing charges by the Federal Trade Commission that Netspend deceived cardholders and denied or delayed their access to funds, the TSYS subsidiary agreed to a $53 million settlement, which consists of $40 million on deposit in customer accounts and $13 million in refunded fees. Netspend doesn’t admit any wrongdoing under the terms of the settlement.
Cachet, CBKC Take Mobile, Prepaid to Rebar Customers
Cachet Financial Solutions is working with Central Bank of Kansas City again. The two companies, which in March announced a partnership to bring mobile-optimized prepaid programs to community banks, now are working with Rebar Interactive to provide Select Mobile Money-Express, a platform that includes a Mastercard-branded prepaid card.
Amazon Enables Cash Account Loads via Retail Locations
In a bid to reach unbanked consumers as well as those who prefer cash, Amazon has debuted a new service that enables consumers to load cash to Amazon accounts at U.S. brick-and-mortar merchant locations and then use those funds to make online purchases through Amazon.
Virtual Cards Could Displace Checks in the Travel Market; WEX Expands in Asia
With the B2B virtual card market estimated at more than $95 billion in gross spending in 2016, payment providers would do well to target the travel sector, which represents the largest single vertical volume of that spending, according to Mercator Advisory Group. One such company, WEX Inc., has found that moving to virtual payments offers travel suppliers, such as hotels, car rental agencies and tour operators, distinct advantages, including getting paid faster, easier reconciliation across borders and improved analytics.
Banking Technology April 2017 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.
Big Names, Big Deals in Active Q1 for M&A
This year got off to a fast start with a flurry of M&A activity. By the end of the first quarter, the ink was dry on major deals involving some of the biggest names in payments, including Green Dot, Chase and Mastercard. And in what could end up as the biggest buy of them all, Euronet swooped in on Ant Financial with a higher bid for money transfer giant MoneyGram.
2017’s Top Launches so Far: Mobile Mania and More
As mobile payments continue to move into the mainstream globally, new services are rolling out on a steady basis to fill the growing demand for general and more specific use cases. Meanwhile, there’s been a recent surge of activity around “mobile” in a slightly different sense, as providers test drive car-based payments services.
Must-Reads of the Month: March
See what’s hot on Paybefore.com this month, including the CFPB’s proposal to delay implementation of its final rule on prepaid; First Data and FLEETCOR joining forces; and more.
Regulation and Prepaid Dominate the Conversation in 2017
A look at the most popular Viewpoints in Pay Op-Ed so far in 2017 shows two clear trends of thought: What will happen to the CFPB and payments under the Trump administration, and how can prepaid providers reach more consumers and increase profitability?
Blockchain and Bitcoin round-up: 31 March 2017
Boiled down and brief. The best bits of blockchain and Bitcoin in one round-up. Features Waves Platform, Ripple and Synaps Loans. Fresh from its ZrCoin commodities deal success, the blockchain Waves Platform is launching its decentralised exchange (DEX) and leased proof-of-stake on the Bitcoin network mainnet. DEX can be accessed via a full node or […]
Fintech Is Poised to Thrive in Mexico
The Mexican market has everything—the market size, the interest and the right attitude. There is only one thing missing and that is the very fundamentals of what fintech represents.
Mastercard launches safer payments guide for children
Child & Youth Finance International (CYFI) and Mastercard have released a guide on banking and payment products for minors. The “Safer Payment Products for Minors” guide offers recommended practices on how financial service providers (FSPs) can develop age-appropriate payment products for minors; promoting responsible spending and financial decision-making. Walt Macnee, vice-chairman Mastercard, says: “Today’s minors […]
Profile Series: Vote for the Top 5 Payments Consultants
It’s not easy running a successful business in the payments industry and sometimes you need a little help on your side. That’s where analysts and consultants come in—to provide perspective, trends and guidance on myriad issues you face every day. Whether you’ve worked with these consultants directly or found their insights in Paybefore articles useful, vote for the experts who have helped you and your company chart your path to profitability.
Waves of Change for Payments
At this week’s Smart Card Alliance Payments Summit, experts looked to mobile and transit for a view of how payments will evolve. Here is a dive into the trends that likely will keep making news in the years to come.
