In the course of a recent active business day I observed myself carrying a multitude of financial instruments. I had to make a payment from my business checking account to a local government agency and I was reluctant to use my business debit card. Should I have chosen my credit card the agency charged an […]
Are payment processors for consumer financial service providers required to understand the complex regulatory regimes to which their clients are subject, and verify that clients are complying with those requirements?
Banking Technology, ACI Worldwide and Nets have joined forces to survey the global market about the highs and lows of its current journey towards real-time payments. From individual institutions’ readiness to key market drivers, obstacles and fraud concerns, and everything in between – survey participants from across the globe share their views.
Today, most banks want to be digital leaders because that is where the customers are! This has brought in a change in the attitude of many traditional banks. Arun S. Padaki, a seasoned corporate banker, credit risk and business process management consultant, explores what it takes to become a digital leader and who is already […]
There is no question that consumers continue to embrace card-based payments as an alternative to cash and checks, none more so than the millennials. But cash will continue to have a role.
Meant to overcome the challenges of tokenization, payment account reference (PAR) promises more complexity and cost—and will require more attention from payments providers.
Mobile wallets already offer incentives to consumers based on spending. What about offering rewards based on money management?
SWIFT, a Belgium-based, bank-owned co-op and provider of financial messaging services, has been aware of flaws in the way smaller banks used SWIFT’s messaging terminals, thus compromising the security of the system, but the organization did little to address the matter. Those are the assertions of more than a dozen current and former high-ranking Swift officials, according to a Reuters report on Aug. 17.
Organisations select a telecommunications provider for different reasons – reliability, global interconnectivity, price and performance are some of the more common drivers – so why do institutional investment arms and FX traders still buck this trend by focusing heavily on network latencies? It is simple, there are very few sectors within international finance where time […]
There’s both a science and an art to arriving at an estimated return on investment (ROI) when it comes to legacy system replacement, writes Mike Maltby, product manager at Eagle Investment Systems. One of the biggest challenges in the decision-making process to replace legacy technology is demonstrating an ROI. System replacements, described by one consultant as […]
After a previous attempt by FinCEN to implement an anti-money laundering rule stalled and was withdrawn, the agency is planning to reintroduce a version of the rule. A FinCEN spokesman told Reuters the rule is being revised and could be submitted next year.
We are all pretty much unanimous that the once IT buzz word “big data” is no longer the awe-inspiring complex beast which can be tamed only by expensive databases and superlative data analytics platforms. Cloud architecture and collaborative open source software brought big data processing within the reach of pretty much all enterprises. Analytics domain […]
Banking is going digital and instantaneous, which is great news for customers. But it is also a great headache for banks, as fraud is going that way too – the money can disappear into fraudsters’ virtual pockets with a blink of an eye, anytime, anywhere. At the same time, the real-time capabilities of new solutions […]
Since the 2008 financial crisis, the sector has looked to repair reputational damage, lock down compliance in the system and rapidly innovate to serve a new generation. During this period of change, banks must redefine the value they want to provide for their customers. For example, do they want to finance the future dreams a […]
The recent partnership between the two payments giants will impact fees, consumer data and other areas. An analyst discusses the benefits and motivations of the deal.
A recent NIST announcement would seem to toss SMS one-time passwords to the junk pile. But the anti-fraud technology still has value for low risk transactions.
A tough new European data protection rule, scheduled to come into force in 2018, will command businesses’ attention no matter the relationship the U.K. has with the EU.
Beware of predictions that upstarts will push aside incumbents when it comes to consumer-to-consumer remittances. The numbers tell a different story.
The European Commission’s proposed changes to anti-money laundering rules would place an “immense burden on the regulated e-money sector,” the Prepaid International Forum argues in a new position paper.
Office Depot and an associated gift card program manager are suing Delaware officials in federal court, challenging the state’s unclaimed property law. The Florida-based retail chain and Virginia-based North American Card and Coupon Services LLC, Office Depot’s gift card operator, said Delaware’s escheat law violates the U.S. Constitution’s Fourth Amendment, which guards against unreasonable search and seizures.
Sid Parashar, SVP of client relations and strategic account management, Firstsource Solutions, asks if traditional banks are now ready to take on the new kids on the block when it comes to customer communications. As the banking industry emerges from one of the most transformative periods in its history, it has been a trying time […]
A Florida man should have gotten his bitcoin through a reputable virtual currency exchange instead of some guys meeting in a Boston Market restaurant parking lot in the middle of the night. Likely surprising no one, a deal to exchange $28,000 for the equivalent in bitcoin went bad, leading to one arrest.
Rupert Scofield, president and CEO of microfinance organisation Finca International, discusses how it brings banking to the developing world and why people should follow America’s lead in the art of philanthropy. “This is your world. My generation had its shot. We thought our problems were daunting but it’s nothing like the stuff you’re dealing with. […]
Robo-advisors are becoming increasingly commonplace in the UK’s financial sector. Over the last 18 months, high street banks such as Barclays, Lloyds, Santander and RBS have all launched robo-advice platforms, and it’s not only these well-known names that are competing to own the online investment space. Smaller challenger brands like Nutmeg and Wealthfront have also […]
Shell Oil is coughing up civil penalties, investigative costs and restitution after being accused of tricking consumers with payments ads for various Shell fuel rewards and gift card programs.
They want permission from national anti-trust regulators to negotiate as a bloc with Apple over putting their own mobile payment technologies on iPhones.
A group Texas merchants wants to take its battle against a Texas law prohibiting them from imposing a surcharge on customers paying with a credit card to the Supreme Court, arguing that the statute violates the merchants’ free speech rights.
There was some big news for bank’s risk and finance technology departments last month. The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Notably, this standard introduces a new impairment model, commonly known as the CECL (current […]
Ron Hynes has been on the job as the new CEO of UniRush LLC less than a month, but he’s already looking ahead. And, he’s not going to let the CFPB’s looming final prepaid rulemaking slow the company down when it comes to innovation and product development. Hynes spoke with Paybefore about what he brings to his new role and why UniRush’s cardholder settlement made him want the CEO job even more.
In recent years we have seen a strong trend for institutional trading desks to leverage their data to improve trade execution results and become more recognised as active participants in portfolio performance. Two important applications of predictive analytics have arisen, both aiming to improve the manner in which trading algorithms are used and controlled. It […]
Since the global financial crisis, there has been an endemic environment of low interest rates and currency fluctuations. The effects of quantitative easing have been broadly felt by institutions across the globe; and have created major challenges for central banks, sovereign wealth funds (SWFs) and government pension funds. In addition to this, equity market declines […]
For once, the sound bites being used to describe upcoming changes in the global banking industry may actually be too conservative. The latest Payments Services Directive likely will revolutionize how consumers interact with their banks and the protection they can expect when paying online or on their mobile devices—and the effects won’t be limited to Europe.
In addition to brightening text messages and tweets, the popular icons beloved by everyone from tweens to Baby Boomers may soon serve a much more substantial purpose—mobile and payments authentication.
To harness the true power of tokenization—a technology that underlies mobile payments—banks need to change their thinking. Doing so could help boost the appeal of mobile wallets.
Retailers can cater more closely to the ever-changing needs and preferences of online shoppers if they resist falling prey to these four common misconceptions about how consumers pay.
In this contentious presidential election cycle, it’s hard to imagine anything getting 70 percent of the Senate to back it. But 70 U.S. Senators want the CFPB to lay off credit unions and community banks when it comes to certain, unspecified rules.
A U.K. hearing scheduled for October will consider if Brexit can happen without parliamentary approval. The U.K.’s June 23 vote to leave the union has led to confusion and much speculation in the payments world, as the industry wonders about such issues as licenses and passporting, along with other financial services regulations.
Merging tech, avoiding “turf wars”, embracing change, careful planning and ensuring alignment between the companies – there is plenty to think about in any merger and acquisition (M&A) deal to ensure its success. Some relief, however, might come in the form of a cloud. When and how should this technology be applied? Banking Technology contributor, Graham Jarvis, […]
As regulatory pressures mount, Jon Hallam of GoldenSource explains why removing the burden of data management from the shoulders of fund managers can help deliver absolute returns for investors. From investors wanting more bang for their buck to increasing regulatory reporting requirements, it’s fair to say that asset managers have had a fair bit to […]
The CFPB’s recent enforcement action against Santander Bank over the bank’s overdraft practices underscores federal regulators’ focus on holding regulated institutions responsible for the actions of third-party vendors, and could provide a preview of the CFPB’s upcoming rulemaking on overdraft.
