Instant payments are a step closer to becoming a reality in Europe, now that the European Payments Council (EPC) has submitted and received approval on its proposal for the design of a pan-European instant credit transfer framework.
It’s no secret that past risk management practices and regulatory frameworks failed with respect to the global financial crisis. There were a number of reasons behind this, ranging from an overreliance on quantitative analysis to poor risk governance and frameworks, not to mention a lack of understanding around concentrated risk build-up such as leverage, convexity […]
Integrated stress testing is the preferred tool from a supervisory perspective. And that’s on a global basis. It may not be new, but it is featuring increasingly higher on the regulatory agenda and so understanding the technological opportunities is all important. A key building block for effective and integrated stress testing is an integrated balance sheet strategy
There is an uncanny similarity between Prime Minster David Cameron’s emphasis of moving from a “low wage, high tax, high welfare society to a higher wage, lower tax, and lower welfare society” and a shifting focus among the asset management community.
It is a well-known fact that banks have two types of technology: Cold War-era IBM mainframes running Cobol-based batch programmes and Evil Genius HFT systems. The mundane truth is that any financial services operation will have a range of hardware and software systems of different vintages and spend a lot of time and money living with the consequences.
It should be no surprise to anyone that gift cards are forecasted to be uber popular again this holiday season. However, it will be crucial for those in the prepaid industry to be mindful of plugged-in shopper preferences to capture holiday spend.
Knowing your customer is taking on new meaning for retailers, If you want to thrive, you must give your customers a personalized shopping experience with a simple integrated payments process.
In 5 years plastic cards will be dead! A bold prediction for sure and likely one you’ve heard in any of a dozen payment mixers you’ve attended over the last year. But for our restaurant brands, we see a more nuanced picture that requires us to execute a simple, perhaps obvious, formula.
The five most important takeaways from Money20/20 that will shape payments for the foreseeable future.
Craig James explains how passporting with an e-money license allows U.S. prepaid companies to conduct business in EU countries.
Retailers argue the semantics between calling a price difference a “surcharge” or a “discount.”
Earlier this year, we recognized the Top 10 Payments Lawyers as voted for by Paybefore.com visitors. In our first profile, we feature Amy Ross Lauck, partner, in the payment systems and consumer financial services practice at Lindquist & Vennum LLP, who discusses the challenges of the CARD Act, prospects for the CFPB’s prepaid rulemaking and innovations yet to come.
Banking and disruptive change go hand in hand. There was the era of deregulation. Then the 2008 crisis and the era of re-regulation. Then PPI. Now there is digital, and no sector is secure from its transformative power, not even a heavily fortified one …
Federal prosecutors have charged a trio of accused cybercriminals in a wide-ranging hacking and fraud scheme Attorney General Loretta Lynch called “one of the largest thefts of financial-related data in history.”
A 30-second advertisement that aired during last night’s Republican presidential debate took aim at the CFPB and likely raised the hackles of the bureau’s proponents.
Eighteen U.S. senators led by Cory Booker (D-N.J.), sent a letter last week to the CFPB urging protections for prisoners released from jail who receive prepaid cards when they exit incarceration.
In this age of tablets and smartphones, customers expect instantaneous access to information and services. Emails, tweets, shopping: everything is now real time or forget about it. As a result, instant payment is upon us, writes David Andrieux. Benefits of instant payments aren’t hard to see. For the economy, they allow consumers and businesses to […]
There is no doubt that IT and IT projects are becoming increasingly critical to banks’ success, yet a recent survey by Accenture found that only 6% of the directors of the world’s largest banks have any IT experience …
The UK’s payments system infrastructure is widely recognised as market-leading. However, evolving customer expectations and innovation in the fintech sector dictate that now is no time to rest on laurels. Work must begin today to develop the payments experience that will be taken for granted in 20 years.
Recent years have seen unprecedented changes to the technical infrastructure of financial institutions. Many of these changes have been driven by regulatory mandates drawn up in response to the financial crisis of 2007/8. As the Global Systematically Important Banks battle to comply with the January 2016 deadline of the Basel III Directive BCBS239, it is […]
Companies seeking to appeal a supervisory action undertaken by the CFPB have to play by some new rules, now that the agency has revised its appeals process.
Chief marketing officers at 100 U.S. retailers are expecting a 4.2 percent increase in holiday season total store sales this year, which is in line with last year’s 4.1 percent increase, according to a the 10th annual survey from BDO USA, a professional services firm and consultancy.
Legislators and regulators are grappling with how to apply existing money transmitter laws to an emerging industry. Read about the challenges and latest developments across the U.S.
States are getting into the EMV with PIN push, which they say will provide better fraud protection.
A class action related to the Kmart breach in 2014 was struck down.
The New York State Department of Labor this week reissued its proposed rule on payroll cards (see page 7 of PDF), which is similar to the one issued in May. Although some of the DOL’s changes are favorable to the industry, lingering provisions, particularly those around banned fees, will prove problematic to payroll card business models.
Eight years on from the global financial crisis, and banks continue to face a growing number of challenges. Many have ceased or significantly reduced proprietary trading, with the resulting reduction in both risk and reward. This period has also seen lower risk appetite among many investors and continuing global competition which has put pressure on profit margins,
The U.S. Department of Education released its final regulation regarding Title IV funds disbursement before the Nov. 1 deadline, which means the regulations will go into effect July 1, 2016, and apply to the 2016-2017 school year.
From the very first coins changing hands in 700 BC, through to the Bank of England pioneering the first use of a pre-printed form – or cheque – in 1717, and the emergence of credit cards in the mid 20th century, how we pay for goods and services has continued to evolve. We now face a cashless society
Despite reassurances from UniRush Chairman and CEO Rick Savard earlier this week that the company is working around the clock to address any remaining cardholder issues arising from its recent technology migration, CFPB Director Richard Cordray today offered his two cents on the matter, saying the bureau will use “all appropriate tools at our disposal to help ensure that consumers obtain the relief that they deserve.”
The fact that London’s financial services sector is also a hot spot for technology innovation is not news. In 2014, investment in financial technology firms grew by 136%. Earlier this year, George Osborne identified London’s financial technology sector as a particularly bright spot in the recovering economy – not surprising when you consider the transformational effect that information technology continues to have on the industry
The selfie boom was born in 2003 with the world’s first front-facing camera, and millennials are the first generation to grow up with technology focused on one’s self, bringing new expectations to the meaning of personalized, digital services.
Personalization has become more important than ever to consumers, as they shun anonymous mass advertising in favor of individual reviews and one-to-one brand engagement. But what if instead of helping big brands to adapt, you were to lead the change? This is where competitive advantage comes to life.
Clearly there’s an issue with how banks manage cross-border money transfers and payments. The process is inefficient, costly and archaic. That being said, I can understand why it is the way it is—building a truly global platform that enables FedEx-like payment transfers is no easy feat.
The National Retail Federation’s annual holiday survey puts gift cards on top as the most requested holiday gift for the ninth consecutive year. Plus, consumers share plans for their most mobile holiday shopping season yet.
The fintech revolution is now firmly established, and disruptive technologies are blooming all across the sector. From securities to payments, everyone in the sector is watching to see how the next innovation will affect their business.
Technology has infiltrated every facet of our lives, fundamentally changing our behaviour patterns and our expectations of what constitutes a good customer experience. The banking sector has not been immune to these changes; the industry has been forced to drastically transform its business processes and services in order to keep up with customers’ expectations. Today, customer satisfaction is judged not by the smile on the face of a cashier, but on the speed with which one can gain mobile access
Competition from financial technology companies and regulatory changes are forcing banks to adopt APIs to provide access to client information, which has many implications across the industry.
Sluggish economic growth in developed nations means attention is still focused on the growth markets of the Brics nations. As intra-regional trade grows, local knowledge is becoming a valued commodity.
From its tentative early steps to open the Swift network to corporations, Swift has been steadily building its corporate membership. Swift membership is increasingly an option for not only large multinationals, but also medium sized companies. Daily News at Sibos looks at the current status of Swift for Corporates.
