Visa, MasterCard Urge Approval of Settlement, Despite Attorney Misconduct
Litigation involves a $7.25 billion settlement deal with retailers, after it was disclosed that a defense attorney shared information with an attorney for the plaintiffs.
Analysis
Litigation: Retail Gift Card Updates
Abercrombie & Fitch and RadioShack class action decisions involving closed-loop gift cards warrant attention.
The non-bank bank?
Saxo Payments isn’t a bank, and the chief executive isn’t a banker. So how does he think he’s that’s going to help shake up international payments?
Chief digital officers aren’t the solution to winning the digital banking war
A bank cannot hope to compete in today’s retail banking market without a ‘digital executive team’ and banks need to reinvent their upper echelons’ if this is currently lacking, as Atom Bank and Apple Pay are merely the start of an avalanche of a new era of digital disrupters, looking to steal the lunch from traditional high street banks.
Reshaping the future of corporate banking
Pascal Augé, head of global transaction and payment services, Société Générale speaks to Daily News at Sibos about the growing importance of transaction banking for corporate customers
ISO 20022: we’ve reached the crossroads and need to act
Last year, the ISO 20022 standard celebrated its 10th birthday, and consequently it may seem a bit odd to say that after more than a decade since its inception, the financial community really should start taking assertive action. Since 2004, the ISO 20022 standard has, thankfully, witnessed substantial adoption but it has been what could be termed an “uncontrolled adoption”. So why is action so critical now?
Letter from the Editor: Change Is Good, but Slow
When I joined the company in 2007, Google was just a search engine and Apple had nothing to do with payments. It was a time many prepaid executives have compared to throwing spaghetti at the wall to see what sticks—not everything did.
Viewpoint: Why Prepaid Expense Cards Matter
Business expense prepaid cards can fill in the gaps when credit, cash or other business payments aren’t ideal. Tapping this relatively young vertical market will require product features that make life easier for employers and employees.
Blog: Domestic Mobile Payment Schemes: Progress or Protectionism?
The creation of domestic mobile payment schemes by retail banks is good news for their customers domestically, but potentially threatens mobile payments at an international level.
Aussie Central Bank Eyes Amex Regulation (Sept. 2, 2015)
Australia’s central bank may begin regulating American Express cards in the country, putting at risk the generous rewards points cardholders earn on so-called “companion cards”— credit card accounts linked to two different credit card networks, thus enabling cardholders to earn the benefits of whichever one they choose to use at the point of purchase.
Blackhawk Research: Speed, Convenience Drive E-Gifting
Digital gifting continues to make inroads, with more than half of consumers surveyed by Blackhawk Network reporting the purchase of an e-gift over the previous year.
Court Upholds FTC’s Authority to Protect Consumer Data (Aug. 27, 2015)
A U.S. appeals court this week determined that the FTC has authority to regulate corporate cybersecurity and can pursue a lawsuit against hotel operator Wyndham Worldwide Corp. for allegedly failing to properly safeguard consumers’ information.
Banks can see off new challenges with a flexible but secure approach to data
Even as they cement their recovery from the financial crisis, adherents to traditional banking models are facing a new storm as they grapple with the digital demands of the Facebook generation and heightened regulatory risks surrounding data. At the same time, they must match the customer service levels offered by the “challenger” banks if they are to avoid haemorrhaging business to their nimble and digital-focused rivals.
Texas Merchants Continue to Fight State’s Surcharge Law
Surcharges vs. discounts.
One-Sided Gift Card Arbitration Clause May Be Unconscionable in California
Changing terms of an agreement.
Judge Denies Bid by Citi, First Data to Reconsider Liability Cap in Data Breach Case
Three-party agreements causes problems.
N.Y. and Texas AGs Request RadioShack to Notify Gift Card Holders
Rights of gift card holders.
Dave & Buster’s Faces Class Action over Gift Card Practices
Redeeming for dollars.
Viewpoint: A Regulatory Snapshot for Payment Services and E-Money in Europe
Payment opportunities in the EU come with complex requirements, which is why it’s important to understand the ever-changing legislative issues.
Systems you just can’t bank on: how legacy has become a liability
Let’s be clear: banks do a very difficult job – they store the value of society expressed as money. We trust them and they can’t get it wrong, but they are nothing but people and IT. Everything they own is on computer and they don’t like to take risks with this. Consequently, IT change for banks has been slow and safe. It has been incremental: bit by bit, byte by byte.
A different banking landscape
Historically, the large banks have been Lords of the Manor, between them owning every scrap of land as far as the eye can see. However, times are changing: invaders offering services the banks cannot provide as competitively have begun to disrupt the peace and take small pockets of land for themselves. Likening the march of the fintech new entrants to a land-grab by an invading force, the disruptors began with a neglected allotment here and there, then moved to take a meadow and now some are on the verge of swallowing up villages and small towns …
Viewpoint: Emerging Payments Vs. Legacy—It’s Not Either/Or
We recently surveyed more than 1,000 Americans about their payment preferences. The key trend that emerged: Traditional and emerging payments tools are being used together, not cannibalizing each other.
Viewpoint: Bitcoin: Take Charge of Your Destiny
Like it or not, the bitcoin craze is here to stay. Over time, bitcoin will be a major disruptor in payments—with broad implications for governments, businesses and consumers. Burying your head in the sand is not an option.
Frenemies at the gate
A curious cultural shift is taking place when it comes to problem-solving in the financial services industry, writes Joe Channer The sector is not renowned as a home for co-operation: competition is intense, the stakes high, and individualism rewarded. Yet the industry has recently seen a marked increase in collaborative ventures. The post-crisis environment, with […]
Wide application for wearables in financial services industry
There has been hype around wearable technology for some time now but only now is it reaching market maturity with the introduction and subsequent adoption by consumers of smart watches and wristbands. Just as we saw with smart phones and tablets, consumer technology, in this case wearables, has the potential to have a huge impact on the business world. The implications for the financial services industry are significant
Debit Caps: Fed Explains Transaction-Monitoring Rationale (Aug. 13, 2015)
The last lingering issue in the long-running legal dispute between merchants and the Federal Reserve Board of Governors over debit interchange fee caps took a step toward resolution this week, with the Fed detailing how it calculated a controversial aspect of the fee limit.
Sen. Blumenthal Asks MCX to Explain M-Payments Exclusivity Policy (Aug. 6, 2015)
Sen. Richard Blumenthal (D-Conn.) this week sent a letter to the retail consortium Merchant Customer Exchange (MCX), which is readying the launch of its CurrentC mobile payments service, demanding details about its exclusivity policy requiring participants to block rival mobile wallets, along with other information.
BofI Gains OCC Approval to Acquire H&R Block Bank (Aug. 6, 2015)
BofI Federal Bank has received approval from the Office of the Comptroller of the Currency (OCC) to acquire certain assets and liabilities from H&R Block Bank.
OCC Issues Guidance for Tax Refund Prepaid Issuers (Aug. 6, 2015)
The Office of the Comptroller of the Currency (OCC) has released new guidance for banks issuing tax refund-related products, including prepaid cards.
Making the connection
Connecting Governance, Finance, Risk & Compliance allows firms to govern all important issues and risks that exist at the intersection of multiple functions. Breaking silos and adopting a forward looking, holistic view of GFRC functions will be what provides financial institutions with a competitive advantage
CVS Hack Highlights Importance of Vendor Selection
Another warning to check that your vendors apply appropriate security measures.
Google and RadioShack Face Challenges from Gift Card Holders
Both Google and RadioShack are engaged in legal battles with consumers holding unused balances on the respective company’s gift cards.
Digital disruption: can banks add interest to others’ ideas?
The high street bank has always been relied upon to be one of those unchanging constants in our lives. Takeovers and scandals have come and gone, but the digital revolution has slowly changed the way financial products are delivered. Today the Internet, mobile devices and financial services have now converged to change the way consumers manage their finances and the way they connect with their bank
The new face of risk management
Regulations aimed at transparency across financial markets may be making things simpler for the regulators, but they are making life more complex for banks, according to Sven Ludwig, senior vice president, risk management and analytics EMEA, at SunGard.
How the Internet of Things is helping banks put their customers first
At the SAP Financial Services Forum in London last month, the topic of digital transformation dominated the agenda. From legacy banks with lumbering IT systems to nimble fintech startups, the consensus was clear: The long-standing status quo is simply unsustainable in an increasingly digital economy
Cometh the Digital Bank
The only banking activity that is digital is taking money out of clients’ accounts, which is performed in real-time with 100% consistency. After that the banking journey is far slower and less consistent.
Digital: serve better, not just serve more
Look at most technology initiatives around you, most are obsessed with taking the cost out e.g. ATMs, online banking or selling more e.g. marketing automation, emails. As a business it’s important to manage the cost, but when cost becomes the primary driver, it creates more problems than it solves
Blog: What the Blockchain Can Do for Gift Cards
While the role of bitcoin itself is still in question, there is a growing industry consensus that the blockchain—bitcoin’s underlying technology—may become to value, what the Web has been to information. And, the gift card industry may be the first to reap the benefits.
Reinforcing supply chain links
Despite the squeeze on capital created by the increased global regulatory burden, treasurers must still provide ample working capital for daily commercial flows, with minimum damage to their balance sheets. At the same time, the continuing rise in cross-border trade – frequently with relatively unknown and distant markets – increases exposure to geo-political and environmental risks. In such an environment, and particularly in light of post-crisis sensibilities, liquidity is more of a concern than ever, both to lubricate the daily machinations of trade and to act as a buffer for potential financial or supply-related shocks
Blog: Fighting Fraud Starts with Common Sense on the Front Lines
Some cybercriminals are geniuses, I’m sure, but my recent personal experience with fraud suggests there is a gaping chasm between the promises of high-tech fraud-prevention methods and the existing, low-tech reality.
