Industry Veteran Creates CFPB NPRM Word Cloud
Wondering what the CFPB’s NPRM emphasizes?
Analysis
Sharing threat intelligence is challenging the industry, but it’s the only way forward
Protecting your banking infrastructure from cybercriminals is one of the toughest IT challenges in banking. It keeps getting harder, even though banks are working tirelessly to protect both customers and assets. Attacks are growing in size, and new developments such as the Internet of Things mean attack surfaces are growing, as well as the number of endpoints that can be used to launch attacks.
Bringing it all together
From the early days of internet distribution, New York-based Alacra has been aggregating reference data. Chief executive Steve Goldstein told David Bannister the company’s story
House Passes Bipartisan Bill Curbing CFPB Budget; Veto Expected
he House of Representatives on Feb. 4 passed bipartisan legislation sponsored by Rep. Virginia Foxx (R-N.C.) that she says would require greater transparency in government and would cap the CFPB budget for FY2016 at $550 million, $36 million below its expected funding.
Gov. Christie Signs ZIP Code Repeal Bill (Feb. 6, 2015)
N.J. Governor Chris Christie (R) signed into law a bill that eliminates the collection of consumer ZIP code information for gift cards purchased at the POS, putting an end to a protracted legal battle over unclaimed property rules in the state.
Laying the foundations for agile financial services
As many more tech companies begin offering bank-like services, mainstream banks are searching for ways they can fight back
Blog: Tackling Fraud with Data
Merchants appear to be more apt and capable of leveraging their own data today than the preceding several years. And, they are finding that using this data is more effective in combating fraud than traditional validation services.
NYAG Widens Access to Bank Accounts, But Still Plenty of Room for Prepaid (Feb. 3, 2015)
New York Attorney General Eric Schneiderman wants to increase access to traditional banking services by getting banks to change their account-opening criteria. But broader access to checking and savings accounts doesn’t mean consumers won’t continue to seek out alternatives, including prepaid cards, which may have more features and fewer fees, according to industry observers.
Thaw in investment freeze drives tech hires
Technology hiring is on the up, with employment within the industry forecast set to grow at 2.19% this year, nearly five times faster than the UK average, according to the 2015 Salary Guide from specialist recruiter Robert Half.
Banking innovation: a marathon, not a sprint
Britain’s banks have reliably serviced the banking needs of millions of customers for more than a hundred years; providing a safe place to store hard-earned cash, mortgages to buy dream homes, and great interest rates to accumulate savings
A winning mobile strategy
The mobile revolution is taking the financial services industry by storm. In less than five years it is predicted that the number of mobile phone owners using their device for banking purposes will double to over 1.75 billion. Banks cannot ignore the implications of what this means to their future business models. A mobile-first approach will be essential in leading the way.
Blog: Hot Topics at ‘The Big Show’ 2015
Coming off a strong holiday season, retailers have their sights set on data security and the shopping experience. First Data’s Jerry McNerney talks about how the payments industry can help.
Blog: Building the Next Generation of Payroll Cards
In 2014, payroll cards took a beating in the general press, fueling the fire in some state legislatures to impose onerous restrictions and potentially category-killer requirements. Now, CFSI, working in consultation with industry participants and consumer advocates, has created best practices for what it calls “high-quality payroll card products” that promote choice, safety, affordability, transparency and convenience (and discourage outliers).
FDIC Advises Banks to Contact Examiners on Brokered Deposits
Prepaid issuers aren’t the only ones confused by the potential implications of the FDIC’s recent FAQs on brokered deposits. The agency offered some clarifications to ABA staff but recommends issuers reach out to their examiners with specific questions.
Investment banks can benefit from online intelligence
It’s no secret that more bulge bracket trading desks are turning to online intelligence – predominantly social media – to obtain breaking news and views ahead of traditional wires. Yet, with constant pressure to get the edge over competitors, other departments of major investment banks will start following the trading floor’s lead.
Comment Deadline Extended for DMF Access Changes (Jan. 26, 2015)
The National Technical Information Service has extended by 60 days the comment period for its proposed rule to establish a certification program for access to the Death Master File. The new deadline is March 30, 2015.
Increasing customer engagement through mobile banking
Consumers in both developed and developing countries have embraced their mobile devices to check balances, make payments and conduct other financial activities. As a result, mobile banking has become a must-have offering for financial institutions. However, many are still working out how to go beyond the basics to add value for customers, increase engagement and maximise the return on the mobile channel investment.
Taking care of business
With a string of client projects in flight, the immediate effects of the financial crisis weren’t a problem for Dublin-based Information Mosaic, but as projects that had run for two or more years started coming to an end, things got a little tougher. Fortunately, the company has one major shareholder that has both funds and a long-term view …
The critical 48 hours after a cyber attack
A range of social, political, cultural and economic factors drives cyber attacks. How well banking and financial institutions understand the drivers for an attack and how effectively they respond in the 48 hours following the discovery of an attack has a major effect on the resultant impact.
CFPB Seeks Input for Campus Card Guide (Jan. 15, 2015)
The Consumer Financial Protection Bureau (CFPB) is creating a guide to help colleges evaluate institutions that offer financial accounts to students—and the CFPB is seeking input in devising the document.
Viewpoint: FDIC’s Brokered Deposits FAQs – Implications Range from Limited to Significant for Prepaid Issuers: It All Depends
As in any complex document, there are some ambiguities in the FAQs and time will tell how those will play out. But, what’s clear is that for many banks, the FAQs raise the cost of doing business, which will (or should) precipitate a review of business models.
Viewpoint: Industry Trends to Watch in 2015
Macro trends, including increased access to mobile devices and the Internet as well as consumer appetite for deals, will continue to drive changes in shopping behavior and broaden the use of both prepaid and electronic payments in 2015.
The media as a source of reputational protection, rather than risk
For better or worse, financial institutions are more risk averse than ever. This is the direct result of continuing and growing regulatory scrutiny over a broad range of activities, including the compliance of financial institutions in areas such as international sanctions, the prevention of money laundering, the funding of terrorism or the facilitation of tax evasion.
Industry Views: What Does a GOP Congress Mean to Payments?
We asked a number of prominent players in emerging payments to give us their opinions on what the shift in the 114th Congress might mean to payments.
Four cyber security risks not to be taken for granted in 2015
With Sony the latest victim of hacking, large organisations are witnessing yet again how data breaches cause serious damage, to the tune of millions. The prevalence of hacking in the media begs the question, what’s in store for 2015?
Blog: Why I Can’t Toss My Checkbook
P2P options abound, but I won’t be ditching my checkbook until providers make it easy and compelling enough for the local service providers I pay to make the switch.
Viewpoint: Prepaid and Financial Capability Have Grown Up; Now They Should Grow Closer
As the prepaid industry matures, program managers and other providers are looking for new ways to to drive customers toward behaviors that improve both the provider’s bottom line and the consumer’s financial health.
Orchestral manoeuvres
When first reports of an integrated communications project that had attracted a $66 million investment from a consortium of banks led by Goldman Sachs appeared last year, there was an element of cloak and dagger about the enterprise. The truth is both more prosaic and more interesting according to David Gurle, chief executive and founder of the company behind it.
The need for a resilient global network of FMIs
By facilitating payments, and clearing and settling transactions in the securities and derivatives markets, financial market infrastructures are essential nodes in a complex and ever more integrated international network of capital flows. The consequent inter-dependencies between financial market infrastructures will create new resiliency challenges
Five challenges for the banking industry in 2015
As 2015 gets under way, it is time to take stock of some of the biggest challenges facing the banking industry this year – including cybercrime, cultural change, more stress testing, ever-increasing regulatory scrutiny and a troubled economic outlook in Asia, Europe and the Middle East.
Reminder: Important Industry Deadlines Ahead (Jan. 2, 2015)
With much of the holiday revelry come and gone, the payments industry must refocus on two important NPRMs and their respective comment periods, which already have begun.
PCI DSS 3.0 comes into effect
Maintaining credit and debit card information on behalf of financial services organisations demands the highest levels of security and customer confidence, and adhering to standards like PCI DSS plays a crucial role in this. Yet, though the standard is unique in that it regulates data protection across a multitude of industries, PCI DSS remains one of the most challenging regulations with which companies must comply. Its Janus-faced qualities – some say it’s too prescriptive, while others complain that the standards are confusingly vague – make achieving and managing compliance difficult and time-consuming
Biometrics – novel solution, or novelty?
One of the trends of 2014 was its delivery of technology that we had been promised for years but had fallen short until now. Siri, Cortana and Google Now all make good on the sci-fi staple of the voice-activated computer. Virtual reality has been attempted many times, but it seems that the Oculus Rift may have finally cracked it. And biometric authentication, while often included in devices but rarely used, is now commonly used by owners of new iPhones to unlock their devices thanks to Touch ID.
EU Officials Agree to Cap Interchange Fees (Dec. 18, 2014)
Members of the Economic and Monetary Affairs Committee and European Union Council negotiators yesterday agreed to cap the interchange fees on cross-border and domestic card-based payments, ensuring uniform rules across the EU.
Innovators’ Spotlight: SUBWAY (Franchise World Headquarters LLC)
The mega-chain goes mobile with many partners and a mobile app of its own with two key ingredients—convenience and loyalty.
Viewpoint: Strategic Priorities for Success in Today’s Prepaid Environment
Changing times call for new priorities. Clients want a partner with a nimble organization and a flexible and feature-rich technology stack, but not at the expense of business and operational reliability.
Viewpoint: The Power of Push Marketing with Good Data and Analytics
Financial services providers have amassed mountains of data about customers, but what’s it worth? Real value comes from the analysis and timely application of knowledge through push marketing campaigns and ongoing product improvements.
Blog: A Soon-to-Be Must-Have: Biometrics Authentication for Customer Service
Apple Pay’s Touch ID application has pushed biometrics payments authentication into the mainstream. But biometrics authentication goes beyond fingerprint sensors, and voice biometrics authentication is one of the best ways to thwart identity fraud.
Times they are a changing – data analytics in the new era of capital markets
In 2015, organisations in the business finance solutions space are likely to spend significantly on business intelligence and analytics. This data goldmine can help organisations unlock hidden opportunities and insights
Financial services disruption – why I’m backing the banks
For banks, a race to remain relevant is on. In the past few weeks, Lloyds Banking Group has announced its intention to double-down on digital banking, closing branches and cutting costs. In the US, BBVA Compass announced that its agreement with startup Dwolla to offer real-time payment facilities to customers makes it the first mainstream bank to open its technology platform to digital developers like Dwolla
