People’s Bank of China Proposes Online Spending Caps (Aug. 3, 2015)
China’s central bank wants to implement regulations that would cap the amount consumers can spend online per day and per year using third-party payment accounts.
News
Mobikwik adds on-demand cash reloads
Indian mobile wallet provider MobiKwik is launching a new, Uber-like service.
Thomson Reuters targets FX corporate treasurers via FXall
Thomson Reuters has added foreign exchange trading capabilities for corporate treasurers to its financial markets desktop Thomson Reuters Eikon, linking it to FXall QuickTrade, a request for stream service.
Visa Partners with Stripe to Expand E-Commerce Reach (July 30, 2015)
Visa Inc. this week announced a new partnership with and investment in Stripe, a startup specializing in mobile and online payments technology, to work on new approaches to online payments and increasingly popular “buy buttons.”
MasterPass Coming to India amid E-Commerce Boom (July 30, 2015)
MasterCard and Citibank India are teaming up to bring the payment network’s MasterPass digital wallet to India.
SUBWAY Adding PayPal OneTouch (July 30, 2015)
SUBWAY will launch a revamped version of its mobile app and Web ordering service, adding PayPal’s OneTouch mobile checkout as a payment option.
Santander U.K. Enables Friends to Pool their Funds with KiTTi (July 30, 2015)
Santander, a financial services provider in the U.K., has made it easy for up to 100 consumers at least 18 years old to pool their funds via an app available on iOS and Android.
Benchmark shows banks overpaying for IT
The eye-watering amounts of money banks spend on technology are legendary – and largely inflated according to research that shows that they are paying far higher margins on significant parts of their budget than other industry sectors .
Despite New Payment Options, Prepaid Remains Popular (July 28, 2015)
While consumers still are using traditional methods of payment, they’re beginning to adopt digital and mobile options at significant rates, according to Blackhawk Network research released today.
New Ingo Money and NetSpend Pact Enables Mobile Check Deposit for Prepaid Cardholders (July 28, 2015)
Ingo Money and NetSpend today announced an agreement that will enable NetSpend prepaid cardholders to deposit checks to their accounts via smartphones by combining Ingo’s mobile check deposit capture service with NetSpend’s mobile banking platforms.
HM Treasury Seeks Input on Interchange Fee Regulation (July 28, 2015)
EU-wide Interchange Fee Regulation (IFR) goes into effect in December, and the U.K. government is seeking industry input on its implementation of the interchange caps and related provisions.
CFPB Takes Aim at Student Loan/Financial Aid Sector (July 28, 2015)
The CFPB has taken action against two companies over what the agency says were illegal practices related to student loans and financial aid information.
Visa Considers Acquisition of Visa Europe (July 27, 2015)
Visa Inc. has confirmed it’s in negotiations to acquire Visa Europe in what could be a $20 billion deal. Visa expects to resolve discussions about the possible acquisition in October and provide an update about its decision during the company’s fourth quarter earnings report.
Report: CurrentC to Launch Next Month for iPhone and Android (July 27, 2015)
CurrentC—the mobile payments service backed by a consortium of major retailers—reportedly will launch next month, and curiosity is running high about how the merchant-centric app will stack up against Apple Pay and other emerging mobile wallets.
Square Secretly Files for IPO (July 27, 2015)
After more than a year of rumors, it appears Square finally could be taking the plunge and going public. The m-POS pioneer—which has been expanding steadily into other verticals—has filed confidentially for an IPO with the SEC, according to Bloomberg, which cited sources with knowledge of the plan.
Huawei partners to push cloud transformation for financial IT
As part of its expansion into IT services, Chinese telecoms giant Huawei has partnered with 11 banking IT solution providers to establish an open platform ecosystem for the finance industry.
JPMorgan Chase Hack Could Be Connected to Stock, Bitcoin Schemes (July 22, 2015)
Last year’s cyberattack on JPMorgan Chase may have been part of a scheme to manipulate stock prices rather than to steal personal financial data, according to a new report.
Social Media Driving Mobile Money Boom (July 22, 2015)
Mobile money transfers are projected to balloon nearly 150 percent this year, with social media services driving much of that growth.
People on the Move: Steve Antonakes, CFPB
Steve Antonakes has stepped down from his position as deputy director of the CFPB as well as his position as associate director for supervision, enforcement and fair lending.
People on the Move: Martin Wheatley, Financial Conduct Authority
The U.K.’s Financial Conduct Authority has announced that Martin Wheatley is stepping down as CEO, effective Sept. 12, 2015.
People on the Move: David Hunter, Pannovate Ltd.
Pannovate Ltd., a card design, personalization and augmented reality SaaS business, has appointed David Hunter chairman.
Company on the Move: Payveris LLC, New Headquarters
Payveris LLC, a digital payments company serving banks and credit unions across the U.S., has announced that it has completed its move to a new corporate headquarters.
People on the Move: Joanne Briggs and Drew Cockton, Tuxedo Money Solutions
Tuxedo Money Solutions, a payment technology and prepaid card provider, has appointed Joanne Briggs and Drew Cockton as client relationship managers for its travel sector clients.
People on the Move: Stefano Pessina, Walgreens Boots Alliance Inc.
Walgreens Boots Alliance Inc., pharmacy, health and well-being company, announced that its board of directors has named Stefano Pessina as CEO.
First Data Readies for Multibillion-Dollar IPO (July 21, 2015)
Less than a decade after a private equity firm took the company private, First Data Corp. announced Monday it has filed documents with the SEC relating to an IPO of its common stock.
Fed Report: $139 Billion in Gov’t Prepaid Loads in 2014 (July 21, 2015)
Government agencies disbursed a total of $139 billion through prepaid cards in 2014, according to the Federal Reserve’s latest annual report on government prepaid programs.
CFPB: Citi to Pay $770 Million for Marketing and Billing Practices Related to Credit Card Add-On Services (July 21, 2015)
As the Dodd-Frank Act turns 5 today, the CFPB is making good on its consumer protection mandate, announcing today a new enforcement action.
PayPal’s Shares Rise as it Flies Solo (July 20, 2015)
PayPal’s stock rose more than 5 percent on its first day of trading as an independent company, bringing its total market capitalization to about $50 billion, making it an even more potent force in the red-hot payments M&A arena, observers say.
Meta Buys Tax Refund Company for $50 Million (July 20, 2015)
Meta Financial Group Inc. and bank subsidiary MetaBank are getting ready for tax season early with the acquisition of Fort Knox Financial Services Corp. and its subsidiary, Tax Product Services. The deal, valued at approximately $50 million, bolsters Meta’s business in the tax refund prepaid card vertical.
U.K. Payments Study Shows Consumers’ Need for Speed
Faster payments could be the key factor in getting U.K. consumers to switch bank accounts, a new report says. In a study commissioned by ACI Worldwide, 45 percent of 2,000 of consumers polled in the U.K. said the prospect of faster and more convenient electronic payments would encourage them to consider moving their accounts to a different bank.
Ageing reconciliation systems cost firms dear
Two-thirds of top-tier financial institutions have established reconciliation centres of excellence following a recent wave of consolidation of the reconciliation function – but more than half of firms say their reconciliation technology platform was at least five years old, and a quarter of respondents use platforms more than nine years old.
Financial services trade associations face amalgamation in FSTAR review
Some of the top banking industry associations may be joined together, amalgamated or otherwise merged, following the publication of the Financial Services Trade Association Review this month. The move poses both risks and potential benefits.
‘Insidious’ client-side malware targets banks through customers
Banks are at risk from a new kind of ‘client side injected malware’ attack, in which attackers install malware on the customer’s device and use it as a base for injected ads, spyware scripts, unauthorised cookies and fake surveys designed to look like they are part of the bank’s website or app, but which actually steal a customer’s private information.
Apple Pay U.S. Merchant Acceptance Reaches 1 MM, up 400 Percent since Launch (July 16, 2015)
Apple Pay this month has reached a new milestone: More than 1 million U.S. merchants now accept the m-payments service, according to new data from Ingenico.
MasterCard JV Partners with Sri Lanka’s Largest Telco on Mobile Remittances (July 16, 2015)
Sri Lanka’s largest telco, Dialog Axiata, is partnering with MasterCard joint venture HomeSend to enable mobile remittances to the country, which represents a US$7.2 billion money transfer market.
Authorities Smash Hacking ‘Hornet’s Nest’ (July 16, 2015)
A major online hacking forum and malware marketplace has been shut down in a coordinated operation by law enforcement officials in 20 countries.
Equniti to acquire Transglobal Payment Solutions
Equiniti has exchanged contracts to acquire TransGlobal Payment Solutions, whose platform is used by Equiniti International Payments, the group’s foreign exchange payments business, launched in 2011.
Commerzbank continues card processing contract with Worldline
Commerzbank has extended its existing credit card processing contract with Worldline for a further seven years. Since 1998 Wordline has provided the bank with an end-to-end processing service that includes complete processing of all the bank’s issued Visa and MasterCard cards.
Volante launches ‘Babel Fish’ for financial messaging transformation
A ‘Babel Fish’ for financial messaging has been launched by Volante Technologies with the intention of simplifying corporate-to-bank integration and removing obstacles to on-boarding. Like the fictional universal translator from Hitchhikers’ Guide to the Galaxy, the system translates incoming message formats into something that the receiver can understand.
Green Dot Cuts Ribbon on Tech Center in China (July 14, 2015)
Green Dot Corp. today opened the doors to Green Dot Shanghai Software Technology Co. Ltd., a wholly owned subsidiary located in the Zhangjiang Hi Technology Park in the Pudong district of Shanghai.
