People on the Move: Patrick Harker, Federal Reserve Bank of Philadelphia
The board of directors of the Federal Reserve Bank of Philadelphia has announced that Patrick Harker will assume the role of president and CEO, effective July 1, 2015.
News
Company on the Move: New Doone Science & Technology, GlobalPlatform Membership
GlobalPlatform, a nonprofit organization that standardizes managing applications on secure chip technology, has added New Doone Science & Technology as an observer member.
People on the Move: Don Kingsborough, Raise Board
Online gift card marketplace Raise has announced that Don Kingsborough has joined the company’s board of directors.
People on the Move: Paul Bridgewater, Jim Emerick, Sage Business Solutions
Payment services provider and processor Sage Payment Solutions has appointed Paul Bridgewater as CEO and Jim Emerick as executive vice president of customer support.
People on the Move: Douglas McGann, UniRush
Prepaid program manager UniRush LLC has promoted Douglas McGann to the role of president.
People on the Move: Rob Lehman, WilmerHale
Rob Lehman has joined law firm WilmerHale as co-chair of the firm’s legislative affairs and public policy group, a government relations practice that provides strategic legislative and regulatory advocacy and solutions.
Temenos buys into funds market with €235m purchase of Multifonds
Temenos has moved into the fund administration business with a €235 million acquisition of Luxembourg-based Multifonds, which counts a number of Tier 1 institutions as users of its fund administration platform.
Swift adds peer assessment to sanctions service
Swift has added peer assessment to its Sanctions Testing service. An optional service it will allow financial institutions to compare the performance of their sanctions filters against those of other participating institutions.
Fenergo enhances Regulatory Rules Engine
Fenergo has enhanced its Regulatory Rules Engine software, used by investment banks investment banks and capital market firms for client lifecycle. The software enables financial institutions to comply with a range of regulatory frameworks based on a single, out-of-the-box repository of rules.
Meet the Jetsons? Visa and MasterCard Unveil In-Car Food Ordering, Transit Innovations (March 3, 2015)
New mobile payments and loyalty management technologies envisioned for public transportation and automobiles may spark some big changes in commuters’ daily routines, according to announcements from Visa and MasterCard this week at Mobile World Congress in Barcelona.
Ubiquity Expands Customer Base with Meta, Wave Crest Deals (March 3, 2015)
Ubiquity Global Services, which last fall announced the opening of a contact center in Lisbon, has recently signed deals with two major prepaid companies, Meta Payment Systems and Wave Crest.
Cardtronics Offers Surcharge-Free ATM Access Direct to Consumers (Mar. 3, 2015)
ATM owner/operator Cardtronics Inc. is launching a new surcharge-free ATM membership program called ATMpass that enables consumers to purchase monthly, quarterly or annual memberships for surcharge-free ATM access in retail locations.
Cordray’s Semi-Annual Report to Congress Focuses on Mortgages/Lending (March 3, 2015)
CFPB Director Richard Cordray today addresses the House Financial Services Committee for the bureau’s semi-annual report to Congress.
N.Y. May Put AML Onus on Bank Execs (Mar. 3, 2015)
New York is considering a plan to hold top banking executives personally responsible for the quality and effectiveness of their firms’ AML efforts.
Viewpoint: Supervisory or Enforcement Action, Deputy Director Antonakes Explains How the CFPB Decides
The CFPB’s Antonakes explained his bureau’s supervisory approach and enforcement actions and how they are different from that of the federal banking agencies.
Mobile money goes global in 2015 reports GSMA
Mobile money is expanding rapidly as global smartphone penetration grows. This year, many providers are looking to expand their range of mobile money services to areas such as credit and savings – but operators must be wary of the remaining challenges, including regulation and market sizes, according to a new report by the GSMA.
PayPal Makes In-Store Gains with Paydiant Acquisition (March 2, 2015)
PayPal took a big step forward in expanding its in-store payments presence today, announcing plans to acquire Paydiant, an Auburndale, Mass.-based mobile payments technology company.
Samsung Pay to Roll Out This Summer, Expanding Merchants’ Mobile-Payment Reach (March 2, 2015)
Samsung Electronics Co. unveiled details of Samsung Pay, its mobile payments service set to roll out in the U.S. this summer to compete with Apple Pay and Google Wallet, further expanding the potential audience—and merchants—that can participate in the tap-to-pay experience.
Visa Buys Merchant Offer Platform TrialPay (March 2, 2015)
Visa last week announced plans to buy TrialPay, an e-commerce platform that helps merchants convert free users into paying subscribers for gaming and other online and mobile services.
CFPB’s Submission Overhaul for Credit Agreements Could Streamline Prepaid Process (Mar. 2, 2015)
The CFPB is updating the system credit card issuers use to submit their card agreements to the agency’s public database, and the new automated process could be used by prepaid card issuers if submitting cardholder agreements as proposed by the agency’s NPRM on prepaid accounts becomes law.
Samsung banks on backward compatibility in payments play
Samsung has announced a new mobile payment service called Samsung Pay, that it claims will break the obstacles to mobile wallet adoption by being compatible with older point-of-sale terminals through the use of Magnetic Secure Transmission, which allows terminals using traditional magnetic stripe technology to accept payments.
Hybrid skills shortage threatens growth say international bank chiefs
Limited availability of key skills is seen as a threat to growth prospects by 70% of chief executives in the financial services sector. A global survey by PwC shows that the disruptive impact of new technology and new competition in the sector has created new challenges for employers looking to hire in the months ahead. Concerns centre on the shortage of employees with the right combination of skills, with more than three quarters of executives looking for a broader range of skills when hiring than they did in the past.
Europol takes down botnet in international action
In a joint international operation Europol’s European Cybercrime Centre seized servers said to have controlled the Ramnit botnet that had infected 3.2 million computers internationally. The operation involved investigators from Germany, Italy, the Netherlands, and the UK – which led the operation – along with partners from private industry.
Google Wallet Buys Softcard Tech/IP, Signs Distribution Deal with Wireless Carriers (Feb. 25, 2015)
Google Wallet is getting fresh horses in the mobile wallet race, where Apple Pay has the early lead.
Square Co-Founder: Pinpointing Shoppers’ In-Store Locations Will Transform Retail, Payments (Feb. 25, 2015)
Mobile payments technology is driving multiple types of innovations, but one of the most transformative likely will be location-based technologies that improve the shopping experience, according to Square’s co-founder Jim McKelvey.
APEX Panel: The Changing Shape of Personal Financial Services (Feb. 25, 2015)
With more than a quarter of U.S. households either unbanked or underbanked, there is a major opportunity in creating alternative financial products to serve that segment.
Deutsche Bank signs 10-year modernisation deal with HP
Deutsche Bank and Hewlett-Packard have announced a 10-year, multi-billion dollar agreement that will see parts of the bank’s global IT systems rationalised and migrated to HP platforms10
Citi Mobile Challenge comes to Europe, Middle East and Africa
Citi has opened the doors to entrants for its Citi Mobile Challenge in Europe, the Middle East and Africa, an annual competition that invites developers from around the world to build innovative financial services based on Citi’s digital platform.
Visa Checkout to Reach 16 Countries This Year (Feb. 23, 2015)
Visa is expanding Visa Checkout, its secure online payment service, to reach a total of 16 countries this year, the company said last week.
Report: Google Wallet Hatching Makeover, Dangling Incentives for Carrier Support (Feb. 23, 2015)
Google Inc. is plotting another makeover for its 4-year-old Google Wallet, to be revealed in May at its annual I/O developer’s conference, according to a Feb. 20 report in the Wall Street Journal.
APS to Offer Banking Services through 11,500 Post Office Locations (Feb. 23, 2015)
Customers of Advanced Payment Solutions (APS), a London-based provider of alternative banking solutions, soon will be able to access banking serves through the U.K. Post Office’s 11,500 branches.
FCA approval takes Bloomberg into European trade reporting space
Continuing its policy of offering products that fit across user workflows, Bloomberg has moved in to the transaction reporting space in Europe. The company’s Trade Order Management System has been granted approval by the Financial Conduct Authority to report securities with an ISIN and OTC derivatives as part of the UK’s Approved Reporting Mechanisms regime.
Samsung’s LoopPay Deal Buys Quick Path to Mobile Payments, Pressure for Apple Pay? (Feb. 19, 2015)
Samsung this week announced its purchase of mobile payments startup LoopPay, taking over its technology that enables magnetic stripe cards to be processed as contactless transactions at traditional payment terminals.
Judge Tosses Anti-Steering Rules, but Expert Says Door May Be Open for Appeal (Feb. 19, 2015)
A federal judge has ruled that American Express no longer may bar retailers from steering customers toward paying with cards with lower merchant fees.
Pay.gov Integrates PayPal, Dwolla with U.S. Gov’t Payments Portal (Feb. 19, 2015)
Pay.gov, the U.S. government’s online payments portal for 90 federal agencies, is expanding to embrace digital wallets, including PayPal and Dwolla, the U.S. Treasury announced this week.
Patent Hints at Coupons and Loyalty for Apple Pay; JetBlue Takes it to the Skies (Feb. 18, 2015)
Apple Inc. has filed a patent application indicating plans to add loyalty features to Apple Pay, introducing the option to redeem coupons and tickets via NFC, according to a new report.
Mitek Takes Mobile Deposit to SMBs (Feb. 18, 2015)
Mobile deposit capture (MDC) has gained tremendous ground with consumers looking for more convenient access to funds.
APEX Preview: How Washington Views Bells, Whistles and Horns
Prepaid may be a more expensive business to enter—as compliance costs increase and margins thin—but that doesn’t mean the entrepreneurialism and innovation that birthed the industry are finished. A panel at All Payments Expo in Las Vegas next week will explore what it takes to enter and succeed in the market amid unprecedented regulatory scrutiny and oversight.
Investment network eToro migrates to hybrid cloud
Online social investment network eToro has moved its core IT infrastructure onto a hybrid cloud system. The platform will allow it to maintain sensitive applications in a private cloud while using a public cloud for others.
Federal Gov’t to Support Apple Pay; MasterCard and Visa Beefing Up Security Efforts (Feb. 17, 2015)
The U.S. government is the latest to get behind Apple Pay as part of its commitment to encourage more secure payments technologies, the White House announced during its Summit on Cybersecurity and Consumer Protection at Stanford University on Feb. 13.
