The Bancorp Inc., parent of The Bancorp Bank, disclosed last week in a short regulatory filing that it reclassified deposits as “brokered” as a result of FAQs issued by the FDIC on Dec. 24, 2014. The FAQs—which, for practical purposes, have the effect of a rule of law—require reclassification of deposits underlying many types of prepaid cards, as newly documented by the FDIC.
FX services provider CLS Group and OTC derivatives specialist TriOptima are collaborating to launch an FX forward compression service, which they say will help customers to meet the regulatory obligation to use compression for non-centrally cleared OTC derivatives if possible.
The U.S. Supreme Court today said it would not hear retailers’ challenge to the Federal Reserve’s debit card interchange fees, enforcing a lower court’s decision to keep existing regulations in place.
A year after JPMorgan Chase announced plans to exit its corporate and public sector prepaid business, Citigroup Inc. told investors last week it’s transferring Citi Prepaid Services to Citi Holdings, where the business line will be groomed to become a free-standing entity.
Google Wallet is reportedly in talks to buy NFC-based mobile wallet rival Softcard, causing speculation about how the combination might stack up against Apple Pay and other emerging wallet concepts.
The CFPB is accepting applications to fill seats on three separate committees. The CFPB announced the openings in a notice in the Federal Register late last week.
In declining to review the decision of the U.S. Court of Appeals for the District of Columbia, the controversy over the Fed’s interchange fee cap is over. Read more later today in Pay News.
Bitcoin market Netagio has launched credit and debit card payment options, as part of a push to make it easier to buy and sell Bitcoin with pounds, euros and US dollars. The exchange, which was founded in 2013, is seeking to popularise the alternative currency and improve its controversial public image.
Overall sales from the holiday sales season rose a healthy 4 percent, reaching their highest level since 2011, the National Retail Federation (NRF) announced this week.
PayPal this week announced a partnership with Microsoft to provide a new POS approach for small businesses to accept cards payments using the computer titan’s Surface Pro 3 tablet and certain Windows-based phones.
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.
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.
Diliger, a start-up offering research tools for buyers of capital markets services, is looking to raise £500,000 through crowdfunding using the Crowdcube site.
Retailers and payments executives who were hoping to get an answer from the Supreme Court this week on whether the court will hear NACS et al v. Board of Governors of the Federal Reserve System will be waiting a bit longer.
President Obama is throwing support behind new legislation to further protect consumers from data breaches, while backing another new bill that would prevent companies from misusing student data. At a Federal Trade Commission presentation Jan. 12, President Obama outlined the Personal Data Notification & Protection Act, which would require U.S. companies to notify customers within […]
PayPal this week rolled out a set of enriched features for PayPal Credit and introduced a new Business Consulting service to enhance retailers’ e-commerce operations.
MasterCard is joining with the Indian state of Gujarat to accelerate the adoption of electronic payments across multiple sectors, including commercial, government and transit.
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.
1to1 Card, a leader and innovator in prepaid card management services, has announced that Daniel Grotto has joined the company as CFO and member of the company’s advisory board.
Card marketing and production service provider Arroweye Solutions has appointed Reiner Vanooteghem vice president of market development.
Merchant Warehouse, a provider of payment technologies and processing solutions, has changed its name to Cayan.
The CFPB has appointed Tony Alexis head of enforcement.
Emerging Payments Association (EPA) announced that David Hunter, CEO of London-based Ukash, has joined the association’s advisory board.
Green Dot Corp. has appointed Chief Technology Officer and Executive Vice President of Product Development, Kuan Archer, to chief operating officer.
MasterCard has named Michael Fiore as the new head of the payment network’s global prepaid strategies.
TMG Financial Services (TMGFS), a Des Moines, Iowa-based payments solutions provider, has announced several additions to the team.
TSYS announced that Thomas Boyer has been named president of TSYS Merchant Solutions, its direct acquiring business unit.
Prepaid provider UniRush LLC has made a move into the payroll vertical, striking a deal to acquire the rapid! PayCard business from WEX Inc.
Community banks, which continue to show interest in prepaid but may not have the resources to build their own programs, have a new quick way to enter the market, according to Cachet Financial Solutions.
Shortly after Softcard unveiled Tappy, a puppet starring in a campaign to educate consumers about Softcard and mobile payments, the NFC-based mobile payment initiative backed by AT&T Mobility, Verizon Wireless and T-Mobile has laid off approximately 60 employees.
Comments are due Feb. 9, 2015, for a multisite program the CFPB plans to launch early this year to provide one-on-one and group financial counseling to individuals with disabilities transitioning into the workplace or who already are employed.
Nearly 200 ATMs in the Chicago area are going cardless under a new initiative from Wintrust Financial and FIS.
Nine banks in Poland are preparing to launch mobile payments services via host card emulation (HCE) technology early this year, according to Visa Europe.
The U.S. Supreme Court has scheduled a conference this Friday to determine whether it will grant certiorari and move forward with oral arguments in NACS v. Board of Governors of the Federal Reserve System, which pertains to debit interchange fees and network routing requirements.
The FDIC has issued guidance to promote consistency by insured depository institutions in identifying, accepting and reporting brokered deposits. The guidance, which is in the form of “frequently asked questions,” addresses prepaid cards.
Payment processor i2c Inc., and Melbourne, Australia-based program manager Corporate Prepaid Solutions (CPS) have launched the Visa-branded uChoose corporate rewards gift card in Australia, setting the stage for global collaboration on additional corporate prepaid programs.
Several major British banks reportedly are in negotiations with Apple to bring the tech giant’s Apple Pay service to the U.K. before the midway point of this year.
Derivatives market participants are concerned about the impact of new margin requirements for non-cleared derivatives under Basel III, with a large number unsure whether they will even have to comply with the rules, according to new survey published today by the International Swaps and Derivatives Association.
The NBPCA and the Electronic Transactions Association (ETA), the global trade association representing the payments technology industry, submitted a joint letter today requesting a 60-day extension to the comment period for the CFPB’s NPRM on prepaid.
The start of a New Year also brings a new EU law into effect that’s intended to stop companies from undercutting their competition by setting up in low-tax countries. However, the law also could increase the tax on purchases of digital content like mobile applications, music downloads and e-books.
