CFPB Expands Employees, Budget in FY 2014, Actions Result in $4 Billion in Penalties, Compensation (Nov. 24, 2014)
The CFPB expanded its budget, number of employees and its complaint volume in fiscal year 2014, according to its annual report.
News
FIX focuses on high performance with consolidated effort
FIX Trading Community has combined all its high performance trading and market data initiatives into a single working group, emphasising the importance that high performance has in the FIX family of standards. The next generation of the FIX Protocol will fully support high performance on all levels (application, presentation, session) to offer an open standard that can replace today’s proprietary interfaces for high performance trading and market data.
Banking Technology Awards 2014 – The Winners
At a gala event in London last night, industry luminaries gathered for an evening of entertainment and excitement as the winners of the 2014 Banking Technology Awards and Readers’ Choice Awards were announced.
More Must Reading from the CFPB (Nov. 20, 2014)
Lost among last week’s excitement of the issuance of the long-awaited NPRM on prepaid was another CFPB publication that’s a must read—“Study of Prepaid Account Agreements.”
Viewpoint: CFPB Issues Prepaid Account Study
Simultaneously with the release of its 870-page prepaid account proposal last week, the CFPB issued a “Study of Prepaid Account Agreements.”
Industry Leaders Outline Fraud-Fighting Techniques to U.S. Senate (Nov. 20, 2014)
Prepaid industry leaders, which included representatives from InComm, Blackhawk Network and Green Dot, met with members of the U.S. Senate Special Committee on Aging during a hearing yesterday to outline how they’re working to prevent fraudsters from using prepaid debit cards to swindle consumers, particularly phone scams perpetrated against the elderly.
Apple Pay Faces Same Hurdles as other Mobile Wallets (Nov. 20, 2014)
Apple Pay has generated significant buzz since it launched on Oct. 21—and more than 1 million credit cards were registered in the payment app within 72 hours—but Leon Majors, president of the payments practice at Phoenix Marketing International, presented research in Chicago last week at BAI Retail Delivery 2014 that suggests Apple may have some of the same difficulties that have plagued other mobile wallets, including low acceptance.
ALINE Card by ADP Offers Tip-Settlement Feature (Nov. 20, 2014)
With active payroll cards and load amounts on the rise in the U.S., Paybefore-award winning ALINE Card by ADP has added a feature that could prove popular with service industries where employees receive tips as part of their pay.
Fines drive data to top of banks’ AML concerns
Market participants are worried about data and are deeply concerned about their ability to monitor transactions following a string of major fines to global financial institutions, according to a new report by NICE Actimize.
Softcard Enlists ‘Tappy’ to Teach the Masses about NFC (Nov. 18, 2014)
A bug-eyed puppet in the shape of a POS device might be just what Softcard needs to get consumers thinking about tapping their phones more often to pay at the POS.
Visa Partners with Wirecard AG, Aussie Telecom (Nov. 18, 2014)
Visa Inc. and Wirecard AG announced a partnership the companies say affirms their commitments to growing the prepaid market in Asia-Pacific and Latin America, among other regions.
P2P Rush Continues as Snapchat Debuts Transfer Feature (Nov. 18, 2014)
Popular social messaging service Snapchat is the latest tech provider to throw its hat into the P2P money transfer ring.
EU Debate on Payments Package Starts Nov. 19 (Nov. 18, 2014)
Debate over revised European payments legislation, including interchange reforms, is set to begin in Brussels tomorrow.
InComm Deal Expands PayPal’s Digital Offerings (Nov. 17, 2014)
In a holiday season that’s poised for more mobile searching and shopping, prepaid product and technology provider InComm announced that PayPal is using the InComm Digital Solutions (IDS) platform to support PayPal’s digital gifts services.
Mercator Forecast: Economy Affects Growth of Prepaid Segments, Open-Loop to Hit $337.8 Billion by 2017 (Nov. 17, 2014)
A fluctuating economy has made for a more dynamic prepaid market, benefiting some segments and causing slower growth in others, according to Mercator Advisory Group’s “11th Annual U.S. Prepaid Cards Market Forecasts, 2014-2017.”
Google Wallet for Digital Goods to Be Discontinued (Nov. 17, 2014)
Merchants using “Google Wallet for digital goods” to accept online payments on their Websites soon will have to find a new provider, and consumers no longer will be able to check out with the Google Wallet for digital goods when buying digital merchandise.
Industry Experts Say CFPB’s NPRM Part of Prepaid’s Evolution, Leveling of Playing Field
The prepaid industry was well-represented at today’s CFPB field hearing on prepaid accounts in Wilmington, Del. The consensus among industry experts was that the popularity of prepaid products continues to grow and that the NPRM is the next step in the evolution of the industry, as the rules could create a level playing field for prepaid providers.
CFPB Issues Prepaid Account NPRM: Converging Prepaid into Bank Regulation Mainstream
My original intent, based on attending the field hearing in Wilmington, Del., this morning, was to summarize the key elements for publication today. But, that won’t happen. The 870 pages that comprise the NPRM suggest why it took the CFPB extra time to create and why it will take industry time to understand everything the NPRM covers and, of course, the implications of the proposed rules.
Breaking News: CFPB Issues NPRM, Proposed Prepaid Disclosures before Today’s Meeting
The wait is over. In advance of today’s field hearing, the CFPB has released its proposed consumer protections for the prepaid market. Read the NPRM as well as proposed “Know Before You Owe” disclosures.
Letter from the Editor: Back in Action
It’s an odd juxtaposition that the day before our nominations are due for the 2015 Paybefore Awards, the CFPB is holding a field hearing on prepaid. My hope is that the visionaries that make Paybefore Awards a remarkable annual event also make their voices—and those of their customers—heard, as the rules go from proposal to regulation.
CFPB Field Hearing: Responding to NPRMs Is Everyone’s Business
We have the opportunity to make a difference, to be part of the process and to influence the outcome of prepaid regulations.
Consumer Reports Names Best Prepaid Cards (Nov. 12, 2014)
On the eve of the CFPB’s field hearing on GPR cards (and the rumored release of its GPR notice of proposed rulemaking), Consumer Reports has named the “best” GPR prepaid cards.
InteliSpend Expands Cashback Prepaid Incentive Cards to Discover, MasterCard (Nov. 12, 2014)
InteliSpend Prepaid Solutions is expanding its Paybefore Award-winning cashback program for prepaid incentive cards to the Discover and MasterCard networks, the Fenton, Mo.-based firm announced today.
Square’s New Reader Accepts EMV Chip Cards (Nov. 12, 2014)
Square, considered by many to be a trailblazer in the arena of mobile card readers that plug into smartphones, today has announced the San Francisco-based company is accepting pre-orders from U.S. merchants on a new Square reader that accepts EMV chip cards.
CFPB Field Hearing: Reg. E Error Resolution Is Everyone’s Business
If you’re a third-party service provider to prepaid issuers, don’t overlook your Regulation E error resolution
responsibilities. Here are five topics to think about.
Capital markets firms “woefully” underestimate IT costs
Capital markets firms often have little idea how much they are spending on technology and even less control, according to a new report by Tabb Group and Thomson Reuters. The report’s authors call for greater emphasis on data, which could help to save the half a million dollars per front office employee spent on technology every year.
People on the Move: Patrick Murck, The Bitcoin Foundation
The Bitcoin Foundation, a nonprofit institution founded to promote bitcoin use, has appointed Patrick Murck executive director.
People on the Move: Neil Steinhardt, ClassWallet
ClassWallet has appointed Neil Steinhardt senior vice president.
People on the Move: Gary Norcross and Frank Martire, FIS
Payment technology supplier FIS has appointed Gary Norcross president and CEO, effective Jan. 1, 2015. Frank Martire, who has served as the company’s CEO for five years, will assume the role of executive chairman.
People on the Move: Bonnie Boezeman, IP Payments Board of Directors
IP Payments Pty. Ltd. has appointed Bonnie Boezeman chairperson of its board of directors.
People on the Move: Terresa Patton, IQR Consulting
IQR Consulting has hired Terresa Patton as business development director to support the company’s analytics division.
Company on the Move: Meta Financial Group Inc., Bank Director Magazine Ranking
Meta Financial Group Inc., has been recognized in Bank Director Magazine’s 2014 Bank Performance Scorecard as earning the highest ranking among peers in South Dakota with an asset range of $1 billion to $5 billion.
People on the Move: Jeff Weikert and Fran Duggan, Payveris
Payveris, an online and mobile payments company, has appointed Jeff Weikert president. Fran Duggan the founder and president of Payveris is moving to the newly created role of chief operating officer.
People on the Move: Beverly Cole, Seamless
Stockholm-based Seamless, developer of the mobile payment solution SEQR, has hired Beverly Cole as its U.S head of sales
The Bancorp Opens Office to Industry Reps Attending CFPB Field Hearing (Nov. 11, 2014)
The Bancorp is inviting all industry representatives traveling to the CFPB field hearing on Thursday to use its complimentary workspace, which it created to make the trip more convenient and collaborative.
Skrill, Microsoft Expand Access to E-Commerce in Africa (Nov. 11, 2014)
Skrill, provider of online payment technologies to merchants and consumers, and Microsoft4Afrika, an initiative launched last year to help accelerate Africa’s economic development and to improve its global competitiveness, together are launching an e-commerce portal enabling Africans to use their mobile wallets to buy from global Internet brands, access free educational content and use Microsoft software.
Treasury, FinCEN Seek Balance between Doing Business and Compliance (Nov. 11, 2014)
The U.S. Treasury and FinCen are addressing the importance of money services businesses (MSBs) to the financial system in the wake of reports that banks are refusing to do business with categories of companies, such as remittance companies and check cashers, because of the perceived risk of doing business with them following government agencies’ aggressive efforts in fighting money laundering.
CARTES Execs: Forecast Bright for NFC, Wearables; Consumer ‘Trust Is a Must’
Payments industry executives at the CARTES Secure Connexions conference in Paris last week were bullish about NFC’s future in mobile payments, but most agreed banks and merchants still face plenty of challenges in crafting their individual mobile strategies.
Amex, Brooklyn Nets Testing M-Payments at Basketball Games (Nov. 10, 2014)
Brooklyn Nets basketball fans can use their smartphones to purchase refreshments at the Barclays Center as part of a pilot program for the Brooklyn eWallet by American Express, the Barclays Center and the Nets.
Fiserv Unveils the NOW Network (Nov. 10, 2014)
As payment options multiply, Fiserv Inc. wants financial institutions to be able to serve their customers no matter how or when they want to pay.
