Mobile, Big Data and Credit Steal Show in Vegas (November 2013)
Las Vegas hosted the 21st Annual ATM, Debit & Prepaid Forum last month, where industry stakeholders were abuzz about monetizing mobile and big data and, surprisingly, credit.
News
Bank branch “not dead” says report – but banks must be more mobile
Mobile banking may be on the rise around the world but the bank branch is not dead, according to new research by IT firm GFT Technologies.
Blackboard Tests NFC Phone-based Payments at Two Campuses (Nov. 5, 2013)
Could college campuses serve as labs for U.S. NFC payment adoption? The answer may depend on the results of pilots launched last month at two midsize universities.
m-POS Options Bubbling with Square-Staples Promo, Sprint-Vantiv Venture (Nov. 5, 2013)
Square Inc. is turning up the heat in the m-POS race with a major promotion with Staples to drive sales of its Square Stand POS solution to smaller brick-and-mortar merchants.
Report Guides Lawmakers on Payday Loan Regulation (Nov. 5, 2013)
Borrowers of short-term and payday loans use up to an average of 36 percent of their periodic wages to pay back those loans—far more than they typically can afford, according to a new report from The Pew Charitable Trusts, which calls on regulators to make such loans safer and more transparent. “Payday Lending in America: […]
Brazilian Shoppers Growing More Comfortable with Mobile (Nov. 5, 2013)
Mobile payments are spreading fast in Brazil, with nearly half of the country’s consumers having made a purchase on a tablet device between May and June 2013, while almost 30 percent did so via a mobile phone, according to a new study. The research, conducted by Mobi.life on behalf of Brazilian mobile payments company Pagtel, […]
FinCEN Offers Guidance on Information Sharing for FIs in an AML Fight (Nov. 5, 2013)
The Financial Crimes Enforcement Network (FinCEN) late last week issued a fact sheet on Section 314(b) of the USA PATRIOT Act, offering guidance to help financial institutions understand permissible use of information sharing related to AML and counter-terrorist financing efforts. The fact sheet highlights the benefits of sharing information, which organizations are eligible to participate […]
Mercator Forecast: Potential Regs, Sluggish Economy Puts Brakes on Double-Digit Growth for Prepaid (November 2013)
The high double-digit growth numbers in prepaid fall to single digits as the industry faces regulatory uncertainty and a sluggish economic recovery.
Walmart Bolsters Prepaid Offerings with 6 New Cards (Nov. 4, 2013)
Just over a year since launching the Bluebird prepaid card with American Express, retail giant Walmart is expanding its suite of prepaid products, adding six new cards to its Paybefore Award-winning line of GPR cards—all issued by Green Dot Corp.’s Green Dot Bank. Four of the new cards will be under Walmart’s own MoneyCard brand. The […]
Pa. Lawmakers Propose Payroll Card Ban; New Class-Action Suit Alleges Payroll Card Abuse (Nov. 4, 2013)
Payroll cards are coming under fire again, after lawmakers in Pennsylvania last week proposed a ban on all payroll cards and a new lawsuit filed in federal court in California alleges payroll card abuses by a major U.S. apparel maker. The moves suggest more challenges ahead for payroll card companies, which came under attack earlier […]
Citibank-Backed Mobile Wallet Launches in Hong Kong (Nov. 4, 2013)
Citibank Hong Kong and 3 Hong Kong, the mobile operation of Hutchison Telecommunications Hong Kong Holdings Ltd., have launched 3 Citi Wallet for mobile subscribers of 3 Hong Kong and Citibank Visa cardholders.
Google Wallet Pulls End-Run Around Telecoms (Nov. 4, 2013)
Google’s latest Android mobile operating system includes a new feature that could enable Google Wallet to cut out telecom providers as middlemen for NFC applications.
People on the Move: Jon Sarvis, TMG Financial Services (November 2013)
Jon Sarvis has been named CEO of TMG Financial Services (TMGFS), a Des Moines, Iowa-based payments solutions provider.
Companies on the Move: ProPay, EcommerceBytes Awards (November 2013)
ProPay, a merchant services provider and TSYS company, recently was recognized as the top online payment service by merchants participating in the EcommerceBytes awards survey.
People on the Move: Rich Pelikan and Mickey Goldwasser, Payveris (November 2013)
Payveris, a Wethersfield, Conn.-based online and mobile payments company, has expanded its executive leadership team with the addition of industry veterans Rich Pelikan and Mickey Goldwasser.
Starbucks Chief Exits Square’s Board; Coffee Giant Tests Digital Gratuity Feature (Oct. 31, 2013)
Starbucks, arguably the largest mobile payments operator in the world with its wildly popular closed-loop mobile app, grabbed attention late Wednesday with news that Starbucks CEO Howard Schultz has resigned from Square Inc.’s board after 15 months.
Mercator Forecast: Prepaid Growth Expected to Slide (Oct. 31, 2013)
Growth of the open- and closed-loop prepaid card markets will be slower than previous years as the industry weathers a stubbornly sluggish economy and regulatory uncertainty, according to Mercator Advisory Group. Total loads on open-loop cards, which include GPR, payroll, open-loop gift and unemployment benefits, will drop from a previously forecasted 21 percent compound annual […]
Mobile Payments Startup Loop Goes to School (Oct. 31, 2013)
Mobile POS payment startup LoopPay Inc. is getting out of the gate fast, inking a deal to distribute its dongle-based mobile wallet to college students through marketing and payments provider Campus Nation Network (CNN).
Report: Mobile Bill Pay Has $2.1 Trillion in Potential (Oct. 31, 2013)
More than 12.5 million Americans already are taking advantage of mobile bill payments, but the untapped potential of the market could be worth $2.1 trillion, according to a new report from Javelin Strategy & Research. That’s the total amount Javelin estimates Americans spend annually on seven essential bill types: open-loop credit cards, store-branded credit cards, […]
Viewpoint: The EC Payments Package: Will It Create a More Integrated and Efficient European Payments Market? (October 2013)
Clear and effective legislation could result in a beneficial change for business. An unclear and ineffective one would result in another obstacle to a “further integrated and efficient European payments market,” which the commission has set as the first objective the Payments Package should achieve.
Global mobile money transfer to top $10 billion in 2013
The value of international money transfers made via mobile phones will exceed $10bn for the first time this year, according to Juniper Research. However, the cost and complexity of regulating cash transfer has led many service providers to focus exclusively on airtime top ups, the research firm reported.
Docomo Continues NFC Push with Global PayPass Deal (Oct. 29, 2013)
Japanese mobile telecom provider NTT Docomo is partnering with MasterCard to enable users of Docomo’s iD mobile wallet to make contactless purchases at 1.2 million MasterCard PayPass acceptance locations worldwide.
First Data Acquires Perka, Reports Increase in Third-Quarter Earnings (Oct. 29, 2013)
First Data Corp., an Atlanta-based payments processor, has acquired Perka, provider of a mobile marketing and consumer loyalty platform enabling small to midsize merchants to better engage with customers through location-based smartphone apps. Perka will continue to operate autonomously as an entrepreneurial company led by its current management and product development team, according to an […]
U.S. Bank to Roll Out Mobile Balance Transfer, Corporate Travel Tool (Oct. 29, 2013)
U.S. Bank next month will roll out Mobile Photo Balance Transfer, a feature from Mitek Systems enabling customers to apply for a credit card balance transfer by snapping a photo of a credit card bill with a smartphone and sending it to the bank. Standard credit card approval processes apply. The new service rounds out […]
Report: Incentive Programs Motivate Workers to Go Extra Mile (Oct. 29, 2013)
Workers are highly motivated by rewards and inventive programs provided by their employers, with nearly three-quarters of employees saying they would put in extra effort to earn rewards, according to a new study from U.K. payment provider Ixaris. The company’s 2013 Study of Rewards and Incentives polled 4,800 workers in the U.S., U.S., Canada, France […]
Citi signs up for SAP cloud-based corporate-to-bank solution
Cloud computing company SAP has signed a deal with Citibank for a major new cloud platform that promises to simplify corporate to bank connectivity for some of the world’s largest banks, Banking Technology has learned.
PayPal Inks Deal with Kenyan Bank; CFPB Investigates Bill Me Later (Oct. 28, 2013)
PayPal on Oct. 25 announced a new partnership with Kenya’s Equity Bank to link local merchants with the global online marketplace. Kenya’s e-commerce operators for the first time will be able to hold proceeds from online sales in a local bank account where they may receive payments in 26 different currencies, which are automatically converted […]
House Dems Propose Pair of AML Measures (Oct. 28, 2013)
Two House Democrats have proposed measures to crack down on money laundering by deterring the use of shell corporations and giving regulators the authority to hold bank executives accountable for misconduct taking place on their watch. The first bill, proposed by Rep. Maxine Waters (D-Calif.), would strengthen the government’s ability to charge individuals with violations […]
First Bitcoin ATM to Go Live; South African Bitcoin Exchange Acquired (Oct. 28, 2013)
A coffee shop in Vancouver, British Columbia, will be home this week to what some are hailing as the world’s first Bitcoin ATM, which can exchange cash for the controversial digital currency.
EU High Court Weighs in on Austrian Mobile Surcharge Case (Oct. 28, 2013)
A law prohibiting surcharges on certain types of payments should apply to mobile carriers, an adviser to the EU’s Court of Justice told the Austrian Supreme Court, which is currently deliberating an appeal by T-Mobile after the carrier’s surcharges were ruled illegal by lower Austrian courts. The case stems from a lawsuit filed by a […]
Clear2Pay scotches sale story
Clear2Pay, the Brussels-based payments systems company, says that selling the company “is not part” of its current plans.
Cooperative Bank of Kenya fuels African expansion with Misys core banking tools
Cooperative Bank of Kenya has implemented Misys BankFusion, a core banking platform which the bank says has helped it increase its transaction processing by double and end of day processing by 40%.
Blackhawk, PayPal Join on Digital, Physical Cards (Oct. 24, 2013)
A pair of payments industry heavy-hitters is banding together, with prepaid provider Blackhawk Network announcing that its electronic gift cards will be accessible within the PayPal mobile app. Meanwhile, the partnership gives PayPal yet another foothold in the physical payments space, bringing PayPal’s reloadable GPR prepaid card to Blackhawk’s extensive retail distribution network. “Our collaboration […]
Fed White Paper Explores PayPerks’ Prepaid Benefits Card Literacy Program, Effects (Oct. 24, 2013)
The Federal Reserve Bank of Philadelphia’s Payment Cards Center this week unveiled a white paper analyzing the effects of sweepstakes-based financial literacy programs New York-based PayPerks developed to help educate unbanked and underbanked consumers using prepaid government benefits cards. The 26-page paper, “Driving Positive Behavior Change Through Education and Motivation: Summary of a PayPerks Workshop,” […]
Ingo Money’s MDC Service with Visa Prepaid Goes Live (Oct. 24, 2013)
Oct. 24, 2013 Mobile deposit capture took a big step toward mainstream adoption in the prepaid industry with the announcement this week that Ingo Money Inc.’s mobile deposit capture pilot with Visa, which began last year, is officially out of beta. Ingo Money’s service enables consumers to deposit checks into their Visa Prepaid card accounts by […]
Ahead of Remittance Rule, CFPB Outlines Examination Procedures, Unveils Online Tool (Oct. 24, 2013)
With new regulations on remittance transfers set to take effect next week, the CFPB laid out its standards for examining companies covered by the rules. In Jan. 2012, the CFPB issued its final rule outlining remittance regulations as set by the Dodd-Frank Act. The rule was revised in May 2013 after complaints from industry participants […]
ECB Cautions against Last-Minute SEPA Migration (Oct. 24, 2013)
The European Central Bank (ECB) is calling the next three months critical for stakeholders still needing to migrate to the Single Euro Payments Area (SEPA) for electronic payments transactions. The deadline for migration to SEPA credit transfer (SCT) and SEPA direct debit (SDD) schemes is Feb. 1, 2014. “Everybody has to be ready . . […]
Trader chat replaces email at Numis Securities
Traders, research teams and corporate broking teams all need to communicate, but as regulation imposes ever-stricter ‘Chinese walls’ within banks and brokers that is getting more difficult. Investing in internal communication tools can make a big difference, according to Simon Bailey, director and head of IT and operations at British investment banking and stockbroking firm Numis Securities.
LCH. Clearnet appoints new chief executive
LCH.Clearnet, the clearing house subsidiary of the London Stock Exchange, has appointed Suneel Bakhshi as its new chief executive. He will take up his new role in early 2014.
Next Stop, Contactless (October 2013)
Amid big transit rollouts in Chicago and Salt Lake City, Las Vegas is getting in on the action with a new pilot program enabling transit riders to pay bus fares with a tap.
