FTC Calls for Greater Authority over Data Security
FTC calls for data security legislation to address recent increase of data security breaches.
Payments
Viewpoint: Important Changes to Canada’s AML Laws: Here We Go Again
A new Canadian bill proposes regulations on virtual currencies, cross-border MSBs, due diligence requirements, politically exposed persons and group-wide information sharing.
European E-Money License Could Grow Facebook’s Remittance Biz (April 14, 2014)
Facebook is putting the pieces in place to launch a money transfer service in Europe.
Illinois Payroll Card Legislation Moves to the Senate (April 14, 2014)
The Illinois House last week approved legislation that, if signed into law, might affect companies’ payroll card programs, beginning Jan. 1, 2015, when the new rules would take effect.
Heartland Grows School Payments with MCS Buy (April 14, 2014)
Payments processor Heartland Payment Systems has acquired MCS Software, a provider of school foodservice payment solutions at 4,000 K-12 schools across the U.S.
UK account switching service gathers momentum
More than half a million UK consumers have switched their current accounts since September, according to new figures released by the UK Payments Council. The figures have been described as positive, but market observers remain cautious over whether or not they can be sustained and whether the UK authorities are doing enough to promote innovation.
Breaking bit
Bitcoin is the poster child of the cryptocurrency world, but it’s not alone. Michael Mainelli and Bob McDowell take a look at the real-world implications of the rise of AltCoins
eBay Reaches ‘Détente’ with Investor Icahn (April 10, 2014)
eBay Inc. investor Carl Icahn has backed off his proposal for the online auction Website to spin off its PayPal subsidiary following discussions with eBay, of which he is a 2 percent owner.
FIS Solution Enables Banks to Compete with Alternative FSPs (April 10, 2014)
FIS wants to help banks in the pursuit of the coveted millennial consumer by focusing heavily on mobile banking.
MasterCard Sees Major Contactless Gains in Europe (April 10, 2014)
Contactless payments are spreading rapidly throughout Europe, according to new data from MasterCard.
Google Doubling Down on Wallet, Says Payments Chief (April 10, 2014)
Despite a somewhat bumpy rollout and several course-corrections, Google Wallet is here to stay, said the head of the tech giant’s payment division.
U.S. Top Cop Warns of Digital Currency Dangers (April 9, 2014)
More federal regulations may be on the way for digital currencies after U.S. Attorney General Eric Holder told lawmakers of his concerns about Bitcoin and other digital currencies as potential tools for criminals.
Report: Merchants Want More Partners Amid Soaring Prepaid Sales (April 9, 2014)
Prepaid card sales at retail are on the rise, driven by the combined efforts of prepaid providers, processors, networks and merchants, according to a new report by Aite Group.
MPS/Chesapeake Expands Services with IPS, Jet Acquisitions (April 9, 2014)
M&A activity is on the rise in the payments industry, and the latest deal is in the card manufacturing and fulfillment space.
La. Reps Favor Paper Checks over Prepaid Cards in Certain Instance (April 8, 2014)
As tax day approaches, the Louisiana House of Representatives yesterday approved a bill that would end the state’s Department of Revenue practice of automatically sending tax refunds on prepaid debit cards to taxpayers who don’t select a specific method for receiving their funds.
BofA Merrill’s Virtual Corporate Payments Platform Nearly Doubles Suppliers (April 8, 2014)
Virtual payment cards continue to gain ground in the B2B sector, with Bank of America Merrill Lynch announcing its ePayables electronic accounts payables platform has surpassed 100,000 enrolled corporate suppliers—nearly doubling from 56,000 enrolled suppliers two years ago.
paysafecard Adds Loyalty Program to Online Payments Account (April 8, 2014)
Payments providers of every stripe are seeking ways to increase customer loyalty. Austria-based paysafecard, which offers one-time use e-vouchers, now is rewarding customers who opt to use its online payments account, my paysafecard.
Startup Aims to Bridge Gap between Bitcoin and Offline Payments (April 8, 2014)
Often lost amid the regulatory and legal controversy surrounding Bitcoin and other digital payments is a somewhat more practical issue; it’s just hard to spend the stuff in the real, offline world.
RBS offers corporate multi-bank platform across China
The Royal Bank of Scotland has launched a new service that lets corporates manage up to 18 local Chinese bank accounts through a single global electronic banking platform.
Microsoft XP Support Ends, Sparking ATM Security Concerns (April 7, 2014)
Microsoft tomorrow will issue the final security update for Windows XP, a 12-year-old product the software giant says no longer suits the risks of today’s computing environments. But millions of computers worldwide are still running XP, including an estimated 95 percent of U.S. ATMs, experts say.
Proposed Canadian AML Changes Could Affect Digital Currency, FMSBs (April 7, 2014)
The Canadian government has proposed a series of amendments to the country’s money laundering legislation, including provisions to extend the laws to cover digital currencies.
Study Dubs Omnichannel No. 1 Payments Trend (April 7, 2014)
Payments are in the midst of some fundamental changes that will continually reshape the industry landscape for years to come, according to a new white paper from Vantiv Inc., outlining the top 10 payment trends to watch in 2014.
Surveys: Consumers See Value in Prepaid Cards; Banks’ Overdraft Fees Increase (April 7, 2014)
A majority of Americans view the features of reloadable prepaid cards favorably as financial institutions’ fees for checking account overdrafts have started to creep up, according to two recently released surveys.
New solutions for optimising cash in the retail industry
Managing cash in stores remains a major challenge for retailers – trapped cash hinders working capital management and is unavailable for investment, debt repayment or business expansion. But new ways are being developed to manage store cash …
Integrating the digital future
Balázs Vinnai, now with Misys, talks about changing banking and payments technology needs.
Real-time payments: coming to America?
When the US Federal Reserve Banks asked for comments on improving the US payments system, the tech industry and merchants said “let’s go” while the incumbents said “whoa, not so fast” …
Redesigning the retail bank, the Fidor way
Banks must take note of the way that technology is changing how customers interact with the world around them and develop products and services that address their needs rather than the banks’.
You think SEPA is over? Think again
Banks should be wary of jumping the gun and assuming that SEPA implementation is a done deal. Far from being over, the task of learning to live with SEPA is just beginning.
EU Parliament Postpones Final Vote on Payments Package until After July Elections (April 3, 2014)
European Parliament today voted in a plenary session to accept the text of the revised payment industry regulations (PSD2 and MIF) that the ECON committee voted on last month.
MasterCard: Prepaid Up 40 Percent in APMEA (April 3, 2014)
MasterCard’s prepaid business is booming in Asia-Pacific, the Middle East and Africa (APMEA), showing 40 percent growth in gross dollar volume in the regions for 2013, the payment network said today.
Comdata Eyes IPO (April 3, 2014)
Corporate payments provider Comdata Inc. is set to go public.
DCR Strategies Inc./TruCash Partners with Carta to Launch Mobile Payments (April 3, 2014)
Program manager DCR Strategies Inc./TruCash and technology provider Carta Worldwide soon will be launching payment solutions, such as NFC mobile payments, virtual prepaid and integrated loyalty programs, using conventional payment methods and host card emulation (HCE), which emulates an NFC card in the cloud.
U.K.’s Financial Conduct Authority Comment Period Ends April 15 (April 3, 2014)
Building on previous consultations by Her Majesty’s Treasury and the Office of Fair Trading, the Financial Conduct Authority (FCA) is soliciting comment regarding the U.K. payments industry, in particular on issues of competition, access, governance, ownership and innovation.
Special Report: Payments modernisation – the future is happening now
With a revolution in consumer payments happening at the point-of-sale, online and increasingly through the mobile channel, there is a need and an appetite for change across every aspect of the payments industry.
Africa’s mobile revolution stands in the balance
Why are different parts of Africa experiencing widely different levels of success with mobile banking, despite years of experience in Kenya? Panellists at the IPS conference in London offered a range of explanations
Banking Goliaths must learn to dance with “Digital Davids”
Partnerships and alliances with innovative digital entrepreneurs will allow the large incumbent banks to adapt and thrive in the new economic ecosystems being created by the mobile and digital revolutions currently changing the industry.
Viewpoint: Bitcoin Payment Services: Challenges, Opportunities and the Role of Regulation
Did you know SWIFT, invented in 1973, the backbone of the current bank transfer system still uses telegraph to transmit payment information? Really! To me, that’s not too dissimilar from using pigeons as messengers rather than email. Maybe it’s time to upgrade our payment systems.
Viewpoint: Prepaid Cleared for Takeoff in Russia
Forget politics. As Russia moves its way toward a cashless economy, prepaid cards will thrive amid increasing demand from different customer groups, development of a regulatory framework and increasing interest from retailers building loyalty programs.
Stop selling and start listening, say corporates
Banks don’t really understand the needs of corporates and are often so busy focusing on selling that they forget basic customer requirements, according to speakers at the IPS conference in London this week
Banks – “Don’t Panic”, says Wells Fargo’s Ellis
The banking industry is complex by its nature but banks and bankers should look up from their budgets, listen to their customers, stop whining about regulations and collaborate on industry issues.
