Britain’s payment settlement system for the pound sterling is to be redesigned and rebuilt, Minouche Shafik, deputy governor for Markets & Banking at the Bank of England (BoE) has said in a speech given at the BoE to senior figure in the UK payments business. The twenty-year old Real-Time Gross Settlement System (RTGS), which settles […]
TSYS continued its push to expand its role in the payments value chain with a big move in the merchant services space, reaching a definitive agreement to acquire merchant solutions provider TransFirst for $2.35 billion from current owner Vista Equity Partners.
U.S. House Republicans have accused the CFPB of bungling payouts meant to settle claims of racial discrimination in auto lending.
Payments provider TSYS is predicting high single-figure growth following its acquisition of merchant solutions provider Transfirst in a $2.35 billion all-cash transaction. The deal, announced as TSYS reports its full-year 2015 results, will create a firm with that TSYS claims will be the third largest integrated payments provider in the US – according to a […]
The CFPB is accepting applications for membership in all of its advisory groups.
MasterCard has appointed Jenn Ong and Paolo Bortolotto head of consumer credit, Asia-Pacific, and head of debit, Asia-Pacific, respectively.
NAB has launched its new mobile payment service NAB Pay, designed to enable customers to use their mobile phone to make purchases, without the need for a physical card. Customers with a compatible Android mobile device and a NAB Visa Debit Card have been able to start using NAB Pay from 25 January, available as […]
Mercator Advisory Group has promoted Alex Johnson to director of the credit advisory service, hired Raymond Pucci for the company’s advisory practices division as associate director of research services, and hired Joe Walent as lead analyst for Mercator’s emerging technologies advisory service.
PSCU, a credit union service organization (CUSO), added Phil Davis and Brian Scott to its senior leadership team.
U.S. Bancorp, parent company of U.S. Bank, announced that Andrew Cecere, currently vice chairman and chief operating officer, has been promoted to president.
Green Dot was quick to respond as CEO Steve Streit came under fire with the company’s largest shareholder, Harvest Capital Strategies LLC, calling for his ouster along with that of two board members.
Cybercriminals could be ramping up their attacks on financial services providers, according to a new study. The fourth quarter of 2015 saw a tenfold increase in “bot attacks”—essentially test attacks meant to gauge the security of targeted systems—according to the report by ThreatMatrix, a San Jose, Calif., cybersecurity company.
Two separate cases involving credit card fraud have led to a sentence of 80 months in prison for leading one of the largest credit card fraud schemes and a guilty plea to a charge of stealing credit card data.
National Australia Bank launches a mobile payments service for devices that run Google’s Android operating system. The launch of the Android Pay service comes as Apple Pay fails to find a way into the country.
A survey of more than 3,700 IT security practitioners from more than a dozen major industry sectors found 54% of those firms surveyed had a security or data breach involving payment data, on average four times in past two years. The research, independently conducted by the Ponemon Institute on behalf of digital security firm Gemalto, also […]
Andrew Tyrie, Member of Parliament and chairman of the UK’s Treasury Select Committee has issued a public letter to the head of the UK’s financial regulators arguing that three reforms are needed, without which ”the public will remain more exposed than necessary to the risk of bank failure.” Sent to Andrew Bailey, deputy governor for […]
Fiserv will pay $200 million for digital banking and electronic payment technology from ACI Worldwide. The deal, expected to close in the first quarter, includes ACI’s Community Financial Services business.
Big data has proven to be a useful tool for retailers and financial services providers seeking to identify customer habits and preferences—but federal regulators are warning that certain uses of consumer information may potentially violate consumer protection laws.
VocaLink is working with Raphaels Bank to enable access to the Faster Payments Scheme for several U.K. banks, including competing financial institutions. Meanwhile, Italian payments processor SIA announced its mobile money service Jiffy has more than 250,000 users as of the end of 2015.
American Express will “scale back experiments” that focused on finding new revenue and consumers but continue to focus on prepaid and alternative payments, says a spokesperson for the payments network.
Add another state in play regarding proposed restrictions on payroll cards. Washington state representatives introduced a bill making it unlawful for payroll card providers to charge certain fees.
InComm is bringing its line of Visa-branded gift and reward cards to the digital realm, announcing the launch of new digital versions of the cards for use in incentive and loyalty programs.
A total of 45 banks including Barclays, Citi, Deutsche Bank and many others have signed up to a new payments innovation initiative headed by Swift, which is due to launch early next year. Announced in December, the initiative aims to dramatically improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments.
Following the Nov. 13 attacks in Paris, some European member states are calling for swift action, while others are concerned that too much regulation would stifle prepaid card distribution and innovation.
When a terrorist spends cash, there is no trace, no history of where it came from, where or how it was spent. But using a prepaid card leaves a trail to follow.
With mobile devices projected to play an increasing role in in-store shopping, ATM maker Diebold Inc. has unveiled a new self-checkout concept that enables users to make purchases by scanning items via mobile.
A U.S. appeals court has declined a request from Florida for a full review over a ruling that allows merchant to offer discounts for cash transactions, a move that could lead to more Floridians choosing to pay with cash.
Following years of mistrust and rivalries, the time has come to reimagine the payments relationships between banks, retailers and fintech firms, according to a joint report from analyst firm Celent and payments systems company ACI Worldwide.
Banco Santander is to begin using services provided by ATM maker Wincor Nixdorf to support its Mexican subsidiary. The services cover monitoring, maintenance and troubleshooting.
Stop asking customers what kind of car they owned 10 years ago. Make better fraud decisions—and reduce costly false positives—with behavioral biometrics analysis they never see.
Financial institutions are undergoing a seismic transformation. Digital technology is reshaping what consumers want from their banks and the way they conduct transactions. Let’s take a look at the top five banking trends for 2016.
Forget predictions. We’ve got work to do. There are several significant challenges for payments that need to be solved from fixing cross-border payments to making payments disappear.
With more contactless cards in the U.K. than people, the new age of payments is already here. But we’re not done yet, and thanks to biometrics, we could be the next form factors.
Many retailers selling products online continue to combat shopping cart abandonment and lost sales during the checkout process. Java giant Starbucks and big box chain Walmart are the latest retailers fighting back to convert consumers from browsers into buyers by making checkout easier for them.
PrePaid Ventures, the company behind the Visa-branded NexisCard prepaid program, has bought KEEPS America, which provides prepaid cards for lawsuit, workers’ compensation and Social Security settlement awards.
Many millennials recognize the importance of saving but often find it difficult to follow through on actually setting aside funds.
Barclaycard U.S., the payments business of Barclays in the U.S., has appointed Curt Hess as CEO.
CardLinx Association, which represents the card-linked rewards industry, announced the addition of several new members, including FIS, General Mills, Go Daddy, Samsung Card and Under Armour.
The CFPB appointed David Silberman acting deputy director beginning next week, replacing Meredith Fuchs.
Fiserv Inc., a global provider of financial services technology, announced that Michael O’Laughlin has been named president of its biller solutions business, which includes an array of bill presentment and payment services delivered through Web, mobile, telephone and walk-in channels.
