Anti-CFPB Group Amps up Rhetoric with TV Ad (Nov. 11, 2015)
A 30-second advertisement that aired during last night’s Republican presidential debate took aim at the CFPB and likely raised the hackles of the bureau’s proponents.
PayTech
Senators Urge CFPB to Investigate Prison-Release Prepaid Cards (Nov. 11, 2015)
Eighteen U.S. senators led by Cory Booker (D-N.J.), sent a letter last week to the CFPB urging protections for prisoners released from jail who receive prepaid cards when they exit incarceration.
The Rise of Instant Payments
In this age of tablets and smartphones, customers expect instantaneous access to information and services. Emails, tweets, shopping: everything is now real time or forget about it. As a result, instant payment is upon us, writes David Andrieux. Benefits of instant payments aren’t hard to see. For the economy, they allow consumers and businesses to […]
Optimal Payments Rebrands to Paysafe (Nov. 10, 2015)
Optimal Payments, a global payments solution provider, today announced its new company name and brand identity, Paysafe Group plc.
Two New Studies Highlight Gift Cards Trends Heading into Holidays (Nov. 10, 2015)
Expectations for plastic and e-gift cards are high this holiday season and two new studies—one from Blackhawk Network and one from First Data—shed light on consumer preferences heading into retail’s peak sales season.
Fraud Attempts on the Rise, Apple IDs Targeted (Nov. 10, 2015)
Fraud attempts are on the rise throughout multiple industries, according to a new study from fraud prevention and identity verification specialist IDology Inc.
Texas Bank Files for Summary Judgment in CFPB, Cordray Challenge (Nov. 10, 2015)
A small Texas bank is digging in its heels in a legal challenge to the CFPB and the appointment of agency director Richard Cordray.
ItzCash Partners with Uber to Target Unbanked Riders outside India’s Major Urban Zones (Nov. 10, 2015)
In Uber’s latest move to expand its services to emerging markets, the San Francisco-based company has formed a partnership with Mumbai-based Paybefore Awards winner ItzCash Card Ltd. to reach unbanked consumers in areas outside India’s major cities.
Green Dot to Expand GoBank, Launch GoBusiness and MoneyPak Plus (Nov. 6, 2015)
Green Dot is pressing the gas pedal when it comes to expanding GoBank, with new distribution plans for next year, including a new distribution partner and a GoBusiness account rolling out to serve at least one company’s large base of 1099 workers. During last week’s earnings call with investors, Green Dot CEO Steve Streit also discussed plans for new prepaid products, along with MoneyPak Plus—a reload product to replace its discontinued MoneyPak.
Mastercard and Cardlytics partner to expand bank connections to card-linked offers
Mastercard and Cardlytics have formed a new partnership that will streamline the process for banks implementing Cardlytics’ card-linked marketing offers, and ensure that consumers can access offers online and via mobile devices.
Apple Pay Adds Walgreens as First Loyalty Partner (Nov. 9, 2015)
Five months after announcing support for retailer loyalty programs, Apple Pay has landed its first merchant loyalty partner. Members of Walgreens’ Balance Rewards loyalty program now are able to integrate their rewards accounts into Apple Pay, using a mobile device to earn and redeem points when making purchases at the pharmacy giant.
Why the ‘World Class Payments in the UK’ report is of global significance
The UK’s payments system infrastructure is widely recognised as market-leading. However, evolving customer expectations and innovation in the fintech sector dictate that now is no time to rest on laurels. Work must begin today to develop the payments experience that will be taken for granted in 20 years.
HSBC payments head to take the helm at CHAPS
Tim Fitzpatrick has been appointed as the new chief executive of CHAPS, the UK’s same day high-value payment system. Currently HSBC’s Global Payments and Cash Management chief operating officer and group head of payment services.
CFPB Sets New Rules for Appeals (Nov. 4, 2015)
Companies seeking to appeal a supervisory action undertaken by the CFPB have to play by some new rules, now that the agency has revised its appeals process.
Study: CMOs Predict Modest Increase in Holiday Sales
Chief marketing officers at 100 U.S. retailers are expecting a 4.2 percent increase in holiday season total store sales this year, which is in line with last year’s 4.1 percent increase, according to a the 10th annual survey from BDO USA, a professional services firm and consultancy.
EMV Migration Forum Adds Resources, New Committee for Chip Card Transition at Gas Pumps (Nov. 4, 2015)
The EMV Migration Forum, a cross-industry organization that supports the U.S. shift to EMV chip cards, today announced a package of fresh educational resources and a new working committee to guide the chip card transition for merchants with automated fuel dispensers.
Mobetize, Global Service Solutions Partner for Mobile Wallet (Nov. 4, 2015)
Mobile payments technology provider Mobetize Corp. has formed a strategic partnership with prepaid wireless company Global Service Solutions Inc. and under the new brand Gotwallet, the companies “successfully” will bridge the gap between the prepaid wireless end user and mobile payments, according to a Global Services Solution executive.
SIBOS Video: Gordon Gray, SunTec
SIBOS Video: Gordon Gray, SunTec
SIBOS Video: Max Speur, SunTec
SIBOS Video: Max Speur, SunTec
SIBOS Video: Nanda Kumar, SunTec
SIBOS Video: Nanda Kumar, SunTec
Viewpoint: Virtual Currency State Roundup
Legislators and regulators are grappling with how to apply existing money transmitter laws to an emerging industry. Read about the challenges and latest developments across the U.S.
Tech Titans Assemble to Influence Policymakers (Oct. 3, 2015)
A group of technology titans are setting aside competitive differences to form a consortium promoting financial services innovation to policymakers.
Fiserv and Early Warning Partner on New Service Driving Fast Bill-Payment, Deposits (Nov. 3, 2015)
In the latest example of the global push to speed up payments, Fiserv Inc. and Early Warning, a bank-owned risk management service, today announced a partnership enabling U.S. banks to provide real-time bill payment and deposit services, leveraging the scale of Fiserv’s NOW Network and technology from Early Warning.
suretap Adds Loyalty Feature (Nov. 3, 2015)
Experts have long pointed to loyalty as the key to convincing consumers to adopt mobile wallets.
Earnings Roundup: The Bancorp, MasterCard, Meta, PayPal, Vantiv and Visa (Nov. 3, 2015)
A snapshot of payments-related earnings reports recently announced is available to you below.
State AGs Seek Support for Requiring PINs with EMV Cards
States are getting into the EMV with PIN push, which they say will provide better fraud protection.
Illinois Court Declines to Certify Class in Kmart Data Breach Dispute
A class action related to the Kmart breach in 2014 was struck down.
Visa Inc. to Buy Visa Europe for Up to €21.2 Billion (Nov. 2, 2015)
Visa Inc. has reached a definitive agreement to acquire Visa Europe for up to €21.2 billion (US$23.4 billion), bringing Visa’s global networks under the same roof for the first time since 2007. The long-anticipated deal earned the unanimous support of both companies’ boards of directors and is expected to close in Visa’s fiscal third quarter of 2016, pending regulatory approval.
Amazon Adds ‘Pay with Amazon’ for Mobile Apps (Nov. 2, 2015)
Amazon is expanding its one-click “Pay with Amazon” feature to third-party mobile apps, capitalizing on the growing popularity of “buy buttons” for mobile commerce.
RushCard Making Good after Service Disruption (Nov. 2, 2015)
RushCard will reimburse RushCard customers who experienced financial losses as a result of a temporary service disruption during a technology conversion last month. The company’s systems now are fully restored, the company said Thursday.
N.Y. DOL’s Reissue of Payroll Card Proposed Rule Jeopardizes Cards in the State (Oct. 29, 2015)
The New York State Department of Labor this week reissued its proposed rule on payroll cards (see page 7 of PDF), which is similar to the one issued in May. Although some of the DOL’s changes are favorable to the industry, lingering provisions, particularly those around banned fees, will prove problematic to payroll card business models.
Report: CurrentC Pilot to Expand Early Next Year (Oct. 29, 2015)
In a keynote address on Money20/20’s final day, MCX Chief Brian Mooney provided more details about how CurrentC—backed by Chase Pay—will work at the POS for consumers, demonstrating use cases in its current pilot in Columbus, Ohio.
CFSI Report: Designing High-Quality, Small-Dollar Credit Products
With many American consumers lacking access to affordable, high-quality credit, the Center for Financial Services Innovation has released a new report outlining eight strategies to help financial service providers design small-dollar loans that offer value to consumers and providers.
Socure Showcases Social Biometrics Authentication at Money20/20 (Oct. 29, 2015)
Socure, a real-time online identity verification provider, announced this week at Money20/20 in Las Vegas that financial institutions and other firms are using its Social Biometrics Platform to authenticate consumers—including those with no credit histories—in more than 175 countries.
People on the Move: Frank Landen, Payworks
payworks, a POS payments platform for developers, has appointed Frank Landen general manager, U.K.
Company on the Move: CPI Card Group, 2015 FinTech Forward 100 List
CPI Card Group has been named a member of the 2015 FinTech Forward 100 list of leading technology providers in the world.
Company on the Move: Dinsmore & Shohl LLP, Expansion of Banking and Financial Services Practice
Dinsmore & Shohl LLP has announced the expansion of its banking and financial services practice to include the financial services regulatory and enforcement group (FinsReg).
Company on the Move: The Money Services Business Association Launches
Money services companies have launched The Money Services Business Association.
People on the Move: Alpesh Chokshi, Visa
Alpesh Chokshi has been named head of national accounts at Visa.
People on the Move: Brent Almeida, WaveCrest Group
Wave Crest Group has appointed Brent Almeida CEO.
