Credit-Scoring Pilot Offers a New Look at 15 Million Consumers (April 6, 2015)
The quest to use alternative data to score thin- or no-file consumers continues with a new program being led by FICO, LexisNexis Risk Solutions and Equifax.
PayTech
U.S. Leads Europe in E-Commerce, Quicker to Adopt Mobile (April 6, 2015)
The U.S. continues to lead e-commerce sales with expected revenue of $349.2 billion in 2015—compared with a combined $254 billion in projected sales in eight European countries, according to a report.
Federal Investigators Allegedly Get Greedy, Face Charges in Silk Road Case (April 6, 2015)
Two agents involved with the investigation of Silk Road, a Website that backed bitcoin transactions and was shut down by the FBI, face federal charges of money laundering and wire fraud, among other alleged crimes.
Petition: Exclude Bitcoin Startups, Supporting Companies from BitLicense Regs (April 2, 2015)
A coalition of bitcoin entrepreneurs and advocates are backing a petition that would exclude companies supporting the bitcoin infrastructure, as well as smaller startups, from the scope of New York’s BitLicense proposed regulations.
Fiserv: Billers Need to Catch Up with Customers’ Mobile Ways
Customer usage of mobile bill pay has grown substantially over the past year, but many billers aren’t keeping up with how their customers want to pay, according to the “Third Annual Biller Mobile Bill Pay Benchmark Study,” commissioned by Fiserv Inc., a global provider of financial services technology solutions.
Sen. Menendez Indicted on Corruption Charges (April 2, 2015)
After several weeks of speculation, Sen. Robert Menendez (D-N.J.) was indicted yesterday on federal corruption charges over allegations he accepted bribes from a donor in exchange for political favors.
People on the Move: Ori Lev, K&L Gates
Law firm K&L Gates has named Ori Lev a partner in the firm’s consumer financial services practice.
People on the Move: Timothy J. Grace and Manuel Da Silva, Fiserv Inc.
Fiserv Inc., a global provider of financial services technology solutions, has hired financial crime risk management analytics and technology experts Timothy J. Grace and Manuel “Mannie” Da Silva.
People on the Move: Angela Brown, Moneris
Angela Brown, CEO and president of payment processor Moneris Solutions Corp., has received the 2015 Distinguished Payments Professional award from the Electronic Transactions Association.
People on the Move: Chuck Fagan, PSCU
PSCU, a credit union service organization based in St. Petersburg, Fla., has appointed Chuck Fagan president and CEO.
People on the Move: Hans-Peter Brodersen, Carla Hattingh, Faiza Nyanzi and Michael Szumlicki, Raphaels Bank
Raphaels Bank, a U.K.-based issuer of prepaid and other payment cards, has bolstered its card services team with four appointments who bring regulatory and compliance-related skills, along with additional client support.
People on the Move: Ken Tye, TSYS
TSYS announced that Ken Tye has decided to retire as senior executive vice president and chief information officer after 43 years of service, effective Sept 30, 2015.
People on the Move: Michael Gordon, WilmerHale
WilmerHale has announced Michael Gordon is rejoining the law firm next month as partner in the Washington, D.C., office, expanding WilmerHale’s consumer finance regulatory and enforcement capabilities and congressional investigations experience.
Collaborating to fast-track the benefits of a real–time ecosystem
Immediate payments have been available for some time now. The UK led the way with the launch of the Faster Payments Service in 2008 and other countries have followed, including Sweden, Singapore and Mexico. Real-time technology is fundamental to any mobile payments initiative and immediacy is the new norm of the digital age. Other countries can learn from the UK experience to avoid pitfalls and realise the benefits sooner.
Cross-border payments: the final mile in the developing world
There are two major trends in the cross-border payments world: an explosive growth in the number of payments between developed and developing countries, and the fact that governments, regulators and commercial actors increasingly favour payments being executed in local currency and discourage the use of US dollars to settle local.
New regulator plans lasting changes to the structure of the UK payments industry
The UK’s new Payment Systems Regulator looks set to shake up the way the industry is structured, with reviews of the ownership of the infrastructure and of the way that indirect access is managed through sponsoring banks.
Pan-European Instant Payment Forum kicks off in Frankfurt
The inaugural meeting of the Open Forum on Pan-European Instant Payments drew 77 representatives from 55 payment service providers, technology providers and other stakeholders to Frankfurt this week to kick off discussions about requirements and collaboration on infrastructure services to support instant payments at a pan- European level.
Is ‘Microsoft Pay’ in the Works? (March 31, 2015)
Mobile wallet rivals for Apple Pay, including Samsung Pay and Google Inc.’s rumored Android Pay, may face another giant tech competitor. Microsoft Corp.’s latest moves suggest it may brand its own mobile payments service, too.
MasterCard Contactless Users in Asia-Pacific Increase 49 Percent (March 31, 2015)
Consumers in Asia-Pacific are taking to contactless payments in a big way, with the number of unique contactless users in 2014 up by 49 percent, compared with the previous year, according to MasterCard.
Weiner Joins Ubiquity Board (March 31, 2015)
Ubiquity Global Services has announced that payments veteran Jonathan Weiner has joined its board of directors. Weiner is founder and co-chairman of Money20/20 and former global head of payments business development at Google.
Vodafone Wallet Opening to Credit, Debit Cards (March 31, 2015)
Users of Vodafone’s mobile wallet soon will be able to make NFC in-store purchases via a linked bank-issued Visa credit or debit card after the telecom operator struck new deals with Visa and Carta Worldwide.
M&A Update: D+H Buys Fundtech; Net Element Acquires PayOnline (March 31, 2015)
Following last week’s Optimal Payments purchase of Skrill for $1.2 billion, another $1 billion-plus will change hands in two more acquisitions that will have global implications for the payments companies involved.
Google to Ride into Email Bill Payment with ‘Pony Express’? (March 30, 2015)
Google is working on developing a Gmail-based bill payment service called Pony Express, which could roll out as early as the fourth quarter.
First Data Study Shows Keys to Success for In-Store Gift Cards (March 30, 2015)
As retailers prepare for the year’s second-largest shopping season—Mother’s Day, Father’s Day and graduations—First Data research from the 2014 holiday season can help retailers drive gift card sales.
Breakout Company Ingo Money Closes Fuze Buy (March 30, 2015)
Ingo Money’s purchase of Fuze Network Inc.—a payments technology provider enabling loads to more than 1 billion payment cards at thousands of retail networks—closed last month.
Fed Study: Mobile Banking, Deposit Use Growing Among Consumers (March 30, 2015)
More than half (51 percent) of mobile banking users in the U.S. had deposited a check using their mobile phones last year, up from 38 percent in 2013, according to the Federal Reserve’s latest study, “Consumers and Mobile Financial Services 2015.”
International RMB usage powers ahead beyond Hong Kong
Hong Kong’s share of the international Renminbi market has fallen over the past two years as other countries increase their share, which now stands at 25% compared to 17% in February 2013
Bell ID supports ANZ New Zealand mobile app
Host card emulation specialist Bell ID is enabling the launch of ANZ New Zealand’s upgraded goMoney mobile app, which is set to feature a cloud-based HCE NFC mobile wallet. The project, for the New Zealand division of ANZ Bank, will bring contactless mobile payments to the smartphones of more than 120,000 ANZ customers. The ANZ […]
Blog: Online/Mobile Options Drive Gift Card Success
Establishing an omnichannel marketing presence for their gift card programs will help retailers appeal to the buying behaviors and expectations of a demographic with growing purchasing power.
Blog: The SXSW Reminder for Payments Startups
Although it’s great to see so many new players emerge at every SXSW gathering, entrepreneurs or would-be entrepreneurs should keep in mind some basic but key considerations when it comes to launching a new payments product. Come to think of it, this mantra isn’t bad advice for payments veterans either.
Report: Issuers Controlling Pace of EMV Card Rollout, as Acceptance Remains ‘Patchy’ (March 25, 2015)
Gaps in merchant readiness for the U.S. EMV migration may cause banks to move more slowly in issuing new credit and debit cards equipped with EMV chips, a new study from Auriemma Consulting Group suggests.
2015 Is U.K.’s ‘Year of Prepaid’ Says Group (March 25, 2015)
An industry group is calling 2015 the “year of the prepaid economy” in the U.K., as consumers there increasingly adopt prepaid cards for everyday spending, online shopping and transit.
Monitise No Longer for Sale (March 25, 2015)
U.K.-based Monitise plc is no longer for sale.
Tanzania Works on Regulations to Combat E-Payments Fraud (March 25, 2015)
Tanzania is taking steps to tighten up electronic payments against fraud, with the government working to establish best practices, regulations and supervision of efficient, effective payment, clearing and settlement systems, according to Finance Minister Saada Mkuya Salum.
Square Reshapes Product Lineup, Adding B2B Service, Yanking ‘Order’ (March 24, 2015)
Square Inc. this week poured more heat into P2P with the debut of Square Cash for Business, an extension of its consumer-targeted Square Cash P2P product launched in 2013.
Payments Industry: CFPB’s ‘Onerous,’ ‘Complex,’ ‘Expansive’ Rule Needs Work (March 24, 2015)
The CFPB received nearly 5,800 comments on its proposed prepaid regulations before yesterday’s deadline.
New House Caucus Will Explore, Support Emerging Payments (March 24, 2015)
A quartet of congressmen has formed a group to explore and support emerging payment technologies.
EY leads latest round of new members for BIAN
The Banking Industry Architecture Network has announced six new members including ACI Worldwide, Atos, EY and Zafin. Its global network now numbers 58 banks, service providers, software vendors and academic partners.
Innovative technology key to transaction banking growth in Middle East
Adoption of innovative technology will be central to the fulfilment of bullish growth predictions of 25% or more for transaction banks in the Middle East, according to a survey of market participants during a recent conference in Dubai.
CFPB Prepaid NPRM: 5,000+ Comments and Counting; NBPCA Comment Letter Urges Restraint, More Dialogue (March 23, 2015)
The NBPCA is calling on the CFPB to limit the scope of its proposed prepaid regulations to focus on primary transaction accounts and to, among other things, simplify disclosures rather than adding complexity for consumers.
