NJ S 2235 was introduced in the State Senate, offering hope that New Jersey’s attempt to grab unclaimed funds that otherwise may be owed to another state finally might be put to rest.
Mass transit continues to be among the most promising areas for NFC payments, with Washington, D.C., reportedly planning to put the technology in motion next year.
Depending on who you speak to, the definition of a data scientist seems to mean different things to different people. Some see it as a glorified number crunching role, others believe the position requires someone more inquisitive to spot and respond to key trends.
Fund managers are showing a “significantly more positive attitude” to the imminent Alternative Investment Fund Managers Directive. Initial fears appear to have subsided, the challenges and predicted costs have significantly reduced and the industry is realising the opportunities.
Earlier this month American Express announced several new budgeting capabilities it’s adding to Serve, along with expanded retail distribution in Safeway and other retailers through a new partnership with Blackhawk Network.
Cardtronics plans to add a new deposit function to more than 2,500 ATMs in the company’s Allpoint Network.
CFPB Director Richard Cordray headed to the House yesterday to present his bureau’s semi-annual report to the House Financial Services Committee, headed by Jeb Hensarling (R-Texas).
The FDIC has issued another consent order for a company with significant prepaid business and again the focus is on Bank Secrecy Act (BSA) compliance.
The prepaid card continues to be the fastest-growing form of electronic payment, but to maintain that position in a world where emerging payments are gaining ground every day, the industry must keep innovating.
The explosion of data in the securities and capital markets industry – more than 30% CAGR – is rapidly becoming a problem for market participants and managing that challenge will require a disciplined approach to the development of new data architectures.
One company grateful for the flurry of publicity given to the practice of front-running orders by the publication of Michael Lewis’s book Flash Boys earlier this year is New York-based Trillium, whose Surveyor market manipulation detection tool can be used to detect the practice.
In April, US post-trade utility the DTCC called for the US settlement cycle to be moved to T+2, to bring it into line with what’s happening in the rest of the world, which is converging on T+2 settlement cycles – at different speeds.
Firms looking to adopt cloud-based services should consider the security and data privacy implications associated with moving critical systems into the cloud, and not let vendors drive their technology strategies for them, according to Bank of England CIO John Finch.
Tullett Prebon has launched an aggregated swap data repositories data feed for the interest rate swaps market, aiming to increase price transparency in accordance with the Dodd-Frank Act.
“The fastest growing national security threat facing the [US], which also happens to face the financial services industry, is cyber-espionage, cyber-crime and cyber-terrorism” according to a former deputy and acting director of the Central Intelligence Agency, speaking at the SifmaTech conference in New York.
Combining development and operational deployment of software into a more integrated cycle can greatly improve time to market and improve efficiencies giving “10 times faster software driven innovation”, delegates at the annual SifmaTech trading systems conference and exhibition in New York were told.
Payments M&A activity continues as corporate payments provider WEX Inc. announced a major move into the health care payments sector, entering a definitive agreement to acquire Evolution1 for $532.5 million.
After splashy debuts two years ago, two celebrity-backed prepaid cards quietly are exiting the market this summer.
The Consumer Financial Protection Bureau is turning its attention to mobile financial services and is seeking information from the industry and consumers.
While nearly all of large financial services firms say customer experience management is important, the reality is that they are only about half as good at it as customers expect them to be.
New York State lawmakers, along with Attorney General Eric Schneiderman, came out with guns blazing last week—their target: payroll cards.
Congressman Steve Stivers (R-Ohio) stressed the importance of the prepaid card industry continuing its work of getting to know federal rulemakers and explaining to them the value the industry’s products provide to consumers, businesses and state and local governments.
More mobile wallet providers are pinning their hopes on host card emulation technology to facilitate NFC payments.
Chinese e-commerce giant Alibaba’s new U.S. retail portal eventually could present a challenge for some of the biggest names in the online shopping sector, including Amazon and eBay.
Could the establishment of an enhanced outsourcing oversight capability do more for asset managers than simply satisfy the FCA? A more mature set of oversight metrics could be used to provide foresight into how the outsourcer might perform in the future.
The Bancorp Bank, a wholly owned subsidiary of The Bancorp Inc., this week revealed in an 8K filing with the SEC that it’s stepping up its Bank Secrecy Act (BSA) compliance efforts in accordance with an FDIC consent order that went into effect June 5.
The Euro Banking Association has published results of research and assessment work on supply chain finance topics and alternative electronic payments, including recommendations on managing financial industry collaboration and partnerships.
Specialist Java start-up Waratek has announced a security product intended to protect older Java code – which can contain five to 10 security vulnerabilities per 10,000 lines of code – from security breaches.
Rather than spending time debating which option is worse for consumers—overdraft or payday loans—or focusing solely on reining in overdraft, we ought to shift our energies to creating new credit products that meet consumers’ needs transparently and affordably.
While asking a customer for multiple pieces of information and presenting him with various questions satisfies federal guidelines and other legal compliance, it can throw a major wrench in the prepaid card activation model. Out-of-wallet authentication must be accomplished in real time—and that means mobile.
The Consumer Financial Protection Bureau (CFPB) has bumped plans to release its proposed rule on prepaid cards to “the end of the summer,” according to Richard Cordray, the agency’s director.
As U.K. retailers move further into providing personal banking services, supermarket giant Tesco has launched its first-ever current account.
Less than a year after Amazon launched a one-click checkout feature for outside Web merchants, the online retail giant has unveiled a similar service for recurring and subscription-based payments.
Uber, the global service that connects drivers with riders, has integrated American Express’ membership reward points into its iOS app, giving consumers another way to use their mobile devices to pay with American Express.
The increasing risk of fraud, the rise of NFC, customer convenience and lower technology costs have combined to make the business case for EMV work for U.S. payment card issuers, according to a new report from Aite Group.
On the heels of its March acquisition of the moneto mobile payment platform from DeviceFidelity Inc., Minneapolis-based remote deposit capture specialist Cachet Financial Solutions announced it will be developing a prepaid mobile app for cardholders of FirstView, an Atlanta-based program manager and processor.
Banking Technology first appeared 30 years ago this month. David Bannister, the current editor, looks back at that first year of coverage …
Banks are paying lip-service to the concept of customer service and are years behind on innovation – and unless they literally get their act together by collaboratively embracing open software libraries and sharing applications and data, they will not survive.
The rise of Bitcoin and other digital currencies could present new opportunities for serving the underbanked once acceptance becomes more widespread, and payment providers and investors are building an infrastructure to support such uses.
Despite some skepticism around the business case for prepaid issuers, in particular, to migrate to EMV in the U.S., another card targeting international travelers has made its debut.
