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.
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.
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
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.
What do apples and oranges have to do with prepaid model disclosures? See David Beam’s analysis of the CFPB’s blog proposal.
Had the case not been dismissed, ZIP code-related class action lawsuits likely would spread.
PayPal is expanding its reach by getting on the menu as a payment option at small bistros and food trucks around the world that are switching to tablet-based POS systems.
Apple Co-Founder Steve Wozniak, the technical guru behind the original Apple computers, kept nearly 1,000 attendees at InComm’s annual Partner Alliance spellbound with his tale of how a “geeky, electronics kid,” driven by his passion to solve problems and compulsion to engage in “creative misbehavior,” led to a famous partnership with legendary Steve Jobs.
Mobile payment service M-Pesa has arrived in Europe with its launch yesterday in Romania, following expansions into other countries, such as Egypt and India, in recent years.
Mobile-based customer care is failing to meet the needs of users, who still suffer from many of the same old issues, along with some new problems that have cropped up more recently.
FX trading service EBS has launched Watch EBS, a new mobile app that is designed to show users the global spot FX market in as close to real time as possible.
NACHA wants to help move the U.S. toward same-day ACH payments using a phased approach to replace today’s sluggish system that can take three to five days for electronic payments to clear.
Green Dot Corp. is in the midst of a national rollout of a swipe reload service aimed at making reloading cash onto a prepaid card more convenient, efficient and intuitive.
The Reserve Bank of India has updated its rules covering prepaid products, which it says will help combat money laundering and fraud.
What is the latest technological snag affecting high-speed trading performance? In a word, jitter – a major risk, particularly when carrying out arbitrage.
CardLab Inc., a Dallas-based provider of open-loop incentive and prepaid card products, announced that Greg Haney has joined the company as chief operating officer.
Contact Solutions, a Reston, Va.-based provider of cloud-based customer self-service solutions, has been awarded the Customer Value Leadership Award for Best Practices Research on hosted interactive voice response solutions by business consulting firm Frost & Sullivan.
MasterCard has appointed Anna Yip as head of Hong Kong and Macau.
TabbedOut, an Austin, Texas-based provider of an app enabling consumers to open, review and pay their restaurant and bar tabs from their mobile phones, has hired Ari Horowitz as executive vice president, strategic partnerships and corporate development, and George Zirkel as chief revenue officer.
Sen. Elizabeth Warren (D-Mass.) has written a book, “A Fighting Chance,” which chronicles her life from growing up in Oklahoma to her work establishing the Consumer Financial Protection Bureau to her 2012 election to the U.S. Senate.
WEX Inc., a provider of corporate payment solutions, announced that Eric Duprat has been elected to the company’s board of directors.
In this supplement we share our experiences of implementing real-time payments systems and take an in-depth look at the success of Faster Payments in the UK. We also examine the challenges and benefits that real-time payments can deliver to banks and consumers as well as the advantages real-time technology can bring to government and businesses to support the wider economy and society as a whole.
Despite the well-known benefits of cloud computing, 75% of banks in Europe are using outdated core banking systems. Why are some banking institutions slower to adopt cloud than others?
The IRS has ruled that Bitcoin and other digital currencies are property, not currency, and will be treated as such for tax purposes.
The good news for mobile payments is that consumers in the U.S. and Europe are spending double when they initiate payments via their mobile devices or online, according to a survey released this month from Bain & Company.
Brazilian mobile network operator Claro has partnered with Bradesco, one of that country’s largest banks, to create an NFC-based mobile payment service.
Walmart this week opted out of the $7.25 billion settlement Visa and MasterCard reached last fall over interchange fees and filed its own antitrust suit against Visa.
US financial institutions are spending more on risk mitigation than ever before, according to a new study by post-trade services utility the DTCC.
The FinTech sector is entering a new phase – one where it is bringing old business models back from the dead
China’s central bank said it’s open to modifying a proposal to place limits on mobile payments after e-commerce firms and consumers objected to the restrictions.
The National Technical Information Service today has issued an interim final rule establishing a certification program for access to the Social Security Death Master File. The DMF is a tool used by many industries as a means to thwart fraud.
Global standards and approaches to regulation need to focus more on removing risk from the financial system rather than on compliance – but to do so international regulators will need to harmonise their efforts and embrace technology to a much greater degree.
While established banks struggle with their legacy systems, smaller players and new entrants are quickly adopting new technologies – but there are some trends in digital banking that are being slowly adopted by the banking industry as a whole.
MasterCard is working with U.K.-based Monitise plc to develop and deploy mobile wallets and digital payments around the globe.
eBay Inc.’s board of directors says spinning off PayPal in an IPO would not be in the company’s and investors’ best interest, resisting a call from activist investor Carl Icahn—a 2 percent owner of eBay—to sell all or part of PayPal.
American Express is creating a joint venture for its Global Business Travel division (GBT), in which the card network will share ownership of the JV with an investor group led by New York investment firm Certares.
The Center for Financial Services Innovation (CFSI) shared proof last week that its Compass Principles for improving the quality of prepaid cards work.
Heading to college is all about the quest for knowledge. Part of that process is learning to use fact-based, impartial research to reach educated conclusions. Unfortunately, the March 10 Department of Education’s Inspector General’s report, “Third-Party Servicer Use of Debit Cards to Deliver Title IV Funds,” doesn’t make the grade.
The Federal Reserve Board has earned a major victory in its long-running legal battle with a group of merchants over its rules implementing the Durbin Amendment, including caps on interchange fees for debit card transactions.
The number of central clearing counterparties is likely to rise in the near future as new entrants put Latin America, Africa and Australia on the map for OTC derivatives clearing, but with more regulatory intervention expected and unpredictable customer flows, the new venues face an uncertain future
