CFPB Seeks to Standardize Prepaid Fee Disclosures (March 20, 2014)
The Consumer Financial Protection Bureau (CFPB) is developing a new fee disclosure format for prepaid cards, ahead of new rules on the topic the agency expects to propose this year.
Worldwide
EU Cybersecurity Directive Gets OK from European Parliament (March 20, 2014)
European Parliament has voted to adopt proposed cybersecurity rules requiring organizations to meet new security standards and share information in case of security breaches.
NFC Forum: HCE Provides ‘Additional’ Means to Perform NFC Transactions (March 20, 2014)
As Host Card Emulation (HCE) gains momentum and questions continue about whether mass acceptance of NFC technology will ever come, the NFC Forum has issued a position statement on HCE, which emulates an NFC card in the cloud, eliminating the need for a secure element and trusted service manager for NFC applications, such as payments.
APEX: PacSun Case Study Illuminates Corporate POV on Payroll Programs
Seeking a more efficient and cost-effective method of paying underbanked employees, clothing retailer Pacific Sunwear of California turned to ADP’s ALINE Pay electronic payroll platform, which has since become a cornerstone of the company’s payroll operations.
Why banks need a chief mobility officer
Mobility has risen to such a level of importance that many people believe it deserves its own C-level position to advance and align mobility strategy throughout the enterprise. In no other industry is this more pressing than in banking where financial institutions are increasingly using mobile apps to set themselves apart from their rivals.
2014 Paybefore Awards Ceremony Photos
During the All Payments Expo (APEX) in Las Vegas March 3-5 2014, Paybefore announced its Best-in-Category and Industry Achievement winners for the 2014 Paybefore Awards. Check out the photos.
Blog: The NFC Tragicomedy: Where the MNOs Went Wrong (March 2014)
As momentum builds for HCE, MNOs may be left wondering why they’re getting cut out of the mobile payments value chain. While GSMA has been pushing NFC adoption with great force, the problem is that this force encouraged MNOs to go solo.
Blog: Square Cash: Fast, Cheap and Easy
Design of Square Cash’s caliber is not cheap. Finding a way to move money faster than conventional methods is not cheap. Is Jack Dorsey’s media darling gathering press and praise at the expense of sound strategy? Or, is Square Cash more than the very few screens that meet the eye?
Global financial IT spend to reach $100 billion by 2018 says Ovum
IT spending in financial markets is on the rise and is set to reach $100 billion in capital markets, corporate banking and asset management by 2018, according to new research by analyst firm Ovum.
Google Wallet Regroups, Positioning for HCE Push (March 18, 2014)
Google Wallet is making another course-correction to keep up with fast-moving mobile payments technology.
Western Union Integrates with Nigerian Mobile Payments Service (March 18, 2014)
Western Union is continuing its global expansion in mobile payments, announcing a new mobile money transfer service for Nigeria.
LevelUp Powers Payments App for Smartwatch (March 18, 2014)
Mobile payments with a flick of the wrist are here.
Viewpoint: Better Disclosures Are Good for Consumers and Industry
Legislators and companies, such as MasterCard, are introducing standards for prepaid card disclosures that help us all.
Key technology issues facing banks
Countless articles have been written about the challenges and issues facing the banking sector globally over the last few years and it is a brave pundit that tries to pin these down to a handful of sound bites,
Visa Europe: Contactless Booming in U.K., across Continent (March 17, 2014)
Holders of contactless Visa cards in the U.K. made 94.3 million contactless purchases in 2013, a surge from the 25 million made in 2012, according to data from Visa Europe.
TAS Group Unveils Card 3.0 Card Management Platform (March 17, 2014)
Payments technology company TAS Group, based in Italy with U.S. headquarters in Las Vegas, recently launched its Card 3.0 Card Management Platform in the U.S. to offer program managers greater customization capabilities, down to the cardholder level, and quicker time to market for new programs.
China’s Central Bank Proposes Curbs on Third-Party Payments, Halts Product Rollouts (March 17, 2014)
China’s central bank last week released draft rules that would limit the use of third-party payment systems, including the payment operations of Alibaba Holding Group and Tencent Holdings Inc.
People on the Move: Jim Harper and Amy Weiss, The Bitcoin Foundation
The Bitcoin Foundation, a nonprofit institution founded to promote bitcoin use, has announced the hiring of Jim Harper and Amy Weiss.
People on the Move: Glen Holbert, CardLab Inc.
CardLab Inc., a Dallas-based provider of open-loop incentive and prepaid card products, has named Glen Holbert chief revenue officer.
People on the Move: Christopher D. Carroll, Daniel Dodd-Ramirez and Jeffrey Langer, Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau has named Christopher D. Carroll, Daniel Dodd-Ramirez and Jeffrey Langer to senior positions.
People on the Move: Advanced Card Education Certificate Holders, International Card Manufacturers Association
The International Card Manufacturers Association has announced that 43 individuals have been recognized as the newest Advanced Card Education certificate holders for 2014.
People on the Move: Jeffrey Tourek, JetPay Payment Services
JetPay Payment Services, a division of JetPay Corporation, has appointed Jeffrey S. Tourek executive vice president and national sales leader.
People on the Move: Thomas Auriemma and Brahm Gelfand, Optimal Payments
Optimal Payments, a London-based online payment solutions provider, has named Thomas Auriemma as an adviser to provide strategic and regulatory advice on current and future U.S. state regulation regarding payment services for the online gaming industry. The company also appointed Brahm Gelfand as a non-executive director to the company’s board of directors.
People on the Move: Rakesh ‘Rocky’ Agrawal, PayPal
PayPal has named Rakesh “Rocky” Agrawal director of strategy.
Fiserv Inks Agreement with MasterCard for Debit EMV Solution for Accel Network (March 13, 2014)
Fiserv Inc. has opted to make MasterCard’s U.S. common debit application identifier (AID) available for its Accel debit network, as another piece falls into place in the U.S. debit networks’ EMV transaction-routing puzzle.
Prepaid Earns High Marks on CFSI Scorecard (March 13, 2014)
The Center for Financial Services Innovation (CFSI) gives the prepaid industry an A-.
Wheels in Motion for Digital Currency Regulation in N.Y. (March 13, 2014)
The New York State Department of Financial Services (NYDFS) has begun accepting applications from firms looking to set up digital currency exchanges and will issue proposed regulations on digital currency in the coming months, the agency said.
Relationships between Big and Small Firms Can Be Rewarding, If Challenging
Developments in retail financial services are bringing together large financial institutions and more entrepreneurial, but much smaller, startup companies. While both groups benefit from partnerships—as those in prepaid have long known—there are challenges.
Lombard Risk in global collateral management deal with Broadridge
Broadridge Financial Solutions has formed an alliance with UK software developer Lombard Risk Management under which Lombard’s collateral management system will be integrated into Broadridge’s applications and infrastructure services.
Industry Views: M&A on the Rise
We asked M&A experts to tell us what to expect in the coming months, specifically around prepaid, mobile and emerging payments. They all agreed on one thing: Change will continue to be the norm.
Viewpoint: Inside the EC Payments Package and the Aggressive Timeline for Passage
The European Parliament’s ECON Committee vote on the “Payments Package” has resulted in inconsistent legislative text that differs significantly from the EC draft proposal. With an aggressive timeline for passage, including an April plenary vote, the payments industry needs to make its voice heard on the potentially harmful impacts of the proposed changes.
Cachet Makes Mobile Wallet Foray with Moneto Buy (March 12, 2014)
Minneapolis-based remote deposit capture (RDC) specialist Cachet Financial Solutions has made a major move into the mobile wallet arena, acquiring the moneto mobile payment platform from DeviceFidelity Inc.
BofA Merrill’s SafeBalance Account Targets Fee-Wary Consumers (March 12, 2014)
Bank of America Merrill Lynch last week began testing a new product in six states that could compete with GPR cards and low-cost bank accounts, such as Moven, Simple and Green Dot Corp.’s GoBank, the latter two of which are Paybefore Awards winners.
McDonald’s Sweden Integrates SEQR Payments into Mobile App (March 12, 2014)
McDonald’s Sweden has integrated the SEQR payment service of Stockholm-based software development company Seamless into its own mobile app, enabling customers of the QSR to pay with SEQR.
Editor’s Note: Keeping What Makes You Great
We may not be the shiny new thing like mobile, but prepaid has a role to play in the new era of payments because it’s accessible to every consumer. For prepaid businesses to stay relevant and take their place in this evolving market, they must hold onto the innovative spirit and keen focus on solving problems that sparked the industry more than 15 years ago.
Report: European Prepaid Maturing, Open-Loop Spend to Hit €112 Billion by 2020 (March 11, 2014)
Prepaid products now have a proven track record in many major European countries, where the industry has begun the process of transitioning from its adolescent phase into one of mature, stable growth.
Mobile Parking Payments Coming to Chicago (March 11, 2014)
Many Chicago drivers soon won’t have to dig under the seat for spare change to feed the meter. The city has announced a new initiative to launch a mobile payment system for parking, set for a pilot run in the downtown area this spring, with a rollout throughout Chicago to follow.
Vodafone Wallet Goes Live Across Germany (March 11, 2014)
Vodafone’s NFC-based mobile wallet and prepaid Vodafone SmartPass Visa account went live this month in Germany, enabling Vodafone, Deutsche Telekom and Telefónica Deutschland mobile network subscribers to conduct contactless and P2P transactions with NFC-ready phones via participating banks.
EMVCo Releases Tokenization Specification, Invites Feedback (March 11, 2014)
EMVCo today has released its tokenization specification, and is inviting all payments industry participants to provide feedback.
Blackhawk Extends Prepaid Deal with Safeway through 2019 as it Prepares to Go Solo (March 10, 2014)
Blackhawk Network Holdings Inc. next month will complete its spinoff from parent Safeway Inc., but the two companies will remain close partners because of a deal Blackhawk inked to extend its role as exclusive prepaid and gift card provider to Safeway through 2019.
