Viewpoint: Important Changes to Canada’s AML Laws: Here We Go Again
A new Canadian bill proposes regulations on virtual currencies, cross-border MSBs, due diligence requirements, politically exposed persons and group-wide information sharing.
Analysis
Breaking bit
Bitcoin is the poster child of the cryptocurrency world, but it’s not alone. Michael Mainelli and Bob McDowell take a look at the real-world implications of the rise of AltCoins
Improving data governance and ensuring data ownership
New regulations requiring financial institutions to increase the amount of data fields they have on their customer records and swingeing fines imposed when processes and data are found to be inadequate have triggered an increased focus on data governance.
New solutions for optimising cash in the retail industry
Managing cash in stores remains a major challenge for retailers – trapped cash hinders working capital management and is unavailable for investment, debt repayment or business expansion. But new ways are being developed to manage store cash …
Integrating the digital future
Balázs Vinnai, now with Misys, talks about changing banking and payments technology needs.
EU Parliament Postpones Final Vote on Payments Package until After July Elections (April 3, 2014)
European Parliament today voted in a plenary session to accept the text of the revised payment industry regulations (PSD2 and MIF) that the ECON committee voted on last month.
U.K.’s Financial Conduct Authority Comment Period Ends April 15 (April 3, 2014)
Building on previous consultations by Her Majesty’s Treasury and the Office of Fair Trading, the Financial Conduct Authority (FCA) is soliciting comment regarding the U.K. payments industry, in particular on issues of competition, access, governance, ownership and innovation.
Special Report: Payments modernisation – the future is happening now
With a revolution in consumer payments happening at the point-of-sale, online and increasingly through the mobile channel, there is a need and an appetite for change across every aspect of the payments industry.
Viewpoint: Bitcoin Payment Services: Challenges, Opportunities and the Role of Regulation
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.
Viewpoint: Prepaid Cleared for Takeoff in Russia
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.
Viewpoint: CFPB’s Draft Model Forms Highlight Problems with Uniform Disclosures
What do apples and oranges have to do with prepaid model disclosures? See David Beam’s analysis of the CFPB’s blog proposal.
D.C. Court Rules ZIP Code Isn’t an Address
Had the case not been dismissed, ZIP code-related class action lawsuits likely would spread.
What’s giving high-frequency traders the jitters?
What is the latest technological snag affecting high-speed trading performance? In a word, jitter – a major risk, particularly when carrying out arbitrage.
Why banks need to branch out into the cloud
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?
FinTech’s Lazarus effect brings business models back from the dead
The FinTech sector is entering a new phase – one where it is bringing old business models back from the dead
Banking in the Digital World
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.
Viewpoint: Dept. of Education Student Debit Card Report Doesn’t Make the Grade
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.
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.
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?
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,
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.
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.
Why Yahoo’s malware attack is hitting banks hard
At the end of last year, Yahoo was hit by a malware attack. It affected over two million clients, mainly in Romania, Great Britain, France, Italy and Spain, putting their personal data at risk. Upon visiting the website between 27 December and 3 January, users received advertisements, some of which were malicious and infected users’ devices without even a click.
Znap puts merchants at heart of mobile commerce revolution
Mobile payment isn’t about reinventing the wheel – it’s about making merchants and customers’ lives better by establishing a relationship built on knowledge and trust, according to mobile payments platform Znap.
LEI update: hidden costs prevent enthusiastic take-up
Until the world has a definitive Legal Entity Identifier, we are going to have to recognise that piecemeal adoption brings with it significant hidden costs in validating, enriching and mapping for regulatory purposes. If the total number of registered market participants is meant to include all the corporates that trade FX forwards, we are far short.
Banking on you – how wearable tech could change finance
Something big is happening to the internet (and, no, I am not talking about Bitcoin though that would be a fascinating topic for another time). In a nutshell, it’s changing into something you wear rather than go to, writes Aman Narain, global head of digital banking at Standard Chartered.
Raincoats, taxis and the future of banking
What do taxis, the weather, mobile wallets and raincoats have in common? They are all potential variables in determining a person’s daily spend – and they provide a great opportunity for banks to use data to save customers money, according to Aman Narain, global head of digital banking Singapore at Standard Chartered.
Blog: Tackling Financial Literacy Is a Team Effort
Wherever you sit in the industry, you can help the end users of prepaid products (or future users) by supporting basic financial education. The key is to make it fun.
Blog: From Atoms to Bits: The Digital Age of Money
As we move to digitize everything, the transition to digital wallets hasn’t been an easy feat. O2 recently announced it would discontinue its mobile wallet and despite efforts by industry heavyweights, mass adoption of a digital/mobile wallet still is proving elusive.
Executive Profile: One on One with Mark Putman, First Data
As a startup veteran with five companies under his belt, Mark Putman never foresaw his future as an executive for a large company. Today, he oversees the prepaid business at First Data Corp., one of the world’s largest payments processors, as senior vice president of prepaid solutions.
Innovators’ Spotlight: Planet Payment
A global multicurrency processor is breaking down borders to make global shopping a local experience.
Predicting the future in financial services
As data volumes continue to grow, being able to make greater use of the information enhances competitive advantage. The financial services industry is taking steps towards using predictive analytics technology to do just that.
Cashing out: Ontario mobile payment infrastructure is on the money
Canadians are in a hurry to get rid of their cash – at least as a method of payment, nor are they content with the contactless tap-and-go cards currently in use; they are anxious to replace cards with contactless smartphone technology, writes Aaron Rosland, senior economic counsellor for the Government of Ontario, Canada.
It’s 2014 … time to change the way you think about payments
Ten years ago business-to-business payment options were pretty limited: cheques dominated, and organisations only had the option of 3-day BACS payments or expensive CHAPS transactions for high value, same day payments.
Mobile vulnerabilities require banking apps rethink
Concerns are emerging over the failure of some mobile banking providers to address security risks. According to a recent review of 40 home banking apps from the world’s top 60 banks, nine out of ten apps had serious security vulnerabilities.
Estimating Libor damage past – automating index surveillance future
In the wake of scandals involving manipulation of market indices, can statistical learning theory be used to detect and fix anomalies in Libor and other market indices?
Blog: Beyond the Receipt: New Tools Combined with Old Offer Consumer Behavioral Insights
While receipts offer tantalizing indirect evidence of past activities, they tell us only a very modest amount about the habits, personalities or needs of the purchaser. For merchants, it’s where consumers are going next—and why they’re going there—that really matters.
