Banks must adopt video banking, says Celent report
Banks need to embrace video banking if they are going to compete effectively and retain customers, according to a new report released by analyst firm Celent.
News
NFC: Yes, No or Maybe?
Industry experts air their opinions in the ongoing debate about whether NFC will dominate mobile payments. By Kate Fitzgerald, Emerging Payments Editor From the moment near field communication (NFC) popped onto the payments industry radar about a decade ago, debate has sizzled around if, when and how it could revolutionize payments—adding a powerful stream of […]
Botswana Orange Money Customers Gain Visa Mobile Payments (Aug. 8, 2013)
Aug. 8, 2013 Visa Inc. this week announced the deployment in Botswana of Visa Mobile Prepaid, its product designed to convert closed-loop mobile payment ventures in emerging nations to open-loop capabilities. Through Visa’s partnership with mobile network operator Orange, Botswana’s Orange Money subscribers now may withdraw funds at ATMs and make POS or online purchases, […]
Cardtronics Grows in U.K., Enters Germany with $153 Million Deal (Aug. 8, 2013)
Aug. 8, 2013 Houston-based ATM operator Cardtronics Inc. is expanding its presence in the U.K. and entering the German market with the $153 million purchase of British ATM operator Cardpoint Ltd. In the U.K., Cardpoint operates more than 7,100 ATM locations under the name Cashzone, while the company’s German ATM network numbers 800 machines. Combined […]
U.S. Judge Rules Bitcoin Is Currency (Aug. 8, 2013)
Aug. 8, 2013 A federal judge ruled that Bitcoin, a decentralized virtual currency, is a form of money. U.S. Magistrate Judge Amos L. Mazzant’s decision this week is part of a charge levied by the U.S. Securities and Exchange Commission against Trendon Shavers for allegedly defrauding investors of approximately $150,000 worth of bitcoins in a […]
New PreCash Platform Aims to Fix ‘Broken’ Online Bill Pay Experience (Aug. 8, 2013)
Aug. 8, 2013 Payments processor PreCash has unveiled a new virtual payments platform the Houston company says will help fix the “broken” consumer online and mobile bill payment experience. Dubbed PreCash PayConnect, the new platform is built on PreCash’s cloud-based processing system and offers mobile and online payment for more than 10,000 service providers, including […]
Judge Rules in Favor of Merchants, Strikes Down Fed’s Interchange Rule (August 2013)
A U.S. District Judge in Washington, D.C., ruled that the Federal Reserve Board overreached in its interchange and network routing rulemaking. If upheld, the decision will have huge consequences for issuers, program managers and other payments stakeholders.
PayPal Enables Account Withdrawals via MoneyGram, Loads Coming Soon (Aug. 6, 2013)
Aug. 6, 2013 Online payments titan PayPal continues its march into the brick-and-mortar world, striking a deal that will enable its 55 million U.S. account holders to withdraw funds at MoneyGram locations across the country. Later this month, customers in Dallas, New York and San Francisco also will be able to load money into their […]
i2c Supports Prepaid Card Geared to Protect Seniors from Scams (Aug. 6, 2013)
Aug. 6, 2013 Although many senior citizens use prepaid cards, such as those issued for Social Security benefits delivery or the AARP Card, there’s a new card on the market that’s using fraud mitigation tools to help protect seniors from financial scams. i2c Inc., a Silicon Valley-based provider of cloud payment processing, today announced that […]
Norwegian Telecom, Bank Plan NFC-Based Wallet (Aug. 6, 2013)
Aug. 6, 2013 Norwegian telecom provider Telenor and DNB, the country’s largest bank, are teaming up to launch an NFC-based mobile wallet. Dubbed Valyou, the wallet is managed through a smartphone app that enables users to make purchases up to NOK200 (US$33.76) via contactless tap; for higher amounts, users must enter a PIN. After a […]
Study: M-Payments Gain Traction with SMBs (Aug. 6, 2013)
Aug. 6, 2013 A growing number of small and midsize businesses (SMBs) are using m-payments and social networks to improve efficiencies and increase customer traffic. Forty percent of businesses surveyed accept POS payments using a mobile card reader attached to a smartphone or tablet, and 16 percent of respondents plan to add this capability within […]
Judge Dismisses Lawsuit Challenging Dodd-Frank, CFPB (Aug. 5, 2013)
Aug. 5, 2013 A federal judge has dismissed a lawsuit challenging the constitutionality of portions of the Dodd-Frank Act, including the formation of the Consumer Financial Protection Bureau (CFPB) and the appointment of its director, Richard Cordray. U.S. District Judge Ellen Segal Huvelle last week determined that the claims in State National Bank of Big […]
Ukash Bolsters Retail Presence in Italy with Epipoli (Aug. 5, 2013)
Aug. 5, 2013 Online cash payment provider Ukash has struck a deal that will expand its retail network across Italy. The London-based company’s new partnership with prepaid distributor and producer Epipoli gives Ukash entry to the 145 locations of grocery retailer Esselunga in which Epipoli is already present, along with the firm’s other retail partners. […]
IDT Eyes Latin America, Beyond with New Remittance Service (Aug. 5, 2013)
Aug. 5, 2013 Telecom and payment services provider IDT Corp. has added a new international money transfer service to its Boss Revolution payment platform. The remittance service currently is live for recipients in Mexico, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua and Panama. IDT Payment Services—the IDT Corp. subsidiary that runs Boss Revolution—said within […]
Virtual Currency Firms to Establish Industry Group, Best Practices (Aug. 5, 2013)
Aug. 5, 2013 On the heels of Thailand’s central bank banning the use of Bitcoin, virtual currency companies, including virtual currency exchanges, have spelled out plans to establish a self-regulating industry group called the Digital Asset Transfer Authority. “Our companies are pioneering new services with potential to reduce the friction and cost of payments substantially […]
Fidessa offers free post-trade processing using FIX
A new service that claims to be able to dramatically cut post-trade costs for brokers and asset managers has been launched in the UK, using FIX messaging.
Isis Readies National Rollout, iPhone ‘Support’ Coming (Aug. 1, 2013)
Aug. 1, 2013 Isis may be the first whole-ecosystem mobile payments system to go national when it expands to all regions later this year, and begins its toughest challenge yet: building scale. The NFC-based mobile wallet venture, led by AT&T Mobility, T-Mobile U.S. and Verizon Wireless, on July 30 announced plans to roll out across […]
MasterPass Begins Global Expansion with U.K. Debut (Aug. 1, 2013)
Aug. 1, 2013 MasterCard is bringing its MasterPass digital wallet to the U.K., with several major retailers onboard as launch partners. The cloud-based service, available since earlier this year in the U.S., Canada and Australia, enables consumers to store payment and loyalty card information, along with shipping and billing address details, and make purchases online […]
PULSE, Paydiant Partner to Promote Mobile Wallet Adoption (Aug. 1, 2013)
Aug. 1, 2013 PULSE, a Houston-based debit/ATM network and Discover Financial Services company, announced today it’s using Paydiant’s mobile payment platform, enabling PULSE financial institution and merchant partners to “quickly deploy” contactless mobile payment and cash-access capabilities for their customers. Paydiant is a Wellesley, Mass.-based provider of a cloud-based, white-label mobile payment and offer-redemption platform for retailers, banks […]
ANZ, Fiserv Extend Mobile Financial Services in Pacific Region (Aug. 1, 2013)
Aug. 1, 2013 Australia and New Zealand Banking Group (ANZ) now is providing mobile financial services to unbanked and underbanked consumers in Samoa, Vanuatu, Solomon Islands and Papua New Guinea, using Mobiliti Reach from Fiserv, a Brookfield, Wis.-based provider of financial services technology. Under ANZ’s goMoney brand, Mobiliti Reach enables consumers to send money to […]
APA, NCLC Show Support of Payroll Cards (Aug. 1, 2013)
Aug. 1, 2013 With prepaid payroll cards the subject of negative press and increasing regulatory scrutiny over the past several weeks, groups representing low-income consumers and payroll administrators have expressed support for the products, noting that payroll cards can offer unbanked workers an economical, safe and convenient way to receive their wages. In a release […]
Breaking News: Merchants Get Big Win on Interchange/Routing; Court Calls for Fed to Revise Rule (July 31, 2013)
July 31, 2013 Merchants, which have continued to oppose the Durbin interchange fee caps set by the Fed, won a huge victory in court today. U.S. District Judge Richard Leon in Washington, D.C., ruled that the Federal Reserve Board of Governors overreached in its interchange and network routing rulemaking. The decision, which, if upheld, will […]
MPs call on banks to report electronic crime direct to police
Banks should report all cases of fraud to law enforcement agencies and punishments should be substantially increased, according to a committee of MPs.
Survey: AML, OFAC Compliance Costs Rising for FIs Worldwide (July 2013)
By Kate Fitzgerald, Emerging Payments Editor The cost of complying with anti-money laundering (AML) rules and requirements is rising, just as the expansion of related anti-bribery and corruption laws around the world is placing unique new demands on global financial organizations, according to a new survey. International banks are devoting more personnel, departmental resources and […]
Bluebird, H&R Block, Green Dot, Approved Card Top Consumer Reports List (July 30, 2013)
July 30, 2013 Because of the growing popularity of prepaid cards, Consumer Reports has, for the first time, ranked more than 25 GPR prepaid cards. Consumer Reports based its list on how much the cards cost to use; convenience, which includes availability of in-network ATMs, bill-pay features and how widely the card network brand is […]
Visa, MasterCard License EMV Technologies to Enable Debit Card Routing (July 30, 2013)
July 30, 2013 The U.S. migration to EMV chip cards reached another milestone today with the announcement by Visa Inc. and MasterCard Worldwide that the two networks will license their own EMV chip technologies to each other and other networks, to further enable efficient routing of U.S. chip debit transactions over multiple, unaffiliated networks. The […]
2PSD Draft Expands Regs, Raises Questions (July 30, 2013)
July 29, 2013 The long-awaited draft of the Second Payment Services Directive (2PSD) was released by the European Commission last week. The draft regulation is larger than the current regulation and includes several updates that could bring more businesses under its purview. The current PSD has 63 Recitals and 96 Articles, while 2PSD has an 11-page […]
Durbin, Welch Urge Fed to Follow Europe on Interchange Limits (July 30, 2013)
July 30, 2013 A pair of lawmakers is calling on the Federal Reserve to take into account interchange restrictions proposed by European regulators while it formulates its next biennial assessment of interchange fees in the U.S. In a letter to Federal Reserve Chairman Ben Bernanke last week, Sen. Dick Durbin (D-Ill.) and Rep. Peter Welch […]
Thailand Central Bank Bans Bitcoin (July 30, 2013)
July 30, 2013 Thailand’s central bank has effectively banned Bitcoin in the country by declaring it illegal to buy, sell or make purchases with the virtual currency, according to a Bitcoin exchange that had been seeking guidance from the bank. In a message on the Website of Bitcoin Co. Ltd., the Bangkok-based exchange said it […]
Vantiv Gets Recognized, Recognizes Future of Commerce (July 2013)
One of Forbes’ “Fastest-Growing Tech Companies,” Vantiv talks about its growth since becoming independent and how it sees the payments landscape transforming.
People on the Move: Jonathan Wood, Skrill Group (July 2013)
Skrill Group, one of Europe’s largest payment providers, has appointed Jonathan Wood vice president responsible for electronic remittance.
People on the Move: Board of Directors, SIMalliance (July 2013)
July 2013 SIMalliance, a London-based nonprofit trade association supporting the creation, deployment and management of secure mobile services and applications, has announced its board of directors for the next 12 months. The four permanent SIMalliance board seats, retained by the founding SIMalliance member organizations, will continue to be served by: Frédéric Vasnier, senior vice president, […]
People on the Move: Ian Horsted, R&P Group (July 2013)
July 2013 Ian Horsted has been awarded the “U.S. Recruiting Network, South Dakota, Top Producer” for the second quarter of 2013, according to R&P Group, a Sioux Falls, S.D.-based payment industry recruiting firm. Over the last seven years, Horsted has become a key partner at R&P as he identifies, evaluates and recruits potential candidates for […]
People on the Move: Raj Date, Prosper Marketplace Inc. (July 2013)
July 2013 Prosper Marketplace Inc., parent company of peer-to-peer lending marketplace Prosper Funding LLC, has announced that Raj Date, former deputy director of the Consumer Financial Protection Bureau, has joined its board. Date is currently managing partner at Fenway Summer, a consumer finance advisory and investment firm based in Washington D.C. Before joining the federal […]
People on the Move: W. Alexander Hoffmann, MoneyGram International (July 2013)
July 2013 MoneyGram International has announced that W. Alexander Hoffmann has been appointed to the global money transfer company’s executive leadership team as senior vice president, global product management and emerging channels. He will lead MoneyGram’s global product portfolio, emerging channels and MoneyGram Online. He has 20 years of experience in payments and cards, online […]
People on the Move: Michael Kirk, Enacomm Inc. (July 2013)
July 2013 Enacomm Inc., a Tulsa, Okla.-based provider of voice processing infrastructure, applications and services, has announced that Michael Kirk will join the company as vice president of business development, channels and alliances. An IT and services veteran, Kirk has more than 25 years of experience with sales, sales management and business development for IVR, […]
People on the Move: Kurt Weiss and Conrad Sheehan, C-SAM (July 2013)
July 2013 C-SAM, a Chicago-based provider of mobile transactions technology, has announced that Kurt Weiss and Conrad Sheehan have joined the company as managing director of global financial institutions and vice president and general manager of strategic initiatives, respectively. Weiss will work closely with financial institutions and networks deploying C-SAM’s mobile transaction platform, which enables […]
New ADP Money Management Platform Addresses Employer/Employee Needs (July 29, 2013)
July 29, 2013 Payroll card provider ADP is rolling out a new feature for its Paybefore Award-winning ALINE Pay program aimed at aiding employees to better manage their finances, while helping employers improve electronic pay adoption and streamline payroll management. The new myALINE platform, accessible online and via mobile device, provides ALINE Pay cardholders with […]
Prepaid, Mobile and Online Payments Poised for Growth in Canada (July 29, 2013)
July 29, 2013 Cash will be knocked out of its position as the No. 1 form of payment in Canada within the next five years, if present growth trends in mobile, prepaid and online payments continue, a new report suggests. All forms of electronic payment are experiencing substantial growth in Canada as consumers’ use of […]
Survey: 66 Percent of Companies Report Suspected Fraud Attempts in Past Year (July 29, 2013)
July 29, 2013 Two-thirds of companies in a variety of sectors reported suspected fraud attempts in the last 12 months, according to a report by IDology Inc., an Atlanta-based identity-verification company. More than one-third of respondents reported that these suspected attempts have increased in the last year, according to the survey’s findings, while 50 percent […]
