prepaidRSS

Unauthorised transactions vex US prepaid consumers – CFPB’s latest report

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Prepaid complaints to the Consumer Financial Protection Bureau (CFPB) in the US hit 2,500 in 2016, accounting for about 0.9% of the 291,400 complaints in agency’s latest Consumer Response Annual Report.

Urban FT taps Sunrise Banks for prepaid partnership

Sunrise Banks

White-label digital banking services provider Urban FT is joining forces with US-based Sunrise Banks to offer clients, which include telcos, insurers and airlines, a bank-issued prepaid card and accompanying mobile app.

Prepaid International Forum seeks clarity and exemptions as UK moves toward PSD2

PSD2

As the UK moves ahead with plans to implement the revised Payment Services Directive (PSD2), the Prepaid International Forum (PIF) has asked regulators for more clarification on certain aspects of how the framework will be applied in the country.

Cachet, Rebar and Central Bank of Kansas City bring mobile prepaid programmes to community banks

Power to consumer

Cachet Financial Solutions is working with Central Bank of Kansas City (CBKC) to bring mobile-optimised prepaid programmes to community banks. The two companies have also teamed with Rebar Interactive to provide Select Mobile Money-Express, a platform that includes a Mastercard-branded prepaid card.

NetSpend settles with US Federal Trade Commission for $53m

NetSpend settles

Facing charges by the US Federal Trade Commission (FTC) that NetSpend deceived cardholders and denied or delayed their access to funds, the TSYS subsidiary agreed to a $53 million settlement, which consists of $40 million on deposit in customer accounts and $13 million in refunded fees.

Wirecard completes Citi Prepaid acquisition

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Wirecard has finalised its acquisition of Citi Prepaid Services. The deal expands Germany-based Wirecard’s prepaid payment processing business in North America and brings more than 120 former Citi Prepaid employees under the Wirecard umbrella.

UniRush and Mastercard ordered to pay $13m over RushCard outage

Paying the fine

In its first enforcement action against prepaid providers, the Consumer Financial Protection Bureau (CFPB) has announced that UniRush and Mastercard will pay a combined $13 million for a 2015 service disruption that left cardholders without access to their funds.

TSYS in settlement negotiations with Federal Trade Commission; plans to launch new banking account

NetSpend to settle with FTC

TSYS-owned NetSpend is negotiating with the Federal Trade Commission (FTC) over allegations that the prepaid cards provider deceived cardholders and denied or delayed their access to funds. NetSpend is working on diversification, including the launch of a demand deposit account (DDA) later this year.

I2c and TIS team up for payments in Asia

(c) Duisenberg, Wikimedia Commons

Payment firms i2c and TIS have formed a strategic partnership to standardise prepaid payment solutions on the i2c processing platform. Under terms of the multi-year partnership, Japan-based TIS will adopt i2c’s cloud-based platform as its standard for prepaid card processing and expand its use to support credit and debit card payment processing in “key Asian […]

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