ABA Endorses Linkable Networks’ Card-Linked Offer Technology (July 8, 2013)

July 8, 2013 Banks are finding more ways to enrich their mobile payments offerings with technology making it easier for consumers to redeem digital coupons with their credit, debit or prepaid cards. Through its Corporation for American Banking subsidiary, the American Bankers Association (ABA) this month endorsed Linkable Networks’ card-linked offer technology designed to distribute […]

NFC mobile payments: overcoming the barriers for banks

The past few years have seen major changes to the way we make low value payments, from pre-paid wallets such as the Oyster Card through to contactless cards in retail transactions – thanks to Near Field Communication devices.

FATCA, IGAs and AML Technology

After a long wait, the first real FATCA implementation deadlines are just around the corner. To meet the new account identification requirements, by 1 January 2014, institutions should be in the process of implementing the necessary upgrades in their onboarding and overall compliance systems and processes.

N.Y. AG Investigates Payroll Card Fees (July 3, 2013)

July 3, 2013 New York’s attorney general is looking into prepaid payroll card programs at some of the state’s largest employers, following a report in the July 1 New York Times, which characterized payroll cards as laden with fees. Attorney General Eric Schneiderman has sent letters to about 20 employers seeking information about their programs, […]

CFPB Finalizes Rule for Supervising Nonbanks Engaged in ‘Risky’ Conduct (July 3, 2013)

July 3, 2013 The Consumer Financial Protection Bureau has finalized its rule outlining procedures to supervise nonbanks engaged in conduct that poses risk to consumers. The CFPB may supervise not only nonbank providers of consumer financial products and services, but its authority also extends to a nonbank’s affiliate service providers, according to the rule. The […]

Chicago Nears Launch of Contactless Transit Payment System (July 3, 2013)

July 3, 2013 Chicago area transit riders soon will be able to pay fares with a tap, now that the city’s Open Standards Fare System is set to make its debut in August with the Chicago Transit Authority (CTA) and suburban bus operator Pace. Known as Ventra, the system is a partnership between Cubic Transportation […]

Report: GPR Cardholders Call Customer Service 2.7 Times per Month (July 3, 2013)

July 3, 2013 Prepaid cardholders’ customer service needs vary widely based on the type of card they are calling about, according to new research Contact Solutions LLC, and analyzing those patterns can go a long way toward cutting operating costs, the firm says. Cardholders of large government prepaid card programs make an average of 5.5 calls per […]

BAML boosts Boussuge to head GTS in EMEA

Bank of America Merrill Lynch has appointed Jennifer Boussuge as head of Global Transaction Services for EMEA. Boussuge has been with the company for more than 19 years, during which time she has held a number of leadership roles, most recently as head of global sales for GTS.

Intuit to Sell Financial Services Division for $1 Billion (July 2, 2013)

July 2, 2013 Intuit Inc. has agreed to sell its financial services division, known as IFS, to private equity firm Thoma Bravo for just over $1 billion. The deal, which is still subject to regulatory approval, would cover Intuit’s corporate-targeted Internet banking platform, digital payments, mobile banking and purchase rewards business. Certain assets currently within […]

PFS Introduces Mobile App for Prepaid MasterCard Customers (July 2, 2013)

July 2, 2013 London-based Prepaid Financial Services (PFS) today announced a new mobile app for its PFS Prepaid MasterCard customers enabling users to store and manage their prepaid cards through a mobile digital wallet controlled through a smartphone. The Pocket to Pocket mobile app is initially available for the Apple iOS platform; an Android version […]

Court Says Gap Didn’t Infringe on Gift Card Patents (July 2, 2013)

July 2, 2013  Patent-holding company Alexsam Inc. has been dealt another court defeat in its series of lawsuits against a group of retailers the company claimed infringed on its prepaid gift card patents. Last Friday, a federal jury in Marshall, Texas, ruled that Gap Inc. did not infringe on the technology covered by the patents—which […]

Licuos named Spain’s best startup at Next Bank Madrid

Spanish business to business payment platform Licuos has been named as the winner of Innotribe Startup Disrupt, a competition to find the most innovative financial services startups in the Spanish and Portuguese speaking world.

Treasury’s Koide: Prepaid Has Important Role in Financial Services Revolution, Needs to Ask Hard Questions (July 1, 2013)

July 1, 2013 “We’re only at the beginning of a technology-driven revolution in financial services,” Melissa Koide, deputy assistant secretary, office consumer policy, U.S. Treasury Department, said last week during the NBPCA’s second annual Power of Prepaid conference in Washington, D.C. Koide noted that the prepaid platform has brought powerful and positive innovations to financial […]

It’s Official: TSYS Closes $1.4 Billion NetSpend Buy (July 1, 2013)

July 1, 2013 Payments processor TSYS has completed its $1.4 billion acquisition of GPR and payroll card provider NetSpend Corp., the company said today. First announced in February, the deal was billed as a “transformational event” for TSYS, and gives the Columbus, Ga.-based firm a major foothold in the program management arena, bringing more than […]

Visa Contactless Payments Coming to German Shell Stations (July 1, 2013)

July 1, 2013 Motorists in Germany soon will be able to use Visa payWave technology to make contactless payments when filling up their tanks at Shell petrol stations. Beginning in spring 2014, Shell stations in the country will accept payments via contactless Visa card or NFC-enabled smartphone. Full rollout to all 2,200 German Shell locations […]

Square Shuts Down Digital Gift Card Service (July 1, 2013)

July 1, 2013 Square Inc. is shutting down its digital gift card operation after little more than six months, due to operational difficulties, according to Reuters. Square announced its gift card program in December 2012, touting it as a way for small businesses that lacked a gift card program to instantly enable users to send […]

Blog: Mobile Payments Test Drive: Square Wallet, Starbucks App and Lemon (June 2013)

Mobile wallets get a considerable amount of media attention, but will any of them really drive users to leave the plastic card era behind? I recently did a comparison test of Square Wallet, Lemon and Starbucks’ own mobile app. While all the payment types I used worked surprisingly well, none of them was an experience that elevated shopping into the futuristic world these apps conjure up among payments enthusiasts.

MasterCard Launches Prepaid Travel Card in Canada (June 27, 2013)

June 27, 2013 The latest entry in a spate of new prepaid travel cards comes from Canada, where MasterCard Canada and its subsidiary Access Prepaid Worldwide this week launched the new Cash Passport Prepaid MasterCard Currency Card. Targeting Canadian travelers seeking a secure alternative to traveler’s checks or cash, the EMV-enabled Cash Passport card enables […]