Permissionless Innovation
The Bancorp Finetics Studio video series, which features one-on-one conversations with more than 30 of the financial services industry’s most influential and innovative executives, has released its second installment.
Bancorp Finetics
The Bancorp Finetics Studio video series, which features one-on-one conversations with more than 30 of the financial services industry’s most influential and innovative executives, has released its first installment.
ACI Board
Naples, FL-based ACI Worldwide has ankled Janet Estep to its Board of Directors. Estep serves as president and CEO of NACHA – The Electronic Payments Association that oversees the Automated Clearing House (ACH) Network.
Raphaels Bank Announces Appointments in Prepaid Card Division
Raphaels Bank Card Services has appointed Emily Utton Senior Relationship Manager and Alex Reddish as Relationship Manager. The appointments round off a rapid period of growth for the Raphaels Bank Card Services team which has tripled in size in just 18 months. Emily Utton has joined Raphaels Bank after five years at Paypoint, where she was an Account Manager, looking after the energy sector. Prior to that, she was Account Manager at the Home Retail Group. Although Emily is new to prepaid, she has extensive experience as a relationship manager in the payments industry. Joining Emily, Alex Reddish has joined the team as Relationship Manager, moving after two years as Relationship Manager at Ukash. He has a long family history in prepaid and did his final dissertation, at Roehampton University, on the future of prepaid. Meanwhile, Janet Johnston has expanded her role as Head of Operations to include Relationship Management. Janet has been with Raphaels for three years, initially heading up Operations.
Jeremy Stein Leaving BofG of Fed Reserve
Jeremy C. Stein submitted his resignation Thursday as a member of the Board of Governors of the Federal Reserve System, effective May 28, 2014. Stein, who has been a member of the Board since May 30, 2012, submitted his letter of resignation to President Obama and plans to return to his teaching position in Harvard University’s department of economics.
Nacha Advances Same-Day Settlement
The Electronic Payments Association announced that it is taking initial steps towards a ubiquitous, same-day ACH settlement capability. NACHA seeks to move the ACH Network from today’s single, next-day settlement to multiple, same-day settlement options that would be available for virtually any ACH Network transaction. The phased implementation approach outlined by NACHA proposes incremental functionality that will provide greater value to end users. This functionality would include multiple, new settlement windows, and greater certainty around faster funds availability; therefore providing a solid foundation on which to build innovative services into the future. NACHA is launching a study to assess the industry’s costs and potential transaction volume for same-day ACH.
MoneyGram Services Available at Debenhams’ Department Stores
MoneyGram teamed iinternational department store Debenhams to offer money transfer services to its customers. Debenhams’ customers will now be able to send and receive funds around the globe while doing their shopping at the 200-year old retailer in the UK. MoneyGram services are currently offered at 44 Debenhams locations across the UK via its Travel Money bureaus, with further store expansion planned in the coming months. It is anticipated that the new service will be used by thousands of new customers who will enjoy sending from such locations. For a leading retailer like Debenhams, offering the MoneyGram service to millions of customers wanting to send money to family and friends abroad creates a useful one-stop-shop on the high street.
Jardon Bouska of Fiserv to Keynote NACHA Council
Fiserv financial services technology solutions announced Jardon Bouska, president, Biller Solutions, Fiserv will deliver the keynote address at NACHA – The Electronic Payments Association’s Council for Electronic Billing and Payment (CEBP) Meeting in Chicago. This will bring together industry members to share ideas and collaborate in an open forum while discussing developments and trends in electronic billing and electronic payments. Bouska will offer his vision of the future of digital billing and payments, sharing new consumer and industry data from Fiserv that is predictive of industry direction. He will discuss changes that will impact billing organizations, financial institutions and consumers in a rapidly evolving payments landscape and outline how innovations, such as wearable technology, will help create a new era in paperless, real-time mobile bill presentment and payment.
Cubic Payment Application Software Achieves PCI-DSS Certification
Cubic Transportation Systems payment and information technology and services for intelligent travel solutions, announced that the latest version of their Cubic Payment Application (CPA 3.0) has been successfully “Validated According to PA-DSS v2.0” by the PCI Security Standards Council, and is listed as “Acceptable for New Deployments” on the Payment Card Industry Data Security Standards (PCI-DSS) website. CPA 3.0 is architected to provide optimum performance for securely processing legacy closed-loop payments (such as agency issued transit smartcards) as well as emerging forms of payment including open-loop (bank-issued contactless cards), mobile and EMV payments.
China UnionPay & Discover Ink e-Commerce Directive
PayChina UnionPay bankcard association, with over 3.2 billion issued cards, now offers UnionPay cardholders an option to make online purchases at the websites of participating Discover Merchants. The UnionPay Online Payments (UPOP) service is UnionPay’s e-Commerce solution and was developed in response to the needs of issuers to offer UnionPay cardholders a safe and secure way to make purchases online around the world and in the U.S. Chinese are the largest group of international students in the U.S. with an increase of over 20% in 2011. UPOP will be available to Discover’s merchants, early in 2013, using the Centinel Universal Merchant Platform through Cardinal.
NACHA Profiles Business Practices for FFIEC Authentication
NACHA Electronic Payments Association, released a resource to support financial institutions to refine implementation of the provisions of the Federal Financial Institutions Examination Council (FFIEC) Supplement to Authentication in an Internet Banking Environment. Developed by NACHA’s Risk Management Advisory Group, the release identifies sound business practices that financial institutions could use to create internal policies and procedures in response to guidance in the Supplement. The guidance requires financial institutions to complete periodic risk assessments, establish layered security controls, and educate customers on various forms of potential fraud.
Visa Launches Small Business Expense Management Platform
Visa launched Visa Payment Controls online platform allowing small business owners to manage how, when and where transactions and payments are made on employees’ business cards. Enhancing efficiencies and transparency to traditionally paper-based payment systems, this improves record keeping and reporting while providing valuable insight into where company dollars are spent. Visa Payment Controls gives small business owners the flexibility to manage how employees can use their cards based on location, spending limits and categories. Small businesses can choose Visa cards for spending control and visibility, tools to improve cash flow, purchasing convenience and access to money saving offers and rewards.