FICO’s new alternative data pilot program continues to reach out to include unscorable consumers. The pilot program with the new FICO Score XD is underway with 12 of the largest credit card issuers in the U.S.
In today’s CardFlash News Que: STERLING (EMV); ADS (Wayfair); JCB (Universal); and W.CAPRA (EMV).
The number of mobile wallets using contactless technology is expected to reach 200 million by the end of 2016, representing growth of more than 100% from the end of 2014.
Acculynk has worked directly with the following regional debit networks including PULSE, Accel, Star, NYCE, Shazam and CU24 to launch a single Global True Debit gateway that enables dynamic least cost routing across these networks for e-Commerce transactions.
Juniper Research has revealed how Service Providers are benefiting from the boom in mobile money transfer services – with $2bn in revenues forecast for this year and $4bn annually 2018.
The Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives, also known as “One Belt, One Road,” aims to create Eurasian marketplace. In China this week, MasterCard’s CEO says the Chinese initiative can be a success, not only regionally, but also globally.
The dawn of the rise of the mobivores is upon us. Mobile-only users (aka mobivores) make up about 15% of a typical financial institutions’ mobile banking user base. Mobile-only users are defined as those who access their accounts using only their smartphones.
Mobile banking users will likely exceed online banking users for the first time by 2019. A new report predicts 1.75 billion mobile phone users will have used their devices for banking purposes by the end of 2019, compared to 800 million this year. The scale of the mobile banking challenge has been confirmed by the decreasing number of branch visits by consumers and also the closure of physical bank branches over the past 12-24 months.
The Clearing House (TCH) issued a working paper entitled U.S. Payment System: Recommendations for Safe Evolution and Future Improvements that offers recommendations on how best to evolve the existing payments system. The working paper focuses on the need to ensure the safety, soundness and sustainable economics of the U.S. payment system and to continue to deliver superior payment services to consumers and businesses. The working paper is part of TCH’s ongoing discussions regarding the future of the U.S. payment system and serves as its response the Federal Reserve Banks’ Payments System Improvement – Public Consultation Paper published in September. The paper also sets forth TCH’s own recommendations regarding optimal payment system evolution and outcomes.
Mobey Forum released its whitepaper, ‘The MPOS Strategy: Shifting the Balance of Power’, which examines the changing market dynamics brought about by disruptive MPOS providers and offers a strategic evaluation framework designed to help banks maintain their position and take advantage of the rapidly evolving MPOS market. The paper examines how MPOS disrupts the established four-party model (cardholder, merchant, acquirer, issuer) and identifies the potential winners and losers in the marketplace. Pushing beyond the traditional MPOS ‘dongle plus smartphone’ concept, the paper addresses issues surrounding interchange models, payment service provider models, networked commerce and the merchant-customer relationship. The paper then investigates how banks and financial institutions are currently reacting to the influx and utilisation of MPOS solutions, before proposing a structure through which banks and other stakeholders can weigh their strategic options, protect their interests and move to take advantage of the wave of change occurring in this complex environment.
SWIFT published a white paper, “Africa Payments: Insights into African transaction flows. Based on analysis of SWIFT traffic, it offers unique insights into transaction flows between African countries, and between Africa and other regions. The paper identifies environmental factors that may drive change in cross-border transaction flows, which could reshape pan-African banking, lead to shifts in currency usage and create opportunities for multi-currency clearing in Africa. SWIFT data highlights that ‘financial’ flows do not reflect ‘commercial’ flows, demonstrating a disconnect between payment routes and the movement of goods and services, particularly between Africa and Asia. This means that, while Asia Pacific countries are the fastest growing trading partners for most African countries, representing 22% of all commercial flows from Africa, only 5% of financial flows are sent directly to banks in the Asia Pacific region.
JustGiving online giving platform and WorldPay payment processing announced an agreement whereby WorldPay will process online giving transactions. JustGiving requires a payment processing service capable of quickly accepting high volumes of payments. WorldPay processes tens of thousands of transactions daily, accepting all major credit and debit cards, as well as payments made using the 200+ alternative payment types that WorldPay offers. Providing a robust and reliable service, WorldPay meets JustGiving’s must-have need for maximum payment uptime, allowing for sponsors to successfully donate at any time using their preferred method of payment.