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50% of US retailers not prepared for EMV migration deadline

With only nine months until the EMV migration deadline, retail and technology professionals are still unprepared, according to a recent survey by ACI Worldwide. The survey of 200 retail industry professionals was conducted in January 2015 at the National Retail Federation’s 104th Annual Convention and Expo, “The Big Show,” in New York. Principle findings of the survey included: EMV Readiness…. Continue reading >>

EU agree caps on debit and credit card interchange fees

Following the release of the final compromise text for the proposed Regulation on interchange fees for card-based payment transactions (the MIF Regulation) on 19 January 2015, European countries have finally endorsed the legislation (21 January 2015). The European Commission originally proposed the MIF Regulation in July 2013, but it has taken considerable time for the various EU governments and the… Continue reading >>

Supreme Court rejects debit card interchange challenge

The Supreme Court handed US banks a victory as it declined to consider a challenge by a group of retailers to Federal Reserve regulations setting fees for processing debit-card transactions, debit card interchange. The high court’s action on Tuesday, which came in a brief written order, removes uncertainty for the banking industry by ending a three-year federal court battle over… Continue reading >>

UK banking body moves to regulate bitcoin

During 2014 we saw several occasions of significant political figures from the UK having a bitcoin friendly stance – is this all set to change in 2015. UK Shadow Minister Chi Onwurah and Chancellor of the Exchequer, George Osborne both showed their appreciation towards the potential of bitcoin. Osborne in specific commissioned the Treasury to produce a programme of work on cryptocurrencies. It looked like UK politics were… Continue reading >>

UK’s Bacs payments network hits new heights

The UK’s Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit says UK records were broken in 2014, reaching new highs in levels of transactions, demonstrating automated payments remain in favour with businesses and consumers alike. The total number of transactions processed by Bacs across the year reached record levels, up to just short of 6 billion – an… Continue reading >>

Bitcoin price continues freefall as panicked investors sell off

The price of Bitcoin dropped again this week, sliding to its lowest level since early 2013, suggesting that confidence in the contentious cryptocurrency may be shrinking, dropping as low as $173 early Wednesday, according to stats from CoinDesk. It is down from about $244 just a day before, a drop of nearly 30%. Some people are beginning to worry that… Continue reading >>

RBNZ seeks vendors to replace its payments and settlement systems

The Reserve Bank of New Zealand (RBNZ) is seeking Registrations of Interest (ROI) from potential vendors for the procurement of a Real-Time Gross Settlement System and a Security Settlement System with a Depository. These will replace the Bank’s current payment and settlement systems, namely the Exchange Settlement Account System (“ESAS”) and the NZClear Securities Settlement System. The Bank invites potential… Continue reading >>

MasterCard agrees to process transactions in Russia

MasterCard says it has reached an agreement with Russian authorities to process its payments in Russia, the Russian central bank announced on Monday. MasterCard and Russia’s national payment system agreed on December 30th to gradually move the processing of the US company’s transactions within Russia under the roof of its Russian counterpart, the central bank said. The Bank of Russia will act… Continue reading >>

Behalf, Comdata and MasterCard collaborate on SMB financing

MasterCard, Comdata and Behalf have teamed up to enable small- and mid-sized businesses (SMBs) to have a more flexible and convenient way to pay their vendors. The initiative helps improve cashflow for SMBs by providing alternative payment terms for their payments to merchants that accept MasterCard and are approved for participation by Behalf. Behalf provides working capital lines to small… Continue reading >>

North American banks disillusioned with big data analytics

Around three-quarters of North American bankers are dissatisfied with data analytics technology, according to research from payment research firm Aite Group. Aite surveyed 141 senior banking IT executives in Asia-Pacific, Europe, the Middle East and Africa (Emea) and North America and found contrasting levels of satisfaction with technology. According to the survey, wherever significantly higher levels of dissatisfaction were found… Continue reading >>