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BBVA Compass opens payments platform to Dwolla

BBVA Compass has opened up its payments platform to Dwolla, enabling customers to make real-time payments through the Iowa startup’s payments network. The deal makes BBVA Compass the largest bank to partner with Dwolla and the only major bank to open its platform to such an extent to digital developers – reports Finextra. BBVA Compass chairman and CEO Manolo Sánchez, says:… Continue reading >>

Beijing breaks payment card market monopoly

Visa and MasterCard have welcomed China’s plans to open up its market for clearing domestic payment card transactions, as they stand to gain access to a growing market worth more than $1 trillion a year. While China lags behind countries such as the USA in spending on credit, habits are changing fast and the Chinese are increasingly swiping plastic to satisfy their growing… Continue reading >>

ECB identifies 4 key payment systems as systematically important

The European Central Bank (ECB) has flexed its muscles in the payment systems oversight area for the first time through the exercise of new powers by identifying 4 payment systems that it feels are systematically important, which places them under stricter oversight standards than other payment systems, with sanctions and corrective measures for system operators in case of non-adherence. The four systems… Continue reading >>

70% of banks increasing innovation spend

Despite conflicting priorities and the economic downturn, banks around the world are still increasing their investments in innovation. These key findings are part of Innovation in Retail Banking 2014, the sixth annual study commissioned by Infosys and Efma. Financial institutions the world over are raising their innovation spend significantly in a desperate attempt to fend off the threat to their established… Continue reading >>

Carney launches review Chaps payment system outage

The Bank of England governor, Mark Carney, has launched an independent review into the worst disruption of Britain’s banking payment system, the Chaps payment system, in seven years. The BoE said part of its real-time gross settlement system (RTGS), which underpins large transfers between bank accounts, had been “paused”, after routine maintenance – reports the FT. The breakdown meant the Chaps payment system, which last year processed… Continue reading >>

The Clearing House prepares for real-time payments system

US bank-backed ACH, The Clearing House, has moved to develop a faster payments system as it begins the long process of replacing its antiquated current payments system. The Clearing House, a payments company and trade group representing 24 of the nation’s largest commercial banks, announced Wednesday plans to build a real-time payment system to be used by all of the country’s financial institutions. The effort… Continue reading >>

Half of US POS terminals to accept EMV in 2015

The Payments Security Task Force (PST) has announced a forecast of participating acquirers estimating that at least 47% of US POS terminals will be enabled for EMV chip technology by the end of 2015. The estimates are based on forecasts provided by acquirers representing approximately 80% of USpurchase volume. Organizations participating in the forecast include First Data, Bank of America Merchant Services,… Continue reading >>

Cross Border Acquiring interchange concessions – new risks for acquiring?

The recent card scheme cross border acquiring (CBA) concessions have created a new model for cross-border acquiring. By default they have become the European Commission’s ‘Plan A’ as a result of the delayed cards regulation sign-off. Merchants have once again outmanoeuvred banks and have won major benefits from the interchange caps and the significant changes in the terms of the… Continue reading >>

Payments matter as e-commerce sites lose revenue through lack of choice

E-commerce merchants based outside of the UK could be losing out on vital global sales from Generation Y by failing to convert browsers into buyers at the checkout. New research[1] into the online buying habits of 1,000 UK adults commissioned by The PPRO Group found that, of those who have tried to buy goods from overseas retailers, a massive 64%… Continue reading >>

UK card transactions top 1 billion a month for the first time

The number of UK card transactions, made by either debit and credit, in a single month passed 1 billion for the first time in August, according to the latest figures from The UK Cards Association. 375 transactions are now made every second in the UK, with debit cards leading the rise. Consumers made 1.006 billion transactions using their debit and credit cards in the UK in August, up by 9.2% on the same month in 2013. The… Continue reading >>