June 23 – Beth Knickerbocker, acting chief innovation officer for the Office of the Comptroller of the Currency, has been added to the impressive speaker lineup for the Innovation & Transformation Forum, being held July 13 in Kansas City. Her presentation will cover the agency’s focus on Responsible Innovation that ensures that the use of new or improved financial products, services and processes meet the needs of consumers, businesses and communities in a manner that is consistent with sound risk management and is aligned with the bank’s overall business strategy.
June 22 – Eighty-seven percent of respondents to the American Bankers Association first-time payments survey indicated that their bank does not have a formal payments strategy. Of those, only 46 percent have plans to develop a formal payments strategy. The survey results were released on the first day of ABA’s inaugural Payments Forum in Washington, D.C.
June 20 – New data from Juniper Research has found that retailers stand to lose $71 billion globally from fraudulent CNP (Card-Not-Present) transactions over the next 5 years. The research found that a number of factors, such as the USA’s shift to EMV cards, delays in 3DS 2.0 (3D-Secure) and click-and-collect fraud were key drivers behind the rise.
June 19 – The Financial Solutions Lab (FinLab) at the Center for Financial Services Innovation (CFSI) with founding Lab partner JPMorgan Chase & Co. have announced eight financial services innovators as the winners of its third competition, aimed at identifying solutions that can help Americans improve their financial health. Each winner will receive $250,000 in capital and additional resources to test, enhance and scale their products, many of which are designed to address the needs of often overlooked populations, such as people of color, low-income women, aging Americans, and individuals with disabilities.
June 14 — Visa announced Visa Ready Program for Business Solutions, a strategic framework to help technology companies that integrate with Visa’s business-to-business payment services and data solutions ensure that they meet Visa’s standards and are market ready. Bora Payment Systems, Bottomline Technologies, CSI globalVCard, MineralTree and Priority Commercial Payments are the first partners to obtain Visa Ready for Business Solutions approval, and to bring to market innovative Visa payments to financial institutions’ commercial customers.
June 12 — Consumers are paying more bills from mobile devices and making more person-to-person payments while starting to venture into digital wallets, according to the latest Expectations & Experiences consumer trends survey from Fiserv Inc.
June 13 – Financial and payment professionals do not anticipate any respite from cyber fraud and cyber attacks in the near future, according to a recent survey conducted by TD Bank. An overwhelming 91 percent of respondents stated they anticipate that payments fraud will become a bigger threat in the next two to three years, up slightly from last year (89 percent).
June 12 – Wells Fargo & Company has announced that beginning June 24, its 28 million mobile and online customers will have access to Zelle℠ person-to-person (P2P) payments through Wells Fargo Online® and Wells Fargo Mobile®. Zelle allows customers to send and receive payments with almost anyone with a U.S. bank account, using only the recipient’s registered mobile phone number or email address. Funds sent through Zelle are typically available in the recipient’s bank account within minutes – ready to spend, withdraw, or transfer.
June 7 — From fake dollars and pounds, to false pesos and euros and bogus rupees and yuan, the threat of counterfeit currency spans the globe. Advances in scanning and printing technology have made it easier than ever for counterfeiters to stay in business.
June 5 — The Federal Reserve Board has finalized amendments to the check collection and return provisions in Regulation CC. The board also requested further public comment on an additional proposed amendment to Regulation CC’s liability provisions.