BankNews Jan. 2015

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U.S. to Invest $9.5 Billion in Chip & PIN Smartcards

December 5 – According to the new U.S. Banking, Financial Services, Retail & Payment Cybersecurity Market – 2015-2020 report, published by Homeland Security Research (HSRC), the flood and sophistication of "successful” cyber-attacks during 2013 and 2014, pressed the U.S. administration, retail and payment cards industries to replace over one billion insecure magnetic-stripe payment cards, 1.2 million point of sale (POS) card readers and 7 million card reading terminals with the global EMV (EuroPay, MasterCard, and Visa ) standard Chip & PIN (Personal Identification Number) technology. The report forecasts that this process will cost more than $9.5B and that it will take until 2018 to reach a penetration of 80%. This is in sharp contrast to the retail & payment cards industry commitment to complete the conversion by December 2015.

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Mobile Commerce Transactions to Approach 200 Billion By 2019

December 2 – A new report from Juniper Research has found that mobile phone and tablet users will make 195 billion mobile commerce transactions annually by 2019, up from 72 billion this year.

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Mobile Remittances to Foster Growth in Bill Payments

December 2 – The report titled "The U.S. International, Domestic Money Remittance and Bill Payments Market Outlook to 2018 – Tie-ups and Mobile Remittances to Foster Future Growth" provides a comprehensive analysis of the various aspects such as inward and outward remittance statistics and flow corridors of the US domestic and international remittance market along with the market size of the US bill payment market. The report also covers the segmentations of the domestic and international remittance, and the bill payment market, as well as the market shares of major bank and non-bank players in the US domestic remittance space. The report also provides a comprehensive overview of strengths, weaknesses and service positioning of major players and the future of the international and domestic remittance market in the US.The US money transfer market has progressed steadily and had been driven majorly by international migration flows. The country is home to a large number of international immigrants. The number of international migrants in the US has doubled since 1990 and was recorded as 46.0 million in 2013. The country is deemed as the largest remittance sender owing to expanding immigrant population. The immigrant population has provided a strong impetus to the outbound or the international money transfer transactions. The US lags behind in terms of inbound remittances from other countries. The proportion of money received by the US in the form of remittances is comparatively very less in proportion to money being remitted from the US. The reason for the same is the least number of US born nationals working in other countries. Almost a quarter-million emigrants leave US every year, and the State Department estimates that between 5-5.5 million Americans presently reside overseas. The numbers of Americans leaving the US have increased steadily over the years, owing to tax structure, government policies, high penalty rates and other such reasons. Even though there has been an increase in American expat population in countries such as Canada, Mexico and the UK, there has not been a corresponding increase in the money being remitted by the Americans living abroad.

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Mobile Transaction Users to Hit 2 Billion by 2017

November 17 – A new report from Juniper Research has found that just over 2 billion mobile phone or tablet users will make some form of mobile commerce transaction by the end of 2017, up from 1.6 billion this year.

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U.S. Banking & Financial Services Cybersecurity Market to Reach $9.5 Billion by 2015

November 17 – According to the new Banking & Financial Services Cybersecurity: U.S. Market 2015-2020 report, published by Homeland Security Research Corp. (HSRC), the surge and sophistication of "successful” cyber-attacks against the U.S. major retail chains, banks & financial services enterprises during the past year, in which over 500 million customers’ bank records and payment cards have been compromised, urged the boardrooms of the U.S. financial institutions to take action.

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Global Banking Alliance for Women to Mobilize $4.3 Billion for Women-Owned Businesses

September 29 – In a groundbreaking Clinton Global Initiative (CGI) Commitment to Action, the Global Banking Alliance for Women – an international consortium of financial institutions driving women’s wealth creation – has announced a plan to mobilize $4.3 billion in capital for women-owned businesses worldwide, opening up financial access for an additional 2 million women.

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FDIC-Insured Institutions Earned $40.2 Billion in the Second Quarter of 2014

Sept. 2 – Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $40.2 billion in the second quarter of 2014, up $2.0 billion (5.3 percent) from earnings of $38.2 billion the industry reported a year earlier. The increase in earnings was mainly attributable to a $1.9 billion (22.4 percent) decline in loan-loss provisions and a $1.5 billion (1.4 percent) decline in noninterest expenses. Also, strong loan growth contributed to an increase in net interest income compared to a year ago. However, lower income from reduced mortgage activity and a drop in trading revenue contributed to a year-over-year decline in noninterest income. More than half of the 6,656 insured institutions reporting (57.5 percent) had year-over-year growth in quarterly earnings. The proportion of banks that were unprofitable during the second quarter fell to 6.8 percent from 8.4 percent a year earlier.

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Allied Payment Network’s FlexPay Internet Bill Pay Solution Integrates With PicturePay, Features Transaction-Based Pricing Model

August 12 – Allied Payment Network, a provider of online and mobile bill payment services to the financial industry, has announced that FlexPay, Allied’s Internet bill pay solution, now offers banks and credit unions full integration with Allied’s industry-leading PicturePay mobile photo bill pay solution, as well as flexible, per-transaction pricing rather than the traditional per-user pricing model.

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USDA Implements Key Farm Bill Crop Insurance Provision

July 29 – The U.S. Department of Agriculture (USDA) has announced continued progress in implementing provisions of the 2014 Farm Bill that will strengthen and expand insurance coverage options for farmers and ranchers. The new Supplemental Coverage Option (SCO), available through the federal crop insurance program and set to begin with the 2015 crop year, is designed to help protect producers from yield and market volatility.

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A Record $7 Billion Fine Assessed to Citigroup

July 15 -Justice Department, along with federal and state partners,  announced a $7 billion settlement with Citigroup Inc. to resolve federal and state civil claims related to Citigroup’s conduct in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities prior to Jan. 1, 2009. The resolution includes a $4 billion civil penalty—the largest penalty to date under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). As part of the settlement, Citigroup acknowledged it made serious misrepresentations to the public—including the investing public—about the mortgage loans it securitized in RMBS. The resolution also requires Citigroup to provide relief to underwater homeowners, distressed borrowers and affected communities through a variety of means including financing affordable rental housing developments for low-income families in high-cost areas. The settlement does not absolve Citigroup or its employees from facing any possible criminal charges.

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