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Smartphones driving behavior change, resulting in increased mobile banking and payment activity

Fri, 11 May 2012 20:23:15 +0100

Smartphones are transforming the way that consumers shop and transact, making mobile payment and mobile banking the hottest area of opportunity for financial institutions, processors and retailers today.

Is the future of money digital?

Thu, 10 May 2012 17:11:02 +0100

The Pew Research Center recently released a report called The Future of Money in a Mobile Age, in which they asked experts in the field whether or not technology will have eliminated the need for cash or credit cards in the United States in the next 8 years.

Roundtable Discussion: Payments transformation and the role of mobile banking and payments

Wed, 02 May 2012 16:25:33 +0100

Last week, I had the honor of hosting a group of banking executives for a luncheon in Melbourne, Australia. The goal was to facilitate discussion about the changing face of payments, and in particular, the role mobile is playing.

Mobile payments: one of the next drivers of Faster Payments

Fri, 20 Apr 2012 20:12:50 +0100

Since the limits to the Faster Payments Scheme were increased in September 2010 there has been an increase in use by the participant banks’ customers. Figures from the Payments Council for the 12 months to end January 2011 show a 43% increase in the volume of transactions and a 53% increase in the value of transactions, proving the exceptional growth in usage of the service.

The mobile loyalty opportunity for retailers

Wed, 18 Apr 2012 17:19:49 +0100

As I sat among hundreds of participants at a recent conference, I conducted of quick visual survey of who was listening to the speaker and who was on their mobile device. Easily 2 out of every 3 people in my immediate vicinity were heads down doing the Blackberry prayer or downloading the latest apps on their iPods and iPads.

Global Industry Compliance - Mandate for Change

Mon, 16 Apr 2012 16:36:09 +0100

The previous decade witnessed extensive mandated changes to the banking payments market – and this decade sees this trend continue. Government legislation in payments has explicit and direct intentions; however, the consequences can sometimes be quite different from what is intended. Additionally, regulation occurring in one major market or region will often be the precursor to regulatory changes in other geographies.

Shock and Awe: NFA Fraud indicator puts fraud at £73bn

Wed, 04 Apr 2012 15:53:28 +0100

For those for you that have been tracking, the NFA’s last estimate was £38.4bn, but the rise is really buried in the detail and largely attributed to the NFA casting their net on UK PLC a little wider and completing more granular analysis.

Top of the Internet Tree

Wed, 21 Mar 2012 14:06:06 Z

The UK is now the most internet based economy of the G20 group, according to the Boston Consulting Group. As a nation, the Brits have emerged top in terms of how much of their hard-earned cash is spent online, ahead of Denmark, the United States and Germany.

Best of breed in payments

Thu, 15 Mar 2012 09:05:08 Z

There has long been a debate as to whether it is better to run one fully-integrated system or several pieces of “best-of-breed” software in many areas of application software, and payments is no exception, especially when looking at the corporate front end through to the payment processing engine in the bank’s back office.

Is the War on Fraud Being Won?

Thu, 08 Mar 2012 18:12:01 Z

Two sets of industry statistics were published this week, with different and conflicting information:

BBC quoted statistics from the UK Card Association that plastic fraud losses were down by 7% to £341m, attributed to 41% fall in fraudsters impersonating card holders. Whilst CIFAS reported increase in Account takeover up 18%, account misuse (first party fraud 13%) and identity theft 10%.

The Tale of Two Travels

Thu, 08 Mar 2012 16:53:21 Z

As most people are aware, travelling comes with its own set of challenges and rewards. The challenges often fall into categories like delayed flights, crowded airports, train or bus terminals, being away from home, managing costs, and personal and financial security. These are usually outweighed by the benefits of spending time with friends and family, new experiences, etc.

Integration mitigation

Tue, 14 Feb 2012 18:52:33 Z

In an increasingly commoditized payments world, it is no surprise that banks seek to differentiate their payments offering. Technology is usually the key enabler in creating competitive advantage, but soaring IT integration costs can all too easily derail the bank’s efforts.

Fraud around every corner?

Fri, 27 Jan 2012 16:47:48 Z

The latest round of industry statistics paints a bleak picture of UK fraud. CIFAS’s latest report identified a 9% growth in fraud, whilst also highlighting an 18% growth in account takeover related fraud, and 13% for misuse of facility fraud (first party fraud).

Talking technology just delays innovation

Tue, 24 Jan 2012 13:47:23 Z

With a few notable exceptions (such as Apple) the fact is that technology doesn't really matter. What really matters, especially when you are targeting consumers, is application.

It’s 2012. Have you made your first mobile payment yet?

Tue, 17 Jan 2012 17:49:19 Z

The year was 1996. Email was a really new concept and the few cell phones around were the size and weight of bricks. Selling products on the Internet had just started only a few years earlier and online sales had already reached $600 million. The industry was projecting a dramatic growth rate to $2.4 billion in 1997.

Loyalty Programs - have we finally cracked it?

Mon, 16 Jan 2012 16:32:03 Z

I’m here at the 101st NRF Annual Convention and EXPO, and this year’s show is all about using technology to meet the changing needs and desires of consumers. Retail loyalty programs are one of the most successful and proven strategies for learning about and engaging with their customers.

Banks want interactions, not just transactions

Mon, 16 Jan 2012 11:58:31 Z

Personalization: Everyone knows it is a key factor in generating loyalty - but how do you get there?

Happy New SEPA

Tue, 03 Jan 2012 10:06:16 Z

About a year ago, in my blog ‘On your marks for SEPA’, I commented on the European Commission’s proposals for the setting of end dates for the migration from legacy instruments to SEPA credit transfers and direct debits. I wrote: “At least the whole industry knows that serious planning can now no longer be delayed. We don’t yet have the final ‘go’ but we now know we’re under starter’s orders.”

Should banks be held liable for Ponzi schemes?

Fri, 16 Dec 2011 12:52:50 Z

Ponzi schemes were named for Charles Ponzi after he defrauded customers out of approximately 20 million dollars back in 1920 (over $225 million today).

Card Fraud Arrest "Too Expensive"?!

Wed, 14 Dec 2011 08:51:52 Z

The concern with stories like the recent one in the Telegraph about it being too expensive for the police to arrest a fraudster - so there are no consequences for the card fraud criminal - is that they erode confidence in the entire payments system.

Don’t repeat the mistakes of the internet banking age

Thu, 01 Dec 2011 16:50:33 Z

Mobile payments, mobile banking, mobile commerce. These are the buzzwords around at the moment with new schemes being launched every day.

Cyber Monday Kicks off Holiday Shopping Season (aka Credit and Debit and Prepaid….oh my!)

Mon, 28 Nov 2011 13:23:14 Z

The first Monday following the US Thanksgiving holiday has become known as “Cyber Monday”; a day in which online retailers promote heavy discounts on merchandise to kick off the holiday shopping season.

The Payments Hubbub

Thu, 24 Nov 2011 15:01:53 Z

There has been much debate and discussion about what banks actually mean when they speak of a ‘payments hub’ and how that might be implemented. What is often overlooked is that the concept of a payments hub (also commonly known as a payment factory) is gaining traction in the corporate world, as companies seek significant gains in financial efficiency.

Out with the old

Wed, 09 Nov 2011 16:57:57 Z

After a number of years of steady activity, we are now seeing increasing numbers of financial institutions starting to migrate their legacy payment systems.

Merchant acquirers reaching the tipping point for technology refresh

Wed, 09 Nov 2011 09:40:46 Z

Many merchant management systems currently in use across the globe were designed and constructed in the 1980s and 1990s. For decades these systems have been working effectively, but their age is starting to show.

Reflections on AFP

Tue, 08 Nov 2011 21:21:30 Z

Meeting face to face, and spending time talking to people, is the best way to really get a feel for the industry

How much of a technology challenge are same-day ACH payments?

Thu, 03 Nov 2011 11:50:52 Z

It’s a valid question. NACHA’s recent proposals for comment have placed same-day ACH payments front and centre.

Regulations: heads, you win; tails, I lose

Thu, 03 Nov 2011 11:13:33 Z

The proposals to update the Mifid directive governing European financial markets is just the latest in a slew of regulatory initiatives to hit the financial services market.

Banking Meets Mobile at Cardist

Wed, 02 Nov 2011 09:07:23 Z

The Cardist conference, Banking Meets Mobile, started yesterday in Istanbul and the real buzz was focussed on mobile and the near future of payments.

What they know about monitoring in São Paulo

Wed, 26 Oct 2011 17:25:52 +0100

A study of 100 banks around the world conducted by Ovum early in 2011 identified large global discrepancies of the importance of application and system monitoring.

What will NACHA’s proposals do to bank revenues?

Fri, 21 Oct 2011 14:58:24 +0100

As when any major change appears on the horizon, one of the first questions to be asked is what will be the impact on revenues.

EMV: What does it mean for Acquirers?

Thu, 20 Oct 2011 14:29:17 +0100

With Visa’s recently announced U.S. EMV initiative, massive infrastructure changes loom on the horizon for card acquirers.

EMV: What does it mean for Issuers?

Mon, 17 Oct 2011 09:28:00 +0100

The EMV ball is starting to roll in the U.S., and the EMV specifications will affect all actors in the existing payment scheme – from issuers, acquirers, merchants to consumers.

NACHA proposals swing spotlight back to real-time fraud prevention

Fri, 14 Oct 2011 14:23:00 +0100

Whenever real-time payments are discussed, the issues of credit, financial risk, and fraud prevention and detection are not far behind. So when NACHA announced that it was issuing proposals for a same-day ACH payment scheme in the US, I am sure that the issues of risk and payment fraud were front of mind for many in the industry.

Same-day ACH proposals from NACHA – what now?

Wed, 12 Oct 2011 12:45:00 +0100

The proposal from NACHA to create a same-day ACH scheme is a great step forward in meeting the needs of corporates and consumers, and bringing in new payment volumes in B2B, P2P and eCommerce into ACH.

Reflections on Toronto

Tue, 04 Oct 2011 10:34:00 +0100

As we're wrapping up the loose ends from Toronto, the thing I keep coming back to is how different the conversations were than they have been in the past.

EMV: Let the planning begin

Mon, 03 Oct 2011 11:16:00 +0100

There’s no way around it – EMV transition planning will be complicated. However, while EMV is a complex specification, the good news is that it can grow over time.

The double gold for financial institutions - loyalty and profitability

Thu, 29 Sep 2011 08:58:02 +0100

There are two issues that always come up when you get a large number of bank executives in the same room – loyalty and profitability.

Innovation meets old fashioned banking at EFMA

Thu, 29 Sep 2011 08:23:00 +0100

What better way to spend a glorious late summer's day in Paris, than to be locked in the basement of the Marriott hotel for EFMA Cards & Payments 2011.

A checklist for success in Payment Service Management

Wed, 28 Sep 2011 11:30:00 +0100

Predictability is power – but how do you achieve it?

Where next to make mobile happen?

Mon, 26 Sep 2011 10:17:00 +0100

How can financial institutions, retailers and processors embrace mobile payments, banking and commerce?

The Executive Payments Forum debate at Sibos

Thu, 22 Sep 2011 12:39:00 +0100

Regulation is a fact of life in the payments business but the panellists in this Sibos session were united in their opinions on how best it should be tackled. And common standards and communication are at the root of their recommended approach.

The customer is always right

Wed, 21 Sep 2011 11:48:00 +0100

It’s a fact that when it comes to banking and payments, customers have high expectations of reliability, efficiency and dependability. This has not changed over the decades.

Why EMV?

Tue, 20 Sep 2011 14:12:00 +0100

Why does the world care about EMV? The first, second and third reason is about stemming fraud losses.

Hubs. Time to make them work

Tue, 20 Sep 2011 11:27:00 +0100

Payments hubs have been a talking point for a number of years now. Once envisioned as the 'silver bullet' for payment system consolidation, the reality has become somewhat different.

Staying 'fraud-aware' is critical

Fri, 16 Sep 2011 17:11:00 +0100

Banks and customers need to protect themselves from fraud as much as possible

Final countdown to Sibos

Thu, 15 Sep 2011 12:43:00 +0100

It’s hard to believe that Sibos is upon us again. It doesn’t seem like almost a year since we were all in Amsterdam.

Just how fast are you going?

Wed, 14 Sep 2011 15:38:00 +0100

You wouldn’t drive a car without a dashboard – so why would you run a payment system without one?

EMV: Paving the road to mobile NFC

Mon, 12 Sep 2011 09:02:00 +0100

Why is the U.S. the last holdout to adopt EMV? The pain of a costly conversion and the absence of government or industry mandates to force the issue are the obvious, key culprits.

Transforming payments into a profitable business

Tue, 23 Aug 2011 13:36:00 +0100

Transaction banking is now receiving the respect it deserves as a sustainable source of revenue and vital customer touch point. In fact, in 2009 global payments revenues were $900 billion – double that of our worldwide airlines.