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July 26, 2008

Payments News - Weekly Wrap - Saturday, July 26, 2008

Here's a review of this week's top stories on Payments News. If you missed it, last week's Weekly Wrap is here. Back to the future!: for fun, click for this same week's activity a year ago here on Payments News!

Looking for more payments reading? Checkout our Other Payments and Banking Blogs page for more from the blogosphere about the worlds of payments and banking.

Quote of the week:: From TranSys, the operator of London's Oyster Card system: "The technical problem which affected Oyster readers at London Underground stations has now been resolved and all stations are all fully functional. The problem affected pay as you go users only. Steps are being taken to ensure that this does not happen again and we will undertake a full root cause analysis. TranSys regrets any inconvenience caused to Transport for London’s customers."


You can find all of our Weekly Wrap summaries in the Payments News Weekly Wrap Archive. They're published every Saturday and look back at the highlights of the week's news. Please share on how we can improve the Weekly Wrap!

Developing Mobile Money Ecosystems

CGAP (Consultative Group to Assist the Poor) and the IFC (International Finance Corporation) at the World Bank has published a new white paper titled "Developing Mobile Money Ecosystems" icon_PDF_small.gif by Beth Jenkins. "This report draws heavily on the experience of participants in the inaugural GSMA Mobile Money Summit, co-sponsored by IFC, CGAP, and the UK Department for International Development, held May 14-15, 2008, in Cairo, Egypt."

Jenkins writes: "As mobile money ecosystems develop, all of their members – network operators, banks, utilities, and other firms of all kinds, as well as international financial institutions, development donors, and civil society organizations – must also keep the perspective of the customer, and especially the low-income customer, in mind."

A Hometown Look at TSYS

Tony Adams writes for the Columbus, Georgia Ledger-Enquirer about TSYS - asking "can TSYS grow?"

July 25, 2008

Oyster Card System Fails During London's Morning Rush Hour

The BBC reports on a failure of the Oyster prepaid card system earlier today during the morning rush hour in London. A similar failure occurred two weeks ago.

Protecting Your Credit Card Credit Lines

In an article titled "Credit Cards: How to Protect Your Limits", Carl Winfield writes for Business Week about credit card issuers cutting available credit lines in response to the current economic situation. "Issuers use lower limits to warn consumers they are on the road to financial ruin, says John Hall, a spokesman for the American Bankers Assn."

Headline News - July 25, 2008

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

July 24, 2008

Thanks Again, RocketBux Partner for Mobile Marketing

Thanks Again, a merchant-funded reward network, and RocketBux, a mobile advertising company, have announced a partnership to enable Thanks Again registered consumers and participating merchants to interact via mobile messaging. The partnership will allow consumers to enroll in the Thanks Again Rewarding Merchant Program via mobile phone and receive scannable, barcoded coupons triggered by card transaction data. In addition, Thanks Again will be providing their participating merchant and reward partners the ability to communicate to the consumer base via opt-in mobile messaging. READ MORE »

The First Bank 2.0

Chris Skinner writes that he's found the "first Bank 2.0. It's Spanish. It's BBVA." More information - including some snazzy screenshots of how the online bank looks on an Apple iPhone - on BBVA's developer's website - Strands. Earlier this year, Strands acquired both NetworthIQ and Expensr.

ANZ, YALAMANCHILI Sign 5 Year Agreement for Prepaid Processing

YALAMANCHILI International and ANZ have announced signing a 5 year agreement for YALAMANCHILI to provide prepaid processing services to ANZ in the Asia Pacific region. The first prepaid card program issued under this agreement is the ANZ Stadium Visa payWave card. The card will be the first reloadable, prepaid contactless card in Australia and will be launched at ANZ Stadium in Sydney for the Bledisloe Cup on 26 July, 2008. READ MORE »

APACS Reports Over 21 Million Online Banking Users in UK

APACS, the UK payments association, has released figures showing that the number of adults using online banking in the UK has increased by 505% in the past seven years from less than 3.5 million in 2000 to just over 21 million last year. READ MORE »

July 23, 2008

An Interview with Steve Ellis, NACHA Chairman

Glenbrook’s Carol Coye Benson interviewed Steve Ellis, NACHA Chairman, recently about the use of ACH to access consumer checking accounts and NACHA's Secure Vault Payments initiative. Read on for her full report. READ MORE »

CPNI Enhances PATbank Mobile Banking Platform

Toronto-based CPNI has annouced it has released an enhanced version of PATbank, its mobile banking platform. According to the company, "this latest release extends the ability for banks to provide mobile solutions to their retail, private banking and wealth management customers. PATbank complements CPNI's mobile payments solutions, including PATsend which allows person to person payments and PATbuy which provides for mobile purchases from merchants. PATbank, PATbuy and PATsend combine to provide the industry's only mobile banking and ad hoc mobile payments solution on a single platform." READ MORE »

QVC, Bill Me Later - Multichannel Alternative Payments Solution

Bill Me Later has announced that QVC, one of the largest multimedia retailers in the world, "has added the Bill Me Later alternative payment method to further enhance the shopping experience for its valued customers online, in the call center and via automated phone service." READ MORE »

Reserve Bank of India Asks Banks to Slow Mobile Payments

India's Business Standard reports that the Reserve Bank of India has asked banks "to keep their mobile payment services on hold till it issues final guidelines for such transactions." The RBI is in the midst of finalizing its Operative Guidelines for banks on mobile payments. It recently posted a draft of the guidelines and solicited comments. According to today's RBI notice, "While RBI has no objection for use of mobile channel to provide basic services such as mobile alerts for credit or debit entry, balance enquiry etc. which are in the nature of providing information, due care needs to be taken for permitting the channel for customers to initiate payment instructions."

Forrester: Consumers Are Apathetic About Mobile Banking

Forrester has published a new report titled "Consumers Are Apathetic About Mobile Banking" by Emmett Higdon. According to the summary: "online bankers and bill payers are uninterested in the mobile banking pitch. ... Why? Online bankers and bill payers don't see their transactions as urgent enough to warrant mobile access. Instead, they prefer to wait until they can access the Web, ATM, or phone channel."

Mobile Money Ventures Announces First Customer Implementation

Mobile Money Ventures, the San Francisco-based joint venture of Citi and SK Telecom, has announced its first customer implementation with Citibank Hong Kong. According to MMV, Citibank will use the its mobile platform to deliver mobile financial services to its customers in Hong Kong in Q3 2008 including supporting the recently announced Apple iPhone3G. READ MORE »

July 22, 2008

Text MyAmex

American Express has introduced Text MYAMEX - a new mobile service that allows American Express cardholders to learn their account balance on the run. See the FAQ.

Yodlee PayToday Expedited Bill Payments

Yodlee has announced that Yodlee PayToday – Yodlee’s expedited payments solution – is now available as a revenue generating addition to any financial institution’s online banking website. According to Yodlee, "with Yodlee PayToday, financial institutions can take immediate advantage of the opportunity to generate new fee revenue by offering their customers the convenience of guaranteed, same-day electronic payments to hundreds of national and regional billers across multiple biller categories, including: credit cards, mortgage, auto finance, insurance, utilities, cable and wireless." READ MORE »

An Interview with MasterCard's Rob Reeg

In an article titled "Man Behind MasterCard's 100-Terabyte Data Warehouse" in CIO Magazine, Thomas Wallgum interviews Rob Reeg, president of MasterCard's Global Technology and Operations. "Thomas Wailgum talked to Reeg about his biggest worries, how his credit-card data got compromised, and just how "Priceless" his IT staff is."

Headline News - July 22, 2008

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

July 21, 2008

Protecting Intellectual Property From Your Strategic Alliance Partner

Our good friend and payments-saavy attorney Broox Peterson has written a short piece titled "Protecting Your Intellectual Property From Your Strategic Alliance Partner" icon_PDF_small.gif.

From Broox's introduction: "There are intellectual property tensions that exist in every alliance relationship that you must address even before contract negotiations in order to avoid nasty surprises later. Every business has intellectual property of some sort - patents, patentable inventions, copyrights, or at least trade secret know-how or information. Unless your intent is to contribute your intellectual property to a joint venture or alliance partner, you need to take special care to keep ownership of your intellectual property employed during execution of the objectives of the alliance in your hands, exclusively."

American Express Reports Second Quarter Financial Results

American Express has reported second quarter 2008 financial results - with revenue up 8% but income from continuing operations down 37% vs. the same period last year. Amex revised downward its prior forecast of 4-6% earnings growth - saying "that outlook was based on business and economic conditions in line with, or moderately worse than, January 2008. The environment has weakened significantly since then, particularly during the month of June." The average merchant discount rate declined slightly from 2.57% to 2.56%.

Navy Federal Credit Union Joins NACHA

Navy Federal Credit Union, the largest credit union in the world and the 22nd largest receiving financial institution of ACH payments in the nation, has announced it has joined NACHA—The Electronic Payments Association. READ MORE »

MasterCard Payment Gateway Adds Electronic Invoicing

MasterCard Worldwide has announced the integration of its MasterCard Payment Gateway with iPayables’ electronic invoice delivery capabilities to provide expanded payment solutions to corporations and financial institutions. According to MasterCard, "the combined offering provides a complete procure-to-pay solution that supports settlement using a MasterCard payment card account or electronic funds transfer (EFT)." READ MORE »

What's Your Innovation Agenda?

On his Bankervision blog, James Gardner writes about his opinion that "so many senior people in banks start to take the discipline of innovation seriously." He goes on: "I am beginning to wonder if the day when disruption can only come from outside are almost over."

P2P Payments Friction

In a post titled Slightly Faster Payments, Dave Birch blogs about the recently launched Faster Payment Service (FPS) in the UK - noting that "if it is simple -- and I mean really simply -- to instruct an FPS transfer from the phone then it may become an established alternative to some other payment mechanisms." But the best part of the post is his comparison of three possible approaches to settling up lunch with a friend - using FPS, using PayPal, or using the M-PESA approach now live in Kenya.

The Effect of the 2005 Bankruptcy Reforms

Michael Simkovic, a former James M. Olin fellow in Law and Economics at Harvard Law School, has published a paper titled "The Effect of 2005 Bankruptcy Reforms on Credit Card Industry Profits and Prices" icon_PDF_small.gif. His conclusion: "the 2005 bankruptcy reforms profited credit card companies at consumers' expense." READ MORE »

ANZ, Visa Launch First Reloadable, Contactless Card in Australia

ANZ and Visa have announced the launch of the first reloadable, prepaid contactless card in Australia. The new ANZ Stadium Visa payWave card will be launched at ANZ Stadium in Sydney where it will be offered initially to 2,000 ANZ Stadium members for use during the Bledisloe Cup on 26 July. READ MORE »

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