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Financial Regulators

Welcome to the News View for "Financial Regulators".

Here, on these archive pages, you'll find all of the articles on Payments News for Financial Regulators listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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April 24, 2014

How We Pay: Results from the Federal Reserve's Latest Payments Study

Atlanta fed logo 140x60pxIn an article in the Federal Reserve Bank of Atlanta's EconSouth, managing editor Tom Heintjes highlights the preliminary results of the 2013 Federal Reserve Payment Study.

Since 2003, when Congress passed the Check Clearing for the 21st Century Act (commonly known as Check 21), the U.S. payments system has shifted dramatically. For instance, paper checks, which once comprised nearly half of noncash payments, accounted for only 15 percent in 2012. Checks are down, but not out, however. Although they made up a smaller share of the payments pie, they are declining from a dominant position, Heintjes wrote. "As check writing continued to decline, the number of checks that could be converted declined as well," he added. As a result, automated clearinghouse (ACH) transactions—many of which originate from the conversion of paper checks to ACH— decelerated, growing just 5.1 percent from 2009 to 2012, compared to 10.9 percent growth during the 2003 to 2012 period.

Meanwhile, payment cards continued to grow, accounting for two-thirds of consumer and business noncash payments in 2012. With annual growth of 15.8 percent, prepaid card payments grew the fastest of all noncash payments.

To learn more about key trends in the U.S. payments system, be sure to read the full article in the first 2014 issue of EconSouth.

April 15, 2014

Headline News from PaymentsNews.com - April 15, 2014

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April 09, 2014

Headline News from PaymentsNews.com - April 9, 2014

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April 07, 2014

Headline News from PaymentsNews.com - April 7, 2014

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April 04, 2014

Headline News from PaymentsNews.com - April 4, 2014

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April 03, 2014

Headline News from PaymentsNews.com - April 3, 2014

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April 01, 2014

Headline News from PaymentsNews.com - April 1, 2014

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March 31, 2014

Headline News from PaymentsNews.com - March 31, 2014

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March 20, 2014

Headline News from PaymentsNews.com - March 20, 2014

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  • American Express Expands Benefits for Platinum Card® Members - "These benefits include complimentary, unlimited access to Wi-Fi hotspots provided by Boingo Wireless, a global market leader in Wi-Fi, as well as an application fee statement credit option for the TSA Pre✓™ program."
  • Small Businesses Get Paid Faster With QuickBooks Payments - "As part of the expanding QuickBooks ecosystem of online products and services, QuickBooks Online users who also use QuickBooks Payments get their invoices paid on average two times faster than those who don’t. When these small businesses email their invoices and allow their customers to pay online, they significantly reduce the time it takes to receive payment."

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March 18, 2014

Headline News from PaymentsNews.com - March 18, 2014

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March 17, 2014

Headline News from PaymentsNews.com - March 17, 2014

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March 13, 2014

Headline News from PaymentsNews.com - March 13, 2014

On the Web:

  • Introducing Xapo - Xapo Blog - "At Xapo, we understand that Bitcoin’s ultimate success will be based on trust – both in the currency itself and in the industry’s security and service providers."
  • Building the Fort Knox for Bitcoin - wall St. Journal - "A Silicon Valley startup called Xapo is among a handful of young companies trying to become the Fort Knox of bitcoin, building secret bank vaults deep in the earth that would safely store millions of dollars worth of bitcoin code on computer drives."
  • New York BitLicense Order - Virtual Currency Report - "While the latest NYDFS statements leave a lot of unanswered questions and do not provide a clear path forward for virtual currency firms, it appears on balance to be a step forward for those virtual currency exchanges seeking licensure in New York."
  • Missed Alarms and 40 Million Stolen Credit Card Numbers: How Target Blew It - Bloomberg BusinessWeek - "The biggest retail hack in U.S. history wasn’t particularly inventive, nor did it appear destined for success."
  • What is Apple’s commerce and payments strategy? - Mobile Commerce Daily (Tim Dunn) - "The stars are aligning for Apple to make a dynamic move into the commerce and payments space."
  • Bank of England: Digital Currencies are Similar to Commodities - CoinDesk - "“Digital currencies are not at present widely used as a medium of exchange. Instead, their popularity largely derives from their ability to serve as an asset class..."
  • Flypay Raises £1M To Make Settling Your Restaurant Bill “Waiter-Free” - TechCrunch - "Aiming to get the time it takes to ask for and settle a restaurant bill down from an average of ten minutes to closer to a minute, you simply scan an on-table QR code/NFC tag to first recall the bill."
  • How Real Is Loyalty and Rewards Fraud? - "The threat of fraud to rewards programs is real, and financial institutions and retailers must be cautioned about relaxing their guards just because a surge in fraud has yet to occur."

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March 07, 2014

Headline News from PaymentsNews.com - March 7, 2014

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March 06, 2014

Headline News from PaymentsNews.com - March 6, 2014

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February 19, 2014

Headline News from PaymentsNews.com - February 19, 2014

The Kindle edition of our book "Payments Systems in the U.S. - Second Edition" - is now available in the Kindle Store as well as in an iBooks version for your iPad or Mac in the iBooks Store. The ebook versions are priced at US$9.99.

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February 18, 2014

Headline News from PaymentsNews.com - February 18, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

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February 14, 2014

Headline News from PaymentsNews.com - February 14, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

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February 07, 2014

Take the San Francisco Fed's Cash Survey!

Do you use cash on a regular basis? The San Francisco Fed is interested in hearing from you. They're conducting a survey on cash usage which takes less than a minute to complete.

February 04, 2014

Federal Reserve Banks Laud Industry Response to Consultation Paper

FedFederal Reserve Bank leadership today "lauded the feedback received from payment system participants to the "Payment System Improvement--Public Consultation Paper," noting that more than half the nearly 200 responses came from non-banks."

"We are thrilled with the number of responses received and with the diversity of perspectives represented by the responses," commented Sandra Pianalto, president of the Federal Reserve Bank of Cleveland and chair of the Financial Services Policy Committee, which issued the paper.

"On behalf of the Reserve Banks, I would like to thank the commenters for preparing such thoughtful and insightful responses. It's critical that all ideas and perspectives are considered as we collectively identify the most promising opportunities to advance the U.S. payment system."

"We are carefully reviewing the feedback that we have received on the consultation paper to identify common themes and issues for future focus, as well as insights into potential solutions," noted Pianalto.

The Reserve Banks released the consultation paper in September 2013 with responses due in December 2013. The paper solicited comments on gaps and opportunities in the payment system; potential desired outcomes, strategies, and tactics to shape the future of U.S. payments; and the Fed's role in implementing the strategies and tactics. Industry feedback was sought as input to the Reserve Banks' decisions regarding future improvement initiatives, which will be communicated in a paper to be published in the second half of 2014. Responses may be viewed at www.FedPaymentsImprovement.org/user-submissions/.

In concert with the analysis of responses, the Reserve Banks have a number of additional information-gathering efforts underway designed to inform future plans. Two of these efforts will further explore the needs related to faster retail payments described in one of the consultation paper's desired outcomes. They include research on end-user demand for specific payment attributes and an assessment of alternatives for speeding U.S. payments. A third effort involves identifying gaps and opportunities related to payment system security.

The FSPC is responsible for the overall direction of financial services and related support functions for the Federal Reserve Banks, as well as for providing Federal Reserve Bank leadership in dealing with the evolving U.S. payment system. The FSPC is composed of three Reserve Bank presidents and two Reserve Bank first vice presidents.

Headline News from PaymentsNews.com - February 4, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

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February 03, 2014

US Senate Subcommittee Holds Hearing on Safeguarding Consumers' Financial Data

The Subcommittee on National Security and International Trade and Finance of the US Senate's Committee on Banking, Housing and Urban Affairs held a hearing this afternoon on the topic of Safeguarding Consumers’ Financial Data.

Witnesses included Mr. William Noonan, Deputy Special Agent in Charge, United States Secret Service; and Ms. Jessica Rich, Director, Bureau of Consumer Protection, Federal Trade Commission. The witnesses on Panel II will be: Mr. James Reuter, Executive Vice President, FirstBank, on behalf of the American Bankers Association; Mr. Mallory Duncan, General Counsel, National Retail Federation; Mr. Edmund Mierzwinski, Consumer Program Director, U.S. PIRG; and Mr. Troy Leach, Chief Technology Officer, PCI Security Standards Council.

The prepared testimony of each is witness is available for downloading from the Subcommittee's web site.

Headline News from PaymentsNews.com - February 3, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

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January 30, 2014

Headline News from PaymentsNews.com - January 30, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

On the Web:

  • Amazon’s Ambition in Physical Retail May Go Way Beyond Payments - Re/code.net - "The goal is to make this new collection of tools and services as critical to brick-and-mortar shops as its Amazon Web Services offering has become to online businesses."
  • Apple introduces us to a Major Financial System Beyond iWallet - Patently Apple - "On January 30, 2014, the US Patent & Trademark Office published a major patent application from Apple that reveals a new financial Systems Integration System." Meeting the Needs of Non-Traditional Consumers and Achieving Scale with Mobile Contactless Payments in the U.S. - Federal Reserve Bank of Boston - Mobile Payments Industry Workgroup - "In November 2013, the Mobile Payments Industry Workgroup (MPIW) met with academia, government, non-profits, card networks, mobile wallet providers, transit authorities, issuing banks, and retailers to gain a better understanding of fundamental consumer mobile payment adoption issues by exploring how mobile financial services and payments can meet the needs of non-traditional consumers and what is needed to achieve scale in the U.S. mobile payments market. The findings in this paper are based on the discussions at this meeting and include panelists' views on mobile technology and financial access considerations for the underserved consumer, broader consumer market adoption for mobile retail payments, and the transformational role of mobile technology for financial services."
  • Visa CEO Doesn’t See Bitcoin As Business Threat - CoinDesk - "Visa CEO Charlie Scharf offered his opinion of bitcoin and other emerging virtual currencies on 30th January in a conference call discussing Visa’s first-quarter fiscal earnings."
  • Fred Wilson's 5 Predictions for the Future of Your Money - Inc. - "If you like the way Wilson makes bets with his venture-capital fund, Union Square Ventures, which has invested in Etsy, Tumblr, and Twitter, you might just like the way he thinks about the future of currencies."
  • Why Bitcoin is here to stay - ZDNet - "...the drivers are simply too powerful - crypto-currency is around to stay and the changes to our global economy because of it will be staggering. So take a reality pill and strap in."
  • Coinbase and Mint Announce First Bitcoin Personal Finance Integration - "This partnership marks a milestone in the ongoing evolution of bitcoin as Mint becomes the first personal finance and money management tool enabling users to view their bitcoin transactions."
  • PayPal Wants Role In Apple’s Mobile Payments Dreams - Re/code.net - "Three payments industry executives tell Re/code that eBay-owned PayPal has been pitching Apple on helping the consumer electronics maker bring its long-rumored payments initiative to fruition."
  • Ribbon Takes On Square Cash, PayPal & Others With A Peer-To-Peer Payments Service That Lets You Send Money For Free - TechCrunch - "The difference here, besides not yet being available in a native app format, is that Ribbon works with both debit and credit card users, and will allow you to send payments to others without first having a Ribbon account."
  • Mobile Payments, Electric Cars and the Keys to Driving Change - Re/code.net - "The shared issues between e-cars and smartphone payments boil down to cost of hardware (the phone, the car), infrastructure (networks and merchant acceptance, filling stations), but perhaps most importantly, the catalyst for changing human behavior."
  • GhIPSS Urges Banks to Issue Local Cards - Payments Afrika - "Ghana Interbank Payment and Settlement Systems (GhIPSS) has urged banks to issue more proprietary ‘local’ ATM cards to their customers. Historically most banks in Ghana would issue international cards..."

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January 28, 2014

Headline News from PaymentsNews.com - January 28, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.
Upcoming Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City.

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  • Bitcoin vs. Electronic Money: Digital But Different - "A new CGAP report released today compares the main differences between Bitcoin and electronic money (e-money). The report shows that Bitcoin as a virtual currency is markedly different from e-money and cautions regulators and policy makers not to confuse the two."
  • Clinkle Names PayPal’s Mike Liberatore As Chief Financial Officer - "Liberatore joins the company from PayPal, where he served as senior director of large enterprise finance and the North America financial planning and analysis (FP&A) group."
  • Bluetooth® Smart Technology Unveiled as the Magic Behind Beacons - "Bluetooth Smart brings three essential features to the beacon experience: an intelligent wireless connection that can authenticate and manage interactions; an extremely power-efficient connection that doesn’t drain the user’s phone battery; and ubiquitous support from phone manufacturers and mobile operating systems."
  • FIS Continues its Leadership Role in U.S. EMV Smart Card Transition - “Smart card technology is the way of the future; it’s vital in mitigating card-present fraud; it offers greater spending convenience to people traveling overseas, where EMV already is standard; and it allows the U.S. to move to more secure processing of card transactions,” said Bob Woodbury, SVP and General Manager, FIS Payments Networks.
  • GTCR Closes $3.85 Billion Buyout Fund - "Target investments will continue to focus on companies across high-growth sectors, including Financial Services & Technology, Healthcare and Information Services & Technology."

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January 27, 2014

Headline News from PaymentsNews.com - January 27, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

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January 24, 2014

Headline News from PaymentsNews.com - January 24, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

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January 23, 2014

Headline News from PaymentsNews.com - January 23, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

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January 20, 2014

Headline News from PaymentsNews.com - January 20, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

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  • McDonald’s Launches McD App for Smartphones Throughout Northern Nevada Area - "McD App utilizes location-based services to provide consumers with deals and offers accessible direct from their mobile device and has the ability to tailor future offers and deals based on a user’s preferences and purchasing behaviors."

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January 13, 2014

Headline News from PaymentsNews.com - January 13, 2014

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Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

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January 09, 2014

Headline News from PaymentsNews.com - January 9, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

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