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Welcome to the News View for "Innovation".

Here, on these archive pages, you'll find all of the articles on Payments News for Innovation 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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December 03, 2015

Headline News from - December 3, 2015

On the Web

  • How Backpage Is Different from Choke Point - Credit Slips (Adam Levitin) - "The truth is that Backpage has little in common with Operation Choke Point beyond the hydraulic regulatory idea of regulating a payments processor to regulate the recipient of the payments."
  • Credit-Card Rules Have Cut $16 Billion in Fees: Report - Wall St. Journal - "The biannual industry survey released Thursday by the Consumer Financial Protection Bureau said consumers saved more than $7 billion in credit-card late fees between 2011 and 2014."
  • Goldman Sachs: 'The Blockchain can change... well everything' - Business Insider - "While the Bitcoin hype cycle has gone quiet, Silicon Valley and Wall Street are betting that the underlying technology behind it, the Blockchain, can change... well everything."

On the Wires

  • CFPB Finds CARD Act Helped Consumers Avoid More Than $16 Billion in Gotcha Credit Card Fees - “The CARD Act has helped people avoid more than $16 billion in gotcha credit card fees,” said CFPB Director Richard Cordray. “The law made it easier for consumers to evaluate costs and risks by eliminating the worst back-end pricing practices in the market. There is more work to do. But with commonsense rules in place, credit cards are safer and more affordable, credit is more available, and companies remain profitable with improved customer satisfaction.”
  • Umpqua Holdings Corporation Creates New Subsidiary, Pivotus Ventures, Inc. - Pivotus will be headquartered in California’s Silicon Valley. “Like all industries, banking must evolve quickly to adapt to changing consumer behaviors and technologies. In collaboration with like-minded organizations, Pivotus will be focused on creating new digital models that accelerate growth, add accretive revenue and enhance the customer experience across all channels,” said Ray Davis, president and CEO of Umpqua Holdings Corporation. “By bringing together the expertise of companies nationally and internationally, Pivotus will be uniquely positioned to develop and scale industry-changing innovation quickly and effectively.”
  • Axis Bank Launches Display Debit Card for NRE Customers - Commenting on the launch, Rajiv Anand, Group Executive & Head Retail Banking at Axis Bank said “We are proud to be the first Indian bank to introduce Display Debit cards for our customers. The launch of the new card further reinforces our commitment to improving customer experience by deploying cutting-edge technology solutions that provide both security and convenience.”
  • Global Payments Offers a Full Range of EMV Certified Mobile Solutions - "We continue to provide our customers access to a suite of payments technology solutions designed to be the most secure in the industry," stated Frank T. Young, SVP, Global Product and Innovation. “As we lead with innovative point-of-sale solutions, we're pleased to be among the first to market a full range of EMV certified mobile solutions delivering exceptional functionality.”

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here:!

November 16, 2015

Headline News from - November 16, 2015

On the Web

On the Wires

  • Nordstrom Launches Enhanced E-Gifting Experience with CashStar - "With CashStar Commerce, Nordstrom has enabled its customers to create a highly personalized e-gifting experience for their recipients with a large selection of Nordstrom-designed faceplates and artwork and ability to add a personalized message. The eGift card is delivered in a virtual Nordstrom silver envelope, an extension of Nordstrom’s signature silver box experience. Senders can also choose to have the eGift delivered instantly or on a future date and will receive notification when their gift has been viewed."
  • U.S. Bank Consumer Study Raises New Perspective on How Banks Balance Technology with a Human Touch - "Approximately 70 percent of consumers across all generations (85 percent of millennials) believe banks that are current with the latest technology are more trustworthy than banks that lag; however, nearly 4 out of 5 Americans say when it matters most, they value people more."
  • MasterCard Connects Startups to Its Global Network of Big Brand Partners - "Launched in 2014, MasterCard Start Path is a global effort to support innovative early stage startups developing the next generation of commerce solutions. This initial class of early-stage startups, selected from more than 200 applicants, are using big data, mobile and cloud-based applications to build digital relationships, empower consumers and simplify complicated tasks."
  • JCB Certified for U.S. EMV Chip Card Acceptance - "We are extremely pleased to achieve our first U.S. EMV acceptance certification,” said Dan Skaling, executive vice president for JCBUSA. “JCB has been a leader in EMV card acceptance in markets around the world for the past 10 years,” added Skaling. “Being able to give our cardholders this same safety and security when making purchases in the United States is a top priority,” continued Skaling.
  • Chase Commerce Solutions will streamline EMV certification with Host Payment solution from UL - "The "Chase Payment" module, which works with UL's existing Brand Test Tool solution, was specially designed for Chase so that their large and midsized business clients can test and pre-certify their end-to-end EMV solution prior to certification," says Sherif Samy the Commercial Director of UL's Transaction Security Division."

Glenbrook's 2015 Payments Education

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here:!

July 23, 2015

Headline News from - July 23, 2015

On the Web:

On the Wires:

  • Wells Fargo Launches New Innovation Group - "Wells Fargo today announced the formation of a new Innovation Group, which will work in partnership with its major businesses to meet evolving customer needs and stay ahead of the shifting competitive landscape. Steve Ellis, who had served as the head of Wholesale Services, has been named the leader of the new group."
  • MasterCard Opens its Digital Security Lab to Customers - “The MasterCard DigiSec Lab represents our collective efforts to maximize product innovation and security investments,” said Ajay Bhalla, president of Enterprise Security Solutions at MasterCard. “While payments have never been safer, criminals have never been smarter. We’ve now opened the lab to our customers as part of an ongoing commitment to share insights, solutions and best practices to deliver the highest levels of security.”
  • Citi Mobile Challenge Launches in Asia Pacific - "Citi Mobile Challenge is a next-generation accelerator that combines a virtual hackathon with an incubator, a worldwide network of FinTech experts and Citi’s unparalleled global sponsors and clients to discover solutions across more than 100 markets."
  • Chase and Southwest Airlines Renewal Cleared for Takeoff - “This extension reinforces our long-term commitment to collaborating on a program that delivers exceptional value and service to our shared customers,” said Eileen Serra, chief executive officer of Chase Card Services.
  • Uber Taps Its Global Payments Partner, Adyen, to Expand into Morocco - “Adyen continues to be a key strategic partner in addressing the many payments-related challenges of rapid international expansion,” said Meryem Belqziz, Uber Casablanca General Manager. “Their transparent philosophy, data-driven approach, and technical agility have made the partnership a natural fit.”
  • Visa Inc. Reports Fiscal Third Quarter 2015 Earnings Results - “We continue to deliver solid financial results and operating metrics without the help of an improving economic environment. Strong underlying fundamentals continue to offset the drag from geopolitical tension and the strengthening dollar on our business,” said Charlie Scharf, Chief Executive Officer of Visa Inc.

Glenbrook's 2015 Payments Education

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here:!

May 19, 2015

Headline News from - May 19, 2015

On the Web:

  • A bitcoin miner in every device and in every hand - Medium (Balaji Srinivasan) - "21 is now officially open for business — and business development. After much hard work, we’ve created an embeddable mining chip which we call the BitShare that comes in a variety of form factors. The 21 BitShare can be embedded into an internet-connected device as a standalone chip or integrated into an existing chipset as a block of IP to generate a continuous stream of digital currency for use in a wide variety of applications."
  • How Silicon Valley Joined the Bitcoin Gold Rush - FastCompany - "Wences agreed with Hoffman that Bitcoin was unlikely to be catch on as a payment method anytime soon. But for now, Wences believed that Bitcoin would first gain popularity as a globally available asset, similar to gold. Like gold, which was also not used in everyday transactions, Bitcoin’s value was as a digital asset where people could store wealth."
  • NYSE Launches Bitcoin Index Powered by Coinbase - Coinable Blog - "Today the New York Stock Exchange launched the NYSE Bitcoin Index (NYXBT), a benchmark for the daily price of bitcoin. NYXBT represents the U.S. Dollar value of one bitcoin, based on transactions occurring on Coinbase Exchange and other select bitcoin exchanges."
  • Leaderless Bitcoin Struggles to Make Its Most Crucial Decision - MIT Technology Review - "Under the one-megabyte-per-block limit, the network can process only about three transactions per second. If Bitcoin becomes a mainstream payment system, or even a platform for all kinds of other online business besides payments (see “Why Bitcoin Could Be Much More Than a Currency”), it’s going to have to process a lot more. Visa, by comparison, says its network can process more than 24,000 transactions per second."
  • Digital Gold - AVC (Fred Wilson) - "A lot of people ask me “are you still bullish on Bitcoin” and that question irritates me. Because it suggests that Bitcoin is simple. Bitcoin is not simple, it is not going away, and it continues to fascinate me more than almost anything out there in the tech sector."
  • Why banks (and PayPal) don't simplify - Financial Services Club Blog - "A bank cannot compete with a specialist who is simplifying a marketplace or financial activity, because an incumbent bank's systems and structures are usually too rigid, old and inflexible to change. That is why the new entrant simplifier can create P2P credit at less than 100 basis points differential (1% difference between their lending and savings rates) compared to a bank's 400 basis points or more. A bank has to cover the costs of their heritage buildings, people and infrastructure. A start-up has none of that legacy or overhead."

On the Wires:

  • NACHA Membership Approves Same Day ACH - “The financial services industry has come together through private-sector rulemaking to increase the speed of payments,” said Janet O. Estep, president and CEO of NACHA. “Same Day ACH serves as an immediate action the industry has undertaken to modernize the payments system, and creates a building block for a variety of products and services. Same Day ACH creates value for end users through the certainty of its reach to all bank accounts in the U.S.”
  • MasterCard Makes Sending and Receiving Money Faster, Easier and More Secure with MasterCard Send - "Through a single connection to the MasterCard Send platform, businesses, merchants, governments, non-profits, issuers and other senders can send money to consumers whether they are banked or unbanked, and located domestically or abroad. By digitizing personal payments that are typically handled via cash or check, MasterCard is providing greater convenience, choice and security to both payment senders and receivers in developed and developing markets."
  • Visa Checkout Announces Enrolled Customer Conversion Rate of Nearly 70 Percent - "A new report from comScore* found that Visa Checkout shoppers convert to online buyers at a rate of 69 percent. This is likely because Visa Checkout customers complete online transactions faster than other shoppers who have to re-enter card and shipping information every time they want to purchase in the traditional check out flow."
  • QuickBooks Online Gets in Sync with PayPal - “Our collaboration with PayPal, and the app we’ve built as a result, further broadens our thriving payments ecosystem,” said Eric Dunn, Intuit's senior vice president for payments and commerce solutions. “Intuit is committed to delivering a range of personalized best-in-class payments solutions for small businesses. Our open platform allows small businesses to use the tools of their choice and therefore operate efficiently in a frictionless environment.”
  • Ripple Labs Closes $28 Million Series A Funding Round - "Ripple Labs, the global leader in distributed payments technology and supporters of the Ripple protocol, today announced that it closed a $28 million Series A funding round that includes IDG Capital Partners and the venture arms of CME Group and global data storage company Seagate Technology. Other new investors include Jerry Yang's AME Cloud Ventures, ChinaRock Capital Management, China Growth Capital, and Wicklow Capital, the investment vehicle for Dan Tierney and Stephen Schuler, co-founders of GETCO (now KCG)."
  • New Ponemon Institute Survey Reveals Time to Identify Advanced Threats is 98 Days for Financial Services Firms, 197 Days for Retail - “The big takeaway from our research is that more investment is needed in both security operations staff and in security tools, which can help companies efficiently and accurately detect and respond to security incidents,” said Dr. Larry Ponemon, chairman and founder, Ponemon Institute. “The time to detect an advanced threat is far too long; attackers are getting in and staying long enough that the damage caused is often irreparable.”

Glenbrook's 2015 Payments Education

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here:!

September 04, 2013

Headline News from - September 4, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it:!

August 01, 2013

Headline News from - August 1, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it:!

June 14, 2013

Headline News from - June 14, 2013

On the web:

Upcoming from Glenbrook:

  • Summer Camp! - A special summer session of our popular Payments Boot Camp - in Half Moon Bay on August 6th and 7th... Also, an optional half day course on Data In Payments - August 8th, also in Half Moon Bay. Join Carol, Scott and Russ for lively, interactive sessions - register now!
  • Follow Glenbrook Partners on LinkedIn! -

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it:!

April 22, 2013

Headline News - April 22, 2013

On the web:

On the wires:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

April 10, 2013

Glenbrook's Innovation in Payments Workshop - May 9, Palo Alto, CA

GP Logo Horizontal 140pxTwo of the hottest topics in global payments today - "big data" and "faster money" - are the focus of Glenbrook's upcoming May 9th workshop on Innovation in Payments. The full agenda for this day focused on innovation has just been published.

This workshop will be taught by Glenbrook's Russ Jones and Carol Coye Benson and will be held on May 9th, 2013 in Palo Alto, California. Registration is now open.

Note: This workshop is not for beginners! Attendance is restricted to alumni of Glenbrook’s Payments Boot Camps and Private Workshops, or to those who feel they have enough industry experience to be qualified!

April 26, 2010

When Worlds Collide! - New on

JayDeWitt.jpgIn an article titled "When Worlds Collide" penned from the NACHA Payments 2010 conference in Seattle, Glenbrook's Jay DeWitt writes on about when the traditional world of banking collides with the worlds of entrepreneurs - and how different approaches emerge.

Jay's commentary was triggered by listening to a couple of today's conference presentations - one about consumer interest in P2P payments and the other by Jack Dorsey from Square.

April 21, 2010

The Nine Characteristics of Successful New Payment Products

Fiserv has announced new research about "the nine characteristics that are the hallmarks of a successful new payments product."

GeorgeWarfel.jpgAccording to Fiserv, "George Warfel, consulting director, Global Payment Solutions, Fiserv, formulated these nine principles based on time-tested learning and observations across a range of payments products. Adding to the development were focus group-based insights gleaned from banks and bank customers concerning the latest innovations in payment systems (including mobile and web-site based payments)." READ MORE »

April 15, 2010

MasterCard Labs Launches - Former Orbiscom CEO Garry Lyons to Lead

MasterCard has announced the launch of MasterCard Labs - calling it "a new global Research & Development arm dedicated to bringing innovative payment solutions to market with greater speed than ever before." Garry Lyons has been named Group Executive, Research & Development and will oversee MasterCard Labs. MasterCard has published a short video about MasterCard Labs. READ MORE »

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."

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."

July 02, 2008

The ING Direct Story

Currency Marketing's blog has a post today with an edited podcast of a recent keynote speech by ING Direct USA CEO Arkadi Kuhlman to the CUES Experience conference held in mid-May. Kuhlman's speech begins about 10 minutes into the podcast. Highly recommended listening!

As a reminder, there's a great Harvard Business School case on ING Direct written by James L. Heskett that's well worth reading. See this earlier Payments News post for details.

May 29, 2008

Innovation and the Future Proof Bank

James Gardner, head of Innovation and Research at Lloyds TSB in London, blogs about a new book he's writing titled "Innovation and the Future Proof Bank". He says "the end result will be a book that senior managers can use to help them establish an innovation function."

Gardner is looking for input from active practitioners - specifically "case studies around innovation processes, specific results of that process, people and leadership, governance or anything else that might be useful guidance to anyone starting their innovation journey." He's also looking for stories of things that went wrong. I'm sure he'd welcome hearing from you. Contact him via email - at the address listed at the bottom of his post. (Yesterday, I was reading a great new book about Pixar - and loved this quote from Joseph Schumpeter: "Successful innovation is a feat not of intellect, but of will." Oh so true!)

May 20, 2008

More Reports from Payments 2008

Glenbrook's Allen Weinberg and Jim Salters are in Las Vegas (tough duty!) attending this week's Payments 2008 conference hosted by NACHA. Allen filed his first report last night and Jim just filed his first report from the conference on yesterday's general session and the keynote by Peter Raskind, CEO of National City. If you're attending Payments 2008, be sure to "say hi" to Allen and Jim!

Accenture's Payments Innovation Showcase

Accenture has announced that it has opened a new facility at its research and development technology lab in Sophia Antipolis, France, dedicated to innovation in the rapidly growing global payments industry. The facility, called the Accenture Payments Innovation Showcase, focuses on original research and development in all facets of the payments business, including mobile communications and other point-of-sale technology, bank-to-corporate connectivity, processing, process models, biometrics, regulation such as the Single Euro Payments Area (SEPA) initiative, and security. READ MORE »

May 19, 2008

Banks and Innovation - NACHA Payments 2008 Field Report

Glenbrook's Allen Weinberg and Jim Salters are attending this week's Payments 2008 conference in Las Vegas. Here's Allen's first report from today's sessions commenting primarily about banks (or, rather non-banks) and innovation.

May 09, 2008

Disruption in the Payments World

Celent has published a new report titled 'Disruption in the Payments World' saying that 'the current euphoric era for many issuers will be disrupted and quite possibly eliminated over the next three years.' Why? Celent's reasons include a forecast that interchange rates will begin to decline, that a large payments company will launch an alternative network to MasterCard and Visa, and that credit card issuers will need to diversify their payments mix by adding decoupled debit payment options. READ MORE »

May 04, 2008

Innovation in Retail Banking - or the Lack Thereof

In an article titled 'Innovation: The Growth Accelerator' in the latest issue of BAI Banking Strategies, McKinsey's Zubin Taraporevala and Marla M. Capozzi explore innovation in retail banking - saying that the banking industry is "ripe for innovation" and noting that "the vast majority of industry breakthroughs have come from attackers, not incumbents." They share results from a survey of 300 financial services executives that identified three major challenges inhibiting innovation - in particular, "limited use of customer insights and external idea networks" - along with six characteristics and capabilities of high-performing innovators.

April 23, 2008

Further Exploration about Innovation in Payments

This morning's panel titled 'Omelettes and Eggs: Innovation' at the Digital Money Forum explored the extremes of the issues of innovation in payments.

Perhaps the most basic question asked from the audience was 'why does innovation matter?' "Because it does" wasn't exactly the collective answer from the panel - but the question got to the point that it's not often that technology itself drives innovation. (Opening new markets is, to me, perhaps the best answer).

A venture investor asked the panel where theyd' put their own money to work. Among the answers from the panel: prepaid and mobile, opportunities that might emerge from new real-time 'instant' payments (e.g. FPS in the UK), innovations that truly address user (as opposed to merchant) needs and can demostrate user adoption, and a prepaid solution that truly addresses the needs of minors.

April 22, 2008

Running a Bank in the Cloud?

James Gardner, Head of Innovation and Research at a major UK bank, writes a great blog called BankerWatch. In one of his recent posts titled "A New Kind of Event Please," he laments the events that vendors try to stage to interest bankers in "hot issues" and, more likely, the vendors latest products.

Instead of those kinds of events, Gardner says he's looking for more interesting and thought provoking stuff such as: "I'd like an event that would tell me how to run a bank in the cloud."

Jeff Bezos, CEO of, spoke at Paul Graham's Startup School 2008 conference at Stanford over the weekend. Bezos spent his talk focused on "the cloud" - what Amazon's doing with web services (AWS). All you have to do is to look at the first slide in his talk to see how "the cloud" is becoming an important business.

April 15, 2008

FTVentures Raises $512 Million Growth Capital Fund

FTVentures has announced the closing of its third and largest fund to date, FTV III, at $512 million. According to the firm, 'FTVentures will continue its strategy of investing in software and business services companies that derive value from the firm’s unmatched Global Partner Network, which includes the world’s leading financial institutions. Founded in 1998, FTVentures has over $1 billion in committed capital and has offices in San Francisco and New York.' READ MORE »

April 14, 2008

Last Call - Innovation in Payments - A Survey of Experts

Last Thursday, in a post titled 'Innovation in Payments - A Survey of Experts', I mentioned a survey of global payments 'experts' conducted by our good friend John Chaplin on questions about the innovation in payments. If you'd like a copy of John's survey findings, please email me and I'll get a copy out to you.

April 10, 2008

Innovation in Payments - A Survey of Experts

During March, a good friend of mine, John Chaplin, conducted a survey of global payments 'experts' (myself included) on the question of innovation in payments. Chris Skinner, another of the participating experts, does a great job outlining the findings from John's survey in this blog post. If you'd like a copy of the survey findings, email me or Chris and we'll be happy to send along a copy.

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