lafgrp + fk   2282

US: Court ruling may affect acquirers’ ability to pass along data-breach fines to merchants [12JUN]
QUOTE A common assumption among merchant acquirers and retailers is that merchants are the ones who ultimately are liable for network fines after a merchant’s data breach. But a recent decision by a federal appellate court that ruled against First Data Corp., the nation’s largest payment processor, sends a message that such assumptions aren’t always valid.
3PW  FK 
2 days ago by lafgrp
Weekly News Digest [14JUN19]
LB QUOTE Australian consumers have decided not to throw the baby out with the bathwater. These figures, together with a decrease in the value of credit card balances and historic lows in credit card cash advances, indicate that consumers are becoming savvier, rather than abandoning plastic for alternative payment methods"
1PW  F588  FK 
2 days ago by lafgrp
UK: Curve 'all-in-one' debit card launches new cashback scheme [13JUN19]
QUOTE The revamp of its cashback scheme means that those who link cards to the Curve app will now be able to earn 1% cashback at a number of big name brands, including Amazon, Easyjet, Netflix, Sainsbury's, Tesco and Virgin Trains, on top of any existing rewards, though it's worth noting that Amex cards – which offer the most generous cashback cards – no longer work with Curve.
3PW  FK 
2 days ago by lafgrp
US, UK: Monzo launches its ‘bank of the future’ stateside [13JUN19]
British neobank QUOTE has gradually been growing its customer base in the UK and recently hit 2.2 million customers....Monzo’s big appeal has always been customer service, a brightly colored coral card, and its focus on its community through in-person events. Hundreds attend events in the UK where they share their thoughts with the Monzo team. The company is now planning to use similar events in Los Angeles, New York City, and San Francisco in the coming weeks to launch its card in the US and get direct feedback.
3PW  FK 
2 days ago by lafgrp
US: Chime has quadrupled its customer base to 4 million in a year [12JUN19]
Neo-bank QUOTE took four years to reach 1 million users. Its growth is accelerating: The bank added 1 million users in the past three months,
3PW  FK 
2 days ago by lafgrp
US: Fifth Third CEO sees no need for digital-only bank [12JUN19]
QUOTE Don’t expect to see Fifth Third Bancorp launch a digital bank as part of its deposit-gathering strategy anytime soon. The Cincinnati bank “could do that today” if it wanted to, but Chairman, President and CEO Greg Carmichael said Wednesday that it intends to capture new depositors by sticking to its plan of selectively expanding into fast-growing Southeastern markets. “We’re a relationship bank. When you go outside of footprint, you have to be competitive to offer one of the top three rates,” he said
3PW  FK 
2 days ago by lafgrp
Canada: Q1 household debt-to-income ratio edges down, still near record level [13JUN19]
Authorities QUOTE particularly concerned about the levels of household debt and whether Canadians will be able to cope when interest rates increase. On a seasonally adjusted basis, households borrowed C$20.2 billion in the first quarter, down from C$20.6 billion in the preceding quarter. Mortgage borrowing rose to C$13.2 billion from C$12.3 billion. The debt service ratio, which measures debt principal and interest payments as a proportion of income, edged up to 14.9% - the highest since the fourth quarter of 2007.
3PW  FK  F588 
3 days ago by lafgrp
Spain: Discover extends merchant acceptance through agreement with Redsys [13JUN19]
QUOTE agreement enables Discover to work with additional acquirers in the region in an effort to increase acceptance for Discover, Diners Club International, PULSE and affiliate network cards
3PW  FK 
3 days ago by lafgrp
Global: Recent Visa and Mastercard moves on infrastructure, cross-border [13JUN19]
Charlotte Hogg, CEO of Visa Europe QUOTE Today, one in five payments is a cross-border transaction, whether that’s from a consumer traveling internationally or buying from an international seller online. Our goal is to continue to help our clients meet this increasing demand for slick, simple and more convenient cross-border payments, and make it easier for Visa cardholders to manage their money when traveling.”
3PW  FK  F588 
3 days ago by lafgrp
Turkey: Govt sets credit card payments at minimum 30 percent of debt [13JUN19]
QUOTE lowering the payment level on cards with higher limits....Previously, the minimum monthly amount to be paid was 35 percent of debt on cards with a 15,000-20,000 lira ($2,577-$3,436) limit. Users were paying a minimum 40 percent of their debt for credit cards with limits of more than 20,000 liras. The minimum amount due for credit cards with a limit of up to 15,000 lira was kept steady at 30 percent
3PW  FK 
3 days ago by lafgrp
UK: green light from CMA for PayPal, iZettle deal [13JUN19]
QUOTE Although the $2.2 billion deal had already been completed, PayPal continued to work with UK authorities on their investigation and kept the business separate from the rest of its portfolio while the decision was pending. The authority was assessing the impact of the deal on small- and medium-sized businesses in the UK.
3PW  FK 
3 days ago by lafgrp
UK: FCA slammed over 'whitewash' report into RBS' SME unit [13JUN19]
Kevin Hollinrake MP QUOTE This report is another complete whitewash and another demonstrable failure of the regulator to perform its role.The FCA must publish a full account of its findings including naming those responsible for the shameful mistreatment of thousands of UK SMEs.
Phase two of the FCA’s own final requirement notice was supposed to ‘consider the root causes’ and establish whether ‘the causes of such treatment were known about, authorised by and/or sanctioned by management within RBS Group’. They have manifestly failed to do this.
3PW  FK 
3 days ago by lafgrp
US: SunTrust and BB&T select name for new bank: Truist [13JUN19]
New name QUOTE is the most visible part of the work that must take place before the two long-established Southern banks become one. Upon closing of the merger, the combined parent company will take the Truist name, though the SunTrust and BB&T brands will remain for as long as as two years.
3PW  FK 
3 days ago by lafgrp
NZ: ASB and Westpac to launch Zeal P2P app [3JUN19]
Zeal CEO QUOTE said discussions were underway for ANZ, BNZ, and Kiwibank to join.
3PW  FK 
3 days ago by lafgrp
US, Canada: Shopify's State of Commerce Report June 2019 [5JUN19]
Report QUOTE based on subsection of global sales data on Shopify from April 2018 to April 2019; An online global survey of 3,832 Shopify merchants in March 2019; Quantitative and qualitative research on consumers in Canada and the United States in December 2018,
including interviews and an online survey of 2,653 consumers
3P  FK 
4 days ago by lafgrp
US: Capital One, Discover withholding credit for revolvers [11JUN19]
Per Fed QUOTE revolving consumer credit grew by 3.1% across the industry last year...its slowest increase since 2013....Capital One Chairman and CEO...said that his company has held back on the amount of credit it offers to customers who carry a balance on their card each month. He explained that decision by pointing to what he characterized as the late stage of the cycle.....Typically, the percentage of credit card customers who are delinquent on their bill falls between the fourth quarter of one year and the first quarter of the following year, as consumers use their tax refunds to pay down debt....But that trend did not hold last quarter
3PW  FK  PDF  F588 
4 days ago by lafgrp
UK: FCA toughens up BNPL credit rules [12JUN19]
QUOT Will ban firms ["including catalogues, store cards and retailers who offer finance at the" POS] from charging interest on “buy now pay later” (BNPL) credit to save consumers up to £60m a year. BNPL usually includes a one-year offer period, during which customers do not have to make payments and are not charged interest. If the consumer does not repay the entire amount within this period, interest is charged from the date of purchase.
3PW  FK  F588 
4 days ago by lafgrp
Turkey, Netherlands: Naspers PayU unit to buy Iyzico in fintech push [12JUN19]
For $165m QUOTE deal will expand the Dutch unit’s exposure to Turkey’s e-commerce market, which is growing at more than 10% a year, the company said in a statement on Tuesday. The acquisition must still be approved by regulators
3PW  FK 
4 days ago by lafgrp
Australia: Wesfarmers buying online retailer Catch in e-commerce push [12JUN19]
QUOTE for about $160 million to boost the small online footprint of its retail units such as Kmart and Target....Catch Group Holdings, formerly Catch Of The Day, started in 2006 and offers discounted deals on brands such as Nike and Armani Jeans. For the half-year to December its gross transaction values rose 62% to A$254 million, according to the Australian Financial Review.
3PW  FK 
4 days ago by lafgrp
Europe: Revolut adds Apple Pay support in 16 markets [11JUN19]
QUOTE has expanded its support for Apple Pay, confirming that from today the payment option is available for users in 16 European markets....UK, France, Poland, Germany, Czech Republic, Spain, Italy, Switzerland, Ireland, Belgium, Austria, Sweden, Denmark, Norway, Finland and Iceland.
3PW  FK 
4 days ago by lafgrp
Australia: new figures for credit and debit card usage [12JUN19]
QUOTE number of purchases made on credit cards are up nearly 4% on the same month last year, while debit card use has surged by more than 13%. The final figures saw just under 248 million and 605 million purchases made using credit and debit cards respectively. Much has been made of the rise of ‘credit card killers’ like Afterpay and Zip over the last couple of years – these two services alone have nearly 1.6 million users in Australia, with many of them preferring alternative payment methods such as these to credit cards. Yet it appears the prominence of buy now, pay later [BNPL] payments isn’t slowing down our use of plastic (and metal) cards just yet, with the total value of all these purchases also increasing by: 2.14% for credit cards (to more than $27.5 billion) [and] 8.70% for debit cards (to more than $27.8 billion)
3P  FK  F588 
4 days ago by lafgrp
Australia: Credit card cash advances at a 24-year low [12JUN19]
QUOTE number of cash advances from credit cards between January and March this year fell to 4.9 million, 17 per cent lower than the same period 12 months ago, according to Finder.com's latest analysis of RBA and ABS data.....With credit sources including buy now, pay later [BNPL] services on the rise, about $1.8 billion was withdrawn as cash advances during the period - $456 million less than last year and the lowest level on record.
3PW  FK  F588 
4 days ago by lafgrp
Germany: Is Lufthansa an e-money issuer? [10JUN19]
QUOTE If the catalyst for the debacle is the transposition of PSD2 into German law, this poses a question about what other types of loyalty programmes, gift vouchers and points scheme might inadvertently fall into the category of e-money issuer as PSD2 is adopted more broadly....In the age of ICOs and cryptocurrency issuance, these details matter a lot in terms of regulatory implications. The long and short of it is, if you're issuing cash-like liabilities you have to be regulated as a bank or e-money issuer/ transmitter. And that adds a whole lot of complexity to your business model. In that context, even if it was to change its practices from now on, Lufthansa is still exposed to legacy regulatory risk for having issued money-like e-currency all this time. Or at least one would think.
3PW  FK  PDF  F588 
5 days ago by lafgrp
Germany: Lufthansa miles programme pulls hotel points transfers [8JUN19]
Move is QUOTE related to the ongoing lawsuit against Miles & More in which a passenger is suing Lufthansa for €21,000 on the basis that his miles form an e-currency that he is entitled to withdraw as cash. The Lufthansa defence is that Miles & More points have no cash value.  However, this defence is undermined by the fact that you can buy Marriott, Hyatt, Radisson, Hilton and IHG points and immediately transfer them to Miles & More, so the transfers had to be stopped. If you can, indirectly, buy Miles & More points then they clearly have a value, it is argued.  This is not a new argument – Lufthansa stopped selling Miles & More miles directly a few years ago after similar issues arose – but this time it seems more serious. Lufthansa is not licensed in Germany to issue ‘e-currency’, so any success in this court case is likely to have deep ramifications.
3PW  FK  F588 
5 days ago by lafgrp
Malaysia: debt risks should moderate, with exceptions [11JUN19]
QUOTE Fitch Ratings said in a report that while it expected Malaysian household debt risks to continue to moderate, pockets of vulnerability remained in banks' exposure to lower-income households and personal loans.
3PW  FK 
5 days ago by lafgrp
SE Asia: Grab exploring options in financial services [11JUN19]
QUOTE Grab is also exploring spinning off its financial services unit and has mandated banks to approach potential minority investors, Reuters reported last month
3PW  FK 
5 days ago by lafgrp
SE Asia: Citi launches co-branded credit cards with Grab [11JUN19]
QUOTE The Citi-Grab co-branded cards will be issued in the Philippines on Tuesday and in Thailand later this year, before being rolled our in other Southeast Asian markets....The new cards mark the latest step in Grab's big push into the financial services sector, an area it has earmarked for growth. For the U.S. bank, it is in line with its strategy to offer its products within online ecosystems as consumers spend more time on smartphones.
3PW  FK 
5 days ago by lafgrp
India, Mexico: An early taste of the Bank of Amazon [25JAN18]
QUOTE In places like India and Mexico, Amazon.com Inc is offering unique payments services and actively approaching finance-technology startups for investments and acquisitions, according to a research report by CB Insights set to publish Jan 25. In India, Amazon has a doorstep cash-pickup service that lets customers load money into a digital wallet. It has also acquired or invested in several startups there, including Emvantage Payments and BankBazaar. In Mexico, Amazon has a cash payment service meant to be an alternative to a credit or debit card. 
3P  FK  F588 
6 days ago by lafgrp
Singapore: Chat app launching debit card for crypto [10JUN19]
QUOT Ewill allow users to instantly spend the cryptocurrency they earn on the app as cash. The app, Consentium, rewards users with Consentium Coins  – which are based off Ethereum, a popular cryptocurrency – when they create groups and communities on the app. The platform, which launched in April last year with funding of US$42 million, allows cryptocurrency transfers between its 40,000 active users.
3PW  FK  F581 
6 days ago by lafgrp
India: UPI not just for P2P, but now choice of merchants too [10JUN19]
QUOTE From peer-to-peer payments which dominate Unified Payments Interface (UPI) transactions, there seems to be a slow shift happening towards merchant transactions.
3PW  FK 
6 days ago by lafgrp
Australia: Citi's plan to dodge Apple, Afterpay in gloomy credit card market [10JUN19]
QUOTE The value of credit card debt accruing interest in Australia has been sliding in recent years, to about $32 billion. Borrowers are paying off their balances on time and have embraced debit cards and alternatives such as buy now pay later [BNPL] service Afterpay. Alongside tighter regulation of credit limits, these changes have made credit cards less lucrative for banks.....[Citi] has 12 to 13 per cent of the domestic market, including via partnerships with Bank of Queensland's Virgin Money, Coles and Qantas. While consumers have grown more reluctant to rack up debt on plastic in recent years, [exec] said there was strong demand for a product that allowed borrowers to convert credit card purchases into an instalment plan, with repayments made at a lower interest rate, and over a set term. Citi says use of this option has increased six-fold in the last year, albeit from a low base
3PW  FK  PDF  F588 
6 days ago by lafgrp
Canada: MoneyGram Partners with post office for digital money transfer [7JUN19]
PR QUOTE To initiate a transaction, consumers simply visit moneygram.ca, create a profile, start a transaction and choose the ‘Cash at a Location’ option. From there, users visit one of Canada Post‘s more than 5,200 locations that offer MoneyGram services to complete their transaction. For added convenience and security, consumers can use the provided barcode, which contains their transaction details.”
3PW  FK 
6 days ago by lafgrp
US: SunTrust and BB&T trace towards merger completion [5JUN19]
QUOTE expected to create [in September] the nation’s sixth-largest bank, to be based in Charlotte, NC....The companies, which have been shuttering branches as business shifts to online channels, said about 740 of the banks’ more than 3,000 branches are located within 2 miles of each other, offering prime targets for closings.
3PW  FK 
6 days ago by lafgrp
US: Amazon, Synchrony launch credit card for underbanked [10JUN19]
QUOTE for Prime members....[The] “Amazon Credit Builder” lets users build up credit through [this] secured card, alongside budgeting tools and tips. It allows people eventually to “graduate” to another Amazon Store card card once they’ve established credit....Reaching further down the credit curve comes with risks. [Synchrony exec noted that holders] have to deposit $500 for example and have a $500 credit limit.
3PW  FK  F588 
6 days ago by lafgrp
Weekly News Digest [7JUN19]
PH QUOTE UnionPay will be relieved to set up shop in card-loving Europe. It will be interesting to see what kind of technology it will use: having been left behind once by the popularity of a non-card-based payments ecosystem, it would be careless of them to be trapped in that situation a second time.
1PW  F587  FK 
9 days ago by lafgrp
US: JP Morgan Chase scraps mobile-first Finn app [6JUN19]
QUOTE appears to be doubling down on the lure of its physical branch network. It had 5,028 branches as of March and is in the midst of a five-year expansion program to enter new U.S. markets. Having both mobile apps and brick-and-mortar stores has been a winning combination so far, as J.P. Morgan, Bank of America and Wells Fargo have garnered a disproportionate share of new deposits in recent years.
3PW  FK 
9 days ago by lafgrp
US: On-demand pay apps are catching on [11DEC18]
QUOTE Use of these apps is gaining crucial support from payroll processing companies, some of which offer them as add-ons to their payroll services. While this type of immediate access can be helpful and motivating to employees, some experts advise caution [as a] "quick cash" approach to pay may create a transient feeling toward work.
3P  FK 
10 days ago by lafgrp
UK: rise in mobile banking and contactless [6JUN19]
QUOTE Over two-thirds of UK adults used online banking and nearly half used mobile banking in 2018. One in six UK adults are now registered for mobile payment services such as Apple Pay and Google Pay, an eightfold increase since 2016. Four in ten payments in the UK were made by debit card as popularity of contactless continues to grow. Cash remains the second most frequently used payment method but usage continues to fall, with one in ten UK adults choosing to live a largely cashless life
3PW  FK  F587 
10 days ago by lafgrp
France: Postal service launches mobile banking [14MAY19]
QUOTE La Banque Postale a présenté mardi 14 mai "Ma French Bank", sa nouvelle banque digitale. Ce service bancaire sera uniquement accessible via un smartphone. Très en retard par rapport aux autres acteurs du secteur, le groupe arrive dans un marché des banques mobiles très concurrentiel [competitive].
3PW  FK  F587 
10 days ago by lafgrp
Brazil: Retailer launches digital bank targeting low-income clients [5JUN19]
QUOTE Besides Via Varejo’s customer base of 60 million people, BanQi also aims to lure outside clients that are unattended by traditional banks whether because of their credit score or their informality job status
3PW  FK  F587 
10 days ago by lafgrp
Israel: banks sell off 43.6 percent of bank services firm SHVA [6JUN19]
QUOTE Three of Israel’s top banks said on Thursday they sold 43.6% of Israeli bank services firm SHVA to institutional investors for 129 million shekels ($35.8 million) as regulators seek to boost competition in the country’s credit card market. Bank Hapoalim said it sold a 13.4% stake in SHVA to the public for 40 million shekels while Leumi sold a 20.9% stake for 61.9 million shekels. The remaining shares were sold by Israel Discount Bank. SHVA, the Hebrew acronym for Automated Banking Services Ltd, provides a large portion of the services in the payment card transaction chain in Israel.
3PW  FK 
10 days ago by lafgrp
France: Credit Agricole to fund digital moves [6JUN19]
QUOTE will also invest €15bn in new technology to keep pace with new banking habits such as mobile banking and real-time payment services.
3PW  FK  F587 
10 days ago by lafgrp
Japan: Visa and LINE Pay to partner on digital payment cards [6JUN19]
QUOTE LINE's 187 million global monthly active users will be able to apply for a digital Visa card from within the LINE app, and over time, add any of their existing Visa cards to make seamless payments from their mobile phone.
3PW  FK  F587 
10 days ago by lafgrp
Global: Baker's dozen of banks to launch cryptos next year [5JUN19]
QUOTE preparing to launch crypto versions of major global currencies in 2020....Led by UBS, the banks [including Barclays and Santander] have been working on...the Utility Settlement Coin (USC) since 2015 to determine if blockchain can help optimize processes in wholesale banking [conclusion: it can]. The 13 banks, in addition to Nasdaq, have also invested £50m ($63m) in a new venture, Fnality, to run the USC project
3PW  FK  F587 
11 days ago by lafgrp
Europe: Brexit an opportunity to restructure finance? [26NOV18]
Chairman of the Banque de France, François Villeroy de Galhau QUOTE Brexit may also be an opportunity to restructure the European financial system. There won’t be a single ‘City’ for the continent, but rather a polycentric network of integrated financial centres”
3P  FK 
11 days ago by lafgrp
Singapore: OCBC rolls out instant banking product approval via mobile [5JUN19]
QUOTE instant approval for key consumer products including debit and credit cards and personal loans. Customers also instantly benefit from card discounts, rebates and rewards.
3PW  FK 
11 days ago by lafgrp
Singapore: InstaReM partners with First Data for digital payments and issuance [21MAR19]
QUOTE InstaReM, a Singapore-headquartered Fintech company that offers faster and cost-effective digital cross-border payment solutions for individuals and businesses across 55+ countries, has announced a partnership with First Data, a global leader in commerce-enabling technology and solutions. The partnership, combining InstaReM’s digital payments and remittance solution with First Data’s debit processing solution, delivers a powerful proposition for businesses like corporates and Fintechs with a need to issue cards to employees, vendors or consumers.
3P  FK  F581 
11 days ago by lafgrp
Europe, China: UnionPay’s expansion threatens Chinese rivals, not the West [3JUN19]
QUOTE local saturation suggests UnionPay’s best bet is to use European merchant relationships to counter its own domestic rivals in China rather than disrupting Visa and Mastercard [which is] unlikely to have a huge near-term impact. There’s not much incentive for local issuers and European consumers to switch card relationships.
3PW  FK  F587 
12 days ago by lafgrp
Europe, China: UnionPay's need for income leads it to Europe [3JUN19]
Network QUOTE has been expanding internationally in recent years, mainly in Asia, and says its cards are accepted by more than 41 million merchants and 2 million ATMs in 170 countries, 40 of which are in Europe....UnionPay’s new [Issuing Processing] move comes amid intensifying competition in its home market from...Ant Financial’s Alipay and Tencent’s WeChat Pay [which] have dislodged UnionPay from its dominant position online, robbing it of fee income and valuable transaction data from consumers
3PW  FK  F587 
12 days ago by lafgrp
Europe: French central bank governor looking for closer union in banking [4JUN19]
François Villeroy de Galhau, Banque de France governor QUOTE we cannot have a situation where we have a banking union almost completed but not a real single European market for banks....[eg] legal obstacles make a cross-border merger more difficult than a domestic one
3P  FK 
12 days ago by lafgrp
UK central bank on the governance of artificial intelligence in financial services [4JUN19]
QUOTE acceleration in the rate of introduction of AI/ML will create increased execution risks during the transition that need to be overseen. Boards should reflect on the range of skill sets and controls that are required to mitigate these risks both at senior level and throughout the organisation
3PW  FK 
12 days ago by lafgrp
US: Postal banking could serve unbanked via 31k existing offices [30MAY19]
Mehrsa Baradaran QUOTE The real benefit of using the post office it is already has the mission to serve every community....The idea here is it still is in many many zip codes that are in banking deserts.”
3PW  FK  F587 
12 days ago by lafgrp
Norway: economy at risk from private debt levels says bank regulator [4JUN19]
QUOTE High debt levels and high property prices pose a significant risk to economic and financial stability in Norway
3PW  FK 
12 days ago by lafgrp
US: More than a third of students have >$1k cr card debt [3JUN19]
QUOTE survey done on more than 30,000 college students from over 440 institutions [found that] about 60 percent of respondents stated their plans to take out loans to pay for college
3PW  FK 
12 days ago by lafgrp
US: Federal judge tosses lawsuit over Wells Fargo credit card programme [3JUN19]
QUOTE proposed class action accusing Wells Fargo of encouraging retailers nationwide to charge hidden financing fees to customers using a credit-card program the bank created, ruling that the....named plaintiff...knew about alleged problems with the financing program by October 2012 and thus its June 2018 lawsuit was barred by a four-year statute of limitations for its single claim for violations of the California Unfair Competition Law
3PW  FK 
12 days ago by lafgrp
Australia: Central bank cuts interest rates to a fresh record low [4JUN19]
QUOTE by 0.25 percentage points to a new record low of 1.25 percent. RBA cuts rates to support jobs growth in the face of rising unemployment.....While it is the first change in the RBA's policy setting since August 2016, it was a widely expected result [given need to stimulate demand].
` ` [ANZ's] decision to pass on just 70 per cent of the cut did not go down well with Treasurer Josh Frydenberg, who urged the banks to pass on the benefits of the cut....The Commonwealth Bank has announced that it will pass on the rate cut in full to all of its standard variable home loans. National Australia Bank has followed suit and also announced that it will cut its standard variable rate home loans by 25 basis points. Westpac has tried to tread a middle ground by passing on only 20 basis points in rate cuts for most variable home loans, but 35 basis points for interest-only property investors.
3PW  FK 
12 days ago by lafgrp
US: rate cut signalling peppers WSJ pages [4JUN19]
QUOTE Trade Risks Prompt Predictions for Fed Rate Cuts: Economists are projecting that uncertainty created by the Trump administration’s actions on tariffs will prompt the Fed to cut rates later this year.

& QUOTE Low-Inflation Trap That Ensnared Japan and Europe Worries Fed
As the central bank kicks off a yearlong review, the Fed faces questions on how it should handle its 2% inflation target going forward.

& QUOTE Federal Reserve Bank of St. Louis President James Bullard said on Monday that a lowering of the central bank’s short-term rate target “may be warranted soon.”

& QUOTE Fed Official Urges Firms to Speed Shift From Libor
Randal Quarles, the Federal Reserve vice chairman in charge of financial regulation, urged companies and financial institutions Monday to speed up their preparations for a looming interest-rate shift.

Meanwhile...
QUOTE Australia Cuts Rates for the First Time in Nearly Three Years: Australia became the largest developed economy to cut interest rates in 2019, lowering borrowing costs for the first time in nearly three years to offset the effects of global trade tensions and a slowdown in China.
3PW  FK 
12 days ago by lafgrp
Europe: Merchants need to prepare for PSD2's SCA [4JUN19]
QUOTE within Europe we believe that 75% of merchants don’t implement 3DS today. We also believe that about a fifth of large issuers are taking a hard line in order to be compliant with the regulations and will decline all non-3DS transactions. Even where the issuer is taking a more subtle approach they will request step-up SCA on somewhere between 1 in 5 and 1 in 10 transactions. On top of this, if the merchant does not support 3DS and the issuer authorises anyway any fraud is the merchant’s responsibility: for non-complying merchants this is a lose-lose-lose proposition.
3PW  FK  F587 
12 days ago by lafgrp
Europe: e-commerce industry hopes for grace period for SCA [4JUN19]
Patrick Collison QUOTE The deadline is hurtling towards us in September and for those who aren’t prepared it is going to have a huge negative effect on conversion rates. It's going to require basically every European merchant to fundamentally restructure their checkout flow. It's almost certainly the largest migration that European online retailers have ever had to do.”

QUOTE Stripe and Worldpay are hoping to sell new services to retailers that help ease the transition. But as Stripe takes a portion of each transaction, it could also lose out if online commerce volumes take a hit.
3PW  FK  PDF 
12 days ago by lafgrp
US: FedEx to deliver 7 days a week to satisfy online shoppers [30MAY19]
QUOTE It was just last September that FedEx expanded to six days a week for most of the year, although it had previously run on some Saturdays and Sundays around Christmas. Company officials said FedEx will add year-round Sunday service in urban and suburban areas that account for the bulk of U.S. population.
3PW  FK  F587 
12 days ago by lafgrp
Weekly News Digest [31MAY19]
DH QUOTE With the latest wave of consolidation, we are rapidly approaching the point where a small handful of players control the majority of the acquiring and processing market. While scale and the associated cost savings are major driving factors, the big payments companies are also looking to provide a more comprehensive service across the entire payments value chain. This protects against fintech players who have carved out niches within the industry, reducing the revenue available to the traditional players."
1PW  FK  F586 
16 days ago by lafgrp
India: demand sputters for bank credit [31MAY19]
QUOTE Unlike China, India's economic growth has been driven by domestic consumption over the past 15 years. But data released over the past few months suggest that consumer spending is slowing. Sales of cars and SUVs have slumped to a seven-year low. Tractor, motorbike and scooter sales are down. Demand for bank credit has sputtered [and it is] no longer world's fastest-growing economy
3PW  FK 
16 days ago by lafgrp
Ireland: Permanent TSB fined €21m for tracker mortgage failures [30MAY19]
QUOTE affected over 2,000 of its tracker mortgage customers between August 2004 and October 2018....[Central bank] investigation found that PTSB denied its customers a tracker mortgage or did not put them on the correct tracker rate due to a number of failings. These included the failure to warn customers about the consequences of decisions they might make relating to their mortgage, operational and system failings and incorrect legal interpretation of contractual terms and conditions. 
3PW  FK 
17 days ago by lafgrp
US: Almost one in six adults missing a cr card payment this yr [29MAY19]
QUOTE More than 40 million Americans expect to miss a credit card payment due date this year, according to a recent survey by WalletHub. That’s 16 percent of all adults, and their average credit card debt per household is now more than $8,200.
3PW  FK  F586 
17 days ago by lafgrp
Australia: How Big Tech could hurt the Big Four [30MAY19]
QUOTE Morgan Stanley has calculated there is $22 billion of big [Aus] bank revenue that could be challenged by smartphone digital wallets from Google, Apple and [Samsung, eg]. [It] said that around 30% of Commonwealth Bank’s banking revenue, approximately $6.7 bn, could [go]. [A Pay app] allows [ppl] to link a whole suite of accounts and cards, but obviously CBA only offers CBA cards. [MS] warned that if people no longer had as much loyalty to their bank, which could also lead to less loyalty related to mortgages and other bank products.
3PW  FK 
17 days ago by lafgrp
US: Mastercard growth significantly outpacing S&P 500 [29MAY19]
QUOTE Increasing digitization of the global payment market, along with growth in India both mark significant opportunities for this company.
3PW  FK 
17 days ago by lafgrp
US: In contrast to Mastercard, Visa CEO sceptical on faster payments [29MAY19]
QUOTA Banks and governments around the world have invested in systems that seek to instantly transfer money between accounts, moves that could put pressure on the sprawling debit-card business at the world’s largest payments network. [But] “I’m not convinced that these are going to take off like crazy,” [Visa CEO] said ...“Does the consumer really need the funds that much faster?” In the U.S., an association known as The Clearing House - which is backed by the biggest banks, including JPMorgan Chase and Bank of America - has been promoting a real-time payments service it introduced in 2017. Adoption of the new technology has been slow and, in the meantime, the Federal Reserve has explored building its own system.
3PW  FK  F586 
17 days ago by lafgrp
UK: Challengers struggling to compete with Big Five banks on deposits [30MAY19]
QUOTE The report said this revealed the “widespread inertia among UK savers when it comes to shopping around”. [But] a 4,207 person survey accompanying the report found that four in 10 savers would be tempted to switch accounts if it offered an extra one percentage point on their savings.
3PW  FK  F586 
17 days ago by lafgrp
US: What’s behind the rise in credit card delinquencies? [14MAY19]
QUOTE The New York Fed did not speculate as to why delinquencies might be creeping up among older consumers. However, the agency did point to other research showing that older borrowers hold more debt, and more kinds of debt, than they did a decade ago. It could be that older Americans, especially those with lower income levels, are struggling to balance their financial obligations as they begin to age out of the workforce or take on increased medical expenses.
' ' Total credit card balances stood at $850 billion in the first quarter of 2019, representing an increase of $33 billion, or 3.6%, from the same quarter last year.
3PW  FK  F586 
17 days ago by lafgrp
US: Interest income pushes 1Q earnings up 9% to $61B: FDIC [29MAY19]
QUOTE Net charge-offs also increased in the first quarter by 5.5% to $12.7 billion compared to a year earlier mainly due to credit card losses. The net charge-off rate for credit cards has risen for eight of the past 10 quarters, the FDIC said.
3PW  FK  F586 
17 days ago by lafgrp
India: SBI sees opportunities in shadow loan crisis [29MAY19]
QUOTE India’s largest lender is hoping to capitalize on the country’s shadow banking crisis by building its mortgage and small business loan book as the non-banks are forced to pull back. State Bank of India, which is slowly emerging from a period of massive provisioning on loans to large corporates like Essar Steel India Ltd., sees opportunities in taking business from the shadow banks without creating new asset quality problems, according to Chairman Rajnish Kumar.
3PW  FK 
17 days ago by lafgrp
Turkey: Unpaid loan and credit card debts surge in 1Q19 [29MAY19]
QUOTE Banks Association of Turkey Risk Center announced that the number of retail customers with unpaid consumer loans or credit card debts has surged by 27 percent in the first quarter of 2019 compared to the same period last year.
3PW  FK  F586 
18 days ago by lafgrp
Singapore: How incumbent banks are preparing for competition, with help from regulator [2MAY19]
Sopnendu Mohanty, MAS' chief fintech officer QUOTE We decided to upgrade the ability of the existing players [via demands for core system upgrades, Cloud computing (DBS now 80% cloud) and fintech-style services such as P2P] and equip them so they can better compete in the market. As a public policymaker, we are working with banks to rationalise their costs, and create a level playing field for them to compete with non-regulated entities.”
3PW  FK  F581  PDF  F586 
18 days ago by lafgrp
S Africa: New merchant acquiring platform launched [28MAY19]
Namely QUOTE Crossfin Transactional Solutions (CTS), a payments and merchant acquiring solutions platform. The new platform brings together three local...PSPs: Innervation Pan African Payments, Emerge Mobile under the brand iKhokha and Sureswipe....The new consortium will have the scale to provide payment solutions to a broad spectrum of local retailers, from micro-merchants and informal traders through to larger retailers and franchises. It also provides merchants with a range of ancillary products, including: automated lending solutions tailored to cash flow requirements of various businesses; bespoke loyalty solutions; and a comprehensive suite of value-added services designed to drive customer engagement.
3PW  FK  F586 
18 days ago by lafgrp
S Africa: MTN to open 'market place' in step toward Africa's biggest bank goal [28MAY19]
QUOTE plans to build a “market place” app where customers will be able to buy everything from insurance to washing machines as it seeks to build its mobile money platform MoMo into Africa’s biggest bank ["looks like an effort to become the African Alipay" -RL]
3PW  FK 
18 days ago by lafgrp
Singapore: HSBC eyes Singapore expansion [29MAY19]
QUOTE It’s fair to say that our entire business in Singapore underperformed, and we haven’t hidden from that fact,” [Exec] told Reuters in a recent interview, referring to the bank’s retail banking and wealth management unit. “As we build Asia wealth ... there is a really significant opportunity in Singapore, not just onshore Singapore, but offshore Singapore,” he said, adding the bank expects the country to be a “growth engine” over the next few years....HSBC’s retail banking and wealth management division serves clients with less than $5 million of investable assets, while those with more than that threshold are taken up by the bank’s private banking unit....a large number of rich individuals in China, India and other Southeast Asian nations [are] looking for wealth management services in Singapore
3PW  FK  F581  F586 
18 days ago by lafgrp
US: CIti and rivals pulled out of Apple Card on fears it was money loser [28MAY19]
QUOTE Citigroup was in advanced negotiations with Apple for the card but [left it to Goldman] amid doubts that it could earn an acceptable profit on the partnership....Other banks, including J.P. Morgan Chase, Barclays and Synchrony, also bid on the business
3PW  FK  F586 
18 days ago by lafgrp
US: Takeaways from the Global Payments-TSYS merger [28MAY19]
QUOTE Payment processing as a standalone industry is already gone, as the FIS-Worldpay and Fiserv-First Data deals [also] attest. While these companies are quick to tout massive scale, they still have holes that keep them from serving their markets.

And they remain threatened by outside innovators.
3PW  FK  PDF  F586 
18 days ago by lafgrp
Global: Visa and Coinbase team up to create crypto-backed debit card [11APR19]
QUOTE To artificially speed up the transaction [as blockchain consensus that triggers approval notice to merchant could take an hour], the payment processor (Visa) will likely give instant approval and take on the liability if something goes wrong with the transaction. While [expert] does not believe there's a real market in the U.S. for retail purchases through...cryptocurrencies, she does think the Coinbase Card could see adoption in [eg] some African nations, China, Russia or Venezuela, where inflation is extremely high, consumers don't have bank accounts or where they're attempting hide their money from the government....[Also] the current bitcoin transaction fee is about $2.06. [FT's Izabella K comments QUOTE Cryptocurrency Visa card could open a back door for dirty money. Regulators must stand firm on anti-money laundering requirements"]
3PW  FK 
18 days ago by lafgrp
US: Global Payments and TSYS agree to $21.5bn merger [30MAY19]
Like Fiserv/FirstData and FIS/Worldpay this deal QUOTE is focused on creating a two-party platform that can serve both financial institutions and merchants.

Barclays analyst...wrote that he thinks the “mega-merger” makes sense for Global Payments and TSYS as it “creates a scaled acquirer with a stronger combined position in [SME]-focused integrated payments and e-commerce/omnichannel solutions”
3PW  FK  F586 
18 days ago by lafgrp
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