Links in “Payment Systems”
- New Payment Exchange Means Real-Time Payments to Recipients
Six large banks (Bank of America, BB&T, Capital One, JP Morgan Chase, U.S. Bank, and Wells Fargo) have announced the formation of a secure, real-time payments network that will be open to credit unions and banks of all sizes. By combining their collective digital payment network, clearXchange, and their fraud risk and authentication assets, Early Warning, the network will allow payments to any recipient to be available immediately. [10/27/15]
- CFPB, DOD Threaten Small Dollar Loans
According to NCUA Chair Debbie Matz, new regulations proposed by the CFPB and Department of Defense could put at risk credit unionsâ ability to offer members small, reasonably priced loans as alternatives to payday loans. The DOD proposal, for example, would cap the loan rate at 36% including fees, which would cause many credit union loan rates to exceed the cap. [5/7/15]
- Risk Watch 49: PCI Council Updates PIN Security Requirements
Personal identification numbers, or PINs, continue to be a target for criminals. The Payment Card Industry (PCI) Security Standards Council has released an updated version of the PIN Security Requirements to enhance usability and understanding by stating the requirements in a more granular manner. In this video, AffirmXâs CIO Dennis Agle highlights the requirements important to financial institutions. [12/13/15]
- Kelly Making Immediate Departure as CEO of PSCU
Mike Kelly has left his position as CEO of Payment Systems for Credit Unions (PSCU), a nationwide payment systems provider, effective immediately. PSCU is not commenting on the reason for Kellyâs abrupt departure, but stated that the COO, Tom Gandre, will be stepping in as interim CEO during the search for a new executive. [2/10/15]
- ABA Supports Same-Day ACH, with Conditions
The conditions include adequate consumer protection, securing the integrity of the payment system, a level playing field for all parties, and provisions to allow for market forces to drive the evolution of the payment system. [2/5/15]
- Payment Systems You Need to Watch in 2015
Alternate payment system options are expanding rapidly. You need to consider how systems like Bitcoin and MCX/CurrentC may affect your debit card products. [2/4/15]
- Fed Unveils Strategies for U.S. Payment System Improvements
In a paper released yesterday, the Federal Reserve Board identified its strategies for balancing the changing technology landscape with the evolving data security threat. [1/27/15]
- Amazon Pilot Reveals CU Challenges
Amazonâs Credit Card Marketplace, a new credit card application portal, is seeing low success rates from the credit unions participating in its pilot program. Two possible reasons have been identified:  1) Credit unions are putting up too many barriers between the âApply Nowâ button and the card approval, and 2) The fact that many of the applicants who persisted through the approval process didnât meet underwriting standards. [1/9/15]
- Three Contenders for Faster Payment Systems
The race is on between NACHA's same-day plan, The Clearing House's real-time plan, and the Fed Reserve's plan. [12/22/14]
- Apple Pay Gaining in Credit Unions
And now the number is up to four. Joining Navy Federal Credit Union and Americaâs First Credit Union are UW CU in Madison, WI, and L&N FCU in Louisville, KY. Experts predict that there will be hundreds of credit unions offering Apple Pay by the end of the first quarter in 2015. [12/8/14]
