Links in “Payment Systems”

Cordray tells bankers to bow to the inevitable and build a payment system with faster or even real-time payments. [11/24/14]

The good news is that hundreds of credit unions are in the queue to go live with Apple Pay. The bad news is that only Navy Federal is live now and the others don’t know when they’ll go live. PSCU reports that they may have a couple of member credit unions that may be on board in early December. For the others, it’s a waiting game. [11/18/14]

The proposed rule on prepaid accounts just issued by the CFPB has been expanded from the 2012 proposed rule to include a wider range of accounts.  In addition to the use-anywhere prepaid cards, the proposed rule also covers such things as campus cards used for financial aid disbursements, some government-benefits cards, tax-refund cards, and prepaid cards that some companies use to pay employees. CFPB Director Richard Cordray added that prepaid accounts are more than just cards and include other types of accounts, such as PayPal, Google Wallet and possibly certain mobile payment plans. [11/14/14]

After receiving only three comments regarding its proposed policy on payment system risk, the Federal Reserve Board is adopting the policy as it was proposed with an overall effective date of December 31, 2014. [11/13/14]

This Friday, NAFCU is hosting a free webcast with Mastercard Vice President of Emerging Payments Rita Ramirez who will be discussing Apple Pay and other new consumer payment technologies. The one-hour webcast, which will begin at 2:00 pm EST on the 14^th, is open to both members and nonmembers. [11/10/14]

According to NCUA Vice Chair Risk Metsger, more than two-thirds of the financial institutions that have signed up for Apple Pay are credit unions. Consumers can use the new mobile pay app at over 220,000 retail locations. [10/21/14]

Apple’s mobile payment service, Apple Pay, will be launched on Monday. According to CEO Tim Cook, 500 banks have already partnered with Apple to offer the service and it will be available in 220,000 merchant locations. [10/17/14]

Once making a mobile payment becomes faster than using a credit card, it will reach its tipping point to widespread adoption. The use of biometrics, such as fingerprints or voice authentication, is the key to that speed. And it'll be here sooner than you think. [10/10/14]

Capital One's Wallet for Apple devices doesn't use a PIN or even Apple's fingerprint scanner, but uses customer swipe patterns to gain access to their key information. [10/2/14]

Apple has set itself up for success with its long-awaited entrance into the mobile payments field by making transactions secure, private and frictionless. Here's how. [9/15/14]