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Florida becomes first state to adopt CCE’s financial literacy standards

The state of Florida recently became the only state in the U.S. to adopt standards for teaching students about personal finance based on the Council for Economic Education’s (CEE) National Standards for Financial Literacy. The move comes just one year after the Florida legislature adopted a measure to make financial education mandatory for... Read More...

Minnesota CU Network hosts elder financial abuse prevention training

The Minnesota Credit Union Network hosted more than 50 representatives from in-state credit unions last week during a forum aimed at providing training to staff on identifying and reporting instances of elder financial abuse and fraud. The credit union league said credit union staff are often the first to encounter, and therefore more likely to... Read More...

ControlScan, ProPay partner to provide PCI standards compliance solutions

ControlScan announced earlier this week that it has partnered with TSYS company ProPay to establish a comprehensive PCI program to help businesses navigate compliance with PCI DSS requirements. ControlScan and ProPay will, as part of their new partnership, provide a PCI self-assessment questionnaire that includes step-by-step instructions, a... Read More...

Visa opens One Market innovation center in San Francisco

Visa announced last week the launch of a large innovation center and office space in San Francisco that will provide Visa clients, partners and technology developers a combined space to develop new commerce applications. The 112,000 square foot innovation center is located at One Market Street in San Francisco, where it will be home to more... Read More...

Pew Trust hosts conference on USPS IG’s plan to offer financial services

The Pew Charitable Trusts hosted a conference on Wednesday to examine the effectiveness of a plan put forth by the U.S. Postal Service in January to offer financial services to underserved communities. Testifying at the hearing were representatives from the Credit Union National Association (CUNA), Consumer Bankers Association, Georgetown... Read More...

ISIS Mobile announces rebranding amid concerns from militant group

ISIS Mobile Wallet announced last week that it would rebrand, citing growing concerns regarding the use of the acronym by the militant group the Islamic State of Iraq and Syria. Michael Abbott, the CEO of Isis Mobile Wallet, said that while rebranding is not easy, it is the right decision for the company and its customers. “However... Read More...

Women 2.0, MasterCard to host networking events for women

MasterCard recently announced that it has partnered with the Women 2.0 media brand to offer networking events to connect and identify talent in the financial and technology industries in the U.S. and Europe. “Studies show that gender diversity is important for all companies, increasing performance, productivity, and innovation,” Andrea... Read More...

Banking trade groups voice concern over 1098 reporting requirements

In a letter to the Senate Finance Committee, several banking trade organizations wrote to lawmakers on Monday to express concern over new reporting rules requiring servicers to furnish additional information about mortgages on the IRS 1098 form. “Servicers do typically collect the information proposed to be reported when they ‘board’ new... Read More...

MasterCard acquires Pinpoint loyalty provider for Asia Pacific region

MasterCard announced last week that it has completed the acquisition of Pinpoint, an Australian loyalty and rewards services provider for the Asia Pacific region. According to MasterCard, the acquisition will strengthen its position as a customer loyalty and rewards provider. Pinpoint, which was founded in Sydney in 1984, offers a full site of... Read More...

Ingenico to expand e-commerce with acquisition of GlobalCollect

French payment terminal developer Ingenico announced on Wednesday that it has entered negotiations to acquire Amsterdam-based GlobalCollect for an estimated $1.1 billion. The company said the acquisition is part of its strategy to rebalance its footprint towards the North American market and to include cash collection and settlement... Read More...

Higher One adds Chinese yuan to international payments service offerings

Higher One, which provides financial services and analytics to universities across the country, recently anncounced the addition of the Chinese yuan to its international payments service, which is powered by the company’s partnership with Western Union. The addition of the yuan comes after other recent additions, including the Korean won... Read More...

CFPB accepting applications for Technology Innovation Fellows program

The CFPB recently began accepting applications for the next round of Technology & Innovation Fellows, a two-year program for software developers, graphic designers, cybersecurity professionals and data specialists interested in improving financial services and products for consumers. According to a CFPB blog post on Monday, the CFPB is... Read More...

TMG announces panelists for 2014 executive summit in Lake Tahoe

The Members Group (TMG) released an agenda last week for its 2014 TMG Executive Summit, which is scheduled to take place next month in Lake Tahoe, Calif. The theme of this year’s summit, which will be held July 14-16, is “People. Passion. Purpose.” On Monday, July 14, Olympic gold medalist John Naber will open the event with a... Read More...

Discover awarded 2014 Golden Trumpet award for financial education

The Publicity Club of Chicago awarded Discover with the 2014 Golden Trumpet achievement award for its $10 million investment in a financial education incentive called Pathway to Financial Success. Discover received the award at the club’s 55th annual Golden Trumpet Awards dinner gala at the Palmer House Hilton in Chicago. The award is... Read More...

Ingenico debuts redesigned logo, brand

Ingenico announced its rebranding on Wednesday, changing its corporate name to Ingenico Group, along with a redesigned logo by Unlimi-ted to reflect its history and evolution. "The Group’s rapid growth/evolution over the past few years has resulted in a fragmented brand architecture,” Ingenico CEO Philippe Lazare said. “With this new... Read More...

South Shore commuters now able to purchase tickets through free app

South Shore commuters in the Chicago area gained an easier way to purchase tickets with the introduction of the South Shore app, which was launched by mobile ticketing technology provider Bytemark on Monday. Operated by the Northern Indiana Commuter Transportation District (NICTD), which partnered with Bytemark to develop the app, the South... Read More...

Square to offer funding for businesses with Square Capital

Square expanded its reach last week with the launch of Square Capital, a new program aimed at helping businesses grow by providing them with a source of funding. Businesses enrolled in the program give up a set percentage of future daily card sales, in addition to normal processing fees, to pay towards their balance. Fees are adjusted to the... Read More...

Treasury’s financial education commission discusses financial security

The U.S. Treasury’s Financial Literacy and Education Commission held a public meeting last week to discuss ways to improve the financial capability and security of young Americans. The field hearing opened with remarks from Mary Miller, the undersecretary for domestic finance at the U.S. Treasury; Richard Cordray, the director of the CFPB;... Read More...

Checking accounts among most common caches for savings in U.S.

New research released last week by America Saves showed transaction-based checking accounts are becoming one of the most common places for U.S. consumers to put savings away. The research, conducted in March, polled more than 1,000 American Savers participants through direct email to provide insight into their savings attitudes and... Read More...

JPMorgan Chase, CFSI launch initiative to improve financial capability

JPMorgan Chase and the Center for Financial Services Innovation (CFSI) announced last week the launch of the Financial Solutions Lab, a $30 million, five-year initiative aimed at improving Americans’ financial capability. The lab will host a series of competitions for entrepreneurs over coming years to identify solutions to help consumers... Read More...

Report: Most fraud associated with purchase of cable services, apparel

Online payments provider 2Checkout announced on Tuesday the release of its first quarterly fraud report to track global payment scams, which found most fraud is associated with the purchase of television services and apparel. By category, which is based on a sample of approximately one million online payment transactions processed by... Read More...

ERPB forms working groups to handle SEPA transition issues

The Euro Retail Payments Board (ERPB), which replaced the SEPA Council established in Europe to oversee the effort to standardize cross-border euro payments, recently announced during its first meeting that it will form two temporary new working groups. The first group will focus on post-Single Euro Payments Area (SEPA) migration issues related... Read More...

Bank of America Merrill Lynch to participate in cross-border program

Bank of America Merill Lynch was recently tapped by Michigan-based TRW—one of the largest automotive suppliers in the world—in a cross-border cash management pilot program in China’s Shanghai Free Trade Zone (FTZ). BofA Merrill Lynch and TRW signed several agreements with foreign officials from the People’s Bank of China, Shanghai FTZ... Read More...

Millenials less knowledgeable about credit scores than older Americans

A recent survey released by the Consumer Federation of America (CFA) and VantageScore Solutions showed that millenials—young people ages 18-34—know less than other Americans about the use of credit scores. The report, which surveyed more than 1,000 consumers in April, showed that millenials know less about which businesses use credit scores... Read More...

EMERGE forum to be held next month in Los Angeles

The Center for Responsible Lending and “American Banker” will sponsor the ninth annual EMERGE: The Forum on Consumer Financial Services Innovation from June 4-6 in Los Angeles. The event, which brings together experts and representatives from various sectors in the financial services industry, features technologies aimed at improving the... Read More...

Core Innovation Capital announces finalists in innovation challenge

Core Innovation Capital announced on Wednesday the four finalists of the fourth annual Core Innovators Challenge that will compete in a live demo format for a $10,000 prize. “Core is committed to finding and funding the innovators building successful, scalable solutions that meet the financial needs of the Emerging Middle Class,” Core... Read More...

Western Union Foundation commits $2 million to support education

The Western Union Foundation announced on Wednesday that it would commit approximately $2 million in the first quarter to nonprofit and non-governmental organizations to support education programs that provide financial and economic opportunities for communities around the world. The grants, issued through Western Union Foundation’s... Read More...

MasterCard launches European startup acceleration program

MasterCard recently launched a program to help accelerate European startup companies through support, mentorship and networking opportunities. “Start Path is another great way that MasterCard is showing continued commitment to innovation,” Stephane Wyper, the global lead of Start Path at MasterCard, said. “The future of commerce will be... Read More...

CBA banks to offer benefits to seniors during Older Americans Month

Several U.S. banks, as members of the Consumer Bankers Association, will offer a number of programs and benefits including financial education, free checking and volunteer events to seniors this month, which is recognized as Older Americans Month. Citizens Bank offers a webpage of resources and tools to help senior citizens and their families... Read More...

PayPal launches first people-centric global brand campaign

PayPal launched its first-ever global brand campaign last week—“Powering the People Economy”—for television, print, digital and in-store channels aimed at encouraging consumers to think about how they use money. Developed by Havas Worldwide, the brand campaign will feature television spots that will first appear in the U.S., U.K.,... Read More...

Worldpay expands with Cobre Bem Tecnologia acquisition

Worldpay announced on Thursday that it has expanded its reach to Latin America with the acquisition of payments solutions provider Cobre Bem Tecnologia, which offers a single access point to local payment methods. “The acquisition of Cobre Bem underlines our commitment to offering our customers maximum global reach through a single technical... Read More...

Witnesses testify on importance of technology in teaching financial skills

Witnesses testified before a House subcommittee on Wednesday on the importance of technology in reaching out to and teaching American youth financial management skills. The hearing, held by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, focused on the impact of the technology to improve financial... Read More...

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