Part II: You, Me, and Everyone You Know – The Impact of FinCEN’s Beneficial Ownership Requirements

Payments
Part II: You, Me, and Everyone You Know – The Impact of FinCEN’s Beneficial Ownership Requirements
Payment Facilitator
Part II: You, Me, and Everyone You Know – The Impact of FinCEN’s Beneficial Ownership Requirements
In part I of this series, we discussed the impact of the beneficial ownership rule on banks and their payment facilitator relationships. In this installment we discuss how the beneficial ownership rules apply to a bank acting as an originating depository financial institution for Automated Clearing House (ACH) transactions and its relationships with Originators, Third-Party Service Providers, and Third-Party Senders.

Stripe Introduces Stripe Billing; Mastercard Foregoes Customer Signature: News Roundup

Payments
Stripe Introduces Stripe Billing; Mastercard Foregoes Customer Signature: News Roundup
Payment Facilitator
Stripe Introduces Stripe Billing; Mastercard Foregoes Customer Signature: News Roundup
Stripe introduces Stripe Billing to target the recurring business model specifically while Mastercard forgoes the customer signature on in-store purchases at US and Canadian merchant locations. And in other news, PayPal leads the rankings for mobile wallets while QR code adoption faces challenges in Europe and North America.

The Blockchain Future of Financial Services

Payments
The Blockchain Future of Financial Services
Payment Facilitator
The Blockchain Future of Financial Services
In the last 6 months, interest in the technology has exploded, with new announcements – and scandals – occurring almost every single day. We are at a point with blockchain that is very similar to the excitement that many experienced in the early days of the internet.

You, Me, and Everyone You Know – The Impact of FinCEN’s Beneficial Ownership Requirements

Payments
You, Me, and Everyone You Know – The Impact of FinCEN’s Beneficial Ownership Requirements
Payment Facilitator
You, Me, and Everyone You Know – The Impact of FinCEN’s Beneficial Ownership Requirements
If you’re a payment facilitator, how much do you currently know about the owners of your sub-merchant customers? If you’re a processor, how much do you know about the owners of your payment facilitator customer’s sub-merchant customers? And if you’re a bank, how much do you know about the owners of your processor customer’s payment facilitator customer’s sub-merchant customers (who are, technically, also your customers)?

QR Code Payments Drive Megabank Partnership in Japan

Payments
QR Code Payments Drive Megabank Partnership in Japan
Payment Facilitator
QR Code Payments Drive Megabank Partnership in Japan
Japan’s top three banks have come together to drive the push towards cashless. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Financial Group aim to unify a QR code specification in an effort to standardize a smart phone QR-based payment system across the participating banks.

Google Takes Mobile to New Markets; Paytm Rivals WhatsApp and Google: News Roundup

Payments
Google Takes Mobile to New Markets; Paytm Rivals WhatsApp and Google: News Roundup
Payment Facilitator
Google Takes Mobile to New Markets; Paytm Rivals WhatsApp and Google: News Roundup
Google has plans to expand its Tez mobile app into new markets while Paytm rivals both Google and WhatsApp with new payment app enhancements. And in other news, Visa pays out winnings to 50 small businesses in the Visa Cashless Challenge.