BANKS/BANKING
US regulators turn attention to pre-paid money laundering threat. In a bid to tackle money laundering and terrorist financing, the US Financial Crimes Enforcement Network (FinCEN) has proposed new rules to tighten regulatory control of non-bank pre-paid devices. The changes would “impose obligations on the party within any given pre-paid access transaction chain with predominant oversight and control, as well as others who might be in a position to provide meaningful information to regulators and law enforcement, such as prepaid access sellers”.
PREPAID/DEBIT CARDS
MasterCard Launches Online Bill Pay Service Prepaid Enables Issuers, Program Managers to Offer Pay-Anyone Capabilities. MasterCard Worldwide has announced a new bill pay service for MasterCard prepaid card issuers and program managers, and their cardholders. This new service leverages the capabilities of payment platform and services provider Aliaswire, combined with bill payment solutions of MasterCard RPPS, to offer MasterCard prepaid partners a feature-rich bill payment service that integrates with their prepaid card program, and enables MasterCard prepaid cardholders to pay bills online or via telephone.
AccountNow Offers New Visa Prepaid Card New AccountNow Gold Card Provides Extras. The AccountNow Gold Visa Prepaid Card lets cardholders borrow money with the iAdvance line of credit from MetaBank and build credit history. AccountNow Gold cardholders who enroll in Direct Deposit receive higher limits on all deposits and withdrawals. Gold Card customers also receive VIP customer service, and free online bill pay. There’s no monthly fee when $3,000 or more in deposits is placed on a card during a month.
Understanding Restricted Authorization Networks Cards Between Closed and Open Loop. Prepaid cards have long been divided into two types: open-loop cards accepted wherever their network brand (e.g. Visa, MasterCard, American Express, Discover) is honored and closed-loop cards accepted only by the issuing merchant. Not anymore. Restricted Authorization Networks (RAN) are quickly changing the traditional prepaid landscape and bridging the gap between open and closed loop cards.
Gift Cards Hit Facebook Platform Transaction Wireless Launches New Solution. Transaction Wireless, a provider of virtual and mobile gift cards, has launched a new gift card solution for social gifting. TW’s gift card “store” built on Facebook Platform allows friends – especially ones who routinely count on Facebook’s birthday reminders – to create customizable messages with instant delivery or a time-select option to arrive during a party, event or other special occasion. The card is delivered directly to the mobile phone and an email address for printing options.
