The regulatory environment for payments has become very active over the past few weeks, with proposed rules, congressional hearings, and even lawsuits. In this episode of the IPA Payments Pod, our CEO, Brian Tate, and our Government Relations Director, Grant Hannah, help to make sense of everything that has been happening.
There are proposed rules on transaction routing and advertising FDIC insurance. There is a lawsuit over interchange fees. And a major fintech was sanctioned in two states for its advertising. This is all just the tip of the iceberg.
To stay in the know, subscribe to our podcast and make sure to attend the IPA-member government relations calls. If you are not a member, visit www.ipa.org to learn how to join.
Ask anyone who the core audience is for digital banks, the answer will be “millennials,” “young people,” or some variation on that theme – basically “the kids!”
A study by MetaBank reveals that conventional wisdom is only partially right. The digital banking audience includes several groups of people, and there are opportunities for both traditional banks and the new generation of challenger banks.
In the latest episode of the IPA Payments Pod, we talk about the findings of the study with Whitney Woyke, senior vice president of partner engagement with MetaBank. We cover the main findings of the study, what they mean for banks looking for customers, and how the pandemic has shaped customer behavior.
Listeners can find the full study here: The Digital Migration: Growing Share of Banking ebook2 - Meta Payments
Whitney also moderated a panel about the future of banking as a service at the IPA’s virtual Innovative Payments conference on April 12. The panel included Alex Kostecki, co-founder and COO of Clair, Kelly Knutson, president of Netspend, Patrick Williams, vice president of emerging payment solutions and debit processing sales for Visa, and Jenny Johnston, head of bank partnerships for Modern Treasury. If you would like to purchase access to the full recording of the session, contact us at firstname.lastname@example.org.
What inspired you and/or your company to get involved with the Innovative Payments Association?
The Innovative Payments Association was always a valuable partner to us when I was part of the Money Network team, and I believe the IPA will continue to be an important partner as the early wage access space continues to evolve.
How does your membership in the IPA assist your professional and organizational goals?
The IPA provides an opportunity to engage with our peers in the payments space, which is great for sharing ideas, building relationships and pursuing common goals.
What future accomplishments do you hope to achieve with the IPA?
We look forward to working with the IPA to shape the conversation around early wage access and assure the value of this service to consumers is communicated effectively. It is also important that we continue to support the opportunity for prepaid programs, while developing the agenda around EWA.
How has your membership in the IPA most benefited you, and what are some of our events and resources that have proven most helpful?
We are just starting our membership with IPA as Instant, but during my time with Money Network, the IPA provided the insight and support necessary when we were managing through the challenges with the CFPB, Durbin, etc. I also have enjoyed the events hosted by the IPA and believe they are a valuable opportunity to engage with our peers in Fintech. I hope we can do them again live soon!
What specific efforts have you been most involved in, and what role have you played?
I enjoyed my time on the Board during my time at First Data/Fiserv, and I enjoyed the opportunity to meet with Legislators and their Staff. It was also pretty cool to be part of the committee that developed the new name of the association!
What’s one thing - either payments-related or not - you learned in the last month?
How much I enjoy being back in the business day to day! My time off was enjoyable, but true retirement doesn't seem to fit my personality.
Customer Disputes During COVID and Beyond: Ubiquity discusses setting up and managing dispute processes
As online shopping and remote payments grew over the past year, so did the number of customer disputes over payments. While many of the disputes were legitimate, some were fraudulent – either by people attempting to get out of paying for something they bought or by organized rings of criminals attempting to hack a company through social engineering.
In this episode, we talk about these problems and how payments companies can manage them with Corey Besaw, the banking operations president for Ubiquity.
He talks about best practices for handling disputes including:
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