What credit unions need to know about biometric payment cards

first_img 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr U.S. credit unions continue to be on the forefront of payments evolution. In January, Visa announced it would begin testing a fingerprint-enabled credit card in the United States with Utah-based Mountain America Credit Union. Until now, testing of similar platforms has mainly occurred outside the country and with large banks. MasterCard, which piloted its biometric card with Absa Bank in South Africa, says it will be ready to roll the cards out in the U.S. by April 2019.What do Visa’s domestic testing and MasterCard’s newly announced timeline tell us about the near-term future of biometric payments? We asked CO-OP Product Manager Chole Casber for his insight…What kind of impact could a fingerprint-enabled payments card bring to the market?The most important benefit credit unions and their members could see from the introduction of a biometric payment mechanism like the ones Visa and MasterCard are testing is a potential reduction in fraud. Biometrics tend to be more secure than a PIN or signature. A PIN can be forgotten (or stolen), and a signature provides minimal fraud protection in-and-of itself. The lack of confidence in signatures can be seen in the recent decisions of major issuers to do away with signatures at the POS completely. continue reading »last_img read more

FIFA crisis sees governing body record £67million losses

first_img 1 Getty FIFA’s crisis has caused a serious financial blow for the organisation which has suffered a £67million financial loss in 2015, it can be revealed.A drop in income after sponsors – and huge legal bills following the corruption scandal – has seen the world governing body hit hard in the pocket. FIFA’s executive committee members were told on Wednesday the losses for the year totalled 103m Swiss francs, according to insiders. It is the first time the body has reported a loss since 2001.FIFA has so far been unable to replace top tier partners Emirates and Sony – plus second tier sponsors Castrol, Continental, Johnson & Johnson – due to its toxic brand.The revelation of the deficit will put pressure on FIFA’s ExCo members to vote for proposed reforms at its meeting on Thursday in order to attract new sponsors. The organisation has already made significant savings to reduce the level of the deficit.FIFA’s income always drops in the year after World Cups but it has always previously managed to make a surplus – in 2011 it made a £24million profit which was added to its reserves which currently total around £1billion.The legal bills are also significant – suspended president Sepp Blatter brought in a team of American lawyers after the US justice department announced its indictments of 18 officials on football-related corruption charges in May. Blatter and other senior FIFA executives are also believed to be under investigation by the FBI.FIFA’s last annual deficit came in 2001 when the bankruptcy of its marketing partner ISL saw the world governing body end the year in the red and forced to take out a £118million bridging loan.The proposed reforms to be voted on at FIFA’s ExCo meeting on Thursday include 12-year term limits for the president and ExCo members, financial transparency including the salary paid to the president and senior officials, plus some independent members sitting on the ruling committee.Michel D’Hooghe, the Belgian who is the FIFA ExCo’s longest-serving member, said that the future of the organisation depended on the reforms being passed.D’Hooghe said: “Don’t think that FIFA is dead. I have the assurance that if FIFA and the Congress can accept the reforms then FIFA has a good future. But we must know that this is a deep crisis, we must accept that and approach that with great humility.“This is a difficult moment financially but the expectations are good I’m sure in the longer term FIFA will overcome that.”last_img read more