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New rule on mobile ACH payments in US

October 6, 2010 by Leave a Comment

An important step in standardizing mobile payments in the U.S.
Pseudo regulations/standards action like this tend to legitimize an emerging tech trend – in this case, mobile ACH.

US electronic payments association NACHA has approved a new rule on mobile ACH payments as part of the NACHA Operating Rules.
http://linkd.in/dpI3Fj

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Filed Under: mobile applications, mobile banking, mobile commerce, Mobile Industry Issues, mobile payments, standards Tagged With: , , , , ,

ClairMail’s New Bet – $13.8Mil

October 5, 2010 by 1 Comment

Mobiile banking company ClairMail raises another $13.8Mil bringing the total funds raised to date to about $34.1Mil. Lead by CEO Pete Daffern who, in just under 2 years,  has put this phoenix on a solid growth path. The company has posted a 300 percent year-over-year increase in revenue for the second quarter ending June 2010. Since taking the helm in January of 2009, Daffern has overhauled the company’s product portfolio, cost and revenue structure.

Darffern is a smart, pragmatic CEO who has revamped the ClairMail product portfolio from a niche interactive text messaging solution for banks into a mobile & payments banking platform known as the Mobile Connectivity Architecture (MCA). The platform is designed to be an extensible fit across multiple systems and lines of business at a financial institution.

With few exceptions, banks have found that new revenue streams or channel cost reductions from first generation mobile banking solutions to be largely elusive. Institutional leaders will be those that harness a consumer triple play convergence (acquisition, retention, conversation) and cross-product, cross-channel orchestration. And that is ClairMail’s bet.

Clairmail’s primary competitors include specialist firms like: mFoundry,  MCom, Firethorn, Mshift, Access Softek, and incumbent bank technology suppliers including Fiserv, Sybase, First Data, S1, Jack Henry, InfoSys and IBM.

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The Future of Payments

September 29, 2010 by Leave a Comment
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Two questions are posed on LinkedIn about the future of payments.

They are;
1. Will alternative payments ever take over the majority of payment transactions? Alternative in my mind means phone companies, cash alternatives or any other form of payment which bypass MC and V.
2. Will MC and V issuers have to rethink what they charge as interchange fees?

I though i would share my comment and i am anxious to here your thoughts.

Clearly alternative payment mechanism will continue to gain share. That said its likely to be a very long time before there is significant cannibalization of plastic transactions, expect in emerging economies where plastic penetration is low today anyways.

As you might expect MC, Visa and Amex have significant vested interesta to get on the offense here on several fronts. They include; the slow death of the four party model, the VC $$ being thrown into alternative payment models like mobile, regional interchange pressures from regulatory in Europe and elsewhere, PayPal and of course thee telco’s.

In direct answer to your 1st question, alternative payment systems will not completely supplant incumbent payment systems in our life time and 2 – MC/VISA/AMEX all need to re-think interchange

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