hyperWALLET news! We’ve submitted a provisional patent which reads in part: The innovation can help financial services companies and multi-nationals send money globally in a low-cost, low hassle manner, and in accordance with anti-money laundering and anti-terrorist financing best practices.    The software behind the patent permits a person to receive funds electronically without having to [...]

Over the past decade, United Nations resolutions and domestic equivalents designed to combat crime and terrorism have imposed an increasing operational burden on the financial services industry.  Sanctioned Individual and Sanction Entity list screening have become a standard operational protocol at financial institutions and money services companies. Financial Institutions rely on proprietary datasets drawn from [...]

Also a final whine about TD declining my card. Canada rolled out chip+pin for our national debit scheme in 2010 and we’ve all just about gotten the hang of it at the POS now, even cranially-challenged consumers like me. chiping+Pining debit purchases wasn’t a huge leap since Canadians have been swiping+PINing our debit cards for [...]

According to the CIA Factbook, the world’s 2010 GDP is estimated at 75 Trillion dollars. According to the Boston Consulting group, the global payments industry is approaching 500B in revenue. According to my math, this implies that payments industry’s revenues alone represents a 0.67% tax on human effort.               If payments [...]

I like QR codes. They are so contra! I like QR codes and I have since the first time I saw one and wasted 2.3 hours figuring out how to scan it with my iphone 1. Since then @ hyperWALLET we’ve used QR codes as a training ground for rookie software developers and business analysts [...]

A free idea for some new Y-combinator payments startup The market needs a simple application service on top of recurring ACH debits (which are called PADs here in Canada). It would be a money maker for the banks, a boon for billers, and put control and transparency back in the hands of consumers. If you [...]

In November 2010 hyperWALLET launched an SMS-based remittance service called hyperREMIT for the Canada–>Philippines corridor that I’m really excited about. I’m excited about it for a number of reasons: 1) The fee model is good for the world. The total cost to send $200 is $8. That includes the fixed $6 fee and 1% fx [...]

The world is still a big place and thankfully we’re not all the same (yet). I was recently in Singapore where there are some unique cross-border trade challenges for payment service providers, but this entry is an update from the last stop on my trip: Australia.  Just last week it was publicly reported that there [...]

Why Such long long faces, payments peoples? I’ve been reading some January ‘Predictions for 2011′ payments blogs and the general vibe is not overly optimistic.  Tom Noyes at FinVentures  notes a “tough start” for mobile payments, citing service discontinuations (Firethorn) and CEO succession (Obopay) on the back of disappointing revenue growth and inscrutable value props. [...]

Electronic Services and Mobile Money initiatives have the potential to drive prices that remittors pay way down, but that potential has not been realized yet. On Septebmer 27th the Washington Post ran an article which began: “The Obama administration wants to require U.S. banks to report all electronic money transfers into and out of the [...]