TLPA Annual Convention 2014

This month, the WaveCrest team attended the Taxicab, Limousine, and Paratransit Association (TLPA)’s Annual Convention and Trade Show in San Antonio to learn more about the industry and present its new payments solution for fleet owners, the MyFare Card. The card is designed specifically for the taxi and limo industry as a way to pay drivers more quickly and efficiently while also saving the company money. The conference featured a number of roundtable and breakout sessions focused on best practices, innovations in operations and the competitive landscape due to on-demand cars services like Uber and Lyft.

Perhaps one of the biggest announcements coming out of the conference was the merger between Creative Mobile Technologies, LLC (CMT) and Mobile Knowledge Systems, Inc. to form what is now considered the largest taxi and for-hire vehicle technology company in the world. Under the deal with CMT, the leading taxi technology provider in the U.S., Mobile Knowledge, the leading Canadian-based for-hire-vehicle dispatch, will continue to oversee support for its customers as part of the CMT corporate network, which includes media, investment, and international subsidiaries. Together, the companies will operate in more than 150 cities and 10 countries throughout the world.

Though the two companies have been strategic partners since 2005, this official merger is testament to the fact that it is an exciting time to be in the transportation industry. Consolidating the talents of these two companies under one roof will help to streamline taxi technology solutions worldwide, proving that streamlined and efficient offerings, like MyFare Card, will be essential to conducting business in the industry.

Strengthening future delivery – FSC publishes its Strategic Plan

Date: 14th October 2014

FSC logo

The Gibraltar Financial Services Commission (“FSC”) has today published its 2014-2017 Strategic Plan. This was recently approved by the Board of the FSC and sets out the FSC’s approach to the delivery of its vision. The plan includes the FSC’s strategic objectives and priorities for the next 3 years alongside a high-level delivery plan and business change programme for the period 2014-2017. The plan has today been launched at a meeting of the Finance Centre Council.

FSC Chairman, John Tattersall said “The context for the plan is a fast developing and moving environment, where international and European standard setting bodies, the financial services industry and other stakeholders, are setting future challenges the FSC needs to be well positioned to meet. The plan the FSC Board has approved will ensure that the FSC remains ahead of the curve in its delivery of effective and efficient regulation against the backdrop set by these challenges.”

FSC CEO, Samantha Barrass said “Underpinning our 3-year programme is a focus on strengthening our operational delivery of effective regulation against a background of multiple challenges. In particular, we will enhance our ability to mitigate unacceptable risks and improve the way we do business with reputable firms. A priority will be a focus on firms’ authorisation experience. The plan includes a reorganisation of the FSC which will support efficient and effective operational delivery of our remit. This includes further strengthening at the senior staff level and further investment in recruiting strong industry experience.”

Gibraltar based FSC Commission member, Bruno Callaghan said “This plan is good news for firms choosing to locate in Gibraltar. The FSC is focused on a significant gearing up in order for firms’ regulatory experience to be as straightforward as possible whilst delivering international standards of oversight to ensure Gibraltar remains a jurisdiction of choice for new firms.”

A copy of the Strategic Plan can be found on the FSC website www.fsc.gi. The FSC’s new structure will be published shortly.

Notes for Editors

  1. The FSC will run a series of “Roadshows” with industry associations to communicate and engage with firms, providing an opportunity to ask questions and find out more about all elements of the FSC’s Strategic Plan.
  2. The FSC is the regulator of the Gibraltar financial services market, regulating providers of financial services conducted in both Gibraltar and other jurisdictions. The FSC’s vision is to be recognised by our stakeholders as the model international financial services regulator and its mission is to provide financial services regulation in an effective and efficient manner in order to promote good business, protect the public from financial loss and enhance Gibraltar’s reputation as a quality financial centre. The regulatory objectives underpin the vision and mission statement. Namely, these are the promotion of market confidence; the reduction of systemic risk; the promotion of public awareness; the protection of the good reputation of Gibraltar; the protection of consumers and the reduction of financial crime.
  3. Contact details as follows: Bethan Perera, Manager, Strategy and Communications. press.office@fsc.gi. Financial Services Commission, PO Box 940, Suite 3, Atlantic Suites, Europort Avenue, Gibraltar. Tel: +350 200 40283, Fax: +350 200 40282.

ACI Prepaid Card Compliance Conference Highlights Three Important Considerations that Your Payments Providers Should be Making to Create Successful Payments Programs

The American Conference Institute (ACI) hosted its 10th National Forum on Prepaid Card Compliance last week in Chicago, bringing together a faculty of regulatory and enforcement officials, compliance experts, and outside counsel specializing in prepaid card regulatory compliance, to discuss the legal and regulatory challenges faced by the industry. Our own CCO David Wilford was invited to attend the conference and spoke about the legal and regulatory considerations for international payments programs. With laws regarding prepaid changing so rapidly, these are the three key topics that were discussed at this year’s conference that your payments provider’s in-house counsel should be cognizant of in order to create a successful payments program:

  1. Third-party risk management: With third-party oversight remaining a big concern, it is important to choose a payments provider that will manage your business’ third-party risk, ensuring that it aligns with your compliance program. Ongoing due diligence procedures are imperative to mitigating third-party risk and staying compliant with new rules and regulations as they come into place.
  2. Federal and state regulatory conditions: Industry leaders need to understand the impact of these evolving conditions and be on top of new and emerging issues. This is especially important for designing an international payments program where regulations may differ from country to country.
  3. New and emerging payments programs: With technology changing so quickly,it is going to be increasingly important to understand how new payments programs will fit into the big picture. Many of these new payment technologies will have the potential to become attractive forms of revenue but they are also riddled with regulatory, compliance, and security uncertainties.

WaveCrest is participating at the TLPA Annual Convention from 15-17 October 2014, held in San Antonio, Texas

Meet the WaveCrest team at the TLPA (Taxi, Limousine & Paratransit Association) Annual Convention 2014, held at Henry B. Gonzalez Convention Center, in San Antonio, Texas from 15-17 October 2014.

Interact with Jeremy Gies, Philip Lugo and Lance Taschner at Booth number 603 to know how WaveCrest is enabling Fleet and Transport companies with innovative, robust and profitable prepaid card based payment solutions.

TLPAAC14_booth1

WaveCrest Launches MyChoice Global Payments Solution

Customisable Prepaid Debit Card Streamlines Business Payments Securely and Efficiently

FARNBOROUGH, England – October 14, 2014WaveCrest Group Limited, a multi-currency digital payments provider, today unveiled MyChoice, the first global payments programme featuring a prepaid debit card for European businesses of all sizes. With a fully integrated approach to issuing, processing and programme management, MyChoice prepaid debit cards allow businesses to streamline commission, business, incentive, reimbursement and travel payments and control expenditures with enhanced convenience, flexibility, and security.

MyChoice provides a unique offering for businesses with 1 to 1,000+ payees, giving them the ability to create programmes for any payments scenario, with turnkey offerings available as quickly as 72 hours from setup, or fully branded and customised programmes for any payment need.

“WaveCrest built a fully integrated payments platform for complex business solutions and now the same robust platform is available for businesses of all sizes,” said Miles Paschini, WaveCrest Group president. “MyChoice is a simple to use and secure corporate payment solution available to small to medium enterprises in a turnkey package and can easily and quickly be customised for large enterprises. We have changed the way businesses can manage a variety of payments in a very positive way and we are excited to make MyChoice available to our corporate customers.”

Today, many small and medium enterprises (SMEs) rely on manual processes to pay supplier invoices and other business expenses, but these cumbersome payments processes require a high volume of paper cheques, expensive ACH payments, and a high potential for loss and fraud. With SMEs accounting for more than 99 percent of all European businesses, MyChoice provides the opportunity to capitalize on the rapidly evolving EU payments landscape, where prepaid is recognized as the fastest growing payments segment.

MyChoice is one of the most cost-effective and efficient payments solutions available. Businesses can transform their payments process with:
• Reduced payment costs: with fewer paper and postage expenses, and eliminate the cost of reissuing lost and stolen cheques
• Improved end-user experience: thanks to more timely payments regardless of the cardholder’s banking relationship, with funds available right away and in multiple currencies, and access to cash at more than 1 million ATMs
• Web-based administration: easy to use website allows businesses to make funds available to payees within minutes of payment confirmation
• Enhanced reporting and better compliance: businesses can track and manage expenses through a convenient online console

“WaveCrest has an extensive understanding of the industry, which allows us to setup the most efficient and secure payments programs for businesses,” said Nitin Agarwal, WaveCrest Group’s head of product solutions and marketing. “Payment programs are usually complex, and we use our payments experience to ask all the right questions, ensuring we are offering programs that work best for each of our clients.”

About WaveCrest
WaveCrest provides award-winning digital payment solutions to corporations and governments worldwide. Programmes include business-to-business payouts, employee, student and taxpayer disbursements, mobile wallets, prepaid cards, lottery payments, pre-defined and custom offerings. WaveCrest Holdings Limited in Europe is a regulated e-money issuer and a principal member of MasterCard and Visa EU. WaveCrest Payment Services of the Americas, Inc. is a FinCEN-registered prepaid access provider, and an issuer of Discover Network prepaid cards.” Visit us at www.WaveCrest.gi.

Contacts

Media
Tara Strazdas
+1-732-275-7732
tara@fletchergroupllc.com

WaveCrest Group
Nigel Godolphin, Director Business Development
+44-(0)-1252-302333
nigel.godolphin@wavecrest.gi