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He explains:  “there are hundreds of mobile payment solutions on the market.  Most of them are IT-based.  Very few are Telco-based.  Siemens CMT is convinced that, in order to fully benefit from a mobile payment solution, a carrier-grade solution like walletXpress is a must.  The system has to be reliable, secure and scalable enough to meet today’s needs and take advantage of tomorrow’s opportunities!”

No big investments needed According to Dr Prato, to deploy mobile payment, no big investments are needed:  “You can start small and grow big while rolling out new services. There is no need to replace or upgrade your expensive hardware. However, what you really need is to partner with tier-1 suppliers like Siemens CMT, who were around yesterday, are around today and will be around and available tomorrow.”

The evolution of mobile payment Dr Prato is one the headline speakers at Mobile Money Global, with a presentation on “The Evolution of Mobile Payment on one platform”.  He says:  “over the last years there have been several attempts to deploy mobile payment solutions. Some of them are quite successful, while many others have failed.  A lot of them have failed because of technical issues, such as a lack of stability, performance, scalability, and security.  Many others have failed because huge investments have been made up front, with weak business models behind them to justify the investments.”

He continues:  “while technical issues are being solved now by choosing more reliable and better performing systems like walletXpress, the ones with a weak business model behind them have not been solved yet.  In fact, over the years we all have realised that there is no reasonable killer business model and no deployment that can be easily replicated in other countries.”

About Siemens CMT
Siemens CMT (Communications, Media and Technology) is the global partner for communication and media demands within a broad range of market segments. CMT provides its customers with innovative products, turnkey solutions, and services in the fields of communication networks, service and customer management, public security, multi-media infotainment, and aerospace technology.  CMT is a unit of Siemens Austria located in Vienna with representation in CEE, Germany, India and China. Its presence in emerging and mature markets, together with a powerful network of partners, provides a strong basis for activities in more than 70 countries all over the world.
For more information, go to www.siemens.at/cmt

Contact: Dr. Francesco Prato francesco.prato@siemens.com www.siemens.at/walletXpress
Event dates:   Pre-conference Mobile Money Academy Workshop:  31 October 2011 Post-conference Mobile Money Academy Workshop: 3 November 2011 Conference:  1-2 November 2011 Website:  www.mobile-money-transfer.com/global Location:  Intercontinental Hotel, Festival City, Dubai

Mobile Money Global forms part of the Connected World Forum, which also includes the events, Mobile Life and Mobile Health.  www.connectedworldforum.com
For more information, interviews and media accreditation: Communications manager:  Annemarie Roodbol Tel.  +27 21 700 3558       Fax.  +27 21 700 3501    Mobile: +27 82 562 7844 Email:  annemarie.roodbol@clarionevents.com

Furthering the U.S. Department of the Treasury’s efforts to address the potential misuse of prepaid access products, the Financial Crimes Enforcement Network (FinCEN) today proposed adding certain tangible prepaid access devices to the list of monetary instruments to be reported when transported into or out of the United States. FinCEN’s proposal would add devices such as general use prepaid cards, certain gift cards, and potentially cell phones to the list of other monetary instruments that must be aggregated to determine if they exceed more than $10,000 and included on the Currency and Monetary Instrument Report(CMIR), the form used to report international transport of funds at U.S. borders. The proposal is intended to address certain devices that can be used as a substitute for currency, as they provide access to funds by any bearer of the device. This product attribute, as FinCEN’s cooperation and consultation with law enforcement has indicated, may enable the anonymous transfer or concealed transport of illicit funds across the U.S. border.

Excluded from the proposal are credit cards and debit cards, and codes and personal identification numbers or items like computers or web enabled cell phones, or other devices that are not dedicated to accessing specific prepaid funds.

“The proposal we’re releasing today is a further step in our staged approach, building upon our newly implemented regulations of prepaid access, in a coordinated effort with law enforcement to shine a light on the transfer of money obtained through illicit activity,” said FinCEN Director James H. Freis, Jr. “Reporting tangible prepaid access devices puts another tool at the disposal of law enforcement to interrupt the transfer of monetary value anonymously across international borders when that value was obtained illegally.”

Current regulations require that a CMIR be filed regarding the international transportation, mail, or shipment of currency or other monetary instruments – defined as coin or currency, traveler’s checks, checks, promissory notes, money orders in bearer form, and bearer bonds among others – in an aggregate amount that exceeds $10,000. FinCEN’s proposal will update U.S. reporting requirements, which have been in place since the 1970s, to reflect the emergence of new payment methods and monetary instruments that could be used to facilitate illicit financial activity.

While FinCEN was already developing regulatory proposals in this area, the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 required the issuance of regulations in final form implementing the BSA, regarding the sale, issuance, redemption, or international transport of stored value, including stored value cards. FinCEN defined prepaid access and included new regulatory requirements in July 2011, expanding beyond the previous framework for certain products known as “stored value.”

FinCEN Form 105, Currency and Monetary Instrument Report (CMIR)

Understanding we will never return to ‘business as usual’ 23 thinkers, advisors and Wall Street money-men break their silence and explain how the world really works.

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editor@dgcmagazine.com

Seriously though Panama Cities Diablo Rojo are horrible. The reason they are called Diablo Rojo (Red Devils) is because they are so dangerous. They cause 1000′s of accidents each year. When they race each other to the next bus stop to beat the other guy out of a few quarters they have been known to accidentally run people over. They overcrowd people onto the bus, and there is no air conditioning. It makes for a very miserable way to travel. These new modern buses in the city are a very welcome sight for the people in Panama City.