Thu.Dec 12, 2019

Things worth reading: 13th December 2019

Chris Skinner

Things we’re reading today include … ING working on digital assets custody technology Battle over Volcker’s rule outlives its creator Central bankers debate tackling climate change Citi, Credit Suisse drop China’s Ucommune U.S.

Payment security in a world going mobile

Mobile Payments Today

As a rising number of consumers use digital payments to conduct ecommerce transactions, businesses need to make sure their mobile apps are secure. Customer identity and payment information is increasingly at risk as fraud actors find new ways to compromise mobile platforms

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Catch 22: to die or maybe die?

Chris Skinner

As it’s Friday the Thirteenth I thought I’d cheer you up with yet another core systems renewal story. There’s a great article that resonated with me in the Financial Times the other day, talking about ‘technical debt‘.

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BofA’s AI-powered assistant Erica pulls in 10 million users

Bank Innovation

Half a year after Bank of America’s AI-powered digital assistant Erica reached 7 million users, Erica has surpassed 10 million users, Bank of America reported this week. The virtual financial assistant is on pace to complete 100 million client requests in the coming weeks, according to the bank.

Home Depot Connects Opioid Addiction To Thievery Uptick

PYMNTS

Executives at Home Depot said opioid addiction in the U.S. might be part of the reason for a recent escalation of thefts in its stores, Bloomberg reported on Wednesday (Dec. 11). .

UK startup Curve adds wearable payments as it plans US expansion

Bank Innovation

based card startup Curve is launching payments through wearables, including on Garmin, Fitbit and Sony Wena devices. Th company offers a physical and digital card that consolidates multiple bank accounts and cards into one payment vehicle, supported by Mastercard.

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Making The Frozen Foods Section Ground Zero For Retail Reinvention

PYMNTS

As most people who found themselves in a grocery store during the chaotic pre-Thanksgiving period will probably recall: some days shopping in a store, even for relatively simple things, can be a pretty atrocious experience.

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More Trending

RTP: Achieving Ubiquity Without A Mandate

PYMNTS

Though the U.S. continues to take significant steps toward a faster payments ecosystem , the market undoubtedly lags behind others across the world in the path toward real-time payments ubiquity.

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With $200m debt capital raise, Brex seeks to grow e-commerce client base

Bank Innovation

On the heels of a $200 million debt capital raise confirmed this week, corporate card and financial product startup Brex plans to ramp up its product offerings for e-commerce entrepreneurs.

QuickBooks Releases Expanded Payroll Services Suite

PYMNTS

The company behind QuickBooks , Intuit , announced it is releasing an expanded suite of online payroll offerings to help small to medium-sized businesses (SMBs) automate payroll and tax filing, according to a press release.

Canada's Instacoin bitcoin ATMs now offer a slew of stablecoins, including tether

ATM Marketplace

Instacoin has started offering seven stablecoins — including the controversial tether — throughout its bitcoin ATM network. At its two-way machines, users can buy and sell tether up to nearly C$10,000 ($7,600) worth a day, no ID required

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Visa: US Contactless Payments Primed For A Big 2020

PYMNTS

When Visa launched a contactless payments pilot with New York’s Mass Transit Authority (MTA) seven months ago, the company started small, and with modest goals.

Why PayPal is suing the CFPB over its prepaid card rules

Payments Source

PayPal — which is rarely thought of as a prepaid card company — has filed a lawsuit against the CFPB over its rules on prepaid accounts, underscoring the rapid changes in digital financial services and PayPal’s own expanding financial services ambitions in recent years.

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SEC Reignites Supply Chain Finance Debate

PYMNTS

The U.S. Securities and Exchange Commission is turning its attention to a lack of transparency within corporates’ investor disclosures as more businesses use supply chain financing.

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Different faster pay schemes must collaborate

Payments Source

If the intention is for FedNow to give the market a choice, particularly to smaller, local banks then interoperability between the TCH and FedNow is a must, says FIS' Elena Whisler. Digital payments Faster payments Community banking ISO and agent Payment processing

Monetizing Payments Data In The Age Of IoT

PYMNTS

It’s been said that the holy grail of commerce is data. Even that holy grail has a holy grail — where data is accessible and usable in real time. Payments are becoming increasingly invisible, embedded in the consumer experience offered by merchants.

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Timeline: Billion-Dollar US Fintech Exits

CB Insights

From payments to insurtech to lending, fintech companies are attracting investor attention. In 2018, startups in the space raised more than $45B , a record amount, while Q3’19 fintech funding recently clocked in with a quarterly record of nearly $9B.

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PayPal Sues CFPB Over ‘Misleading’ Digital Wallet Disclosure Rules

PYMNTS

The Value of a Dealer Relationship Officer

SWBC's LenderHub

Not everyone is familiar with how valuable the role of dealer relationship officer can be for a financial institution. I sat down with Jennifer Cook and Tiffany Nelson, the dealer relationship officers at Security Service Federal Credit Union, to take a deep dive into what this job is all about.

How Travel Streamlines Payments In A Complex Web Of B2B Connections

PYMNTS

The travel industry is a highly fragmented, complex web of suppliers, distributors, tourism companies and online travel agents (OTAs), all hustling to keep pace with the changes occurring in how travelers — both for pleasure and business — plan, book and pay for their trips.

The Current Themes in Banking According to Industry Executives

Perficient Financial Servies

Previously I reviewed post-digital transformation in banking. This blog analyzes the current themes in banking according to executives. In recent years, several themes (and rightly so) generally dominated what bank executives paid attention to and invested in: Generational Relevance.

Robinhood Rolls Out Interest-Earning Bank Account

PYMNTS

Online brokerage startup Robinhood has introduced a cash management service that will give customers 1.8 percent interest on any money they don’t have in stocks, Bloomberg reported on Wednesday (Dec.

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Money 20/20: Tangerine and Meniga’s Consumer-Focused Partnership,  AEVI's Ultimate Merchant Experience, and SmartStream’s New AI Reconciliation Engine

William Mills

Heather Sugg was on the floor at Money 20/20 learning firsthand what’s next for the payments industry and supporting several WMA clients sharing news of their own at the show.

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How Outdoorsy Is Balancing Buyer, Seller Payments In The RV World

PYMNTS

Players in the sharing economy must contend with an increasingly complex online payments ecosystem as they move into new regions and attract participants to their platforms.

PCI updates data encryption standard to increase product availability

Payments Source

In updating its point-to-point encryption standard, the PCI Security Standards Council says the resulting simplified validation process for component and software providers will result in more products available for cardholder data protection. PCI PCISSC Encryption PCI DSS Data security

B2B APIs Underscore The Need For Speed

PYMNTS

There is as yet no Venmo or Zelle for the $38 trillion global business-to-business (B2B) payments sector. That’s surprising for several reasons, and here’s a good one: nearly 70 percent of accounts payable (AP) professionals say suppliers value payments speed above all.

France’s Orange Bank adds Google Pay to its mobile app

Payments Source

France’s Orange Bank, the online bank launched in 2017 by telco Orange, is expanding its mobile payment app’s reach by adding Google Pay through an integration via Wirecard. NFC France Wirecard Mobile wallets

JPMorgan Employs Machine Learning For Expense Reports

PYMNTS

JPMorgan Chase has been using artificial intelligence (AI) and machine learning to process expense reports and check them for compliance, according to Bloomberg. Lori Beer, JPMorgan’s global chief information officer, said that the move has helped with efficiency. “We

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ETA's new CEO must provide clarity in an evolving industry

Payments Source

In many ways, the payments industry resembles the health care business — pulled into the future by rapid digitization and conflict over the role of government. Fintech Real-time payments M&A

Why Securing Digital Transactions Is On Every Merchant’s Wish List

PYMNTS

While dealing with fraud has always been a cost of doing business for merchants, the digital age has changed the game in terms of fighting off fraudsters.

B2B's focus is on the buyers, and that's causing a digital imbalance

Payments Source

In order to overcome this digital payment inertia we need to design solutions that allow buyers and suppliers to focus on a more critical aspect of the transaction experience—the sale itself, says Billtrust's Nick Babinsky. Digital payments B-to-B payments ISO and agent Payment processing

Delta Buys Majority Stake In Private Jet Startup Wheels Up

PYMNTS

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Augmented Reality Meets Voice First

Breaking Banks

Brett King hosts the legendary duo Brian Roemmele and Robert Scoble for an epic discussion on Spatial Computing, AI, Augmented Reality, VoiceFirst and image recognition, and how emerging tech is bringing next-gen consumer smart gadgets to a whole new level.

Silicon Valley FinTech Brex Scores $200M Credit Line

PYMNTS

San Francisco FinTech Brex announced a $200 million debt capital raise from Credit Suisse that will be used to expand its eCommerce business and credit offerings to new companies, Brex announced in a press release on Thursday (Dec.

Christmas shopping? Track your carbon footprint with Mastercard and Doconomy

Daily Fintech

Alibaba’s Single’s day sales hit $38 Billion in 24 hours. The US Black Friday Online sales was $7.4 Billion and Cyber Monday sales were even stronger at $9.2 Billion. Do we know the impact of this mindless consumerism on our planet?

Physical Retail Looks For New Life This Holiday Season

PYMNTS

The obituary for brick-and-mortar retail has been written many times. But recent developments show there is still life — and perhaps even new life — in physical commerce. Returns promise to play a big role in that in the coming weeks.

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Morning Brief 12.12.19: Mastercard pilots digital ID in Australia

Payments Source

New York crypto reg changes move ahead; PayPal's Ready heads to Google; and other information you need to start your day, from PaymentsSource and around the web. Briefing