Thu.Nov 14, 2019

Can you recognise a fraudster when you meet one?

Chris Skinner

I’ve pointed out many times that it’s easy to scam people online and defraud them. I even once got a phone call from an elderly gentleman asking me if he had really won £1 million on the Financial Services Club lotto. I had to let him down gently.

Google, Citi see integrated payments, mobile banking as mutually beneficial

Mobile Payments Today

The blockbuster agreement for Citi to integrate its Google Pay wallet with Citi and Stanford Federal Credit Union's mobile checking accounts represents an evolution of Big Tech and traditional banking to offer a mutually beneficial expansion of their digital banking and payments businesses

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Things worth reading: 15th November 2019

Chris Skinner

Google 190

MoneyGram, Wing Team Up On Cambodian Digital Wallet 


MoneyGram has announced a partnership with Cambodian bank Wing on a digital wallet venture that will allow funds to be deposited directly into customers’ accounts.

Mobile 208

Point-of-sale financing an untapped opportunity for banks

Bank Innovation

Banks need to embrace new customer acquisition models or risk falling behind, a recent Accenture report argued. The report, titled 5 Big Bets in Retail Payments in North America, examined how banks risk losing payments revenue to technology startups and other non-bank competitors.

Instagram To Enable In-App Nonprofit Donations


Facebook is adding three new features throughout its platforms to help with fundraising efforts, the most visible of which is a donate button that nonprofits will have on their Instagram profiles, according to a report by The Verge.

RTP network growing 25% every month: The Clearing House

Bank Innovation

The Clearing House reports that its real-time payments (RTP) network is growing more quickly than anticipated.

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With EVERFI training partnership, Zelle focuses on Gen Z

Bank Innovation

Early Warning Services, the bank-owned company behind peer-to-peer payments service Zelle, is on a path to position the brand as part of a solution to financial health challenges, particularly among Gen Z users. Its latest move is a partnership with education company EVERFI, announced Thursday.

Google Antitrust Probe Widens To Include Search, Android


The antitrust investigation into Google will be expanded to include the tech giant’s search and Android businesses. In September, 50 attorneys general announced that they were launching an investigation into whether Google has abused its position in the online advertising market.

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How Boston start-up became world's largest network of bitcoin ATMs, cashiers, kiosks

ATM Marketplace

At a time when buying bitcoin was full of friction, Chris Yim and Kyle Powers saw opportunity. Today, their startup LibertyX boasts the largest network of bitcoin ATMs, cashiers and kiosks in the world

Apple’s Paid News Service Has Struggled To Add Subscribers 


Apple News+, the tech giant’s paid news service, has failed to add new subscribers since it launched in March, according to CNBC. The service attracted about 200,000 subscriptions in the 48 hours after it launched, but the number has stayed at that level since then.

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Fraud Detection and Content Management Efficiencies with AI

Perficient Financial Servies

My last blog looked at call center optimization and how artificial intelligence (AI) provides an in-depth look into financial advice. In this blog, I analyze fraud detection and content management methods, with the assistance of AI. Fraud Detection.

Visa: Using AI To Separate The Good, Bad — From Billions Of Daily Transactions


Three billion credit and debit cards. More than 100 billion transactions, worth more than $11 trillion. That’s the payments volume running over Visa ’s global network, a network whose vast global expanse is a tempting playground for cyberthieves. Visa’s cybersecurity team, as Chief Information Security Officer Sunil Seshadri told Karen Webster, also logs as many as 8 billion security events every day — that’s billion with a “b.”

Blockchain is the new cloud

Payments Source

The blockchain has the potential to disrupt any industry sector, leaving in its wake a more effective system where people get to own the value they create, says PayStand's Jeremy Almond. ISO and agent Blockchain Cloud hosting Digital payments Retailers Payment processing Venmo

Walmart CEO: eCommerce Isn’t Living Up To Its Potential (Yet)


When Walmart reported earnings Thursday (Nov. 14), it managed to extend one of retail’s more impressive growth streak — 21 consecutive quarters. It was one element of an earnings report that, by and large, indicated continued strength from the nation’s largest retailer by sales.

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Morning Brief 11.14.19: Walmart adds Siri for voice ordering

Payments Source

Google Pay adds banks in Singapore; A contactless pay shirt debuts; and other information you need to start your day, from PaymentsSource and around the web. Briefing

Bank OS Provider nCino Adds Predictive Analytics


Bank operating system provider nCino is expanding its functionality for financial institution (FI) clients with the deployment of artificial intelligence (AI) and predictive analytics, the company said Thursday (Nov.

MoneyGram, Wing Bank team to boost mobile transfers in Cambodia

Payments Source

MoneyGram is partnering with Wing mobile banking service in Cambodia to offer money transfer services that allow users to send and receive funds directly into their mobile wallets. Remittances P-to-P payments MoneyGram Cambodia

For Marketplace Platform Payments Experiences, Is It Back To Basics?


It’s easy to get caught up in the hype of new sharing economy platforms. “ The Uber of furniture ,” P2P closet-sharing and crowdshipping all certainly sound innovative. There’s a lot of competition to capture the $6 trillion in online payments for U.S.

How Boston start-up became world's largest network of bitcoin ATMs, cashiers, kiosks

ATM Marketplace

At a time when buying bitcoin was full of friction, Chris Yim and Kyle Powers saw opportunity. Today, their Boston-based startup LibertyX boasts the largest network of bitcoin ATMs, cashiers and kiosks in the world

FTC Probing Visa, Mastercard About Debit Card Practices


antitrust regulators are investigating Visa and Mastercard about their debit card policies, Bloomberg reported on Thursday (Nov. The Federal Trade Commission (FTC) is talking to large merchants to discover if some retailers are being blocked from routing digital payments over alternative debit networks, sources told Bloomberg.

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How Google’s checking account will pressure smaller payment fintechs

Payments Source

Google doesn’t want to be a bank, but its move to offer checking accounts through Citi and a Silicon Valley credit union is a digital wallet architecture shift that will have far-reaching implications for technology-backed payment companies.

PayPal Cuts Off Payments To PornHub Models


PayPal Holdings has ended its payment support to PornHub’s models after the adult entertainment site made certain payments without permission. Following a review, we have discovered that PornHub has made certain business payments through PayPal without seeking our permission.

CaixaBank gives facial payments a major holiday test in Spain

Payments Source

Ahead of the busiest shopping period of the year, CaixaBank is embracing facial recognition retail payments, an option that has met with pushback elsewhere. Mobile payments Authentication Retailers Payment processing Mastercard Spain

UK’s Magway Aims To Build Tunnels For Package Delivery


A U.K. startup has proposed building a system of tunnels in the U.K. to deliver as many as 600 million packages a year to the city of London alone, according to CNBC.

Fed's faster payments network likely ahead of schedule: Powell

Payments Source

The central bank originally predicted FedNow's launch within five years, but the Fed chairman told House lawmakers that he expects it will happen sooner. Faster payments Policymaking Community banking FedNow Jerome Powell Federal Reserve The Clearing House Association

Payro Debuts Payroll Financing For SMB Owners


Payro Finance is launching its payroll financing offering for small and medium-sized business (SMB) owners. In a press release on Thursday (Nov.

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Coinbase bulks up with new markets, crypto wallets

Payments Source

Coinbase Card has expanded its cryptocurrency exchange payment cards into 10 new countries and added five new crypto assets that users can spend. Cryptocurrencies Digital payments Retailers Blockchain Coinbase

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Burberry And Tencent Team Up For ‘Social Retail’ Store


Luxury brand Burberry has teamed up with Tencent in China to offer a “social retail” store to take advantage of China’s online shopping trend and capture more of the luxury market in the country, according to a report by Reuters. .

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U.S. payments system could use an ally like Libra

Payments Source

China dominates the business. Facebook's proposed cryptocurrency could help alter the balance of power. Cryptocurrencies Bitcoin Fintech Fintech regulations Libra Faster payments Payments Facebook

Regions Bank Makes A Digital Push With The Help Of AI


American consumers have come to expect that the level of convenience and efficiency they receive from online banking will also extend to their physical banking experiences.

Is it Artificially Intelligent or Naturally Stupid? Let’s ask Apple

Daily Fintech

Earlier this week, there was an allegation that the credit scoring engine behind Apple card was biased. It emerged from the twitter account of David Heinemeier Hansson (@dhh). He raised the issue that his wife had been given a credit limit 20 times lower than his. David has about 360K followers on twitter, and the […]. The post Is it Artificially Intelligent or Naturally Stupid? Let’s ask Apple appeared first on Daily Fintech.

Amid KYC/AML – And eCommerce – Biometrics Gain Support


Customers want speed and security when transacting online or with various FIs and merchants. The problem is that fraudsters have increasingly been crafting new ways to cobble together new identities – or steal old ones, even from individuals no longer alive.

Digital Roadmap launched in Nairobi


The Pathways for Prosperity Commission launched a new Digital Roadmap report in Nairobi outlining steps that developing countries, especially in Africa, can follow to prepare for a future that will be vastly different thanks to rapid digital developments.

How SMBs’ Digital Banking Demands Change The KYC Challenge For Banks


While small businesses often struggle with a lack of integrated digital tools from their traditional financial service providers, the friction in small business banking is often acute even before an SMB opens an account. The onboarding process can pose major headaches for small businesses in an ecosystem where online and mobile banking are in demand, yet not always available at the caliber banking customers have come to expect.

Stanford Federal Credit Union and CITI Partner with Google

Banking Exchange

Opening checking accounts for customers through Google Pay Community Banking Compliance Payments Lines of Business Mobile Online Tech Management Technology Financial Trends Feature3 Feature. 1Community Banking

Top Payments News: DoorDash Bolsters Its Treasure Chest; Policymakers Target Big Tech Over Data; Feds Probe Debit Card Practices


In today’s top news, DoorDash keeps growing and Visa and Mastercard face big questions over their debit card programs. And investors seek late-stage investments. DoorDash Adds Another $100M To $2B Coffer.