December, 2018

2018 Data Breaches: The List No One Wanted To Make

PYMNTS

So far this year (and there’s still one more day), Verizon reported that there have been 2,216 confirmed data breaches across 65 countries. Even more disturbing, perhaps, is that 68 percent of those breaches took months for the breached companies to discover.

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Compliance will kill the bank

Chris Skinner

I was talking with a banker at a recent conference, and was surprised by his attitude.

Public transit systems look to drive down costs, boost ridership with contactless fares

Mobile Payments Today

Public transit systems in New Jersey, New York, Chicago and other major metropolitan areas are converting their systems to accept contactless payments, which experts say will reduce costs and help improve ridership

What’s new in IBM GRC and OpenPages v8.0?

Insights on Business

Over the past year, the discussion of governance, risk and compliance (GRC) has continued in stories related to financial services and other sectors.

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Russian Central Bank Ends FX Competition

PYMNTS

The Central Bank of the Russian Federation (CBR) announced that it has revoked the licenses of five Russian foreign exchange (FX) trading companies.

2018: The Year Of Evolution In Payments’ Revolution

PYMNTS

In life, change is the only constant, so why should it be different for payments?

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Big Tech Companies Throw Support Behind Fed Creating Real-Time Payments Network

PYMNTS

Amazon , Apple and Google are among the large tech companies that are throwing their support behind the creation of a real-time payments network in the U.S. led by the Federal Reserve.

More Trending

Google Gets EU eMoney License

PYMNTS

Google Payment Lithuania, a unit of Alphabet’s Google, was granted an electronic money institution license by The Board of the Bank of Lithuania. Finextra , citing Google, reported that with the license Google can issue and redeem electronic money and provide payment services.

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Artificial Intelligence is a game-changer, but are you AI-ready?

Insights on Business

Amex Touts Success In Ripple Cross-Border Payments Pilot

PYMNTS

In a renewed show of support for blockchain technology , American Express General Manager of Corporate Payments Carlos Carriedo has suggested that its pilot tests with partner Ripple to enable real-time cross-border corporate payments have been a success.

Blockchain Tech Disrupts The Corporate Payments Status Quo

PYMNTS

Blockchain seemed to be stuck in pilot phase in 2017, but in 2018, the financial services industry finally saw a stronger flow of real-world, working blockchain applications — many of which targeted pain points in B2B payments, including the time and lack of transparency in cross-border transactions.

What An Alleged NSA Hack Reveals About Payments Cybersecurity

PYMNTS

When does digitalisation stop?

Chris Skinner

Another day and another discussion about digital transformation with a group of bankers. As the conversation progressed, several of the attendees touched on a subject in different ways but the core of what they were asking was this: when will we know we’ve done digital?

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Ripple Forms Blockchain For Europe Association With Other Players

PYMNTS

Ripple, the blockchain company that owns XRP, the digital currency, has joined forces with NEM, Fetch.AI, and EMURGO/Cardano to create a new association that represents the interest of blockchain and cryptocurrency business in Europe.

Innovating in the open: How the changing GRC landscape inspired IBM GRC’s latest releases in 2018

Insights on Business

This past year brought governance, risk and compliance (GRC) to the center stage. Organizations in financial services and other sectors witnessed an increase in “airtime” given to risk and compliance issues at the board level.

Uber Seeks Driver Lawsuit Settlement Before IPO

PYMNTS

Uber, gearing up to launch an initial public offering (IPO) in the first quarter of 2019, is offering to settle with drivers who have been fighting the ride-hailing company via individual arbitration.

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Facebook Data Breach Fines Could Top $1B

PYMNTS

Facebook , the beleaguered social media giant that is facing intense scrutiny into its business practices, could be on the hook for a multibillion dollar fine, reported CNN.

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How 5G Will Shake Up Banking and FinTech?

PYMNTS

Financial institutions are in the midst of becoming more mobile, with many of those legacy operations opting to — or at least considering — working more closely with FinTech providers to upgrade services, retain customers and acquire new ones.

Kuwait Bank Taps Ripple For Online Banking

PYMNTS

The National Bank of Kuwait (NBK) has announced that it will incorporate RippleNet blockchain into its online banking platform, offering 24-hour wire transfers to Jordan, with more countries being added soon. NBK Direct Remit allows for instantaneous money transfers around the clock.

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How Open Banking Opens Doors For Alternative SMB Lenders

PYMNTS

Use of alternative finance (AltFin) sources among small business (SMB) owners is on the rise, but still has a long way to go before it poses a legitimate threat to traditional banks’ market dominance.

Amazon Dumps Instacart For Whole Foods Deliveries — What’s Next?

PYMNTS

Instacart will have to conquer the grocery-delivery business without the help of Amazon. That’s one take on the news Thursday (Dec. 13) that Instacart has begun the process of winding down deliveries to customers of Amazon-owned Whole Foods.

Robinhood Retreats From Checking, Savings Products

PYMNTS

Robinhood , the FinTech that garnered a lot of attention last week after announcing a checking and savings product with 3 percent interest, has retreated from that, removing any mention of checking and savings from the product.

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Hackers Can Unlock Phones Via 3D Printing

PYMNTS

There’s a new method hackers can use to break into someone’s smartphone: create a 3D-print life-size replica of the owner’s head. To show how the method can work, Forbes reporter Thomas Brewster had a 3D print of his own head created at Backface in Birmingham, U.K.

2018 Recap: B2B Payments Innovation Welcomes Bank-FinTech Collabs — And Beyond

PYMNTS

Though FinTech has, in many ways, heated up the competition with banks, traditional financial institutions (FIs) widely began to realize in 2018 that their best strategy to remain competitive in today’s financial services landscape is often to collaborate with (not against) those FinTech firms.

2018 Recap: The Year In Grocery Innovations

PYMNTS

Shoppers had new opportunities to buy groceries without having to walk through the aisles of their local supermarkets or wait in line at checkout counters this year, as grocers rolled out digital innovations in shopping and payments.

Facebook facing new regulatory scrutiny after data sharing allegations

Mobile Payments Today

Facebook is facing increased calls from privacy advocates, public officials and others for government regulation and investigation following new allegations of unauthorized data sharing

First Data: 2018 Was The Year Of The Store

PYMNTS

Glenn Fodor, SVP and head of First Data Insights, contributed the following piece as part of PYMNTS’ 2018 year-end eBook.

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2019 To See Increase In Nation-State Cyberattacks, Ransomware

PYMNTS

Will the New Year bring an increase in cyberattacks? According to one security expert, the answer is, unfortunately, yes. According to Robert Ackerman, Jr.,

Report: 91 Pct Of Retailers Aren’t PCI Compliant

PYMNTS

With retailers struggling to get compliant with the Payment Card Industry Data Security Standard , qualified security assessors are going to be in more demand and can offer tokenization as one way of achieving compliance.

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How Payments And Commerce Will Drive Transportation Changes In 2019

PYMNTS

The coming year will bring not only advances in the connected vehicle ecosystem — changes that will directly involve payments and commerce — but further developments in how consumers share and buy cars.

Bitcoin Daily: Bank Of America Mulls Blockchain ATMs; India Eyes Cryptocurrency Legalization

PYMNTS

The government of India is reportedly considering the legalization of digital currencies, with some restrictions, per CoinDesk.

Brussels Wants Say Over Money Laundering Rules In Wake Of Scandals

PYMNTS

The vice president of the European Commission in charge of the euro, Valdis Dombrovskis, said Brussels wants more stringent enforcement of anti-money laundering (AML) rules after a series of scandals that rocked the industry, according to the Financial Times.

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State Farm Tests Blockchain Insurance Claim Platform

PYMNTS

State Farm announced that it is testing out blockchain technology to streamline the subrogation process for auto claims. Subrogation is the last part of the claims process, where an insurance company recovers costs it paid to its customer for damages from the at-fault party.

Seven Disruptors Forcing Change In Small Business Banking

PYMNTS

In 1960, Yul Brynner, Steve McQueen and Charles Bronson introduced America to “The Magnificent Seven,” a John Sturges film in which seven men are hired to defend a small village in Mexico from bandits. What does this have to do with small business banking?

Is #donate The First Step To #buy?

PYMNTS

By almost any measure, John Gossart , COO and Co-founder of fundraising resource Goodworld , has done more than his fair share of public service.

SWIFT CEO To Step Down In June

PYMNTS

SWIFT announced Wednesday (Dec. 12) that the company’s Chief Executive Officer Gottfried Leibbrandt has informed the board that he plans to leave the company at the end of June.

China’s eCommerce Market Surpasses $186B In Q3

PYMNTS

The online retail market hit $186.13 billion during the third quarter, with Alibaba in the dominant position. According to a report in The Drum, Alibaba’s Tmall controlled 59.5 percent of the market share in China during the third quarter.