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September 18, 2017

Headline News from PaymentsNews.com

On The Web

Market Reports

$4,000: Bitcoin’s Price Shrugs Off China Exchange News

Coindesk

"After China's early September ban on initial coin offerings (ICOS), news on September 15 that bitcoin exchanges were shutting down following directives from government officials sparked a market drop that sent prices reeling to a low of $2,981. Since then, however, markets have recovered, and this ...More

Security

HSBC switches on selfie payments in China

Finextra

"With the new system, the customer blinks into their camera using the ‘selfie mode’. Their identity is then checked against a photo held on a database. If the pictures match, and the customer enters the correct passcode into their banking app, they can transfer up to RMB50,000 ($7,600) a day."

Risk & Fraud

FTC probes Equifax, top Democrat likens it to Enron

Reuters

"FTC spokesman Peter Kaplan said that his agency normally would not comment on an Equifax probe. “However, in light of the intense public interest and the potential impact of this matter, I can confirm that FTC staff is investigating the Equifax data breach,” he said in an email statement."

Geography

Introducing Tez, a mobile payments and commerce app from Google

Google India blog (cool videos)

"So today we are introducing a new mobile app from Google, Tez — a simple and secure way to pay for things, big and small, online and offline, in India. Tez is a payments and commerce app built for India on top of the Unified Payments Interface (UPI) standard."

On The Wires

Companies

EFS Launches New Mobile Technology for Fleet Managers

"The EFS CarrierControl app allows fleet managers secure access to perform critical functions in real time via their mobile device such as authorizing MoneyCodes® for check cashing or payments, tracking MoneyCode transactions, loading cash to cards, and performing real-time overrides if an employee ...More

Companies

Alpha Payments Cloud becomes Alpha Fintech

"The rebrand aims to crystalize Alpha’s positioning as fintech‘s first end-to-end middleware, connecting the merchant buyer and vendor supplier across the entire payments, risk and commerce spectrum through a single API and UI."

People

What Jamie Dimon Is Missing About Bitcoin

New York Times Dealbook (Paywall)

"Naturally, most people have more trust in the “full faith and credit of the United States” than in an anonymous distributed group of miners and traders. But trust in digital currency is clearly building over time and is a self-reinforcing network."

September 15, 2017

Headline News from PaymentsNews.com

On The Web

Security

New security features for your Stripe account

Stripe blog

"Today, we’re launching two additional features to improve the security of your Stripe account: an option to use hardware tokens for two-step authentication and the ability to create API keys with restricted access and granular permissions."

On The Wires

September 14, 2017

Headline News from PaymentsNews.com

Security

Face ID, Touch ID, No ID, PINs and Pragmatic Security

“But here’s the problem with multi-step verification: it a perfect example of where security is friction. No matter how easy you make it, it’s something you have to do in addition to the thing you normally do, namely entering a username and password. That’s precisely the same problem with getting people to put PINs on their phone and as a result, there’s a huge number of devices out there left wide open.”

On The Web

Geography

Google is reportedly releasing a localized mobile payment service in India

TechCrunch

"The publication claims Google ‘Tez’ — meaning fast in India — will offer a comprehensive set of payment options beyond existing products like Google Wallet or Android Pay. Tez, for one thing, will include support for Unified Payments Interface (UPI) — a payment system backed by the government — and other consumer payment services including Paytm and MobiKwik."

Domains

Venmo will allow users to pay at merchants like Williams-Sonoma

recode

"Venmo will allow users to pay at merchants like Williams-Sonoma, Chief Operating Officer Mike Vaughan told audience members today at Code Commerce in New York City. Users of the peer-to-peer money-transferring service would be able to use their Venmo balance — or charge their bank account — to buy ...More

Systems

Ethereum’s inventor on how “initial coin offerings” are a new way of funding the internet

Quartz

"In January, I interviewed ethereum’s inventor, Vitalik Buterinwhen ether was trading at $10 and before “initial coin offerings” were a thing. Two months after we spoke, ether began a historic run-up to nearly $400; while ICOs have raised well over $1 billion this year using crypto-tokens built on the ethereum blockchain—an amount that even Buterin surely couldn’t have foreseen."

On The Wires

Companies

Vantiv and Visa launch new small business merchant settlement service, FastAccess Funding™

"Vantiv (NYSE: VNTV), a leading provider of payment processing services and related technology solutions for merchants and financial institutions, and Visa today announced FastAccess Funding, a product that will allow merchants to receive settlement payout in minutes to their debit card once funded1, versus the standard of one to three days via ACH. The product is the first merchant solution to launch on Vantiv's new push-to-card platform."

Technology

SoftBank, Sprint, Far EasTone and TBCASoft Launch Blockchain Consortium for Telecom Carriers

"SoftBank, Sprint and TBCASoft succeeded in demonstrating cross-carrier top-ups*1, mobile wallet*2 roaming, international remittances and IoT payment on a cross-carrier payment platform system using TBCASoft’s blockchain technology that can be integrated with telecom carriers’ existing systems. TBCASoft’s technology enables a highly secure and versatile global blockchain platform system that can be operated 24/7 at low cost."

September 13, 2017

Headline News from PaymentsNews.com

On The Web

Companies

IBM Joins Automakers, Banks in Blockchain Wallet Project Expansion

Coindesk

"Announced today at the Frankfurt Auto Show, the partnership is being positioned as one that conceives how driverless vehicles might automatically authorize payments, as well as act as a digital operator for the vehicle, in the future. "Car eWallet is an innovative, digital assistant in the car that allows secure and convenient payments even on the go. Moreoever, it can also perform other tasks...More

Companies

PayPal Wants To Upgrade The In-Store Experience

PaymentWeek from M2020

"The notion of being able to take our mobile devices and use these as wallets in every bit the same way as our actual leather slabs full of cash is a heady one, one that’s increasingly being put to work. Yet mobile payments aren’t being used to their fullest, says PayPal’s chief operating officer Bill Ready, and that’s a point that can be addressed by improving the in-store experience."

Security

What EMV Tokenization 2.0 means for the payments industry

Rambus blog

This update therefore brings the framework in line with many of the developments that have happened over the past couple of years. It also addresses a range of feedback from live implementations of the technology to smooth the path for widespread deployment.

Companies

Can Venmo Start Earning Revenue for PayPal With a Plastic Visa Debit Card?

Digital Transactions News

PayPal Holdings Inc.’s Venmo peer-to-peer payment service has been a fabulously popular product among users, but from PayPal’s point of view it has one big problem: It’s free. Since users don’t pay for the service, PayPal has to seek Venmo revenue elsewhere. Now, with a test about to start for a plastic Venmo debit card, PayPal may have found a way to both encourage balances and extract income fro...More

On The Wires

September 12, 2017

Headline News from PaymentsNews.com

Technology

How New Face ID from Apple Works

“Face ID starts with an image of your face, but builds on top of it with the TrueDepth’s dot projector, which will invisibly project over 30,000 dots onto your face each time you look at your phone, creating and building on its map of your features.”

On The Web

Uncategorized

Venmo is offering users an (ugly) physical debit card

TechCrunch

"After Square unveiled a free debit card that would be tied to their Square Cash App, it was only a matter of time until we saw Venmo do something similar. Now TechCrunch has learned that Venmo is inviting some users to a beta program where they’ll be sent a card for free that is attached to their Venmo account. Users can pay with this card in stores and online just like a normal debit card — and the money spent will be debited from their Venmo balance."

Security

The Equifax Breach: What You Should Know

Krebs on Security

It remains unclear whether those responsible for stealing Social Security numbers and other data on as many as 143 million Americans from big-three credit bureau Equifax intend to sell this data to identity thieves. But if ever there was a reminder that you — the consumer — are ultimately responsible for protecting your financial future, this is it.

Regulation

UNDERSTANDING CRYPTO REGULATIONS

Multicoin Capital blog

"In light of the recent actions by the US Securities and Exchange Commission and People’s Bank of China, we’re receiving a lot of questions about regulation. In this post, we’ll provide some frameworks to understand how governments can enforce regulations on public blockchains."

Technology

iOS 11 GM Leak Reveals Details on Face ID, Apple Pay, Wireless Charging, and A11 Chip in iPhone X

Mac Rumors

"The iPhone X includes a new Face ID facial recognition system that replaces Touch ID. There have been some questions about how Apple Pay will work with the feature, and a new discovery from developer Jeffrey Grossman provides some clues. It seems the iPhone X will authenticate a payment using facial recognition, with payment confirmed using a double click on the side button (sleep/wake button) of the device."

On The Wires

Companies

Bank of Ireland Partners with WorldFirst to Launch Fast and Secure International Payments Service with No Transaction Fees in US

"Bank of Ireland Global Markets has today announced that it is expanding its U.S. customer offering by launching Bank of Ireland Global Payments – a foreign exchange and payments service in partnership with WorldFirst. This unique alliance between a FinTech company and a traditional bank will allow businesses in the U.S. to make fast and safe international payments with no transfer fees."

Risk & Fraud

Rabobank introduces IBAN-Name Check

‘The IBAN-Name Check allows customers to check the name of the beneficiary before the transfer is executed,’ says Alexander Zwart, Manager Online Access at Rabobank. ‘The check works with all Dutch IBANs. If the entered name differs from the registered account holder, the user can cancel the transfer."

Companies

KBC launch new app to revolutionise account openings

KBC Bank Ireland, Ireland’s digital-first bank, has launched a ground-breaking new mobile app for new customers. KBC’s app is the first of its kind, and works by allowing customers to open, activate and use their bank account at any time, within just five minutes.