Payments News

On The Web

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Security

EU Court Blocks Data Pact Amid Fears Over U.S. Surveillance

“The European Union ’s top court struck down a key method used by Facebook Inc. and other companies to transfer data across the Atlantic amid fears over potential U.S. surveillance. Thursday’s decision by the EU Court of Justice on the so-called Privacy Shield means thousands of businesses that ship commercial data to the U.S. risk […]
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Companies

Paytm Video KYC: Paytm Introduces In-app Video KYC

“Paytm Payments Bank Ltd (PPBL) will allow account-holders to complete their KYC formalities over mobile video. This follows the Reserve Bank of India’s decision to allow video KYC for completing the process remotely using the bank’s mobile application.  Customers can connect using a vide call between 9 am and 8 pm without leaving their homes […]
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Global

CaixaBank Rolls Out Facial Recognition ATMs Across Spain

“Spain’s CaixaBank is to deploy ATMs equipped with facial recognition technology nationwide “with the goal of offering a better user experience and greater security in transactions, particularly in the context of Covid-19”. “The system is the first launched by a financial institution on a global level that allows users to withdraw money by simply recognising […]

On The Wires

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Security

Accuity and Encompass Corporation Partner to Improve KYC Risk Assessments

“Accuity, the leading global provider of financial crime screening, payments and Know Your Customer (KYC) solutions, and Encompass Corporation, a fast-growing provider of intelligently automated KYC solutions, have announced a strategic partnership to help customers streamline KYC processes, improve the quality of risk assessments and reduce the costs of compliance.”
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Companies

Visa Token Service Issues Its 1 Billionth Token

“Visa Inc. today announced that the company has now issued more than 1 billion tokens worldwide through Visa Token Service (VTS), marking a major milestone in its proprietary offering to help accelerate eCommerce innovation and make payments more secure. Visa Token Service replaces a cardholder’s 16-digit Visa account number with a secure token that protects […]
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Companies

Mastercard Powers Faster, Seamless Online Shopping Experiences for Amazon Customers

“Today, Mastercard announced that Amazon customers in 12 countries across North America, Latin America, Middle East and Europe will have their stored card credentials tokenized. By replacing a consumer’s physical card number with a token, payment information is unique to each individual transaction and can be used only by the merchant that requested it. Amazon […]
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Security

Increased Use of Mobile Banking Apps Could Lead to Exploitation

“The FBI advises the public to be cautious when downloading apps on smartphones and tablets, as some could be concealing malicious intent. Cyber actors target banking information using banking trojans, which are malicious programs that disguise themselves as other apps, such as games or tools. When the user launches a legitimate banking app, it triggers […]
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Security

Ondot To Provide Visa With Tokenization Services Through Its Card App To Support Digital Wallets And eCommerce

“Ondot Systems, the digital card services platform for credit and debit issuers, today announced its collaboration with Visa Token Service, enabling the company to begin tokenizing credential-on-file digital payments on behalf of their clients for an additional level of security. By teaming up with Visa, Ondot is able to provide tokenization services through the company’s […]