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August 10, 2021
On the web
Limited Adoption of ISO 20022 Messaging in RTGS Systems – Central Banking
Central Banking
“ISO 20022 is an emerging global standard for bank payments messaging. Payments services provider Swift is the registration authority. The standard seeks to establish a common language and model for payments and transaction data to improve speed and compliance. The standard also has scope to reduce costs and the need for manual interventions due to increased data quality and automation. Surprisingly, central banks have not widely adopted ISO 20022 messaging in their real-time gross settlement”
July 9, 2021
On the wires
Collaboration between Pay.UK and the Bank of England on ISO 20022 payment messages
“ISO 20022 is an established international financial services messaging standard that will bring significant benefits to the global payments industry and the wider economy. The Bank of England and Pay.UK will implement ISO 20022 in the CHAPS and NPA (New Payments Architecture), as part of our objectives to improve resilience, security, user experience and innovation in the UK’s payments industry1 . The standard provides a common approach for payments data across the globe that will deliver benefits for a wide range of stakeholders; from large banks, financial market infrastructures, and businesses to consumers and payment system users. I”
June 21, 2021
On the web
How the Semiconductor Shortage Is Putting a Crimp in Chip Card Production
Digital Transactions
“The global shortage of semiconductors that has impacted myriad industries that use the chips, from automakers and electronics manufacturers to defense contractors and even soap manufacturers, is poised to affect payment card manufacturers, the Smart Payment Association announced Monday. Bottlenecks in the chip card supply have become so acute that payment card manufacturers face increasing difficulties in obtaining the chips needed to produce cards, the SPA says. As a result, chip card manufacturers can expect hiccups in their production capacity to continue throughout 2022, the SPA says. More than 3 billion EMV-standard based payment cards need to be produced and delivered annually to consumers worldwide, according to the SPA.”
June 16, 2021
On the wires
ASC X9 Launches New Public Forum to Harmonize Financial Data Terminology
“The Accredited Standards Committee X9 Inc. ( X9 ) is creating a new public forum to address issues related to disparate financial data terms, in order to effect greater financial market efficiency. The X9 Industry Forum on Financial Terms Harmonization will review and harmonize current industry-wide differences in financial data terms, meanings and definitions, with the eventual goal of creating a Data Dictionary/Data Glossary that is used by all. Interested parties are invited to participate in its development.”
June 2, 2021
On the wires
EMVCo Announces Communication Enhancement of EMV® Contactless Payment Devices – EMVCo
“EMV® contactless payment terminal requirements have been updated by global technical body EMVCo to help enable a more reliable and consistent payment experience through the addition of IQ demodulation requirements. The development reflects consumer use of an increasing range of card technologies, self-powered payment devices such as smartphones, and wearables to perform transactions. Mass transit could be one sector to benefit from the enhancements provided by IQ demodulation with faster turnstile throughput, and greater flexibility in where the payment device is positioned to authorise entry into a transport network.”
May 28, 2021
On the web
Why U.S. Is Getting on Board With Global Standard for Payments
American Banker
“Clean data is key to instant payments, real-time settlement, open banking initiatives and blockchain technology — but such details are often lost or garbled when sent between parties. To better preserve this data, the U.S. financial services industry is turning to the ISO 20022 messaging standard. Essentially, ISO 20022 allows banks and corporations to handle cross-border payments that can carry extensive information in standardized data fields, taking much of the mystery out of each transaction and allowing banks to streamline other operations because of this added clarity.”
May 25, 2021
On the web
The Great Data Debate: An Akoya Point Of View
Forbes
“There is a great battle being waged on your behalf and chances are you don’t even know it. Every day millions of people transact online, in stores, and in mobile apps. All that detail of who, how much, and when you paid them is the heart of one of the most controversial topics in financial services – Who is in control of customer financial services data? If you are not a fintech or banking nerd and you’re wondering how you missed all this, it’s because the battle is playing out across exciting mediums like bank board meetings, fintech leadership calls, and CFPB response letters. The occasional headline surfaces about a bank agreement with Plaid or an Akoya deal with a major solution provider like Jack Henry, but then everyone goes back to their lives without really understanding what these agreements are about or why it’s such an important inflection point in the industry.”
On the wires
10 Billion and Counting: What the Latest EMV® Chip Data Means for Global Payments – EMVCo
“Data published by EMVCo shows that at the end of 2020, 10.8 billion EMV® chip cards were in global circulation – an increase of nearly 1 billion compared to the previous twelve months. In addition, EMVCo reports that 66% of issued cards are EMV, with over 86% of all card-present transactions conducted globally using EMV chip technology. In this Q&A post, Junya Tanaka, EMVCo Executive Committee Chair, explains the role of EMV chip in supporting the delivery of reliable and convenient payments globally.”
May 19, 2021
On the wires
Financial Data Exchange Releases FDX API 4.6
“The Financial Data Exchange (FDX) has announced its Spring release of FDX API 4.6 including enhanced payment services, coverage of over 600 unique financial data elements, and a new Credit Management use case that will allow consumers to share and use their own financial data through the FDX API with applications covering lending and credit scoring.”
May 14, 2021
On the wires
How EMVCo Is Supporting the Rising Use of QR Codes for Payments – EMVCo
“Advances in technology are making secure card payments possible in new ways – whether online or face-to-face. EMV® Specifications have evolved beyond the original EMV Chip Specification to support a wide range of technologies for card-based payments, including contactless, mobile, tokenisation and QR Codes™. Increasingly, QR Codes are used to initiate mobile payments at the point-of-sale. They are rising in popularity as they are one emerging solution that can enable contact-free payments.”
May 4, 2021
On the wires
Financial Data Exchange (FDX) Adds 18 New Members
“The Financial Data Exchange (FDX) has welcomed 18 new members since the beginning of 2021, bringing its total membership to 186 organizations. FDX members include financial institutions, financial data aggregators, fintechs, payment networks, consumer groups, financial industry groups and utilities and other stakeholders. FDX works through its members to define and promote adoption of common, interoperable, and royalty-free standards for financial data sharing that are the foundation of open banking and open finance.”
April 21, 2021
On the wires
Financial Data Exchange Reports 16 Million Consumers Now Using FDX API for Financial Data Sharing
“The Financial Data Exchange (FDX) today reported that 16 million North American consumers are now using its FDX API for open banking and open finance data sharing. This milestone solidifies the U.S. and Canada as the global leaders in open banking and open finance API adoption. Today’s updated adoption metrics represent growth of an additional 4 million consumers that have been transitioned from credential-based data sharing and screen scraping to the industry-led FDX API standards since FDX’s most recent adoption survey in late 2020.”
April 19, 2021
On the wires
Less Than Half of Major Fuel Merchants Meet Extended EMV Deadline, According to New ACI Worldwide Data
“New data from ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software and solutions , shows that as of April 17, 2021 — the extended EMV liability shift deadline — less than half (48%) of fuel merchants will meet EMV automated fuel dispenser (AFD) compliance mandates. As of the extended deadline, the liability for fraud will now shift from card issuers to fuel merchants. ACI surveyed fuel merchants that collectively represent 45,000 gas stations nationwide — including major oil companies, grocers and convenience stores. The data showed that only 50 percent of fuel merchants who were not fully implemented expect to be EMV compliant by the end of 2021.”
April 8, 2021
On the wires
Financial Data Exchange (FDX) Announces Results of Annual Strategic Survey
“The Financial Data Exchange (FDX) today announced results from its 2021 annual strategic survey of its members. The FDX strategic survey provides an inside look at where leading financial firms are prioritizing technical standards work for consumer-permissioned data sharing and how the marketplace is maturing. Specific to the 2021 survey, FDX members indicated a desire to prioritize work on consent and sensitive data across the organization’s many work streams including the FDX API, data use cases, user experience and security.”
April 5, 2021
On the wires
NACS Seeks to Delay EMV Compliance
“NACS, along with Energy Marketers of America, the National Association of Truck Stop Operators and the Society of Independent Gasoline Marketers of America, have requested a delay of the deadline for the upcoming EMV liability shift for automated fuel dispensers to October 2021. The requests were sent to American Express , Discover , Mastercard , Visa , Voyager and WEX .”
February 11, 2021
On the wires
ASC X9 Launches ISO 20022 Best Practices Forum
“The Accredited Standards Committee X9 Inc. ( X9 ) announced the formation of the U.S. ISO 20022 Market Practice Industry Forum, which will work to research and document best practice recommendations in order to catalyze ISO 20022 usage in the United States. ISO 20022 is a multi-part international standard that defines a common platform for the development of financial messages. Its use is less prevalent in the U.S. financial industry than in other regions of the world, especially among smaller entities, and the Market Practice Industry Forum will identify issues and provide guidance designed to increase adoption. Meetings will start in mid-February 2021.”
February 3, 2021
On the wires
Financial Data Exchange Adds 33 New Members
“The Financial Data Exchange (FDX) welcomed 33 new members in the past 4 months, bringing the total membership to 168 organizations. The group is collectively working to transition the financial services ecosystem to a modern, transparent, and secure API-based financial data sharing approach. Since its launch in 2018 with 21 founding members, FDX experienced an eightfold increase in members. The growing membership is also reflected in the rapid adoption of the FDX API, as data providers, such as financial institutions, data access platforms, like financial data aggregators, and data recipients such as fintech apps, are collectively transitioning to the standard.”
January 19, 2021
On the wires
Volante Extends Collaboration With Citi for Global ISO 20022 Migration
“Volante Technologies , the global leader in cloud payments and financial messaging, and Citi Treasury and Trade Solutions (Citi) are deepening their longstanding relationship to accelerate the bank’s adoption of the ISO 20022 financial messaging standard across its global payments operations. As a result of this collaboration, Citi will be the first Volante customer to offer a unified approach to ISO 20022 migration across the globe.”
December 16, 2020
On the wires
ASC X9 Issues First Blockchain Terminology Standard
“Today the Accredited Standards Committee X9 Inc. ( X9 ) announced the publication of X9.138 — Distributed Ledger Technologies Terminology, a much-needed standardized glossary of the most important common terms and definitions used with distributed ledger technology (DLT). The highest-profile example of DLT is bitcoin. The new standard is available for download at no charge.”
December 8, 2020
On the wires
Spreedly Enables 3DS2 Compliance via its Payments Orchestration Platform
“Spreedly, the software company that accelerates global commerce by offering a secure and flexible platform that welcomes all payments participants, offers customers the option to use its Payments Orchestration Platform as a single solution for their Strong Customer Authentication (SCA) needs.”
December 3, 2020
On the wires
ASC X9 Forms Real-time Payments Study Group; Participants Sought
“Today the Accredited Standards Committee X9 Inc. ( X9 ) announced the formation of a new study group focused on faster/real-time payments. The study group will review real-time and faster payments activity in the financial industry, with the intent to become X9’s central point of contact for all related and supporting X9 technical standards and to coordinate related work within X9. People with interest in real-time payments are invited to join the X9 Real-time Payments Study Group.”
October 13, 2020
On the web
As a Deadline Nears, TNS Offers Deferred Payments for Installing EMV at the Pump
Digital Transactions
“With gas stations and convenience stores feeling the economic pinch from the slowdown in sales caused by the Covid-19 pandemic and uncertainty over the economy, Transaction Network Services Inc. announced a new pricing structure to help cut station owners’ telecom-network installation costs for EMV at the pump. Transaction Networks Services (TNS) will defer monthly payments at the start of a multiyear contract for the installation of telecom systems that enable the point-of-sale system to communicate with in-pump EMV card readers .”
On the wires
PCI Pal® Announces Strategic Alliance with Stripe to Rapidly Deploy Payment Security Deployments
“PCI Pal ®, the global provider of cloud-based secure payment solutions, has today announced an alliance with the global payment services provider, Stripe. For organizations already using Stripe’s range of payment infrastructure services for web-based businesses, they can now quickly deploy PCI Pal’s security solutions to ensure payment collections are handled in accordance with the very latest PCI DSS rules.”
October 6, 2020
On the web
Payment Card Security Remains Lax, Says Verizon Business Report
ZDNet
“Payment security is getting weaker as 27.9% of global organizations were in full compliance with the Payment Card Industry Data Security Standard (PCI DSS), according to Verizon. The Verizon Business 2020 Payment Security Report highlights that PCI DSS compliance is down 27.5% from 2016. Full PCI DSS compliance meets 12 requirements.”
September 14, 2020
On the wires
Financial Data Exchange Adds 39 New Members with Expanding International Footprint
“The Financial Data Exchange (FDX) has welcomed 39 new members since April 1, 2020, bringing the total membership to over 140 organizations that are working to collectively transition the financial services ecosystem to a modern, transparent and secure API-based data sharing approach.Since its launch in October 2018 with 21 founding members, FDX has seen an over sixfold increase in members and recently announced the formation of the FDX Canada Working Group.”
August 25, 2020
On the wires
New ACI Worldwide Data Shows Nearly 50 Percent of Major Fuel Merchants are Currently Unprepared to Meet Extended EMV Deadline
“New data from ACI Worldwide, a leading global provider of real-time digital payment software and solutions, highlights that as of July 2020, nearly 50 percent (47%) of major fuel merchants are unprepared to meet EMV automated fuel dispenser (AFD) compliance by the new April 2021 deadline (extended from October 2020) with less than half their stores fully upgraded. The survey indicated that 33 percent are unlikely to meet the April 2021 deadline, at which point fraud liability is expected to shift from card issuers to fuel merchants.”
August 19, 2020
On the wires
ASC X9 Seeks Participants for Development of New Mobile Payments Standards
“The Accredited Standards Committee X9 Inc. ( X9 ) today announced that it is seeking expert participants for two important projects. Two new mobile financial services standards, the third and fourth parts of a suite of standards (X9.134) for mobile banking and payments, will continue the process to adapt and augment ISO 12812 as a U.S. national standard. Additional participants who have interest in this area are invited to join the effort.”
July 30, 2020
On the web
Is Your Chip Card Secure? Much Depends on Where You Bank
Krebs on Security
“Chip-based credit and debit cards are designed to make it infeasible for skimming devices or malware to clone your card when you pay for something by dipping the chip instead of swiping the stripe. But a recent series of malware attacks on U.S.-based merchants suggest thieves are exploiting weaknesses in how certain financial institutions have implemented the technology to sidestep key chip card security features and effectively create usable, counterfeit cards.”
On the wires
Leading Canadian Financial Services Firms Launch FDX Canada
“Financial Data Exchange, LLC (FDX) has officially launched in Canada, with 31 organizations leading the country’s financial services ecosystem in joining FDX and taking part in its mission to develop a secure, common, interoperable, flexible and royalty-free industry standard for financial data sharing. “The launch of FDX Canada proves the success of this industry-led initiative to bring leading organizations in the Canadian financial services ecosystem together around a common financial data sharing standard that will protect consumers and business and simplify their banking experiences” said Don Cardinal, Managing Director of Financial Data Exchange.”
July 21, 2020
On the wires
ASC X9 Expands Mission of Corporate Banking Committee To Become an Industry Focal Point for Faster/Real-time Payments Initiatives
“The Accredited Standards Committee X9 Inc. ( X9 ) today announced that it has expanded the scope of its X9C Corporate Banking Committee to add focus on faster/real-time payments. The group is newly empowered to track all faster payments activity in the financial industry, and the intent is for it to become X9’s central point of contact for industry standards related to this area. Additional participants who have interest in this area are invited to join the effort .”
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