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July 16, 2020
On the wires
Technical Body Supports Travel Sector’s Fight Against Transaction Fraud
“EMVCo, the global technical body that facilitates the worldwide interoperability and acceptance of secure payment transactions, has produced guidelines on how the travel industry can provide data to payment card issuers to better verify the authenticity of an e-commerce transaction using current payment authentication processes.”
July 8, 2020
On the wires
American Express, Discover, Mastercard and Visa to Power Global Expansion of Simple, Consistent Digital Checkout Experience
“E-commerce has reached new heights around the world, as more consumers are going online to make secure, touch-free purchases across various merchants and platforms. Now, it’s more important than ever that the online checkout experience is seamless and consistent across all types of digital channels and cards. Today, American Express, Discover, Mastercard and Visa announced they are each beginning technical preparations for global expansion of the Click to Pay online checkout – based on the EMV® Secure Remote Commerce industry standard – in additional geographies including Australia, Brazil, Canada, Hong Kong, Ireland, Kuwait, Malaysia, Mexico, New Zealand, Qatar, Saudi Arabia, Singapore, United Arab Emirates and the United Kingdom, with others to follow.”
June 17, 2020
On the wires
EMVCo Publishes Updated Guidelines for Using EMV® Secure Remote Commerce Specifications and Icon
“Technical body EMVCo has confirmed that consumer-facing solutions and programmes based on the EMV® Secure Remote Commerce (SRC) Specifications are to be known as Click to Pay. This universal description enables ease of recognition for consumers, and signals that a consumer can confidently transact through an easy e-checkout, regardless of the payment card, digital channel or device they use.”
June 15, 2020
On the wires
Payments Canada Publishes ISO 20022 Messages for Lynx, Canada’s New High-value Payments System
“Payments Canada today announced the availability of ISO 20022 messages for Lynx, Canada’s new high-value payments system. With the publication of ISO 20022 messages for Lynx, system participants can start preparing their existing applications to leverage the value of ISO 20022. Likewise, vendors who support Canada’s payments ecosystem can use the published messages to update their applications and develop new services for Lynx participants and the wider ecosystem. The ISO 20022 messages for Lynx also support Canadian financial institutions preparing to meet SWIFT’s ISO 20022 migration date for cross-border payments, expected to roll out at the end of 2022.”
June 10, 2020
On the wires
US Payments Forum Publishes Best Practices for EMV Chip Fallback Transactions at the Fuel Pump
“The U.S. Payments Forum is continuing to provide the U.S. with essential guidance on the migration to EMV chip with a new white paper on options for supporting fallback transactions in the petroleum environment. The resource released today defines fallback and covers processing magnetic stripe transactions for card programs that are not supported on the contact EMV interface of automatic fuel dispenser (AFD) terminals.”
May 29, 2020
On the wires
Request to Pay Rules and Standards Framework Launched
“Today (Friday 29 May 2020) Pay.UK is pleased to launch the Request to Pay Framework – the message standards, rules, and terms and conditions for the development of Request to Pay services. The new Framework can now be used by organisations to create the first Request to Pay propositions, set to underpin a vibrant new market of payment messaging services.”
May 28, 2020
On the web
The US EMV Chip Card Count Surpasses 1 Billion
Digital Transactions
“Four years after the EMV chip card standard became the law of the U.S. payments land, the number of credit and debit cards with an EMV chip now exceeds 1 billion, and 63% of U.S. card-present transactions in 2019 involved an EMV card being read by an EMV-capable terminal, up from 53.5% in 2018. Those numbers are some of the highlights in a report released Thursday by EMVCo, the standards body owned by the global card networks. The U.S. EMV credit and debit card count was 1.07 billion as of 2019’s fourth quarter, an increase of 232 million, or nearly 28%, from 842 million in late 2018.”
May 21, 2020
On the web
ECB responds to Swift’s blueprint for ISO 20022
Finextra
“Under instruction from the European Central Bank, interbank payments network Swift has drawn up a blueprint designed to mitigate complications borne from its surprise decision to delay the migration to the new ISO 20022 messaging standard. A letter obtained by Finextra Research addressed to Swift’s CEO from the ECB requested that Swift mitigate the challenges now faced by financial institutions because of Swift’s decision to delay migration to the new financial messaging format. The release of a blueprint for tackling these challenges is the first of these measures.”
May 7, 2020
On the web
Ripple Gets Ready for ISO 20022
Finextra
“Ripple claims to have become the first blockchain-focused payments company to join the ISO 20022 standardisation committee, future-proofing its business for the eventual arrival of the data-rich messaging protocol.”
May 5, 2020
On the web
ECB Steps in Over Swift’s ISO 20022 Migration Delay
Finextra
“During its March 2020 meeting the Swift Board and Executive endorsed a decision to shift their ISO 20022 migration date for cross-border payments from November 2021 to end 2022.The unexpected decision was met with surprise from institutions across the European market which now face another hurdle in the monumental transition to the new data-rich financial messaging language.”
On the wires
Cross-Industry Coalition Advances Digital Trust Standards
“The Linux Foundation, the nonprofit organization enabling mass innovation through open source, today announced it will host the Trust over IP (ToIP) Foundation, an independent project to enable trustworthy exchange and verification of data between any two parties on the Internet. The ToIP Foundation will provide a robust, common standard that gives people and businesses the confidence that data is coming from a trusted source, allowing them to connect, interact and innovate at a speed and scale not possible today. The ToIP Foundation will use digital identity models that leverage interoperable digital wallets and credentials and the new W3C Verifiable Credentials standard to address these challenges and enable consumers, businesses and governments to better manage risk, improve digital trust and protect all forms of identity online.”
April 30, 2020
On the web
SWIFT Intends to Change Its Operations With ISO 20022 Delay, Fiserv Says
IBS Intelligence
“SWIFT, the financial messaging provider, is using the delay of ISO 20022 to evolve its financial messaging service into transaction management, according to Fiserv’s David Chance. The delay of the new messaging standard ISO 20022 been brought on because SWIFT is intending to play a bigger role in the cross-border payments space. With the new system, SWIFT, the global provider of secure financial messaging services, will be able to manage the rich transaction data that comes with ISO 20022 and become a centralised hub.”
April 29, 2020
On the wires
ASC X9 Releases Standards for Secure Online Authentication, Addressing Transaction Issues Experienced During the Coronavirus Shutdown
“The Accredited Standards Committee X9 Inc. ( X9 ) today announced that it has published two standards in the area of secure online authentication. These standards address improved security for the increasing number of online transactions, such as those being made during coronavirus stay-at-home orders. X9.117-2020, “Mutual Authentication for Secure Remote Access,” is a risk-based standard addressing authentication factors within any environment. X9.122-2020, “Secure Consumer Authentication for Internet Payments,” is a new standard that addresses internet-based authentication using established techniques with existing standards and provides requirements for new techniques. Both standards are now available for download.”
April 27, 2020
On the wires
Inlet Joins Financial Data Exchange (FDX) to Strengthen Customer Control of Financial Data
“Inlet, a secure eBill presentment and delivery platform that provides millions of bills each year to bank bill payment destinations servicing both consumers and businesses, announced it will participate in the Financial Data Exchange (FDX), a non-profit organization committed to developing and promoting a single industry standard for financial data sharing. As an FDX member, Inlet joins more than 100 industry partners who are defining an interoperable, secure data sharing standard that will improve efficiency, transparency, security and consumer control of how financial data is shared among all participants of the financial services ecosystem.”
Financial Data Exchange Surpasses 100-Member Milestone – Computer Services, Inc., PAi Retirement Services, PayPal, and Sovos Among 22 New Members Joining
“The Financial Data Exchange (FDX) welcomed 22 new members between January 1 and March 31, 2020, bringing the total membership to 103 organizations that have committed to collectively transitioning to a modern, transparent and secure data sharing approach. Since its launch in October 2018 with 21 founding members, FDX has seen a nearly fivefold increase in members. The growing membership is also reflected in the rapid adoption of the FDX API, as data providers, such as financial institutions, and data access platforms (aggregators), are collectively transitioning to the standard. This translates to more than 12 million U.S. consumers, who are now accessing their financial data through FDX’s standard.”
April 14, 2020
On the web
G20 Sets Ground Rules Ahead of Facebook’s Libra Stablecoin
Reuters
“The world’s leading economies need to plug gaps in their rulebooks to avoid digital currencies like Facebook’s planned Libra stablecoin from undermining financial stability, the Group of 20 Economies’ (G20) regulatory watchdog said on Tuesday. Stablecoins are tied to a traditional currency or basket of assets, and used for payments or storing value. The G20’s Financial Stability Board (FSB) set out 10 recommendations on Tuesday for a common, international approach to regulating stablecoins, prompted by social media giant Facebook proposing its Libra stablecoin.”
March 17, 2020
On the web
New Swift ISO Will Be Delayed
FXcompared
“A proposed migration date for a new ISO covering cross border payments looks set to be delayed by a year. The ISO 20022, which was proposed by international financial network service provider Swift, was due to come into force in November of next year (2021). The aim of the new system was to provide a data-focused payments infrastructure, and is expected to significantly enhance the international money transfer market. However, it has now been announced that the implementation will be delayed until the end of the year 2022. The reason given for the change in approach is that the financial institutions may not be able to deal with the decommissioning of the current infrastructure in time.”
March 5, 2020
On the web
Keeping Merchants PCI-Compliant Is Becoming Tougher, Survey Finds
Digital Transactions
“Independent sales organizations are increasing their use of non-compliance fees for merchants that don’t adhere to PCI Security Standards Council requirements, with 23% of ISOs surveyed for the ControlScan/MAC 2020 Acquiring Trends Report saying they assess these fees. That’s up from the historic range of 17% to 18%. The report, released Tuesday, is based on a survey last fall of 68 payments-industry professionals.”
March 4, 2020
On the web
EMVCo Adds Support for IoT Payments
NFC World
“The IoT is creating new ways to pay, with payment functionality enabled across various industries globally,” comments Bruce Rutherford, Chair of the EMVCo Executive Committee. “This innovation needs to be balanced with functionality, usability and security. By optimising existing processes to support new IoT payment use cases, EMVCo brings efficiencies and confidence to the IoT payment ecosystem, and an established framework of payment expertise.”
February 6, 2020
On the wires
Nacha Announces It Is Building Phixius | Nacha
January 27, 2020
On the wires
Ally, Discover, MassMutual, and TransUnion Among 25 New Members Joining the Financial Data Exchange
“FDX represents an industry-wide movement to enhance consumer and business controls of financial data, through its FDX API and technical standards that prioritize the group’s Five Core Principles of Financial-Data Sharing – Control, Access, Transparency, Traceability and Security. The growing membership is also reflected in the rapid adoption of the FDX API, as data sources, such as financial institutions, and data service providers (aggregators) are collectively transitioning to this modern data sharing standard. In October 2019, members reported over 5.26 million U.S. customers on the standard and were expecting to have it rolled out to 8 million customers by late 2019 and approximately 12 million by April 2020.”
January 8, 2020
On the wires
NFC Forum Specifications Improve NFC Communications Speed and Robustness For Smartphone Users Worldwide
“The NFC Forum , the global standards body and advocacy association for Near Field Communication (NFC), released four new specifications today improving the robustness and communications speed for the over two billion NFC-enabled devices, like smartphones, in use today. These specifications improve the user experience in noisy radio environments by adding recovery rules and enhanced performance for development of new use cases taking full advantage of the recently approved Tag NFC Data Exchange Format Exchange Protocol Specification (TNEP) 1.0 .”
November 7, 2019
On the web
AsiaKredit To Pioneer Global Standards Of Responsible Finance And Client Protection For The Underbanked
PAGEONE
“AsiaKredit, a leading digital consumer finance fintech in the Philippines, is spearheading financial consumer protection and empowerment in the Philippines via the world’s first financial consumer protection standard, the Smart Campaign. The Smart Campaign is a globally recognized initiative by the Centre for Financial Inclusion at Accion (CFI), a U.S-based think-tank for financial inclusion.”
November 1, 2019
On the wires
US Payments Forum Releases Guidance for Streamlining EMV Certifications at the Fuel Pump
“Testing and certification have been cited as one of the biggest challenges for EMV chip implementation at the automated fuel dispenser (AFD). With the AFD fraud liability shift slated for October 2020, the U.S. Payments Forum has released guidance for streamlining this process and reducing redundancy, implementation time and effort required to achieve certifications for systems using electronic payment servers.”
August 29, 2019
On the wires
American Bankers Association, Mastercard and Visa Among Latest Members of FDX
“The Financial Data Exchange welcomed eight new members between May 1 and July 31, 2019, bringing the total membership to 55 organizations spanning the full breadth of financial services ecosystem, from financial institutions to data aggregators, banking core processors and fintechs.”
August 20, 2019
On the wires
Inadequate Data Security Practices Come With Serious Financial Consequences for Canadian Businesses
“Over one-third of Canadian consumers have experienced the consequences of a security breach or hack, according to newly released research conducted by secure payments provider to contact centers, PCI Pal . The findings suggest that a combination of recent high-profile breaches, media coverage of new data privacy regulations such as GDPR and Canada’s Personal Information Protection and Electronic Documents Act, and personal experience have made security a top concern for Canadian consumers.”
June 7, 2019
On the web
EMVCo Publishes EMV® Secure Remote Commerce (SRC) Specification v1.0 and Payment Icon
EMVCo
“The specification enables the creation of a virtual payment terminal and the icon facilitates easy consumer recognition of remote-checkout environments that offer a consistent card-based payment acceptance experience”
Secure Remote Commerce (SRC): Payment Icon
EMVCo
“The SRC payment icon is available for use in connection with implementations of the EMV® Secure Remote Commerce Specification. The SRC payment icon image files are provided following execution of the EMVCo Trademark License Agreement for SRC payment icon and may only be used in conformance with the Secure Remote Commerce (SRC): Payment Icon Reproduction Requirements .”
On the wires
Mastercard Digital Wellness Program to Enhance Transparency, Security and Choice for Online Shopping
“Mastercard today launched the Mastercard Digital Wellness program, a host of technologies and resources that enable all businesses, especially small and independent merchants, to better serve today’s digital-first consumer. As part of this program, Mastercard will deploy EMVCo’s specification for fast, click-to-pay check-out for digital commerce. The specification replaces laborious key-entry guest check-out with a consistent, simple and secure guest checkout experience, no matter where a consumer shops online, or which device or card they use.”
April 8, 2019
On the web
Consultation on ISO 20022 Migration for Australian Payments System
Mirage News
“The Reserve Bank and the Australian Payments Council (APC) today issued a consultation paper seeking stakeholder views on the migration of messaging used in some parts of the Australian payments system to the International Organization for Standardization (ISO) 20022 payments messaging standard. The Australian payments system comprises a number of payment services, clearing systems and settlement systems. Some of these services and systems use the Society for Worldwide Interbank Financial Telecommunication (SWIFT) Message Type (MT) for messages used in trading, clearing, settlement and payments, including for the Reserve Bank’s real-time gross settlement system.”
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