Industry

Cross-Border Payments Search for Their Netflix Moment

Global Banking | Finance

If only cross-border payments were as simple as watching a movie.  And they can be.

Industry

Major Cyber Attack Could Cost the World $3.5 Trillion -Lloyd's of London

Reuters

A major cyber attack on a financial services payments system could lead to global losses of $3.5 trillion, with much of it not covered by insurance, commercial insurance market Lloyd's of London said on Wednesday.

Industry

New Authentication Channel a Game-Changer for Online Businesses

ITWeb

3D Secure for online payments continues to gather momentum globally...Now, a new decoupled authentication enables the same level of security as 3D Secure authentication, without requiring the user to be online at the time of the transaction.

Industry

Ferrari to Accept Crypto as Payment for Its Cars in the US

Reuters

"Ferrari has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters."

Companies Industry

Signifyd Study Predicts a 5% Rise in Holiday Ecommerce This Season, as Consumers Battle Inflation and an Uncertain Economy

Businesswire

"Online sales will see slim growth this holiday season with ecommerce spending over the Cyber Five weekend projected to be 4% higher than last year and total season sales up 5% compared to 2022, according to a data analysis by commerce protection provider Signifyd."

Tags: Signifyd

Industry

Can Pay by Bank Play into Consumers’ Growing Preference to Resist Credit Cards?

Tearsheet

"Less familiar payment methods like pay-by-bank are gaining traction as consumers resist the use of credit cards to stay out of a debt cycle."

Industry

Los Angeles City Council Moves Forward With Proposal to Ban Cashless Businesses

California Globe

"The Los Angeles City Council voted 13-0 on Tuesday to move forward with a motion that would ban all cashless stores in the city, with the chief legislative analyst now being instructed to work with the city attorney on the proposed policy."

Industry

Central Bank Test Lab Develops Global Bitcoin Mapping System

Reuters

"A global central bank test lab has designed a prototype bitcoin monitoring system aimed at giving authorities a clearer picture on how, when and where the cryptocurrency is used. The Bank for International Settlements (BIS) project, codenamed Atlas, began at the Dutch central bank more than five years ago..."

Industry

Wirex Reveals W-Pay: The Revolutionary ZK-powered App Chain for Seamless Issuance of Non-Custodial Crypto Debit Cards

PR Newswire

Wirex, announces W-Pay, a cutting-edge Zero-Knowledge (ZK)-powered App Chain designed to seamlessly connect decentralised applications, non-custodial wallets, and traditional payment infrastructures.

Industry

D.C.'s Ban on Cashless Businesses Takes Effect

Axios

"No cash, no more — D.C. will enforce a law starting Sunday that bans businesses from refusing cash payments."

Industry

The Future of Biometric Payments

Information Age

"Nearly 90% of consumers are excited about using biometrics, such as fingerprints or facial scans, when paying for things. The consensus is that they’re safer and easier to use than passwords. We go behind the technology of biometric payments."

Industry

What’s the Future of Wearable Payment Devices?

Information Age

"The global market for wearable payment technology is expected to be worth $137bn by 2030, whether that’s using smartwatches, bracelets, jewellery – or even having a chip embedded under you skin"

Industry

Paper Checks are Dead. Cash is Dying. Who Still Uses Them?

Washington Post

"In a few years, comically oversized foam-board novelty checks will be the last remaining evidence of a 20th-century icon, as the paper check goes the way of the landline phone and the floppy disk... See where checks are still predominantly being used"

Industry

International Monetary Fund (IMF) and the Financial Stability Board (FSB) Synthesis Paper: Policies for Crypto-Assets

Financial Stability Board

The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have advanced policy and regulatory recommendations to identify and respond to macroeconomic and financial stability risks associated with crypto-assets.

Industry

As Payments on Federal Student Loans Resume, Federal Student loan Borrowers May be Eligible for Cancellation or Lower Payments

Consumer Financial Protection Bureau

"In October, millions of federal student loan borrowers will have a payment due on their loans for the first time since March 2020. Many borrowers may be able to reduce their payments or even get their loans cancelled, and they should explore their options before making payments."

Industry

Hyundai Introduces In-Vehicle Payment Service, Hyundai Pay, on All-New 2024 Kona

prnewswire

"Hyundai Motor America is bringing in-vehicle payments to customers with the introduction of Hyundai Payi. The Hyundai Pay system allows customers to find and pay for things with their vehicle's touchscreen using securely stored credit card information."

Industry

Phone, Internet Providers Disallowing Payments by Credit Cards [CBS News Video]

CBS News

"Major phone and internet companies are pushing away from credit card payments, leading to higher monthly bills for some customers. Ted Rossman, senior industry analyst at Bankrate, joined CBS News to discuss why companies don't want you to pay by credit card."

Companies Industry Regulation

Credit Card Companies Urged by Senators to Cancel Plan to Raise Swipe Fees

Bloomberg

"Senators are urging credit card giants Visa Inc. and Mastercard Inc. to cancel plans to raise their swipe fees charged to retailers and used reports on the plans to champion their bill to force competition in the industry."

Tags: Mastercard Visa

Industry

Self Checkout Could Be Making Americans Lonelier

Business Insider

"Americans are lonelier than ever, and self checkout could be part of the problem. Retailers are increasingly relying on self-checkout kiosks. The technology may save on labor, but it's also cutting down on what social scientists call "weak ties," or casual relationships like those between customers and cashiers, the Los Angeles Times reported on Monday."

Companies Industry

Why Verizon, AT&T and T-Mobile Want to Access Your Bank Account [WSJ]

WSJ

"Wireless carriers want to give you a monthly discount. You just have to pay them with your bank account. Some already offered $5 or $10 monthly discounts for setting up automatic payments. Over the past few months, these companies have shifted their offers to require customers to link a debit card or bank account—specifically not a credit card—to get the discount." [Subscription Required]

Industry

ATM Fees Hit High of $4.73

www.atmmarketplace.com

"The average fee for out-of-network ATMs reached an all time high this year of $4.73, surpassing the previous high of $4.72, according to a report by Bankrate."

Industry

SoftPOS Offers Many Advantages, But a Few Drawbacks, Too

Digital Transactions

"The recently developed ability to accept card payments on an ordinary smart phone, with no additional hardware, has electrified the payments industry. But the technology, known as SoftPOS, comes with complications that could slow progress, a panel of experts warned Thursday."

Industry

BNPL’s Rapid Ascent Evokes Clashing Opinions on the Ethics of Short-Term POS Credit

Digital Transactions

"The buy now, pay later craze, which took flight during the Covid pandemic, has turned into a $70-billion-plus segment of the payments industry. But that doesn’t mean it hasn’t stirred controversy among acquiring-industry executives, some of whom manage versions of the point-of-sale credit product."

Industry

World Pay: Revolutionizing P2P Payments Through Cryptographic Proof

GlobeNewswire News Room

"The global financial system has undergone multiple changes throughout its lifetime. First, with the introduction of the gold standard, then with advancements in banking communications, digitized international trade and investment, and remittances....World Pay (WPAY) is the newest creation that seeks to build on the P2P and blockchain revolution to make finance more direct and transparent.

Industry

Unleashing the Power of Liveness Detection: A Game-Changer in the Battle Against Deepfakes

Biometric Update

"The generative AI revolution is here. With its ability to augment human intelligence and effort in a wide variety of fields including healthcare, robotics and creative endeavors, it is no wonder that the global market for generative AI is predicted to be $110 billion by 2030. However, this rapidly advancing technology also starts to seriously question whether the image, audio or video that you just experienced is real or an AI-generated deepfake."

Industry

ISO 20022 Coins

Techopedia

"What are ISO 20022 Coins? An ISO 20022 coin is a digital currency that adheres to the international standard ISO 20022 for electronic data interchange between financial institutions."

Companies Industry

PULSE® Extends Debit Fraud Detection Agreement with FICO®

Businesswire

"PULSE, a Discover® Financial Services company and operator of the PULSE debit network, has agreed to an extension of its partnership with global analytics software provider FICO. PULSE and FICO collaborate to deliver market-leading fraud-detection technology that reduces losses and risk exposure for financial institutions, merchants and consumers worldwide."

Tags: Discover

Industry

EMVCo Sets MFA Security Guidelines with Encouragement and Cautions for Biometrics Use

Biometric Update

"Biometrics can help make multi-factor authentication used in payments resistant to attacks, but can also do the opposite if the wrong technology or architecture is chosen, according to a new paper from EMVCo."

Industry

US Fed Clarifies Process for Banks to Transact in Stablecoins

Reuters

"State banks that are a member of the U.S. Federal Reserve system should obtain a written supervisory nonobjection from the Fed before issuing, holding or transacting in dollar tokens used to facilitate payments, such as stablecoins, the central bank said in a new supervisory letter Tuesday."

Industry

Independent ATM Operators Receive Approval to Move Ahead With Antitrust Case Against Visa, Mastercard

ATM Marketplace

"The D.C. Circuit Court of Appeals approved a class action lawsuit made by independent ATM operators against Visa and Mastercard for allegedly violating antitrust laws. MoginRubin LLP will represent the ATM operators in court, according to a press release."