Payments News from Glenbrook Partners
Glenbrook   Book   Education   Views   Archives   Store   Advertise   About         SUBSCRIBE:

« February 2014 | Main | April 2014 »

March 31, 2014

Square Market Accepts Bitcoin

Square logo 140pxSquare has announced that "starting today, buyers can purchase goods and services on Square Market with Bitcoin."
Keeping it simple for the seller, the seller receives the amount of the purchased goods or services in USD and in the amount of USD advertised to the sellers' customer at the time of transaction, so the seller takes no risk on Bitcoin value fluctuations.

Headline News from PaymentsNews.com - March 31, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 30, 2014

Glenbrook's Payments Insight Workshops

GP Logo Horizontal 140pxThis week's PaymentsNews.com daily email and RSS feed distribution have been sponsored by Glenbrook's Payments Insight Workshops.

This week we conducted the first of our new Bitcoin: Basics and Beyond workshops in Mountain View, CA. The next session of that workshop will be in New York City on June 25, 2014.

Next up in the Payments Insight series is a workshop on Data in Payments on April 22, 2014 in Mountain View, CA. Glenbrook's Russ Jones is leading this workshop - he writes:

Everyone is saying that "data's where the money is." Big data, small data, transaction data - we all know intuitively that this is important.

But what is payment data, really? How detailed is it? And, most important, who has access to it - and the ability to use it - at what point in the purchase value chain?

Glenbrook's Data in Payments Workshop takes apart these questions, and provides you with a comprehensive understanding of where the value of payments data is, and why it is important.

For more information about Glenbrook's Payments Insight Workshops, you can learn more here - and be sure to contact Russ for more information about the Data in Payments workshop.

Week-long sponsorships of the PaymentsNews.com daily email distribution and RSS feed are available. For more information, please contact: publisher@paymentsnews.com.

March 27, 2014

Stripe to Add Bitcoin Acceptance for Merchants

Stripe Logo 140pxIn an article titled "Stripe Merchants Will Soon Be Able to Accept Bitcoin Payments", Jason Del Rey writes for Re/code.net about Stripe's plan to allow its merchant customers to accept bitcoin payments.

Up to now, Stripe merchants that wanted to accept bitcoin as a payment method would have to integrate with bitcoin-specific processors such as Coinbase or Bitpay.

Merchants interested in learning more about Stripe's forthcoming bitcoin support can add themselves to the waiting list to participate in the beta.

Headline News from PaymentsNews.com - March 27, 2014

On the Web:

  • Putin warns West against curbing use of payment systems in Russia - Reuters - "President Vladimir Putin warned the West on Thursday that curbing Russians' use of payment systems based in the United States and Europe would backfire..."
  • Google’s brilliant plan to get millions to adopt its e-money system: Gmail - "While the service has been available since last summer to anyone who had a Google Wallet account or had already been sent money via Gmail, Google now seems to be starting to push it out to the broader public."
  • The Fierce Battle for the Soul of Bitcoin - Wired - "Meanwhile, some of the new entrants to the bitcoin universe—venture capitalists and entrepreneurs—have a much different vision. They see bitcoin as something more practical: a hyperefficient online transaction system like Visa, but cheaper, faster, and more flexible."
  • Wal-Mart sues Visa over interchange fees - City Wire - "The suit claims that Visa raised interchange fees by 234% between 1998 to 2006. The complaint also alleges Visa’s anticompetitive conduct generated more than $350 billion in interchange fees for the colluding issuers during the damages period ..."
  • Target, Visa Say Fraud Limited in Wake of Data Breach - Wall St. Journal - "Target Corp. said it has seen relatively little fraudulent activity on its cards following a massive data breach over the holidays..."
  • Despite Challenges, Bitcoin Technology is Here to Stay - CoinDesk - "Governments must beware of being too heavy-handed with bitcoin, he said. If not, they run the risk not only of pushing bitcoin activity into other countries, but also giving rise to more secretive technologies."

On the Wires:

  • TSYS Signs Payments Agreement with Virgin Money - Kelley Knutson, executive vice president of TSYS’ International Services segment, said, "We will help to ensure Virgin Money’s efforts to grow their cards business are successful by combining our experience in international markets with the strength of the Virgin brand."
  • Businesses Deposit $1 Billion Through Wells Fargo Mobile App - "Wells Fargo & Company – the first major U.S. bank to offer mobile services for corporate and commercial customers – today said that businesses have made more than $1 billion in mobile deposits through its CEO Mobile® Deposit service."
  • VeriFone Welcomes New Member to Board of Directors - "VeriFone Systems, Inc. today announced that Richard A. McGinn will leave the board and be replaced by long-time retail and consumer financial services veteran Jane J. Thompson, effective immediately."

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 26, 2014

Headline News from PaymentsNews.com - March 26, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 25, 2014

Same Day ACH - A Step (or Lurch) Ahead...

PaymentsViews logo 140pxIn an article titled "Same Day ACH – A Step (or Lurch) Ahead" on our PaymentsViews.com blog, Glenbrook's Carol Coye Benson writes about last week's announcement by NACHA that it has plans for a phased introduction of same-day settlement for ACH. Carol spoke earlier today with NACHA President and CEO Jan Estep.

Carol writes:

For now, Estep emphasizes that this is the important settlement “layer” – and that products and services will be defined by financial institutions that can rely on the reduced counterparty risks enabled by this initiative. NACHA’s vision is that same day settlement will start with “push” credit transfers – for all ACH types, including P2P, payroll, bill payment and B2B. Receiving banks (RDFI’s in the ACH system) would be required to receive the transactions, and rules are expected to specify same-day posting to recipient accounts.

Be sure to read Carol's article and add your comments on NACHA's new initiative.

Headline News from PaymentsNews.com - March 25, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 24, 2014

Headline News from PaymentsNews.com - March 24, 2014

On the Web:

On the Wires:

  • Milestone moment for V.me by Visa as fifteen leading European payment service providers join forces to promote the service to retailers - "Visa Europe has today announced new partnerships with fifteen European Internet Payment Service Providers (IPSPs), giving the V.me by Visa digital wallet service access to their extensive e-commerce merchant portfolios, and supporting the continued growth and availability of the multi-market wallet service."
  • Nordea to divest all its shares in Nets Holding A/S - "As the payments industry is becoming increasingly complex and international, Nets needs a strong experienced owner with a clear strategic vision to take the Company to the next level of its development. Nordea believes its divestment and the new owner will be beneficial for the Company and the customers of Nets."
  • Statement on Credit Card Processing Issue - California Department of Motor Vehicles - "There is no evidence at this time of a direct breach of the DMV’s computer system. However, out of an abundance of caution and in the interest of protecting the sensitive information of California drivers, the DMV has opened an investigation into any potential security breach in conjunction with state and federal law enforcement."

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 22, 2014

Glenbrook's Industry Scan Programs

GP Logo Horizontal 140pxThis week's PaymentsNews.com daily email and RSS feed distribution have been sponsored by Glenbrook's Industry Scan Programs.

These valuable programs are managed by partner Erin McCune. She writes:

Perhaps you’re responsible for identifying important industry trends and new initiatives by your company’s competitors. You follow many industry news sources but distilling the most important items to surface to your executives is challenging.

This is what we at Glenbrook do best. We work with your team to ensure your competitive radar is finely tuned, well focused, and effective.

For more information about Glenbrook's Industry Scan Programs, you can learn more here - and be sure to contact Erin to receive a customized quote that meets your specific needs.

Week-long sponsorships of the PaymentsNews.com daily email distribution and RSS feed are available. For more information, please contact: publisher@paymentsnews.com.

March 21, 2014

Merchants Lose Debit Card Interchange Fee Appeal

FedEarlier today a US appeals court in Washington, DC upheld the Federal Reserve's Regulation II interchange fee and network routing rules. The appeals court overturned an earlier district court decision handed down last July that struck down Regulation II.

In the Court's opinion on the case, Circuit Judge Tatel expressed a bit of frustration:

Before addressing the parties’ arguments, we think it worth emphasizing that Congress put the Board, the district court, and us in a real bind. Perhaps unsurprising given that the Durbin Amendment was crafted in conference committee at the eleventh hour, its language is confusing and its structure convoluted. But because neither agencies nor courts have authority to disregard the demands of even poorly drafted legislation, we must do our best to discern Congress’s intent and to determine whether the Board’s regulations are faithful to it.

The case is NACS v. Board of Governors of the Federal Reserve System, U.S. Court of Appeals for the District of Columbia, 13-5270.

Headline News from PaymentsNews.com - March 21, 2014

On the Web:

On the Wires:

  • Visa and PULSE Agree on EMV Common Debit Solution - "Visa Inc. and PULSE, a Discover Financial Services company, announced an agreement to enable financial institutions that issue EMV debit cards on both the Visa and PULSE networks to use Visa’s common debit solution."

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 20, 2014

What Comes After Bitcoin?

PaymentsViews logo 140pxOn our PaymentsViews.com blog, Glenbrook's George Peabody writes about math-based currencies:

Don’t get too attached to how Bitcoin looks today. It or its immediate successor is going to change. Moving to another math-based currency may be in your future because we are only at the end of the beginning of the math-based currency journey.

Read and comment on his post here!

Headline News from PaymentsNews.com - March 20, 2014

On the Web:

On the Wires:

  • American Express Expands Benefits for Platinum Card® Members - "These benefits include complimentary, unlimited access to Wi-Fi hotspots provided by Boingo Wireless, a global market leader in Wi-Fi, as well as an application fee statement credit option for the TSA Pre✓™ program."
  • Small Businesses Get Paid Faster With QuickBooks Payments - "As part of the expanding QuickBooks ecosystem of online products and services, QuickBooks Online users who also use QuickBooks Payments get their invoices paid on average two times faster than those who don’t. When these small businesses email their invoices and allow their customers to pay online, they significantly reduce the time it takes to receive payment."

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 19, 2014

Headline News from PaymentsNews.com - March 19, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 18, 2014

NACHA Reports Taking Steps Toward Ubiquitous, Same-Day ACH Settlement

NACHA logo 140pxNACHA announced today that "it is taking initial steps towards a ubiquitous, same-day ACH settlement capability. Through a “phased approach” to implementing new functionality, NACHA seeks to move the ACH Network from today’s single, next-day settlement to multiple, same-day settlement options that would be available for virtually any ACH Network transaction." Future rulemaking will be required to actually approve implementation of specific capabilities.

NACHA has conducted extensive work over the past year to outline the parameters and requirements of a ubiquitous, same-day capability for the ACH Network that enables financial institutions, large and small, to provide value to their end-users,” said Janet O. Estep, president and CEO of NACHA.

“A phased implementation enables us to introduce new capabilities more quickly, and then continue to build over time, creating value for all participants at each step along the way.”

“The concept of phased implementation is the result of thoughtful exploration of feedback we received over the past year,” said Estep. “This is the next step to help create a rule proposal for the industry to enable same-day ACH through the NACHA rulemaking process.”

NACHA's phased implementation proposes incremental functionality that would include multiple, new settlement windows, and greater certainty around faster funds availability.

  • As currently outlined, a first implementation phase would provide a foundation to better enable same-day ACH credits to support important use cases such as payroll, person-to-person (P2P) payments and expedited billpay.

  • A second phase would introduce same-day ACH debits and enable a wide variety of consumer bill payment use cases like utility, mortgage, loan and credit card payments.

  • A third phase would improve the service level across the ACH Network and reduce counter-party risk by adding a second same-day settlement and accelerating funds availability.

NACHA said it is launching a study to assess the industry’s costs and potential transaction volume for same-day ACH - including gathering specific facts around RDFIs’ investment and operating costs as a result of receiving same-day payments. The study also will fully explore ACH volume potential through detailed interviews and inputs. The information gathered on implementation capabilities, costs and volume will then inform a NACHA rulemaking that could occur as early as fall 2014.

Headline News from PaymentsNews.com - March 18, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 17, 2014

Visa, Fiserv Partner for Debit EMV on Accel Network

Fiserv logo 60pxhFiserv has announced an agreement to make Visa’s common debit EMV solution available for the Accel™ debit network. Under the agreement, Fiserv will adopt Visa’s common debit solution offering issuers, acquirers and merchants a simple, streamlined approach for debit EMV adoption. The agreement will help enable the development of regulation-compliant debit EMV solutions using a common Application Identifier (AID).

With more than 7 million Visa EMV chip cards already issued in the U.S., it is important to continue the momentum towards more widespread adoption,” said Bill Sheedy, executive vice president of Corporate Strategy and Government Relations, Visa Inc.

“With Fiserv participating in the common solution we have made available to the industry, we can offer more choices to issuers and merchants and a clear roadmap for streamlined, cost-effective chip adoption.”

By licensing the Visa AID, the Accel network will be able to process PIN and PINless EMV transactions ensuring enhanced transaction processing security. The AID will facilitate U.S. debit transactions from any debit network that licenses the Visa common AID solution and is enabled on a Visa card.

Headline News from PaymentsNews.com - March 17, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 14, 2014

Headline News from PaymentsNews.com - March 14, 2014

On the Web:

  • Accidental disruption: Max Levchin discusses how close PayPal was to never existing at all! - PandoDaily - "It’s often said that it’s better to be lucky than good. Fortunately for PayPal, Levchin, Thiel, and the company’s other early execs were both lucky and good."
  • Consumers Not Powerless in the Face of Card Fraud - New York Times - "The United States is such a fraud-friendly country in part because we still use old-fashioned magnetic stripes on the back of our cards. This makes it relatively easy for thieves to make counterfeit ones."
  • Xapo Raises $20 Million To Bury Your Bitcoin Underground - TechCrunch - "The wallet, said Wences, works like a checking account while the vault works like a savings account. They have no intention of ever becoming an exchange."
  • Wearing Apple - furbo.org (Craig Hockenberry) - "But the biggest feature of all would be that this wearable device could support iBeacon."
  • China Suspends Two Forms of Smartphone Payments - Wall St. Journal - "A People's Bank of China official who declined to be named said the bank issued a directive Thursday ordering the suspension of online payments using QR codes and virtual credit cards in smartphone payment systems."
  • Introducing Myself - Bitcoin Foundation (Jim Harper, Global Policy Counsel) - "To that end—prioritizing—I have already begun a study of the risks that Bitcoin faces and their severity, how to address them and, when possible, how to measure success or failure."
  • Buffett: ‘Stay Away’ From Bitcoin - Wall St. Journal MoneyBeat - He called it “a very effective way” of transmitting money, but said that “a check is a way of transmitting money, too.”

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 13, 2014

A Look at the Evolution of Payments in Southern Africa

PaymentsViews logo 140pxIn a new post titled How to Get Along and Do Good on our PaymentsViews blog, Glenbrook's Elizabeth McQuerry writes about recent developments with payments in southern Africa led by the efforts of the Southern African Development Community (SADC).
Building on a new base of real time gross settlement (RTGS) systems in most countries (efforts supported by the World Bank), the central bank governors in the SADC countries agreed back in 2009 to deploy the additional infrastructures needed to easily exchange bank to bank payments among the SADC countries. These systems have become a regional inter-bank settlement system and a regional clearing capability for EFT credits and debits.
Be sure to read the rest of her post and comment here.

Headline News from PaymentsNews.com - March 13, 2014

On the Web:

  • Introducing Xapo - Xapo Blog - "At Xapo, we understand that Bitcoin’s ultimate success will be based on trust – both in the currency itself and in the industry’s security and service providers."
  • Building the Fort Knox for Bitcoin - wall St. Journal - "A Silicon Valley startup called Xapo is among a handful of young companies trying to become the Fort Knox of bitcoin, building secret bank vaults deep in the earth that would safely store millions of dollars worth of bitcoin code on computer drives."
  • New York BitLicense Order - Virtual Currency Report - "While the latest NYDFS statements leave a lot of unanswered questions and do not provide a clear path forward for virtual currency firms, it appears on balance to be a step forward for those virtual currency exchanges seeking licensure in New York."
  • Missed Alarms and 40 Million Stolen Credit Card Numbers: How Target Blew It - Bloomberg BusinessWeek - "The biggest retail hack in U.S. history wasn’t particularly inventive, nor did it appear destined for success."
  • What is Apple’s commerce and payments strategy? - Mobile Commerce Daily (Tim Dunn) - "The stars are aligning for Apple to make a dynamic move into the commerce and payments space."
  • Bank of England: Digital Currencies are Similar to Commodities - CoinDesk - "“Digital currencies are not at present widely used as a medium of exchange. Instead, their popularity largely derives from their ability to serve as an asset class..."
  • Flypay Raises £1M To Make Settling Your Restaurant Bill “Waiter-Free” - TechCrunch - "Aiming to get the time it takes to ask for and settle a restaurant bill down from an average of ten minutes to closer to a minute, you simply scan an on-table QR code/NFC tag to first recall the bill."
  • How Real Is Loyalty and Rewards Fraud? - "The threat of fraud to rewards programs is real, and financial institutions and retailers must be cautioned about relaxing their guards just because a surge in fraud has yet to occur."

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 12, 2014

MasterCard, Fiserv Partner on Debit EMV for Accel Network

MasterCard LogoFiserv and MasterCard have announced an agreement to make MasterCard’s U.S. common debit EMV solution available for the Accel debit network.

Under the agreement, MasterCard issuers will be able to "select and implement network relationships, while merchants and acquirers will continue to route transactions as they prefer, without introducing multiple applications and complicated technology upgrades."

This represents our continued commitment to help issuers, merchants and others continue the migration to the EMV standard here in the U.S.,” said Chris McWilton, president, North American Markets, MasterCard.

“In this agreement, Fiserv and the Accel network are able to provide their customers a solution that can be activated today, delivering enhanced security while streamlining implementation and accelerating delivery of chip cards to our shared cardholders.”

“As a leader in card processing, we are committed to providing our clients with a simple, streamlined path to implement EMV,” said Kevin Gregoire, group president, Financial Institutions Group, Fiserv.

“We are pleased to partner with MasterCard as part of a comprehensive, Regulation II compliant solution that includes Accel Network processing, card production and personalization, and industry-leading fraud and risk mitigation.”

MasterCard says its U.S. common debit EMV solution is "consistent with the EMV Migration Forum’s recommendations, including a single common debit application identifier (AID) and single application on each card, as well as multiple ways to verify the cardholder’s identity."

Starbucks Enhances Starbucks App for iPhone

Starbucks logoStarbucks has announced upcoming enhancements to its mobile app for iPhone to be available March 19 - including "shake to pay" and "digital tipping".

With shake to pay, customers can now bring the barcode of their Starbucks Card front and center at any time, simply by shaking their mobile device. Digital tipping gives customers the option to provide a tip in the following denominations: $0.50, $1.00, $2.00.

With more than 11 percent of transactions a week now happening with a mobile device in our stores, and nearly 10 million customers currently using our mobile app, we’re thrilled to make the digital experience even easier and more rewarding for our customers and partners,” said Adam Brotman, chief digital officer for Starbucks.

“This update to the Starbucks App for iPhone is an important next step in digital innovation at Starbucks and one of the many ways we’ll expand and improve our digital experience in the months to come.”

The Starbucks App for iPhone is available for download from the App Store or at http://sbux.co/StarbucksforiPhone. Additionally, customers can access their Starbucks account using Passbook, allowing customers’ mobile Starbucks Cards to appear on their iPhone screen automatically after they enter a favorite Starbucks® store.

Headline News from PaymentsNews.com - March 12, 2014

On Twitter:

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 11, 2014

EMVCo Publishes Technical Framework for its Payment Tokenisation Specification

EMVco logo 140pxThe EMV Payment Tokenisation Specification - Technical Framework v1.0 has been published by EMVCo. The technical document is designed to allow market implementers to develop interoperable tokenisation solutions.

The new specification will help provide the payments community with a consistent, secure and globally interoperable environment to make digital payments when using a mobile handset, tablet, personal computer or other smart device. This will encourage industry efficiencies and security enhancements for digital commerce.

From a technical perspective, the document provides an insight into the role the specification will have in facilitating broad-based acceptance of a payment token as a replacement for a traditional card account number. This includes data message formats to ensure the interoperability of tokens and the consistent approach that should be used to route and authenticate a payment token. The framework also explains how security can be improved by limiting payment tokens for use in a specific environment, and how an existing ecosystem can advance to become globally interoperable.

Dave Meadon, current EMVCo Executive Committee Chair, comments:

It is vital that we have a consistent approach to identify and verify a payment token request, which is supported by industry agreed channel controls to manage where and when the payment token can be used. This level of consistency eliminates data vulnerabilities at key points in the transaction, which ultimately enhances security.”
EMVCo has publically released this document to encourage industry adoption of the specification and aid its evolution. The new specification will maintain compatibility with the current payment infrastructure and will be complementary to the existing EMV Chip Specifications to ensure consistency across all payment environments.

Headline News from PaymentsNews.com - March 11, 2014

On the Web:

  • Starbucks CEO on mobile payments - Fox News - "Starbucks CEO Howard Schultz on the success and expansion of the company’s mobile payment platform."
  • Why I'm Joining PayPal - PayPal Forward Blog (Rakesh “Rocky” Agrawal) - "Part of my role at PayPal will be to help small businesses and entrepreneurs understand online commerce and payments."
  • A Deeper Look at Uber’s Dynamic Pricing Model - Above the Crowd (Bill Gurley) - "So why does Uber’s dynamic pricing even exist? The answer lies in understanding that Uber is fundamentally a marketplace, where supply is controlled not by the company but by the legion of independent contractors and transportation providers with whom they work."
  • Decentralizing Identity - Continuations (Albert Wenger) - "It is still early days for all of this, but the potential for these emerging decentralized identity systems is to further push power to the people and away from central authorities."
  • Bitcoin and Cryptocurrencies: A Critical Insight - IBM Academy of Technology TechNotes - "Bitcoin allows you to transfer economic value to any individual, anywhere in the world, without the involvement or approval of a third party, at minimal cost. This architecture is unlike any payment sys-tem that has previously existed. We are now observing a proliferation of new entrants building on its insights."
  • Top 50 credit unions grow in the face of new regulations - SNL Financial - "After several years of growth, the nation's credit unions saw the first drop in aggregate net income since 2008."
  • McDonald’s Sweden takes mobile payments to the next level - Mobile Commerce Daily - "The technology is being powered by Seamless’ SEQR mobile wallet solution."
  • How Banks Should Respond to the New Players in Payments - Bank Systems & Technology - "Silicon Valley Bank has taken a different approach to new payments players, by using its unique position in the “cradle of innovation” to incubate payments startups in partnership with MasterCard, Reekita Grewal shared."
  • Millennials see banks as irrelevant | Scratch - "This turned out to be a longer post than I expected. The catalyst was the millennial belief in irrelevance of banks. This is not to be ignored or ignored at your banks peril."

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 10, 2014

UK Payments Council Details New Paym Mobile Payments Service

Paym logoThe UK Payments Council has announced that its new secure way for consumers to pay using just a mobile number will be called Paym [pronounced “Pay Em”] and has released the brand's logo as well.

According to the press release, "final testing for Paym is on track and the launch date will be announced in April, when participating banks and building societies will be able to use the logo. The industry-wide collaborative project is the first service with the potential to link up every current account in the country with a mobile number."

Adrian Kamellard, Chief Executive of the Payments Council, said:

We’re all used to the idea of a ‘mobile update’ to improve our apps - Paym is a mobile update for payments that means you can pay securely using just a mobile number. Paym will make it easier to repay a friend for cinema tickets, split a restaurant bill or settle up for a colleague’s birthday collection.”

“Paym is a great example of industry-wide collaboration that delivers tangible benefits for customers. The service has the potential to link up every bank account in the country with a mobile number - millions of people will be able to use it this year and we look forward to expanding Paym even further, so everyone can benefit from this easy, secure new way to pay.”

Paym will be integrated into customers’ existing mobile banking or payment apps as an additional way to pay, making it possible to send and receive payments using just a mobile number. At launch, customers of nine bank and building society brands - Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank - will be able to use the new service.

Headline News from PaymentsNews.com - March 10, 201

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 07, 2014

MasterCard, Visa Launch Cross-Industry Effort to Accelerate Payment Security

Visa150MasterCard LogoMasterCard and Visa have announced the formation of a new cross-industry group focused on enhancing payment system security to keep pace with the expectations of consumers, retailers and financial institutions. The companies say that the group "will initially focus on the adoption of EMV chip technology in the United States, in addition to addressing other security-related topics, including tokenization, point-to-point encryption and broader needs of the region."

“One of the critical roles we play is to protect consumers and businesses against criminals and fraudsters,” said Chris McWilton, president of North American Markets, MasterCard.

"Only through industry collaboration and cooperation will we address the real and immediate issue of security and maintain consumer confidence and trust. EMV will be the next step in these efforts, alongside enhanced security solutions for online and mobile channels.”

This new group will include a diverse group of participants in the payments systems including --- banks of all sizes, credit unions, acquirers, retailers, point-of-sale device manufacturers and industry trade groups. The formation of the group is a public recognition of the importance of all parties to work together and will ensure all voices can contribute to the strategic direction of payment security.

The recent high-profile breaches have served as a catalyst for much needed collaboration between the retail and financial services industry on the issue of payment security,” said Ryan McInerney, president, Visa Inc.

“As we have long said, no one industry or technology can solve the issue of payment system fraud on its own. These conversations will serve as a useful forum to share ideas, break down barriers and spur the adoption of next generation security solutions for the benefit of all.”

With a priority on delivering meaningful solutions that benefit consumers, merchants and financial institutions of all sizes, this group will focus on a broad range of security-related topics, including:

  • Advancing the migration to EMV in the United States. Chip technology generates a unique code for every transaction, making it nearly impossible for criminals to use the card for counterfeit fraud.
  • Promoting additional security solutions like tokenization and point to point encryption. While EMV addresses the physical point of sale, the need to protect mobile and online transactions is critical. In tokenization, the traditional account number will be replaced with a unique digital payment code, providing an additional layer of security.
  • Developing an actionable roadmap for securing the future across all segments of the payments industry.

MasterCard and Visa expect this group will complement and engage with other efforts across the industry, including proprietary risk councils, EMV task forces and the standard management bodies.

Sponsors

News View

Payments Consultants

Subscribe

Languages