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December 11, 2015

Headline News from PaymentsNews.com - December 11, 2015

What I'm Reading

  • This week your editor has been enjoying reading America's Bank: The Epic Struggle to Create the Federal Reserve by Roger Lowenstein.
  • From the description: "A tour de force of historical reportage, America’s Bank illuminates the tumultuous era and remarkable personalities that spurred the unlikely birth of America’s modern central bank, the Federal Reserve. Today, the Fed is the bedrock of the financial landscape, yet the fight to create it was so protracted and divisive that it seems a small miracle that it was ever established. "
  • How about you? What are you enjoying? Drop me a quick note and tell me about it: editor@paymentsnews.com

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!

December 10, 2015

Headline News from PaymentsNews.com - December 10, 2015

On the Web

  • Walmart Prepares to Enter Mobile Payments Business - New York Times - "Based on QR code technology, Walmart’s new payment system is meant to allow for a smoother trek through checkout lines, and to bridge the retailer’s e-commerce and in-store shopping experience."
  • Wal-Mart to Offer Smartphone Payments in Stores - Wall St. Journal - "The retail behemoth is adding a feature to its existing mobile app so consumers can pay at the register with any payment information stored in their Walmart.com account, including gift cards, debit cards or credit cards."
  • Edgecoin: Our Internal Blockchain for Founders - Medium (KPCB Edge) - "Today, we’re announcing Edgecoin — a private, permissioned blockchain we use as a ledger of record for founders. We started testing Edgecoin in early 2015 with founders in our portfolio and are now announcing it publicly as we begin scaling up the base of people using Edgecoin."
  • Commonwealth Bank says blockchain may transform trade finance, share trading - Sydney Morning Herald - "Blockchain technology could transform trade financing, share trading and many other parts of banking and the broader economy, says the chief information officer of the Commonwealth Bank of Australia, David Whiteing."

On the Wires

  • Walmart Introduces Walmart Pay - "”The Walmart app was built to make shopping faster and easier,” said Neil Ashe, president and CEO of Walmart Global eCommerce. “Walmart Pay is the latest example – and a powerful addition – of how we are transforming the shopping experience by seamlessly connecting online, mobile and stores for the 140 million customers who shop with us weekly.”"
  • VocaLink and The Clearing House sign a groundbreaking deal to deliver national real-time payment services in the U.S. - James Aramanda, President and Chief Executive Officer at The Clearing House said: “Finalizing this partnership with VocaLink represents a significant milestone in our effort to make ubiquitous real-time payments a reality in the U.S. Once completed, customers will pay or receive money in real-time from any financial institution, and with its innovative extensible design the system will be built to provide the basis for payment solutions currently unimagined."
  • Samsung Pay Makes It Easy to Purchase, Store, Use and Share Gift Cards Directly from Your Phone - "With the support of more than 50 major retail gift cards and the launch of the in-app gift card store, Samsung Pay is bringing consumers an easier way to use gift cards,” said Injong Rhee, EVP of Samsung Electronics, Global Head of Samsung Pay.
  • SWIFT announces global payments innovation initiative - Gottfried Leibbrandt, CEO, SWIFT said: "Correspondent banking serves the industry with millions of secure cross-border payments day in, day out; with this initiative we are building on those strengths, enabling banks to provide distinctive cross-border payments services and providing real benefits to end customers. This is a critical step in cross-border payments innovation."
  • Bank of America’s Year-End Millennial Snapshot Reveals the Great Recession and Family Experiences Impact Financial Attitudes - “The events taking place when millennials were coming of age are visibly impacting their financial decisions and behaviors. This will be especially apparent as they become the money managers for their households,” said John Jordan, Client Experience and Programs executive for Preferred and Small Business Banking at Bank of America.

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!

December 09, 2015

Headline News from PaymentsNews.com - December 9, 2015

On the Web

On the Wires

  • MasterCard Crowns Champion in the Inaugural Masters of Code Global Hackathon Series - "MoneyRemaid earned the title of Masters of Code by building a software platform to disrupt the way domestic workers in Southeast Asia could receive and manage their salaries. The team, comprised of a young woman and four young men, was awarded the grand prize of $100,000 seed funding, incubation in the MasterCard StartPath program, six months of executive mentoring and free payment processing for up to $250,000 in transactions for the first 12 months using Simplify Commerce."
  • Dunkin’ Donuts Selects CARDFREE as the Mobile Platform for its Next Generation Mobile Application to Include Mobile Ordering and Enhanced Features - "CARDFREE, the leading mobile commerce provider to large merchants, announced that it is the mobile application platform provider enabling Dunkin’ Donuts’ new On-the-Go Ordering app that is currently being tested in Portland, Maine. The company was selected by Dunkin’ Donuts to provide the mobile ordering application solution to make it easier and more convenient for members of the brand’s DD Perks® Rewards Program to place an order from their mobile phone."
  • The European Union Helps Merchants and Consumers by Reforming Its Credit-Card Market While the U.S. Lags - “The EU’s just and thoughtful action should spur policymakers in the U.S. to take a closer look at these bloated fees which, without competition, just keep growing,” said Lyle Beckwith, a senior vice president at NACS, the National Association of Convenience Stores, and a member of the Merchants Payments Coalition. “We applaud the EU for standing up to the credit-card giants who continue to fleece American merchants and consumers.”

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!

December 08, 2015

Headline News from PaymentsNews.com - December 8, 2015

On the Web

  • Microsoft Azure Blockchain as a Service update - Microsoft Azure Blog - "It has been almost a month since we soft launched at the Ethereum DevCon1 in London, and I wanted to provide an update on where we are along with a general roadmap of what is to come."
  • Inquiring Minds Want to Know More about Card Fraud - Take on Payments Blog - "As I described in an earlier post, while doing research on expanding card fraud data collection in the Fed's upcoming 2016 triennial payments study, I came across a gap in publicly available detailed fraud data for the United States compared to what is available in other countries."

On the Wires

  • RS Software Selected To Deliver Digital Payments Platform - "RS Software Ltd. has been awarded a contract from the National Payments Corporation of India (NPCI) to build a Digital Payments Platform (DPP) to accommodate the continuing growth of e-commerce and digital payments in India."
  • Popularity of Gift Cards Grows in Canada - "Although gift cards have been around for over a decade, they continue to grow in popularity in Canada, and are a top gift choice this holiday season," said Steve Dekker, managing director of Blackhawk Canada. "Our annual gift card survey found that Canadians feel good about giving and receiving gift cards, prefer to purchase them in gift card malls, and are increasingly choosing egifts."
  • All Four Fiserv Patents Asserted Against FIS Found to be Unpatentable, all Appeals and Suit Against FIS Dismissed - "In December 2014, the U.S. Patent and Trademark Office’s Patent Trial and Appeal Board ruled that all claims in Fiserv’s asserted patents are unpatentable. The dispute has now been settled, with no monetary payment made or promised by either party. Fiserv will dismiss its appeals of the patent office decisions, and the parties will dismiss the federal district court lawsuit. The patents Fiserv asserted against FIS remain invalid."
  • NMI Launches FACe, the Gateway Platform for Payment Facilitators - “FACe effectively negates any need for payment facilitators to build their own technology,” said NMI CEO Roy Banks. “FACe saves payment facilitators the considerable time and capital required to engineer a payment platform from the ground up,” added Banks.

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!

December 07, 2015

Glenbrook's Spring 2016 Payments Boot Camp Schedule

GP Logo Horizontal 140px Glenbrook’s 2016 Spring Payments Boot Camps in New York and the San Francisco Bay Area are now open for registration.
Palo Alto, CA - February 23-24, 2016
Workshop Leaders - Russ Jones and Allen Weinberg
Optional Third Day Payments Insight Workshop – Blockchain 2.0

New York, NY - April 5-6, 2016
Workshop Leaders - Bryan Derman and Elizabeth McQuerry
Optional Third Day Payments Insight Workshop – Global Payments

Palo Alto, CA - May 10-11, 2016
Workshop Leaders - Carol Coye Benson and Elizabeth McQuerry
Optional Third Day Payments Insight Workshop – Faster Payments
Agendas, testimonials, and logistics information is available on the Glenbrook website.

Headline News from PaymentsNews.com - December 7, 2015

On the Web

  • EMV’s Not-Very-Even Distribution - PaymentsViews.com (George Peabody) - "In a market where simplicity and consistency has economic value—Apple Pay, PayPal, Amazon One-Click—cards are seemingly harder to use than ever while mobile payment methods proliferate and evolve. Of course, some merchants have contactless, many don’t, and some have even turned it off. Don’t get me started on that topic."
  • R3 CEV says global bank blockchain should be operating within a year - Sydney Morning Herald - "Tim Swanson, who joined R3 full-time this year and is also a research fellow at the Singapore Management University, says the biggest challenge working with banks to design protocols for a working blockchain, the technology underpinning bitcoin, is managing expectations while at the same time pushing to build a working platform as quickly as possible."
  • Forced authorisation chip and PIN scam hitting high-end retailers - Bentham's Gaze - "The fraud works when the retailer has a one-piece Chip and PIN terminal that’s passed between the customer and retailer during the course of the transaction."
  • Silicon Valley’s Hometown Bank Booms, But Risks Are on Horizon - Wall St. Journal - "The boom in technology startups has made SVB one of America’s fastest-growing banking companies..."
  • TransferWise Wants To Take Over The World - TechCrunch - "The startup’s secret sauce is a peer-to-peer model. For instance, if you have GBP and want to send EUR, TransferWise will automatically match you with people who want GBP and give you EUR in exchange."
  • Why Suppliers Should Get on the Corporate Card Bandwagon - Spend Matters (Steve Pedersen) - "When it comes to accepting corporate cards as payment, many suppliers experience a “sticker shock” effect before ever taking time to look under the hood. Upon closer examination of the benefits of card acceptance, many suppliers realize that they’re signing up for a lot more horsepower than checks and wire payments alone can provide."

On the Wires

  • SWIFT expands Innotribe programme to address market challenges - "SWIFT announces that Innotribe, its innovation arm since 2009, will expand its programme to support innovation in emerging FinTech ecosystems, such as Africa and Latin America. Innotribe will also launch a new initiative that challenges the SWIFT community to actively collaborate and develop utility-based solutions for the benefit of the global financial services industry."
  • 10 Disruptive Digital Trends Retailers Need To Know - "The notion that ‘the store is dead’ is not, in our opinion, the future – rather, stores will become highly technology-enabled to deliver a super-personalized customer experience and become the hub of omni-channel customer-centricity. These new predictions highlight our view of the retail industry in the coming year.”
  • Wells Fargo Survey: 2015 Gains in Small Business Optimism Erased - “This has been an unusually slow economic recovery for everyone, and small business owners are certainly feeling that,” said Mark Vitner, Managing Director and Senior Economist for Wells Fargo Securities. “With the economy growing as slowly as it has been, it’s been difficult for many business owners to increase their sales, and this has been particularly burdensome for firms who have seen expenses rise, including healthcare costs."

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!

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