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July 29, 2016

Headline News from PaymentsNews.com - July 29, 2016

Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!

ON THE WEB

  • Big Banks Turn Silicon Valley Competition Into Profit - Bloomberg - "Predictions that banks are about to be disrupted by tech-driven upstarts are starting to look a bit like LendingClub Corp.’s stock. The online loan marketplace’s value soared in late 2014 and has since slid more than 80 percent. Banks including JPMorgan, Goldman Sachs Group Inc. and American Express Co. are finding all sorts of ways to profit from such challengers -- via partnerships, funding arrangements, dealmaking and, sometimes, mimicking their ideas."
  • The rise and rise of Mexican fintech - Tech Crunch - "While ecosystem observers may have predicted this momentum, it’s worth taking a step back to analyze the forces driving Mexico’s fintech ascent in order to provide a framework for other industries and countries in the region."
  • I suspect that the people who are serious about decentralized trusted computing are neither Bitcoin maximalists nor Ethereum enthusiasts. - Medium - "The best approach is to use the blockchain as a shared “input tape” for off-chain programs. This keeps the blockchain agnostic to the programs that use it (so we shouldn’t ever need to hard-fork it to fix program bugs), and ensures that programs can be individually replaced and upgraded without affecting anyone but their users. "
  • New Bill Would Increase #CFPB’s Authority - TMB blog - "As Congress considers this recently introduced legislation, continued changes to credit scoring models appear inevitable. Community financial institutions should keep apprised of any legislative changes. Watch for future blog posts for updates on this evolving legislation."
  • Gen Z's in-store expectations - the next challenge for retailers - BizReport - "The next five years will see a widening gap between shoppers expectations and the reality of what a store can deliver thanks to the coming of age of Generation Z, according to a new report from Vodat International."

ON THE WIRES

  • Fidor Group acquired by Groupe BPCE - "Fidor Group, the German digital challenger bank and fintech pioneer, is today announcing its acquisition by Groupe BPCE , the second largest banking group in France."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City - we hope to see you there!

Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.

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!

July 28, 2016

Headline News from PaymentsNews.com - July 28, 2016

Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!

ON THE WEB

  • Banks Look Up to the Cloud as Computer Security Concerns Recede - Bloomberg - "For years, banks have been outliers, shunning web-based data centers run by Amazon, Microsoft Corp. and International Business Machines Corp. Pressures to reduce costs and innovate are changing that. Of the world’s 38 largest financial institutions and insurance companies, 25 have signed up with Microsoft and are beginning to put applications in the cloud. "
  • Kenya’s PesaPal is moving into the physical world with its first point-of-sale system - Quartz - "Within the next 30 days, we will launch what we feel is an African adaptation of what Square and Shopify look like. We are moving from e-com payments to point-of-sale payments, says Liko. “It is supposed to support mobile money, cards and move a little bit more making the owner of the business run it more independently."
  • Set It and Forget It: Square Eliminates Settlement Wait Time by Offering Scheduled, Same-Day Deposits - Square blog - "Today, with the introduction of Scheduled Deposit, Square gives sellers the option to deposit their daily sales in their bank account the very same day, seven days a week. For just 1% of the total deposit amount, sellers get their money when they need it, without extended wait times — including holidays and weekends."
  • Korean Bank Partners With Bitcoin Startup Circle - Coindesk - "One of South Korea's largest banks has inked an agreement with the best funded startup working in the bitcoin space. KB Kookmin announced the signing of a memorandum of understanding with bitcoin payments startup Circle, as well as local startup Coinplug, today. Coinplug, which is based in South Korea, was previously revealed to be working with the bank to develop a blockchain remittance prototype."
  • Monese, the UK banking app for immigrants and expats, finally lands on iOS - TechCrunch - "For all the hype around fintech, not least in London, Monese is a startup that has pragmatism at its heart. It’s not trying to be an actual bank — in the technical, banking license sense — but does enable immigrants and expats, who might otherwise find it hard to open a bank account outside of their home country, to access core banking services."
  • McDonald’s supersizes mobile sales strategy with 5M installs in Q2 - Mobile Commerce Daily - "McDonald’s revealed during its second-quarter earnings call that it has seen 12 million downloads of its application and an average check increase among consumers who redeem mobile offers, a feat likely accomplished due to the chain’s focus on welcome incentives for new users."
  • NFC is Winning in Germany - Verifone blog - "German retailers are recognizing the opportunities contactless payments provide. By the end of 2016, 60 percent of large retailers will offer NFC payment in Germany. Of the remaining, two-thirds are open to integrating NFC in their payment infrastructure in the near future. Grocery stores particularly favor this technology – all multi-lane grocers in Germany have invested in contactless payment solutions."
  • EMVCo Introduces ‘Payment Account Reference’ to Support Tokenization - Payments Afrika - "As PAR has been introduced to benefit merchants and acquirers, they will be expected to absorb the majority of the implementation costs. The key question, therefore, is whether the potential benefits justify the investment. In contrast, the issuer and processor community is set to gain little or no benefit from PAR, so any costs they face will be somewhat hard to swallow. "

ON THE WIRES

  • New Survey Finds Mobile Wallets at Tipping Point for Consumer Adoption - "Mobile wallets, the report says, are now among the top four ways consumers prefer to stay updated on sales, offers and coupons, alongside decades-old channels including websites, email and text/SMS. Adoption is especially high for British millennials, an age group where mobile wallets overtook websites as the second most preferred communication channel (email, 59 percent; mobile wallets, 54 percent; websites, 52 percent; apps, 46 percent)."
  • Western Union Successfully Completes Southwest Border Monitor Primary Recommendations - "The monitor appointed by the Maricopa County Superior Court, in the State of Arizona, has concluded that Western Union has successfully implemented an effective anti-money-laundering program and implemented all the primary recommendations made by the office of the monitor."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City - we hope to see you there!

Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.

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!

July 27, 2016

Headline News from PaymentsNews.com - July 27, 2016

Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!

ON THE WEB

  • Visa Europe Partners for Bitcoin Micropayments Trial - Coindesk - "Bitcoin micropayments startup SatoshiPay is developing a new proof-of-concept with Visa Europe's innovation unit. Work on the project was first disclosed earlier this year, when Visa Europe Collab said that it was exploring bitcoin micropayments for connected devices. At the time, the company indicated it was looking at use cases like smart light bulbs that could pay for their own electricity."
  • Australian Banks Looking To Collectively Boycott Apple Pay - Ubergizmodo - "It turns out that the four big banks in Australia – NAB, Commonwealth, ANZ, and Westpac have asked Australia’s competition regulator permission to join forces and collectively boycott Apple Pay, at least until they can collectively negotiate some kind of deal."
  • A “Classic” Economic Principle Among Blockchains - Medium - "Ethereum is currently a fiscal battle ground over ethical concerns that has produced more than one field to do battle in, and believe it or not that’s probably ok in the long run. If there’s anything the cryptocurrency space has produced in abundance, it’s a variety of blockchains."
  • NY&Co rings up in-store traffic with wide-scale beacon deployment - Mobile Commerce Daily - "Following a successful beta test, New York & Company said today that it is rolling out shopkick-enabled beacons to more than 170 of its locations, enabling consumers to earn loyalty points for walking into a store and for visiting a fitting room."
  • Reach Millions of Users by Accepting Venmo as a Way to Pay - Braintree blog - "Earlier this year we announced that exclusively through the Braintree SDK, a limited number of Venmo users would get to experience the familiar delight and ease of paying merchants with Venmo within their favorite apps. Now, along with our friends at Venmo, we are thrilled to announce that all Venmo users will be able to make purchases beginning tomorrow."
  • Cybercrime Overtakes Traditional Crime in UK - Krebs on Security - "In a notable sign of the times, cybercrime has now surpassed all other forms of crime in the United Kingdom, the nation’s National Crime Agency (NCA) warned in a new report. It remains unclear how closely the rest of the world tracks the U.K.’s experience, but the report reminds readers that the problem is likely far worse than the numbers suggest, noting that cybercrime is vastly under-reported by victims."

ON THE WIRES

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City - we hope to see you there!

Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.

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!

July 26, 2016

Headline News from PaymentsNews.com - July 26, 2016

Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!

ON THE WEB

  • Money as Message: How WeChat got users to adopt payments as a way to grow its network - Andreessen Horowitz blog - "Network effects — where a product or service becomes more valuable to its users as more people use it — are one of the key ways software businesses maintain a better product and more defensible market position. This is especially true of messaging apps like WeChat — which, as I’ve argued before, is not just a messaging app but is actually more of a portal, a platform, and a mobile operating system. However you label it, WeChat is an entire ecosystem in and of itself, especially as it’s used in Asia. This is largely enabled by the sheer amount of payments credentials attached to user accounts, which significantly reduces friction in transacting across the marketplace, both online and offline."
  • How One Community Bank Closed Its Branches And Went Fully Digital - The Financial Brand - "A few years ago, Radius Bank had six branches. Today it has only one. "
  • In Rejecting Bitcoin as Money, Florida Court Sets Likely Precedent - Coindesk - "Observers say that the ruling exposes how state statutes don’t account for bitcoin and digital currencies – a gap that could ultimately lead to legislative action both in Florida and beyond."
  • QR code payments get one step closer in China - Mobile Commerce News - "This form of transaction has already been in use in other countries for several years. However, for the last two years, QR code payments have been stuck in a regulatory midpoint without any real progress. This occurred when the central bank suspended this type of mobile wallet service, generating considerable controversy."
  • Transistors will stop shrinking in 2021, but Moore’s law will live on - Ars Technica - "7 Transistors will stop shrinking after 2021, but Moore's law will probably continue, according to the final International Technology Roadmap for Semiconductors (ITRS)."

ON THE WIRES

  • Visa to Open New Silicon Valley Office - "Visa Inc. (NYSE:V) today announced plans to open a new office in Silicon Valley as part of its continued efforts to accelerate digital commerce globally. The new 62,000 square foot facility, located in Palo Alto, will be a combination of office and collaboration spaces for approximately 300 Visa employees focused on technology research, business intelligence, data security and merchant solutions."
  • WePay Crosses Atlantic with Integrated Payments for the U.K. - "WePay, the leading provider of payments-as-a-service for online platforms including crowdfunding and business software platforms like GoFundMe, FreshBooks, and Constant Contact, today announced its expansion into the United Kingdom. This means platforms can now serve U.K. users with the same fully-integrated, white label payments services they enjoy from WePay in the U.S. and Canada. WePay has also extended its best-in-class fraud risk protections, compliance and support offerings to new U.K. business."
  • One Horizon Launches Android Mobile Wallet for Cashless Payments - "One Horizon Group, Inc. (NASDAQ: OHGI), a leading carrier-grade VoIP solution for mobile providers and smartphones, today announced that it has released a new service for mobile operators to allow users to purchase call credit using their debit or credit card. Our smartphone top up service is being offered first through Smart Communications, the Philippines leading wireless service provider for its Smart Roamer1 and Marino All Abroad2 mobile app brands."
  • Discover Survey: Consumers Who Regularly Check Their Credit Score Say Doing So Improves Credit Behavior - "Survey results show that 73 percent of regular checkers – those who checked their credit score seven or more times in a year – said that checking their score had a positive impact on their credit behavior, such as paying bills on time, paying down loans and maintaining low balances on their credit cards."
  • Netcetera to Safeguard Online Payments with Entersekt Authentication - "Entersekt, a world leader in authentication and mobile app security, has announced a partnership with Netcetera, a developer and operator of highly secure and convenient payment systems. Entersekt will provide the Zurich-headquartered company with push-based transaction authentication software engineered to protect card-based online payments through a highly secure but user-friendly adaptation of the 3-D Secure process."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City - we hope to see you there!

Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.

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!

July 25, 2016

Headline News from PaymentsNews.com - July 25, 2016

Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!

ON THE WEB

  • Inside the Visa / PayPal Partnership - Payments Views from Glenbrook (Russ Jones) - "After a great deal of speculation, Visa and PayPal (or is it PayPal and Visa?) have announced a partnership where the two companies will “collaborate to accelerate the adoption of digital payments.” The announcement, which was actually more detailed than most partnership announcements, speaks of putting the two companies “on a new path” for the benefit of consumers and merchants."
  • Peter Thiel-backed banking startup Number26 rebrands as N26 and becomes an official bank - Venture Beat - "Number26, a Peter Thiel-backed mobile banking startup that’s setting out to create the bank account of the future, has finally received its banking license, giving the company full regulatory approval to operate across the European Union under its own steam. The company has also announced that it’s changing its name to N26."
  • Redbox and Coinstar maker Outerwall agrees to $1.6B buyout from private equity firm - Geek Wire - "Outerwall, the Bellevue-based operator of Redbox movie rental kiosks and Coinstar coin counting machines, today announced that it has entered into a deal to be acquired by Apollo Global Management for $52 per share in cash."
  • The Rewards of Tokenization - Aaron McPherson - "You see, there’s much more potential in the humble token than just obscuring account credentials. Tokens are pointers to data, which can be more than a PAN (personal account number). A token can also be a pointer to business logic, which can substitute any combination of funding sources for the original authorization."
  • The Battle Heats Up in Person-to-Person Payments - Wall Street Journal - "J.P. Morgan Chase & Co., Wells Fargo & Co. and other large banks recently unveiled their Venmo counterattack: enhancements to a five-year-old joint venture called clearXchange. The bank-owned payments platform has started offering real-time payments as opposed to transactions that take up to three days to settle."
  • Banks’ Bet on Consumers is Getting Riskier - Wall Street Journal - "The higher reserves in part reflect efforts to expand loan volume. As competition for borrowers intensifies, some lenders also are lowering credit-score requirements and taking on riskier customers. But they also stem from a growing conviction that improvements in credit quality have come to an end."
  • Ethereum Hard Fork Creates Competing Currencies as Support for Ethereum Classic Rises - Coindesk - "In addition to touching on whether a blockchain network can or should be "immutable", or provide an unalterable transaction history, the effort has evoked the passions of the bitcoin community, many of whom see it as either a cautionary tale against implementing a hard fork on its network, or in contrast, as evidence such a technical feat can be achieved with limited ramifications."
  • Credit Unions and Community Banks Both Face "Shrinkage" - Bank Lawyer’s Blog - " According to the NCUA’s statistics at March 31, 2016 the number of federally insured credit unions dropped below 6,000 for the first time in history. This correspondent believes that by 2021 there will be fewer than 600 federally insured credit unions – and they all will be multi-billions in assets because they will have to be large enough to cope with the Dodd-Frank Act’s and the FFIEC’s compliance-driven culture that it is now too-late to stop."
  • Third Sector: Charities and the quiet revolution in digital - fonix - "As the sector begins to get its house in order once again, behind all the media furore a quiet revolution has been taking place, which has recently seen charity donations become the largest market for phone-paid payments."
  • Zara parent to begin in-store mobile payments from September - theindustrylondon - "In both instances, the service will enable online and offline receipts, which will eventually eliminate the need for paper receipts. In addition Inditex says, the new service “aims to significantly simplify the purchase and returns process”. Customers will be able to activate the service directly from the online app, securely adding the payment cards they want to use."

ON THE WIRES

  • Vantiv Launches All-in-One Developer Network for Smarter, Faster and Easier Payments Integration - "Vantiv, Inc. (NYSE: VNTV), a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, launched Vantiv O.N.E., One Network Experience, today to provide software developers a best-in-class destination for integrating payments into their applications for mobile, in-store and online processing. "
  • Strategic Agreement between Bancolombia and First Data: the Arrival of New Commerce Solutions for Colombian Business Owners - "The companies will focus on building commerce technology solutions for merchants and facilitating access to the banking system, offering advanced technology and secure, efficient transactions. First Data and Bancolombia will bring the latest payments innovations from Europe and the United States to the Colombian market, including best-in-class eCommerce and business management solutions."
  • Societe Generale Acquires a Stake in the Fintech TagPay to Develop Mobile Banking in Africa - "TagPay is a Core Banking System built around the mobile phone, from basic feature phones to smartphones. The TagPay solution has several competitive advantages in terms of speed of deployment as well as a rich catalogue of financial functions and services. It enables banks to reach unbanked populations while capitalizing on the growing digital banking market. The TagPay solution has a unique position in the digital banking market as it is one of the only FinTechs to cater to basic mobile phones, which are still widely used in emerging countries. "

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City - we hope to see you there!

Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.

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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