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February 07, 2017

Headline News from PaymentsNews.com - February 7, 2017

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

ON THE WEB

  • The Blockchain: Far from Where It Started in Use Cases - TSYS N>genuity Journal (contributed by Glenbrook’s George Peabody) - "Today's central insight is that blockchains are essentially a new database structure. They store every change to the database, including both the data itself and who controls the ability to modify that data. Because blockchain-based records cannot be altered, the database may be shared across multiple parties while maintaining integrity. And that database integrity can be automatically audited so trust between parties is more readily generated and maintained through transparency. These capabilities make blockchain-based databases appropriate for shared or distributed ledger applications."
  • ACH: No Trace Left Behind - FRB Take on Payments blog - "Under NACHA rules, the FI originating the payment assigns a unique 15-digit trace number; the trace number's uniqueness is necessary to differentiate each payment in the batch. Uniqueness is not mandated across payments in other batches in the same payments file. Consequently, a trace number could be repeated in multiple payment files on the same day or across many days—and, even more troublesome, within the same payments file. "
  • Bank of Nova Scotia, Investing in Digital Overhaul, Finds Power in AI - Wall Street Journal blog - "Working with Toronto-based startup DeepLearni.ng, Scotiabank developed and launched a tool in December that identifies potentially delinquent or high-risk customers and suggests the best way to approach them about it. Even a small improvement in collections can have a big impact on the bank’s bottom line, said Michael Zerbs, chief technology officer at Scotiabank. The challenge is to figure out the best way to interact with customers who may have simply forgotten to pay versus those less likely to pay at all."
  • Cofounders Exit Revel Systems Following a Fresh Investment from Welsh, Carson - Digital Transactions News - "The cofounders of Revel Systems, an early maker of iPad-based point-of-sale systems, have left the company following a fresh investment by private-equity firm Welsh, Carson, Anderson & Stowe, which has long been active in the payments industry."
  • BNP Paribas to double digital spending to EUR3 billion - Finextra - "BNP Paribas is to invest EUR3 billion in a three-year business plan to build the 'bank of the future'. The French bank is looking to generate EUR3.4 billion in savings between 2017 and 2019, slashing branches and raising its spend on digital initiatives by 50% over the period."
  • JCB PARTNERS WITH KAZKOMMERTSBANK TO BOOST CARD ACCEPTANCE IN KAZAKHSTAN - Cards International - "JCB International (JCBI), the international operations subsidiary of JCB, has teamed up with Kazakhstan-based commercial lender Kazkommertsbank (Qazkom) to facilitate JCB card acceptance in the country. The recent agreement is the result of strategic ties between Discover and JCB since 2006, which enabled JCB card acceptance on the Discover Network in the US, and Discover card acceptance on the JCB network in Japan."

ON THE WIRES

  • More than 33 Million Customers Have Used Amazon Payments to Make a Purchase - "Amazon today announced that more than 33 million customers have used Amazon Payments to make a purchase. Amazon Payments makes it easy for customers around the world to pay on thousands of merchant websites using the information already stored in their Amazon account. In 2016, Pay with Amazon payment volume nearly doubled, with expansions into France, Italy and Spain and new verticals including government payments, travel, digital goods, insurance, entertainment, non-profits and charities helping fuel this growth. Amazon Payments also introduced new in-store experiences with Moda Operandi and Amazon Books."
  • IBM Launches Blockchain Initiative with Dubai Government Agencies and Enterprises on IBM Cloud - "IBM is collaborating with Dubai Customs, Dubai Trade and its IT provider DUTECH, to explore the use of blockchain for a trade finance and logistics solution for the import and re-export process of goods in and out of Dubai. Using Hyperledger Fabric and IBM Cloud, the blockchain solution transmits shipment data allowing key stakeholders to receive real-time information about the state of goods and the status of the shipment. Taking the example of a shipment of fruit, stakeholders involved in the process will receive timely updates as the fruit is exported from India to Dubai by sea, and then manufactured into juice in Dubai, and then exported as juice from Dubai to Spain by air."
  • Where Are Bankers Targeting IT Investments? William Mills Agency’s Bankers as Buyers 2017 Report Now Available - "William Mills Agency, the largest independent public relations and marketing firm specializing in the financial industry, released its 14th annual financial services industry research report, #BankersAsBuyers 2017. Key trends in this year’s report include the continued evolution of payments technology, increased adoption of self-service and innovative branch automation technology, and further enhancements to mobile banking – all converging as part of an overlying strategy to improve the customer experience."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are in San Jose, CA, New York, NY, and Atlanta, GA. See our spring schedule here. 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

  • Join us at the 2017 FinTech Georgia Symposium February 9! Glenbrook is a proud sponsor of the 2017 FinTech Georgia symposium. Join us for this great event on February 9 in Atlanta. Reach out to Glenbrook's Elizabeth McQuerry, a board member of the Technology Association of Georgia, to schedule a meeting with the Glenbrook partners in town for the symposium.
  • We're hiring! Passionate about payments? Love solving tough client problems? If that describes you, come join us! Click here to learn more!
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

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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