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Headline News from PaymentsNews.com - April 12, 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

  • NETS buys 2 OCBC subsidiaries for S$38m - Channel NewsAsia - "The company's strategic acquisition will enable it to deliver payment innovations that are simple, swift, secure and accessible to its customers. "The assimilation of both companies will enable a more pervasive digital payment platform which will facilitate wider adoption and utilisation of electronic payments," it said. BCS manages and operates the clearing and payment infrastructure for the Singapore Clearing House Association (SCHA), including managing an electronic service that allows immediate transfer of Singapore dollar funds between accounts of the participating banks in Singapore. It was set up in 1976 and currently operates core services like FAST (Fast And Secure Transfers), IBG (Inter-bank GIRO) and CTS (Cheque Truncation System)."
  • Swift to Start Suspicious-Payment Alerts to Help Defend Banks - Bloomberg - "Swift, the interbank messaging system that hackers used to steal $81 million from Bangladesh last year, is developing a payment-screening service that will allow small member banks to automate the flagging of suspicious payments."
  • Visa and American Express to strengthen security for stolen contactless cards - NFC World - "The security processes in place today when a customer reports a stolen contactless card allow — in a “limited set of circumstances” — for the card to be misused by fraudsters “several months after it has been cancelled,” FCA chair John Griffith-Jones wrote in a letter to the Treasury Select Committee published last month. The key risk to customers occurs when merchants process payments offline and store them in a batch to process later on, Griffith-Jones explained. At present, around 45% of contactless card transactions occur offline."
  • App time will make up nearly 20% of total media time this year - eMarketer - "In 2017, the average US adult will spend 2 hours, 25 minutes per day using mobile apps, a jump of 10.3% over last year, and slightly higher than previously forecast."
  • Bitcoin miners have collectively earned more than $2 billion - Quartz - "Bitcoin mining has become a multi-billion dollar industry. Bitcoin miners have collectively earned over $2 billion in revenue since the cryptocurrency was established in 2008, according to an estimate from a new report published by the Cambridge Centre for Alternative Finance."
  • Biometric e-ID Solution to Help Alabamans File Taxes - Find Biometrics - "The app uses facial recognition to authenticate users, comparing smartphone images of their state-issued ID documents to selfie photos via biometric matching. As such it offers online authentication applications, offering greater convenience for users and stronger security compared to password-based systems. As Alabama Department of Revenue Commissioner Julie P. Magee explains in a statement announcing the pilot project, “There are no usernames or passwords; only a person’s photo can unlock the e-ID, making it secure and easy-to-use.”"
  • That Fingerprint Sensor on Your Phone Is Not as Safe as You Think - New York Times - "New findings published Monday by researchers at New York University and Michigan State University suggest that smartphones can easily be fooled by fake fingerprints digitally composed of many common features found in human prints. In computer simulations, the researchers from the universities were able to develop a set of artificial “MasterPrints” that could match real prints similar to those used by phones as much as 65 percent of the time."

ON THE WIRES

  • Adyen Discloses 2016 Revenues of $727 Million, Growing 99% Year-Over-Year - "Adyen, the technology company reinventing payments for the global economy, today announced 2016 revenue for the business surpassed $700 million, up from $365 million in 20151. The news follows Adyen's previous disclosure that it processed $90 billion in transactions in 2016, a year-over-year increase of 80 percent. With $727 million in revenue and 500 employees at the end of 2016, Adyen is bringing in over $1.4 million in revenue per employee."
  • Wirecard and National Bank of Greece Bring Alipay to Greece - "As banks in Greece often provide local merchants with the entire terminal infrastructure, Wirecard has enabled NBG to integrate Alipay across the country in as many locations as possible. The aim is for most Greek merchants who operate in significant tourist attractions in the country to be able to offer Alipay as a new payment solution at the point of sale (POS) for their Chinese customers."
  • Global Payments Launches Enhanced Ecommerce Offering in Canada - "Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology services, announced the launch of an enhanced ecommerce payments management offering for Canada. Leveraging the company’s Realex ecommerce technology, the platform provides a range of cloud-based, software enabled technology services for both large and mid-sized businesses to enable them to accept payments online, as well as via phone, mail, email or mobile devices."
  • Affirm Announces 1 Millionth Installment Loan - "Affirm, Inc., the financial services technology company started by Max Levchin to give consumers fair and honest financial products, today announced the 1 millionth consumer installment loan processed through Affirm and made by its bank partner, Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC."
  • 3 in 10 Have Never Redeemed Credit Card Rewards - "About three in 10 credit cardholders (31%) have never redeemed credit card rewards, according to a new Bankrate.com report. The survey found that cardholders typically gravitate to one extreme or the other, redeeming their rewards points/miles frequently (38% did so within the past six months) or not at all."
  • Zift Acquires Leading Payments Technology Company PayVisors - "Zift, a provider of merchant processing services and payment facilitation, announced today its acquisition of PayVisors, a leading payments technology consulting company. The acquisition positions Zift as one of the only true payment technology companies with the ability to provide a wide range of integrated omni-channel solutions to software developers, platforms, marketplaces, payment facilitators and merchants of all sizes."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next public Boot Camp and Insight Workshop series is April 18-20 in New York City followed by Atlanta, May 16-18. Come for the two day boot camp or attend all three days. Check out 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

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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