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July 11, 2017

Headline News from PaymentsNews.com - July 11, 2017

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

ON THE WEB

  • E-Commerce as a Jobs Engine? One Economist’s Unorthodox View - New York Times (Paywall) - "Mr. Mandel has combed through the job statistics on a county-by-county basis and come to this counterintuitive view: From December 2007 to May 2017, by his count, the e-commerce industry has created 397,000 jobs in the United States, and this compares with the loss of 76,000 jobs in the traditional retail industry. And those jobs related to e-commerce, he says, pay about 30 percent more than the brick-and-mortar ones."
  • CFPB announces rule that could help consumers sue financial firms for millions - MarketWatch - "The Consumer Financial Protection Bureau announced a final version of a rule Monday that would ban companies from using language in their contracts called “mandatory arbitration clauses” that prohibit consumers from bringing class-action suits against them. The rule would apply to institutions that sell financial products including bank accounts and credit cards."
  • UK Central Bank Tests Ripple’s Interledger Protocol for Cross-Border Payments - Coindesk - "The trial centered on a cross-border payment scenario in which "two different currencies" were "executed simultaneously in two different simulated RTGS [real-time gross settlement] systems," with blockchain potentially serving as means for synchronizing the settlement of transactions."
  • Eftpos Australia completes contactless debit card and mobile payments upgrade - NFC World - "Australia’s Eftpos debit card network has completed an infrastructure upgrade that will enable its partners to roll out new products and services including Eftpos Tap & Pay and Eftpos Mobile payments. The update also includes Australia’s first domestic token service provider (TSP), “complete and ready for commercial deployment.”"
  • BANKS DEPLOY AI TO CUT OFF TERRORISTS’ FUNDING - Wired - "Banks have long used anti-money laundering systems to flag suspicious activity, and in the aftermath of September 11th, they have turned to those same legacy tools to catch terror-related transactions, too. But these legacy tools are not up to the job. "
  • PayPal’s Ready on ‘One Touch’ Payment - Bloomberg (Audio) - "Bill Ready Chief Operating Officer PayPal Discussing mobile tools to level the playing field for traditional retailers in the fight for customers with ecommerce sites."
  • TWO-FACTOR AUTHENTICATION IS A MESS - The Verge - "We talk about two-factor like aspirin — a uniform, all-purpose fix that’s straightforward to apply — but the reality is far more complex. The general framework still offers meaningful protection, but it’s time to be honest about its limits. In 2017, just having two-factor is no longer enough."
  • I Got Hacked and All I Got Was This New SIM Card - carpeaqua - "I like to think I take an above average amount of steps to secure myself online: I use a password manager, unique passwords as complex as the site will allow, and turn on 2-factor authentication when possible. A true security expert will likely find some sort of flaw in my setup, but I'll argue that I am doing more than 95% of the planet. So how did I, someone who is reasonably secure, have his cell phone disabled, his PayPal account compromised, and a few hundred dollars withdrawn from his bank account?"
  • Self-Service Food Kiosk Vendor Avanti Hacked - Krebs on Security - "Avanti Markets, a company whose self-service payment kiosks sit beside shelves of snacks and drinks in thousands of corporate breakrooms across America, has suffered of breach of its internal networks in which hackers were able to push malicious software out to those payment devices, the company has acknowledged. The breach may have jeopardized customer credit card accounts as well as biometric data, Avanti warned.Self-Service Food Kiosk Vendor Avanti Hacked"

ON THE WIRES

  • NXT-ID Subsidiary Fit Pay to Offer Consumers the Ease and Security of Prepaid, Tap-and-Go Payments with FitPay Prepaid MasterCard® - "Fit Pay, Inc., a wholly owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD) and a provider of payment, credential management, and authentication platform services today announced that it would offer prepaid capabilities on wearable devices connected to the Fit Pay Payment Platform. The general purpose reloadable (GPR) program, 'The FitPay Prepaid MasterCard®', will give consumers with Fit Pay's contactless payment-enabled devices the convenience of storing funds directly on their device. The new feature provides consumers with the ease and security of contactless payments."
  • FICO Extends Cybersecurity Score to Rate 4th Party Risks - "Silicon Valley analytics firm FICO today announced that its new release of the FICO® Enterprise Security Score quantifies the breach risks introduced by 4th parties — a partner or vendor's vendors. The identification of 4th party risks is an increasingly important consideration for breach insurance carriers, who are concerned about hidden, aggregate risk exposures across their portfolio of insureds."
  • Predictive Analytics Powers Basware's Ability To Forecast Late Payments - "Basware, the leading provider of e-invoicing and Source-to-Pay (S2P) solutions, today announced the availability of predictive analytics capabilities in its cloud-based Source-to-Pay solution. The release incorporates an intelligent algorithm to show which invoices are at risk of being paid late. This helps organizations prevent late payments, capture early payment discounts and optimize cashflow."

GLENBROOK PAYMENTS EDUCATION EVENTS

Understanding the accelerating pace of change in the payments industry has never been more important. Get the knowledge you need fast at one of our two day Payments Boot Camps. Our one day Insight Workshops follow each Boot Camp and are deep dives into key topics. Take a discount for attending all three days. Here's our fall schedule:

  • Payments Boot Camp, October 3-4, 2017, San Jose, CA, Logistics
  • Payments Boot Camp, October 17-18, 2017, NYC, NY, Logistics
  • Payments Boot Camp, December 5-6, 2017, Palo Alto, CA, Logistics
  • Global Payments, October 5, 2017, San Jose, CA, Logistics
  • Digital Payments, October 19, 2017, NYC, NY, Logistics
  • Innovation in Payments, December 7, 2017, Palo Alto, CA, Logistics
  • For more, click here. We hope to see you soon!

    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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