On the Web:
- Square Is Resurrecting Wallet, Its Pay-By-Name Mobile App, And Giving It Away - ReadWrite - "Square is "retiring" Wallet but its putting its key feature—the ability to pay in stores by saying your name, without taking out a wallet or even your phone—inside Square Order."
- Silicon Valley Bank -- At The Core Of A Tech Network - Forbes - “We are doing something very, very different. We help them build a sound, scalable operating infrastructure that they would go to an investor and say they have worked with Silicon Valley Bank and the bank has looked over its fraud and compliance.”
- Amazon Confirms Rollout of One-Hour Delivery Service - Wall St. Journal - "The service, first reported by The Wall Street Journal, is available in parts of New York, though Amazon said it would expand to other cities next year. Amazon will charge $7.99 for delivery within an hour, though two-hour delivery is free..."
- Billing and Payments — a potted history - FastMail Blog - "As a credit card merchant, an important thing is the chargeback rate — that is, the percentage of your payments that the cardholders dispute with their bank. If this rate gets too high, then the payment gateways deem you to be risky, and they will charge much higher fees, or cancel your account completely."
- Complex Solutions to a Simple Problem - Krebs on Security - "The main reason so many of these newfangled technologies are even being proposed is that the United States lags 20 years behind Europe and the rest of the world in adopting chip/smartcard technology in credit and debit cards."
- Lawsky Outlines Revisions to New York's BitLicense in DC Speech - CoinDesk - "Ben Lawsky announced the latest revisions to the draft BitLicense today in Washington, DC, announcing a host of changes in response to reactions from its public comment period."
- Payments startup Tipalti moves HQ to Palo Alto from Southern California - San Francisco Business Times - Tipalti also hired Rob Israch as chief marketing officer as the company "prepares for significant revenue growth."
On the Wires:
- European Commission welcomes political agreement reached by European Parliament and Council on capping inter-bank fees for card-based payments - Commissioner in charge of competition policy, Margrethe Vestager, said: "This legislation is good for consumers, good for business, and good for Europe. It will lead to lower prices and visibility of costs for consumers. It reduces a 'tax' levied on business by banks in the form of interchange fees, and releases the brakes that have so far held back innovation."
- FinCEN Assesses $1 Million Penalty and Seeks to Bar Former MoneyGram Executive from Financial Industry - "The Financial Crimes Enforcement Network (FinCEN) today issued a $1 million civil money penalty (CMP) against Mr. Thomas E. Haider for failing to ensure that his company abided by the anti-money laundering (AML) provisions of the Bank Secrecy Act (BSA)."
- Community Banks Reissue Nearly 7.5 Million Payment Cards Following Home Depot Data Breach - “Community banks continue to absorb exorbitant costs due to data breaches, and they do so upfront because their primary concern is to protect their customers. However, this is money—more than $90 million—that could be used for lending in our communities, in the form of loans to new homeowners, small business owners and budding entrepreneurs—all of which spur local economic stability and growth,” John Buhrmaster, ICBA chairman and president and CEO of 1st National Bank of Scotia, N.Y, said.
- Superintendent Lawsky Remarks on Revised Bitlicense Framework for Virtual Currency Regulation and Trends in Payments Technology - "Benjamin M. Lawsky, Superintendent of Financial Services, is today delivering remarks on the new, revised, proposed New York State Department of Financial Services (DFS) BitLicense framework for regulating virtual currencies, as well as broader trends and issues in payments technology, at the Bipartisan Policy Center in Washington, DC."
- 3Delta Systems Partners With Enterprise Payment Solutions to Offer Enterprise Payment Exchange — the SAP Certified Integration for Buyer-Initiated Payments - “Building on the decade-plus experience 3DSI has in automated buyer-initiated payments, this newly released offering captures efficiencies and capabilities that legacy methods just don’t have. SAP users and their suppliers will be pleased with the level of refined utility this service delivers.”
- Bitcoin Companies to Showcase The World of Bitcoin at CES - "BitPay ... along with nine other bitcoin companies is bringing the “World of Bitcoin” to Consumer Electronics Show (CES) 2015. By partnering with Circle, Kraken, Bitmain, Blockchain, Bitstamp, Private Internet Access, Robocoin, and yBitcoin, the World of Bitcoin will be the largest and most complete showcase of Bitcoin at CES, representing 10 brands that are shaping this explosive technology."
Updates from Glenbrook:
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