ON THE WEB
- Square Unlocks Cash Drawer for Square Cash - "Beginning today, Square Cash customers have the option to store money within the app with the new Cash Drawer feature. Cash Drawer gives anyone the ability to stash cash they receive directly in the app or add their own from their bank account, making it easier to set aside funds for future costs like dinners out with friends, or upcoming payments like your monthly rent."
- Overdraft Practices Continue to Gut Bank Accounts and Haunt Customers - New York Times - "In a push for transparency since the 2008 financial crisis, regulators require banks to clearly disclose and explain the terms of just about every financial product, including credit cards and mortgages. But overdraft practices still come with hidden costs and confusing terms..."
- The future of Apple Pay: From payments to platform - iMore - "Apple Pay will eventually be more than just a way to quickly make payments in-store and in-app. But how it evolves depends on the scope of Apple's ambitions."
- Amid Confusion, Venmo Back Pedals Total Shutdown of its API - ProgrammableWeb - "Venmo has apologized for the confusion it created, but it did admit that it will be reevaluating its API."
- New Payments Tech Is Oiling Wheels of Trade - Raconteur - "Distributed ledger technology offers financial organisations the potential to address challenges around efficiency, trust, transparency and innovation by connecting multiple systems and organisations."
- MasterCard to use the power of selfies to protect your online shopping - The Age (Australia) - "Using a new system called MasterCard Identity Check - or, colloquially, "selfie pay" - the credit card company will use biometric methods like face recognition and fingerprint scans to better secure online shopping."
ON THE WIRES
- Citi to Acquire Costco U.S. Co-Brand Card Portfolio - “We are immensely pleased to have entered into an agreement to acquire the Costco portfolio and look forward to a long-term partnership with Costco and the opportunity to deliver value, convenience and seamless service to their 51 million loyal members across the country,” said Jud Linville, Chief Executive Officer, Citi Cards.
- American Express Enters into Agreement to Sell Costco U.S. Cobrand Portfolio - "The sale is expected to close June 2016, at which time all eligible Costco American Express Card cobranded accounts will be transferred to Citi. Additional details will be provided to Card Members in advance of the partnership end date."
- Gateway+ Working with The Clearing House to Accelerate National Real-time Payment Services in the U.S. - Commenting on their working relationship, Steve Ledford, Senior Vice President, Product and Strategy at The Clearing House said: "We are delighted to add AccessGateway to the list of vendors working to support U.S. banks as they adapt to transformational changes taking place in the U.S. payments sector."
GLENBROOK PAYMENTS EDUCATION EVENTS
Our next Glenbrook payments education events are coming up in early April - both in 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
- We're hiring! Passionate about payments? Love solving tough client problems? If that describes you, come join us! Click here to learn more!
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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: firstname.lastname@example.org!