Headline News from PaymentsNews.com – August 9, 2017

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ON THE WEB

  • BofA’s New Premium Rewards Card Comes With a Twist
    – Wall Street Journal (Paywall) – “Bank of America is the last of the four largest U.S. credit-card issuers to enter the premium rewards card market. Rolling out in September, its Bank of America Premium Rewards credit card will have a $95 annual fee, said Jason Gaughan, a card product executive at the bank. That is well below fees of $450 for Sapphire Reserve or $550 for AmEx’s Platinum card.”
  • Green Dot Provides Some Details About its Role in the Upcoming Apple P2P Service
    – Digital Transactions News – “Green Dot will be the merchant of record that accepts credit and debit cards using Apple Pay to fund person-to-person money-sending transactions, Streit said, according to a SeekingAlpha.com transcript of the call. “Then when users receive money in Apple Pay cash, their money is securely kept in a Green Dot bank-issued Apple Pay cash account that is then available for the recipient to spend with Apple Pay in stores, in apps, and on the Web, or they can send it to someone else, or transfer to their bank account,” Streit said.”
  • Vantiv Agrees to Purchase Worldpay Group for $10.4 Billion
    – Bloomberg – “The deal values each Worldpay share at 397 pence and the combined payment processing firm will seek a secondary listing on the London Stock Exchange, according to a statement on Wednesday. Following the deal, the company will be called Worldpay and have a pro forma enterprise value of about 22.2 billion pounds, with Vantiv shareholders owning about 57 percent of the stock.”
  • Oracle unveils new global payments solution for banks, Oracle Banking Payments
    – Banking Technology – “Oracle has unveiled its brand new development, Oracle Banking Payments. The product has been built from the ground up, leverages ISO 20022 and supports global and local payment standards (SEPA, Swift 2017, Fedwire, US ACH and Swift’s gpi).
  • New Texas law allows merchants to decline card purchases without ID
    – Texas Tribune – “The aim of the law — which the Legislature passed during the regular session that ended in May — is to reduce debit and credit card fraud. Though merchants will sometimes pick up the tab for money lost to fraud, it often falls to banks to absorb the losses and replace compromised cards. “
  • The eyes have it: Bank of America, Samsung pilot iris-scan logins
    – American Banker – “This month, Bank of America will begin piloting technology from Samsung that lets customers log in to mobile banking by taking a picture of their eye. The pilot is part of a broader effort to gauge customers’ affinity for various forms of biometric authentication, says Michelle Moore, head of digital banking at Bank of America.”
  • Half a billion people in China use mobile payment
    – Ecns.cn – “More than 100 billion transactions were completed on cashless applications in China in 2016, while the number of mobile payment users has reached half a billion this year, according to official data. China is pioneering the way towards a cashless lifestyle.”
  • Railsbank, a new fintech startup from founder of Currencycloud, raises $1.2M led by Firestartr
    – TechCrunch – “The company, yet to see its full launch and over a year in the making, offers what it describes as an open banking and compliance platform aimed at other companies, including other fintechs, that have global banking requirements that need to be accessed programatically via an API.”
  • European consumers give thumbs up to biometric payment cards
    – NFC World – “Nine in ten consumers taking part in the first European trial of a biometric payment card developed by Mastercard say they “would upgrade or probably upgrade” their favourite card to one that includes the biometric security feature if it was available, a survey by issuing bank UniCredit Bulbank has found.”
  • Credit Union Australia signs up for DigitaliD
    – Finextra – “Australia’s largest credit union, CUA, and foreign exchange outfit Travelex are among the first four companies to adopt a new digital identity platform from Australia Post, which allows consumers to verify who they are without needing multiple forms of identification.”
  • The New Copycats: How Facebook Squashes Competition From Startups
    – Wall Street Journal (Paywall) – “Tech startups live by the rule that speed is paramount. Houseparty, creator of a hot video app, has an extra reason for urgency. Facebook Inc., a dominant force in Silicon Valley, is stalking the company, part of the social network’s aggressive mimicking of smaller rivals. Facebook is being aided by an internal “early bird” warning system that identifies potential threats, according to people familiar with the technology.”

ON THE WIRES

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!

    Headline News from PaymentsNews.com – August 9, 2017
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