Headline News from PaymentsNews.com – February 28, 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

  • The Newest Bank Blockchain: Will This Be the Breakthrough?
    – Wall Street Journal – “The latest project, set to be unveiled in a high-rise office in Brooklyn, is called the Enterprise Ethereum Alliance. The nonprofit foundation, which includes J.P. Morgan Chase & Co., Microsoft Corp., Bank of New York Mellon Corp., Intel Corp., and Banco Santander S.A., shows the fight is continuing to develop the killer back-office app in finance, despite increased focus since last year’s election on revenue growth.”
  • UK sees 250% rise in NFC mobile payments in stores
    – NFC World – “he number of mobile transactions as a percentage of all in-store transactions has grown by 247% in the UK over the last year, analysis of transaction data and a consumer survey conducted by payments processor Worldpay has found. Workers paying for lunch on the go and payments for drinks in bars are the main drivers of the increase in transaction volume.”
  • A Plus for P2P Lending: Investors to Buy Up to $5 Billion in Loans on Prosper
    – Finovate – “The rumors from last August are true. P2P lending giant Prosper announced a deal in which a group of institutional investors has agreed to purchase up to $5 billion in loans on the San Francisco-based company’s platform over the next 24 months. Investors include affiliates of New Residential Investment Corp., Jefferies Group and Third Point, and an entity of which Soros Fund Management serves as principal investment manager.”

ON THE WIRES

  • LATEST GSMA REPORT HIGHLIGHTS SUCCESS OF MOBILE MONEY WITH OVER HALF A BILLION ACCOUNTS WORLDWIDE
    – “With 277 live services in 92 countries, mobile money is now available in 66 per cent of low- and middle-income markets. “
  • Interac® Debit card fraud losses at their lowest level ever
    – “For the seventh year in a row, Interac Debit losses due to skimming have declined, reaching a record low of just $11.4 million. Latest fraud figures released today by Interac Association show that only $1.5 million of that fraud occurred in Canada, thanks in large part to the completion of the transition to chip technology that began in 2008.”
  • Fiserv Survey: Consumers Bank in Multiple Ways, Millennials Access Mobile Nearly Three Times More Than Other Generations
    – “The survey confirms that consumers use a blend of digital and traditional channels to manage their finances and make payments, with millennials accessing mobile banking nearly three times more than other generations. While consumer satisfaction remains high when it comes to primary financial organizations, with 76 percent rating them an eight or higher on a scale of zero to 10, many consumers express less satisfaction with their financial health compared to other areas of life.”
  • Consumers Voice Preferences, Wishes in Ways Technology Power Payments
    – “Digital wallets continued to gain prominence in smartphones and laptops across the globe and dominated the discussion of new ways to pay, with the topic now topping 75 percent of conversations tracked in the 2017 edition of the Mastercard Digital Payments Study.”
  • ashStar and Raise Partner to Help Merchants Participate in Digital Gift Card Marketplace
    – “CashStar, the industry-leading provider of prepaid commerce solutions, today announced its partnership with Raise, the largest marketplace for gift cards. The two companies have joined forces to provide retailers with new opportunities within the gift card marketplace, including sales enablement, brand management and risk mitigation. Raise has integrated with CashStar Exchange to offer digital gift cards on demand from an extensive network of the world’s top retailers and restaurants.”
  • NACHA Announces Completion of Exploratory Effort with Accenture on API Standardization for the US Financial Services Industry
    – “NACHA announced today the completion of its exploratory effort around the value of API standardization for the U.S. financial services industry. In collaboration with Accenture, NACHA led a comprehensive research project, which included an analysis of the U.S. financial services market; examination of the potential roles and responsibilities of industry stakeholders within a standardized API ecosystem; identification of potential use cases; and an evaluation of the opportunities and challenges a standard set of APIs could provide to the industry. The results of the effort show that API standardization can address ACH Network pain points and benefit the entire payments ecosystem – from financial institutions, businesses and consumers to fintechs – through improved security and transparency of transactions, increased efficiencies and speed of communications, and enhanced support of payments innovations.”
  • Forter Releases 2016 Fraud Attack Index Discovering Near 80% Increase For Domestic Holiday Attacks
    – “An additional trend was noted in the world of Account Takeover (aka ATO). Fraudsters have shifted from “Merchant ATO” (i.e. breaking into accounts on the merchant’s website, in order to pass as returning customers) to “online payment ATO” (i.e. breaking into accounts of online payment services, such as PayPal, Apple Pay, Amazon Payments, etc.). For this reason, “Merchant ATO”, which had shot up during 2015, decreased during 2016. However, this was a shift rather than a true decrease: The 2016 Fraud Attack Index shows a 131% uptick in the attempts of Account Takeover against online payments accounts.”
  • The Less People Buy, The Happier They Are, Reveals New Global Study
    – “Banks need to change: Consumers across the world expect banks to adapt to new technologies and take on a more personal role in customers’ lives. Fifty-nine percent of respondents say they wish they were smarter about saving money. Forty-nine percent of respondents want their financial life bundled within a single organization, and among the early adopters in the sample set (Prosumers), 55% want to pay for everything with smartphones and just as many would like to use biometric technologies for payments.”
  • SecureKey and the Digital ID and Authentication Council of Canada Awarded Grant to Create Privacy Enhancing Cloud Ecosystem
    – “SecureKey’s architecture will improve security and privacy controls while maintaining the integrity and confidentiality of data across multiple environments. The ecosystem will provide users with choice, control and convenience when sharing digital assets across open interfaces. It will offer a transparent operational environment, and minimize data transfers between authoritative sources.”

GLENBROOK PAYMENTS EDUCATION EVENTS

The next Glenbrook Payments Boot Camp is March 7-8, 2017 in San Jose, CA. On March 9, still in San Jose, will be our Digital Payments Insight Workshop. Following that, our next public Boot Camp and Insight Workshop combination will be in New York City in April followed by Atlanta in May. 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!

Headline News from PaymentsNews.com – February 28, 2017
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