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ON THE WEB
- Jack Dorsey’s Square Makes a Move Into Banking
– Wall Street Journal (Paywall) – “The San Francisco-based finance firm led by Jack Dorsey plans to submit an application on Thursday to form a wholly owned bank based in Utah, the company said. The unit, to be called Square Financial Services Inc. would offer loans and deposit accounts to small businesses and be capitalized with $56 million in cash.”
- How Zelle Banking App Is Different Than Venmo
– International Business Times – “According to a recent Bank of America survey, only 20 percent of baby boomers and 10 percent of seniors use P2P services, compared to 62 percent of millennials. As a grandmother with two grown daughters, Alexander imagined sending her granddaughters money for gifts using Zelle. She wanted every generation to feel comfortable using the same app.”
- Temasek-Backed Startup Adyen Targets Asian Payments Expansion
– Bloomberg – “Adyen BV, a payments technology provider which counts Uber Technologies Inc. as a customer, is ramping up investment in the Asia-Pacific region to capitalize on surging adoption of e-commerce and mobile devices.”
- First Data sending mobile POS devices to help retailers hit by Hurricane Harvey
– Mobile Payments Today – “First Data is sending free mobile payment devices to Houston in a move to help retailers and businesses get back up and running as soon as possible following Hurricane Harvey.”
- Israel’s Largest Bank Begins Blockchain Trial With Microsoft
– Coindesk – “According to the Times of Israel, Bank Hapoalim – the country’s largest by assets – will look to digitize the largely paper-based process. Reportedly involved in discussions around the launch is the Bank of Israel (the nation’s central bank).
- Accountancy Platform Xero Adds Veem’s Bitcoin-Powered Payments
– Coindesk – “The news means that Xero users can now enter a bill in the accounting software and, with a few clicks, pay it through Veem. Transactions made this way will have a Veem payment ID automatically synced to their Xero reconciliation report. The feature will also enable users to set up automatic payments, as well as see details on currencies and exchange rates.”
- ICOs face regulatory scrutiny in a growing number of countries
– Axios – “Initial coin offerings, or ICOs, have quickly become a popular alternative to traditional venture capital and project financing, but a growing number of regulators are pumping the brakes. Here’s a country-by-country breakdown:”
- A Simple Design Flaw Makes It Astoundingly Easy To Hack Siri And Alexa
– Co.Design – “Using a technique called the DolphinAttack, a team from Zhejiang University translated typical vocal commands into ultrasonic frequencies that are too high for the human ear to hear, but perfectly decipherable by the microphones and software powering our always-on voice assistants. This relatively simple translation process lets them take control of gadgets with just a few words uttered in frequencies none of us can hear.”
- Fintech could be bigger than ATMs, PayPal, and Bitcoin combined
– Business Insider – “The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes.”
ON THE WIRES
- Amazon Opens Search for Amazon HQ2 – A Second Headquarters City in North America
– “Amazon today announced plans to open Amazon HQ2, a second company headquarters in North America. Amazon expects to invest over $5 billion in construction and grow this second headquarters to include as many as 50,000 high-paying jobs.”
- Francisco Partners invests in NMI
– “NMI has grown substantially in recent years as ISOs, VARs, ISVs and payment facilitators increasingly demand white label payment gateways and other enablement solutions. The new capital from Francisco Partners will allow NMI to continue to expand its core capabilities and customer service levels.”
- Walmart Launches New Time-Saving Express Experience in California
– “Express Money Services is a new feature in the Walmart app that is combined with in-store Express Lanes* to help expedite customers’ Money Services transactions. To celebrate its launch, Walmart is waiving fees on Walmart2Walmart domestic money transfers initiated using the Walmart App in all stores through September 30, 2017 – saving customers $4 to $16 per transaction and time spent in line at the store.”
- MoneyGram MobilePass™ Significantly Expands to 35,000+ U.S. Locations
– “MoneyGram (NASDAQ: MGI) announces the significant expansion of its award-winning MoneyGram MobilePass service to thousands of U.S. agent locations. In addition to the company’s other digital solutions, including kiosks, moneygram.com, and send to account, MoneyGram MobilePass provides customers with another choice to make sending money easier.”
- Bank of America and NXT-ID Subsidiary FitPay Collaborate to Accelerate Wearable and IoT Payment Adoption
– “Bank of America (NYSE: BAC ) and FitPay, Inc., a wholly-owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD), today announced an agreement to extend contactless payment capabilities to a range of new devices, giving Bank of America customers more payment options and accelerating the adoption of new payment devices. This collaborative effort enables Bank of America customers to use their credit or debit cards to make secure contactless payments directly from devices that are integrated with the FitPay[TM] payment platform at NFC-enabled point-of-sale locations and more than 9,000 Bank of America ATMs.”
- Cubic and Transport for London Launch Mobile Ticketing App for Oyster Card Customers
– “Cubic Transportation Systems (CTS), a business unit of Cubic Corporation (NYSE: CUB), and Transport for London (TfL) today announced the launch of the TfL Mobile Ticketing App for Oyster card users in London, England. The mobile app – designed by TfL and developed by Cubic – will allow Oyster card customers to manage their travel fares and payments, top up their cards and view their journey history on the go via Android or Apple iOS devices.”
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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: email@example.com!
Headline News from PaymentsNews.com – September 7, 2017
Payments News – from Glenbrook Partners
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