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ON THE WEB
- ‘Not a Good Day’ at Equifax As Payment Implications Emerge from a Huge Data Hack
– Digital Transactions News – “Thursday’s disclosure has driven the company’s stock down 17% in early trading and is likely to invite regulatory and investor scrutiny. Already, payments implications are emerging. Some 209,000 of the records compromised included credit card information, the company said, opening the possibility of scrutiny by the card industry and penalties under the Payment Card Industry data-security standard.
- EMVCo updates tokenization specification
– NFC World – “Payments standards body EMVCo has updated its Payment Tokenisation Technical Framework to introduce the new roles of ‘token programme’ and ‘token user’, refine the roles of ‘token service provider’ and ‘token requestor’ and detail “their interrelationships within the global payments environment.””
- Zelle, a payment network backed by major US banks, is launching a standalone app
– The Verge – “While the Zelle app won’t have social components like a share feed, comments, or a Like button, the company says it’s targeted toward users who value instantaneous transactions. Since the network works directly with banking partners, money can be transferred between accounts — regardless of bank affiliations — for free, and can be withdrawn in minutes. “
- Blockchain startup R3 sues competitor Ripple
– Reuters – “New York-based blockchain startup R3 Holdco LLC has sued rival company Ripple Labs Inc. over a contract to purchase Ripple’s digital currency XRP, according to a lawsuit filed in the Delaware Chancery Court on Friday.”
- VeriFone Inches Closer To Taxi Selloff While It Looks To Growth in Fiscal 2018
– Digital Transactions News – ““The taxi business is a very niche-specific business,” Galant said. “It actually has, I think, some good runway ahead of it. It needs the proper investment. It needs the proper focus. And I think there are a number of companies out there that would make a very good home for that business.””
- Report Casts Doubt on Future of China’s Bitcoin Exchanges
– Coindesk – “work group, have said the decision has not only been reached, but delivered and deployed to local authorities. The work group was first launched by China’s State Department in 2016 to tackle market risks in the country’s financial technology industry such as p2p lending. Located in the People’s Bank of China, it also consists of representatives from China’s banking and securities commissions.”
- Online authentication experts warn of cyber risks in EU proposals for PSD2 standards
– Out-Law.com – “The Fast IDentity Online Alliance (FIDO Alliance) called on the European Commission (6-page / 182KB PDF) to rethink proposals it outlined earlier this year regarding new regulatory technical standards (RTS) on strong customer authentication and common and secure open standards of communications under the revised Payment Services Directive (PSD2).”
- US Federal Reserve Hints at DLT Integration in New Report
– Coindesk – “”[T]he Federal Reserve will consider other enhancements to its existing services and will continue to monitor, study and solicit input from stakeholders to understand the implications of new payment technologies and models, including distributed ledger technologies and digital currencies, that can facilitate a safe and efficient US payment system.”"
ON THE WIRES
- Federal Reserve outlines next steps for payment system improvement
– “The Federal Reserve today published, Strategies for Improving the U.S. Payment System: Federal Reserve Next Steps in the Payments Improvement Journey, a paper identifying updated tactics it will pursue to help improve the speed, safety and efficiency of the U.S. payment system.”
- Bank of America Debuts New Mobile Tools Focused on Personalization
– “Bank of America has one of the largest cardless-enabled ATM networks with 10,000 ATMs and growing, and our customers can now start an ATM withdrawal directly from their mobile banking app.”
- Chip-enabled merchants up; Counterfeit fraud down
– “The transition to chip card technology in the U.S. continues to advance for both cardholders and merchants. As of the end of June 2017, 2.3 million U.S. merchant locations, 50 percent of storefronts, are chip enabled. And with more than 449 million Visa chip cards in the country, representing 62 percent of Visa cards, counterfeit fraud has continued to decline—58 percent at chip-enabled merchants in March 2017 when compared to March 2016.”
GLENBROOK PAYMENTS EDUCATION EVENTS
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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!
Headline News from PaymentsNews.com – September 8, 2017
Payments News – from Glenbrook Partners
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