The Top Payments News Stories in July 2018

I have been pretty quiet recently, focusing on work, work, work…. And looking forward to a chilled couple of weeks off. The world of payments continues to move at a swift pace. Check out the following top payments news stories for July 2018:

1. Payments News – Cyber Security

  • Digital bank Monzo fall victim, via a third party TypeForm, to a data breach
  • Group-IB investigate an attack on Russian PIR Bank by the MoneyTaker hacking group
  • Monetary Authority of Singapore (MAS) urges financial institutions to tighten their belts after a SingHealth cyberattack
  • Kromtech share how credit card thieves are using free to play games to hack and launder their “earnings”

2. Payments News – Mobile Payments

  • PayPal goes into M&A hunt, with a reported $3 billion a year to spend
  • Following a fall in ATM transaction volumes LINK, the UK’s main cash machine network, will update the interchange rate
  • Worldpay and Mastercard enter a global partnership to expand digital payments using ‘Pay by Bank‘ app
  • WorldPay outline details of their Drone Pay proof of concept
  • Chase Pay link up with Samsung Pay

3. Payments News: Blockchain / Digital / Crypto-currencies

  • The we.trade blockchain platform built on IBM’s Hyperledger Fabric completes real time trades with multiple banks
  • Hong Kong bank regulator along with 7 banks will launch a blockchain based trade finance platform
  • IBM announce the launch of Stable Coins – a digital currency pegged to fiat currencies / assets such as gold
  • Finextra highlight blockchain patents being sought by financial institutions
  • Bank of England completes proof of concept analysing how a new RTGS service can co-exist with innovative payment systems such as those utilising DLT – (distributed ledger technology)

4. Payments News: Banks

  • Bank of America adds fingerprint and facial recognition to CashPro mobile app
  • UBS partners with IBM and FaceMe to develop digital assistants, in the form of their very own regional CIO, to help customers
  • Citi partners with HighRadius to automate cash application (matching open invoices with payments received) for corporates
  •  Deutsche Bank speed up account openings for corporates by introducing digital signatures
  • TSB losses mount – following the failed IT migration – to £107 million

5. Payments News: Fintech

Thanks for stopping by – Take a look around…!!

6. Payments News: Europe – SEPA, PSD2, Open Banking, GDRP

  • Mastercard predicts that PSD2 will fast-track the implementation of biometric technology to authenticate customers
  • Hong Kong Monetary Authority (HKMA) publish Open API Framework for the Hong Kong banking sector
  • Commerzbank moves its SEPA payment processing to equensWorldline
  • Finextra cover details of a OpenGov Open Banking survey
Thanks for stopping by – Take a look around…!!

7. Payments News: SWIFT

  • 10 corporates and 12 banks pilot the SWIFT gpi for multi-banking payment tracking

8. Payments News: Reports

 

That’s it folks! Let me know below if I missed anything important…

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