The Top Payments News Stories in June 2018

We’re more than half way through the year, the World Cup is in full flow the UK is sweltering and payments news stories in June continue to heat up too. Check out the following top payments news stories for June 2018:

1. Payments News – Cyber Security

  • FS-ISAC (Financial Services Information Sharing and Analysis Centre) launches CERES (CEntral banks, REgulators and Supervisory entities) Forum to help promote information sharing around global security and resiliency
  • Goldman Sachs to use the Immersive Labs cyber training platform to boost cyber resiliency at the firm
  • Banco de Chile loses $10 million in a malware attack that aimed to distract bank resources, while fraudulent SWIFT wire payments were submitted
  • A European operation into online fraud led to 95 arrests, likely responsible for over 200,000 fraudulent transactions
  • The UK Financial Conduct Authority (FCA) proposed changes to complaint handling for APP (authorised push payment) fraud

2. Payments News – Mobile Payments

  • Mastercard Send to launch in the UK enabling real time payments to UK bank accounts
  • In 2017 UK consumers favoured debit card payments (13.2 billion) over cash payments (13.1 billion)
  • Following their IT system outage, Visa respond to the UK Treasury select committee
  • PayPal purchase HyperWallet for $400 million
  • PayPal agrees to buy Simility – a fraud prevention and risk management platform

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

  • De Nederlandsche Bank (DNB) conducts a three year experiment into blockchain technology for financial market infrastructures
  • Banks in Korea and preparing to launch “BankSign” in July, a blockchain based identity verification system
  • Ripple accept that banks are not ready for distributed ledger technology…yet!
  • Central Bank of Brazil to establish a blockchain platform for data sharing
  • Banks and regulators complete a KYC (Know Your Customer) trial using the R3 Corda blockchain platform

4. Payments News: Banks

  • Citi to spend 20% of its total spending on technology
  • Commonwealth Bank of Australia (CBA) is reported to have mistakenly sent 651 emails containing data of 10,000 customers to an overseas company
  • FCA Chief Andrew Bailey writes to the Treasury Select Committee regarding the follow up to the disastrous TSB IT Migration
  • Nicky Morgan from the UK Treasury Committee writes to Visa to understand what went wrong
  • ABN Amro seeks to attract IT talent using Augmented Reality using The Lockdown – which according to ABN Amro is the worlds first mobile AR escape room
  • In an FT interview Citigroup states that it may shed 10,000 operational roles over the next 5 years as machines replace humans
  • HSBC Chief John Flint announces plans to invest up to $17 billion in technology and expansion in key Asian markets
  • Forrester Research reveals BBVA has the best mobile banking app in Europe
  • DBS introduce Jim – Southeast Asia’s first virtual bank recruiter
  • Deutsche Bank unveil eVault a secure digital repository for exchange of documents
  • Deutsche Bank selects SmartStream for reconciliation services
  • BBVA launches BBVA Next Technologies – specialising in cloud computing, big data and cybersecurity
  • Nationwide launch a fintech fund
  • JPMorgan launches its own online bank Finn by Chase

5. Payments News: Fintech

  • Visa announces $100 million support initiative for Fintech’s in Europe
  • Visa hardware system failure caused intermittent payment processing problems across Europe
  • TransferWise partners with French bank BCPE Groupe to enable low cost international money transfers for the banks customers
  • Revolut partners with QIWI and launches in Russia
  • Ant Financial raises a record breaking $14 billion funding round
  • IBM Watson moves into RegTech
  • A soon to be released US Treasury report weighs in on sandboxes and fintech charters
  • Finextra, Techcrunch and the Verge cover Instagram Payments
  • AliPay moves into blockchain based cross border remittances
Thanks for stopping by – Take a look around…!!

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

  • Citibank joins UK Open Banking Directory as a PISP (Payment Initiation Service Provider)
  • The TSB IT meltdown continues, now with GDPR concerns with letters being sent to the wrong recipients
  • Mastercard is working on a suite of services to help banks and third parties collaborate and enable the Open Banking transformation
  • Finextra report at Day 1 and Day 2 of EBA-Day 2018
  • Nordea describe how robots helped them with GDPR
Thanks for stopping by – Take a look around…!!

7. Payments News: SWIFT

  • Finextra cover Day 1 and Day 2 of the SWIFT Latin American Regional Conference
  • Finextra cover the SWIFT Latin American Regional Conference in Miami
  • SWIFT moves to ensure that by 2020 every bank on the SWIFT network will adopt gpi

8. Payments News: Reports

 

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

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