Payment news stories in September were dominated by more cybersecurity breaches, cash continuing its gradual decline, IT glitches grip UK banks and more blockchain based payment solutions. It’s fair to say September has been hectic, check out the following the top payments news stories in September 2018:
1. Payments News – Cyber Security
- Facebook data breach exposed the personal information of almost 50 million users
- British Airways reports a data breach affecting up to 380,000 card payments
- The US Justice department holds North Korea responsible for Global WannaCry 2.0 Ransomware, Cyberattack on Sony Pictures, Central Bank cyber-attack in Bangladesh, and Other Malicious Activities
- Russian hacker Andrei Tyurin will be extradited to the US for his role in the theft of customer data from US financial institutions
- Barclays research reveals who is at risk and how they’re dealing with the risk
- UK Finance reveal £500 million was stolen by scammers in the first 6 months of 2018
2. Payments News – Mobile Payments
- The UK’s NPSO (New Payment System Operator) calls for payment providers to participate in their new “Request to Pay” initiative to improve control, flexibility and transparency of bill payments
- Mastercard launches Mastercard Track to improve and automate B2B procure-to-pay processes
- UK card payments in retail sales go from strength to strength
- Mastercard data shows 1 in 2 UK transactions are contactless
- China UnionPay prepares to launch in the UK as it eyes up Europe
- Stripe Terminal is coming to a high street near you with in store payments solution
- Singapore amalgamates various QR codes into a single Singapore QR label (SGQR) – simplifying QR-code-based mobile payments
3. Payments News: Blockchain / Digital / Crypto-currencies
- The IBM Blockchain World Wire – blockchain based payments system – will be showcased at the SWIFT Sibos conference later this year
- Ripple and R3 settle a 12 month legal dispute
- Ripple continue their expansion in Japan and Saudi Arabia
- More banks join the Interbank Information Network (IIN) trial launched by JPMorgan, ANZ and Bank of Canada
- Goldman Sachs lead the closing of a $25 million funding round in Veem
- SBI Ripple Asia is granted a license to launch a blockchain based money app in Japan
4. Payments News: Banks
- According to The Telegraph, HSBC is initiating Project Iceberg – a standalone digital bank
- TSB Chief Paul Pester leaves the bank following the IT shambles
- Nationwide to increase their technology budget by £1.3 billion, now with a new total technology spend of £4.1 billion over the next 5 years
- Danske Bank chief steps down amid a $234 billion anti-money laundering scandal
- Wells Fargo to cut workforce by 10% / 26,000 jobs
- IT glitches striking UK banks in recent months “resolved”, well not quite!
- Barclays announce launch of new digital platform in western Europe as it seeks to provide new and improved services to corporate and institutional customers
- BBVA will enable accounts and products from other providers in Spain to be added to their mobile banking app
5. Payments News: Fintech
- Fintech is now in the Merriam-Webster dictionary
- Jeff Bezos & Bill Gates back UK start up Wagestream
- Santander’s digital bank, Openbank, an automated investment service and other features
- Hong Kong launches Faster Payment System (FPS)
6. Payments News: Europe – SEPA, PSD2, Open Banking, GDRP
- New European Parliament rules will give EU citizens better protection from non-cash payment fraud
- European Banking Authority to be given additional powers to deal with anti-money laundering across the EU
- Barclays, the first UK high street bank, to enable customers to bring their other accounts into its mobile banking app
- ING Ventures invest in Cobase – a multibank platform a 1-stop shop for customers to manage multiple bank accounts
- The Canadian government launches an Advisory Committee on Open Banking
7. Payments News: SWIFT
- Finextra cover the SWIFT Business Forum in New York
- Finextra report on the SWIFT New York Business Forum theme of Seizing the Opportunity
- SWIFT create a new Head of Data Analytics position & appoint the former Google Global Security and Compliance Strategist, Julien Blanchez
8. Payments News: Reports
- European Banking Federation – Banking in Europe 2017 Facts & Figures
- FCA Chair Charles Randell – Speech at the annual public meeting
- ThreatMetrix – Q2 2018 Cybercrime Report
- Capgemini – World Retail Banking Report 2018
- Economist Intelligence Unit – The Future is Now: How ready is treasury?
- UK Parliament – Wild West Crypto-Assets should be regulated
That’s it folks! Let me know below if I missed anything important…