The Top Payments News Stories in June, 2016

Payments news stories in June 2016 were dominated by the usual themes – fintech initiatives, collaboration, bank branch closures, the move to contactless payments, cyber-security breaches and a couple of SWIFT stories. But there was one story that overshadowed all of these – Brexit. Firstly, the build up to the crucial EU referendum vote. Secondly, in the week running up to the vote, the anticipation – will the Brits vote in or out? Thirdly, the vote. And of course, the shock result and the immediate financial, social and political reaction. The implications on Europe continue to unfold – but no doubt Brexit is a momentous occasion both for the UK and the wider European Union.

Check out the following top payments news stories for June 2016:

1. Payments News – Cyber Security

  • Reuters report on over 50 cyber breaches at the Fed between 2011 and 2015
  • TD Bank survey of finance professionals reveals that payment fraud will become a bigger threat over the next few years
  • Cybersecurity company, Cylance, which uses artifical intelligence and algorithms identify and stop threats raises $1 billion in funding
  • Morgan Stanley pay $1 million SEC (Securities & Exchange Commission) fine due to security lapses that allowed a financial adviser to steal data from the bank
  • Acer Online store is hacked with over 34,000 personal and credit card details stolen

2. Payments News – Mobile Payments

  • Oberthur Technologies and China’s UnionPay team up with Mobovi to enable contactless payments through their smartphones
  • TopShop links up with Barclays bPay to deliver bracelets and fashion accessories that enable contactless payments
  • UK card payments continue to go from strength to strength – with data showing a 10% increase in total spend using credit and debit cards in 2015 over 2014
  • China opens up to foreign payment card companies, after over a decade of lobbying by Visa and MasterCard
  • Visa Inc acquires Visa Europe
  • A survey reveals the UK is expected to become a cashless society within 20 years
  • Microsoft Wallet enables Windows 10 mobile devices to make contactless payments

3. Payments News: Digital / Crypto-currencies

  • The Bank of Canada explores the creation of a digital currency – CAD-Coin
  • The Ethereum digital currency is hacked to the tune of $50 million – the attacked was within the DAO
  • Greenwich Associates highlight how financial services and technology firms globally will spend over $1 billion in 2016 in a bid to bring blockchain to capital markets

4. Payments News: Banks

  • ATM and EFTPOS machines in Australia suffered outages due to storm related connectivity issues at Amazon Web Services
  • Deutsche Bank scrap plans for a digital bank in the US
  • The BBA merges with the Council of Mortgage Lenders, Payments UK and UK Cards Association
  • JP Morgan continue their digital payments services rollout with Shell Oil announcing they will accept Chase Pay
  • Bank of America shed up to 8000 jobs in retail banking
  • Morgan Stanley share details of a $1 billion cost cutting plan
  • Gartner report that IT spending in banking and securities in mature Asian countries will reach $22 billion in 2016
  • Deutsche Bank will close 188 branches and shed 3000 staff
  • JP Morgan launch an in-residence program for fintech start ups

5. Payments News: Fintech

6. Payments News: SWIFT

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

7. Payments News: Reports

  • The Euro Banking Association (EBA) and Finextra host a 2 day (day 1 and day 2) payments conference
  • Collaboration between digital companies and banks is key concludes a survey by Accenture
  • Payments UK issue their “Vision for World Class Payments in the UK” Report
  • Due to the horrific attack on Jo Cox MP, the Governor of the Bank of England cancelled the planned speech: Enabling the FinTech transformation: Revolution, Restoration, or Reformation?
Thanks for stopping by – Take a look around…!!

8. Payments News: Brexit

  • A Brexit would have disastrous consequences warns the ACI
  • CEOs warn that a Brexit would threaten London as a fintech capital
  • Simon Taylor reflects on banking and fintech impact of the Brexit vote
  • FT report on the Brexit threat to the fintech market
  • Finextra summarise noteworthy Brexit and finance related news stories

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

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