As we draw the curtains on November 2017, i summarised the months noteworthy payments new stories. The main stories that sprint to mind are SEPA instant payments went live on 21st Nov, Bitcoin hit an all time high and the craziness of Single’s Day in China and Black Friday in the US. Check out the following top payments news stories for November 2017:
1. Payments News – Cyber Security
- Comm Bank enable their customers to use the iPhone X Face Id (facial recognition) technology to access their accounts
- UK Payment System Regulator sets out to better protect consumers from Authorised Push Payment (APP) scams
- Barclays warn UK online shoppers that they face the most fraudulent Christmas ever !
- Anomali report reveals major security trends threatening the UK FTSE 100 companies
2. Payments News – Mobile Payments
- Visa launch Visa Direct in Europe – a real time payments platform that has global capabilities
- Visa to accelerate contactless payments for commuters with Visa Ready for Transit program
- UK court concludes the Visa interchange fee case… in favour of Visa
3. Payments News: Blockchain / Digital / Crypto-currencies
- SIA and R3 link up to speed up and promote the adoption of blockchain applications developed by the R3 consortium
- MAS (Monetary Authority of Singapore) releases a report and source code on distributed ledger prototypes for inter-bank payments
- American Express and Santander partner to deliver blockchain-based real time cross border payment processing, using RippleNet
- Ripple CEO, Brad Galinghouse, at the Singapore Fintech Festival talks about opportunity and central banks
- London Block Exchange (LBX) launches a Visa debit card that allows users spend their digital currencies anywhere across the UK
- ING introduce data privacy to blockchain through “zero-knowledge range proof” (ZKRP) concept, designed to keep information on a ledger private
- Bitcoin price rockets to an all time high ($11,300) before dropping to just under $10,000
4. Payments News: Banks
- VW may apply for a UK banking licence allowing the company to continue offering car loans after Brexit
- DBS launch the largest banking API developer platform in the world!
- BNP Paribas rolls out WeChat Pay in France and subsequently in Europe
- BBVA spearheads Design Thinking principles
- DBS to move to a cloud based data centre
- Flux and Barclays partner to trial real time digital receipts
- Major banks form TruSight, a third party risk assessment company
- Monzo – the UK challenger bank – implements a tap your debit card on the app activation
- The bank branch re-imagined by DBS with their “cafe and branch” concept
- Reuters report on Norwegian banks combining their payment units in preparation for global tech firms wanting to get into the payments space
- Bank of England, Snapchat and the new £10 note
- Nordea enables Norwegian bills to be paid via an e-invoice in Facebook Messenger
5. Payments News: Fintech
- Fintech Australia overview of the below EY 2017 Fintech Census
- Bahrain Fintech Bay is launched, the largest dedicated Fintech Hub in the Middle East and Africa
- Paytm launch Paytm Inbox enabling users to chat with one another
- Facebook Messenger – P2P Payments arrive in France and the UK
- Remarks By Keith Noreika Before The Clearing House Annual Conference, 2017
- Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam launch the ASEAN Fintech Network (AFN)
- Malaysia to build a real time retail payments platform (RPP)
- Singapore’s, worlds largest (really?!?), Fintech Festival takes places
- In Canada Payments Source and Amazon team up to launch Amazon Cash
- Almost a decade after the UK, big banks launch real time payments in the US
- FT reports on how Brexit concerns are damaging the UK’s reputation as a centre of innovation
- Paypal invoices can now be sent through Facebook Messenger
- Real time payments enabled using RippleNet by Standard Chartered (Singapore), RAKBANK (UAE) and Axis Bank (India)
- UK’s Open Banking project scope is expanded to cover all PSD2 products
6. Payments News: Europe – SEPA, PSD2
- SEPA instant payments scheme went live on 21st November, 2017
- PSD2 security measures indicated in the RTS (Regulatory Technical Standards) will go live around September 2019
- European Central Bank (ECB) – The Use of Cash by Households in the Euro Area
- ECB’s Yves Mersch speech – Digital transformation of the retail payments ecosystem
7. Payments News: SWIFT
- Check out Finextra’s coverage of Day 1: Swift Operations Forum Europe 2017
- Report by SWIFT and BAE Systems – The Evolving Cyber Threat to the Banking Community
8. Payments News: Reports
- EY – FinTech Australia Census 2017
- FSB Report – Artificial intelligence and machine learning in financial services
- Federal Reserve Bank of Cleveland – Three Myths About Peer to Peer Loans
- Luxoft Report – Confessions of a CIO
- Federal Reserve Bank of San Francisco – Reports of the Death of Cash are Greatly Exaggerated
- EBA – Risk Assessment of the European Banking System
- Bank of England – Stress Testing the UK Banking System: 2017 Results
- Report by SWIFT and BAE Systems – The Evolving Cyber Threat to the Banking Community
That’s it folks! Let me know below if I missed anything important…