This is a bumper edition of Payments News in October 2015. What an incredible month..! From a European perspective PSD2 was rubber-stamped, there were Payments Reports galore, countless fintech related stories, IPO’s broke records and there was Sibos. As i tracked through the month, i was amazed at the number of cyber-attacks too – worryingly there were simply too many to report, so i indicated a cross section. All of these payments news stories outline the abundance and buzz of activity in the industry right now. These are exciting times, friends.
Check out the following top payments news stories for October 2015…
1. Payments News – Cyber Security
- MasterCard launches SafetyNet, a new generation tool to combat cyber hacking of banks and processors
- A cyber attack on the Talk Talk website has compromised personal and bank account information of around 4 million customers
- Leading to the arrest of a 15 year old boy
- A chip and PIN Man In The Middle hack exposed….
- MasterCard tokenize MasterPass (MasterCard’s digital wallet)
- Intel Security in their Hidden Data Economy Report reveal the growth of “cyber crime as a service” marketplace
- The National Crime Agency (NAC) in the UK are issuing warnings of the Dridex malware used to steal customer bank details have resulted in losses at around £20 million
- Dow Jones is hacked!
- Earlier this year hackers breached LoopPay, the technology is at the heart of Samsung Pay
- A white hat hacker explains how he was able to hack internet bank accounts of Danish largest bank in a few minutes
- MasterCard launch MasterCard Identity Check to confirm a persons identity and improve their online experience
2. Payments News – Mobile Payments
- Swatch announced “pay by the wrist” watch in China
- Starbucks switches payment processing from Square to JP Morgan
- Is Sweden set t be the worlds first cashless society…?
- Mobile payment usage in North America remains flat in North America according to a Accenture Digital Payments survey
- Apple Pay will be coming to Canada and Australia this year, with Spain, Singapore and Hong Kong planned for next year
- MasterCard launched a program to convert devices into payment devices
3. Payments News: Digital / Crypto-currencies
- American Express Ventures invests in the digital start up – Abra
- European Court of Justice rules that bitcoin is VAT exempt
- The UK government is to invest £10 million to understand distributed ledger technology
- Barclays cosy up with Hyperledger – a decentralised ledger platform – winners of the SWIFT Innotribe Start Up Challenge
4. Payments News: Banks
- Payments UK analysis forecasts payment volumes leading up to 2024
- Deutsche Bank’s Henry Ritchotte will set up a new Deutsche Bank digital bank
- Barclays had an IT glitch affecting mobile banking and ATM withdrawals
- HSBC launches a Singapore based innovation lab
- The FT reported that Deutsche Bank will “rip out” their “messy and outdated technology”
5. Payments News: Fintech
- Citigroup launches Citi FinTech division focusing on mobile banking services
- Mayor of London will head to Japan on a trade mission with a focus on captial’s financial technology, FinTech, sector
- Square files statements for proposed IPO
- The World Wide Web Consortium (W3C) launches a web payments working group to increase online security, simplify web payments and the online checkout
- ABN Amro launches a 10 million euro fintech fund
- Barclays offer 75,000 employees subsidised FitBit devices
- The WorldPay IPO confirms London as the Fintech capital of Europe, and the world..?
- Stet will deliver a instant payments platform in Europe
- European Parliament adopts the revised Directive on Payment Services (PSD2)
- London and the UK Tech sector is attracting record Venture Capitalist investment according to London and Partners
6. Payments News: SWIFT / Sibos
- SWIFT backs a charter to implement a global approach enabling ISO20022 harmonisation across the industry
- 3 interesting videos from Sibos well worth watching:
- Sibos 2015 – Opening Plenary
- Sibos 2015 – Closing Plenary
- Big Issue Debate – Disruption, GeoPolitics and Finance: Managing the Risk
- Big Issue Debate – The Internet of Things and banks core platforms
7. Payments News: Reports
- Boston Consulting Group and SWIFT release Global Payments 2015: Listening to the Customer’s Voice
- Deloitte University publish a report on Financial Services and the IoT
- A multi-group report – The Platform for Disruption: How China’s FinTech will change how the world thinks about banking? – highlights the strength of the Fintech disruptors in China
- BNY Mellon release Innovation in Payments: The Future is Fintech
- Capgemini and RBS release World Payments Report 2015
- McKinsey release their Global Payments 2015: A Healthy Industry Confronts Disruption
- Accenture reported on a lack of technology experience within many bank boards
That’s it folks! Let me know below if I missed anything important….