Payments news for October 2016 contained quite a few stories relating to chat-bots, humongous data breaches, lots of blockchain collaboration and “firsts”, AliPay pursues its global expansion and banks continuE their digital transformations. Of course there were the usual payments news stories featuring fintech, some interesting payments reports and SWIFT. Check out the following top payments news stories for October 2016:
1. Payments News – Cyber Security
- Hackers use Twitter to unleash a Angler phishing social media scam on bank customers in the UK
- Reuters reports major data breaches relating to credit cards in Denmark and debit cards in India
- Which? highlights the best and worst banks for online security
- Over 3.2 million debit cards are compromised in India
- EU data protection legislation coming into effect in 2018 could cost UK business £122billion in data breach fines, based on 2015 levels
- ATM explosive attacks increase in Europe according to the European ATM Security Team (EAST)
- Willem de Groot reveals a 69% increase in online card skimming since November 2015
2. Payments News – Mobile Payments
- MasterCard links up with Fit Pay enabling a variety of contactless payments-enabled devices and wearables
- MasterCard launches chatbots (Mastercard Bot) for banks and merchants
- PayPal and Facebook Messenger will hook up in the US
- Visa expects 3-D Secure 2.0 transaction authentication to be adopted and implemented by April 2018
- Paym processes over £300 million through its UK mobile payments platform since its launch 2014
3. Payments News: Digital / Crypto-currencies
- A S&P report seen by CNBC highlights the transformational impact of blockchain technology, but acknowledges that “market wide adoption is a long way off”
- Ripple and R3 trial cross border payments using blockchain technology
- Multi-bank group successfully complete a blockchain test for OTC equity swaps
- SIX Securities Services research reveals that widespread adoption of blockchain is at least 6 years away
- MasterCard develops experimental blockchain APIs
- Swiss railway customers will from 11th November be able to trade Swiss Francs for Bitcoins using their ticket machines
4. Payments News: Banks
- Credit Suisse Head of Digital Private Banking, Macro Abele, talks about digital and analog banking
- Nationwide appoints external experts to its Board IT Strategy & Resilience Committee
- Bank of America launch a AI chatbot called Erica
- Societe Generale launches The Dunes, the banks technology hub at the heart of its digital transformation
- JP Morgan launch a second virtual branch in Indonesia, the banks first virtual branch was opened in India last year
- BNP Paribas pilot thw Microsoft Bank 2 to provide BioBeats biometric data to complete an employee wellbeing survey
- Wells Fargo creates a new Payments, Virtual Solutions and Innovation group
5. Payments News: Fintech
- AliPay expand into North America with Verifone and First Data deals
- Commonwealth Bank of Australia (Commonwealth Bank), Wells Fargo and Brighann Cotton complete the first global trade transaction using blockchain, smart contracts and the IoT
- BBVA partners with Amazon Web Services (AWS) into the Cloud as part of its digital transformation strategy
- KPMG introduce EVA – The ‘invisible’ bank of the Future!
- Antony Jenkins soughts to transform banking through fintech startup, 10X Future Technologies
- AliPay enters Australia through Commonwealth Bank of Australia link up
6. Payments News: SWIFT
- Visa partners with Chain to deliver cross border payments built on blockchain – Oo-err, SWIFT….?!?!
- US judge rules that a lawsuit by Ecuadorian bank (Banco Del Austro) against Well Fargo following the SWIFT related hack in 2015 can go ahead
7. Payments News: Reports
- WorldPay reveals that Indian e-Commerce growth is set to sky-rocket, second only to China
- H2 Ventures KPMG publish their 2016 FinTech100 – Leading Global Innovators Report
- US Treasury release Enhanced Cyber Risk Management Standards
- Accenture report: 2016 North America Consumer Digital Payments Survey
- Deloitte report on the impact of blockchain on Customer Loyalty Rewards Programs
- Federal Reserve Governor Lael Brainard delivers a speech on Distributed Ledger Technology: Implications for Payments, Clearing, and Settlement
That’s it folks! Let me know below if I missed anything important…