September, 2024

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August Tech Layoffs Highest Since January

The Finance Weekly

Sixty-four percent of tech companies pivot towards Artificial Intelligence (AI) to streamline operations. Tech giants like Apple, IBM, Cisco, Dell, and Intel were among the 48 companies that announced a whopping 26,024 job cuts. Over 400 tech companies have made similar announcements, affecting more than 130,000 workers, with January having the highest count of job cuts at 34,107.

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New Information Supplement: PCI DSS Scoping and Segmentation Guidance for Modern Network Architectures

PCI Security Standards

The PCI Security Standards Council (PCI SSC) has published a new Information Supplement:  PCI DSS Scoping and Segmentation Guidance for Modern Network Architectures. This document was produced by the 2023 Special Interest Group (SIG), the members of which provided their extensive payment security expertise and technical knowledge around best practices, guidance, and real-world scenarios for applying PCI DSS scoping and segmentation techniques in a variety of modern network architectures.

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Mastercard acquires cybersecurity firm for $2.65B

Payments Dive

The acquisition is the latest in a series of cybersecurity firm purchases by the card network over the years.

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Adapting to SEPA ICT: Overcoming compliance hurdles with technology

The Payments Association

With the rollout of new instant payment regulations under the SEPA Instant Credit Transfer (ICT) scheme, Europe’s cross-border payments landscape is significantly transforming. From overhauling existing systems to adjusting sanctions screening processes, firms need to navigate these complexities to stay compliant and competitive.

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Future-Proofing Enterprise Commerce: Why Extensibility Wins with Shopify

Speaker: Benjamin Woll, Tiffany Spizzo, and Jaime Santos Alcón

Enterprise commerce is evolving fast, and brands relying on rigid, one-size-fits-all solutions risk losing agility. But modernization doesn’t have to mean disruption. In this webinar, we’ll explore how an extensible, modular approach empowers brands to integrate new capabilities, enhance performance, and scale efficiently—all while leveraging Shopify’s strengths.

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You Thought You Knew Virtual Cards…Think Again

Payments Next

By John Toman, Co-founder & Chief Product Officer, Pivot Payables Commercial virtual cards have been available for years as a payment method The post You Thought You Knew Virtual Cards…Think Again first appeared on Payments NEXT.

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Mexico in Focus: Open Banking and Financial Inclusion

Open Banking Excellence

Mexico in Focus: Open Banking and Financial Inclusion A briefing for banks and fintechs, with key insights and details of the opportunities available in LatAm’s third-largest nation. Open Banking represents an important possibility for both financial institutions and the Mexican population. Today, a significant portion of the Mexican population has limited or no access to traditional banking services.

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Swift Works on Enabling Real-Time Exchange of Digital Assets and Payments

Fintech News

Swift, the global financial messaging network, is actively working to incorporate regulated digital assets and currencies onto its platform. Building on a series of successful experiments, Swift is advancing efforts to create practical solutions that will enable its members to transact seamlessly with digital assets. A key focus of these developments is testing multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions.

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Amazon, Google stake out bigger foothold in payments

Payments Dive

The tech giants are inserting themselves into more retail transactions to build loyalty and harvest customer data.

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FMPay launches in Cheltenham to empower UK small businesses with simple and secure payment solutions

The Payments Association

FMPay, a licensed payment provider, has launched to offer small businesses in the UK a secure and straightforward way to handle payments. With no monthly fees, competitive transaction rates, multi-currency processing, and advanced fraud protection, FMPay aims to empower small businesses to grow by providing cost-effective, reliable, and transparent payment solutions, supported by a dedicated team.

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Walmart to offer instant bank payments

Finextra

Walmart is teaming up with Fiserv to let online shoppers pay directly, and instantly, from their bank accounts.

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From Start to Scale: Driving Growth Through Seamless Payments Implementation

Speaker: Michael Veatch, Senior Director, Implementations & Ella Aguirre, Director of Solution Consulting

Embedding payments can be a transformative step for software companies looking to enhance their platform capabilities, boost customer satisfaction, and drive long-term growth. However, the success of payments hinges on a single thing: implementation. Drawing on real-world insights and experiences, payments implementation experts Michael Veatch and Ella Aguirre will explore actionable strategies that can lead to a transparent, friction-free launch and mitigate potential challenges like technical

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Ziina banks $22M as growth explodes for the UAE-based fintech for small businesses

TechCrunch Fintech

The Dubai-based startup, which now counts 50,000 retail and business customers in the UAE, has netted $22 million led by Altos Ventures. © 2024 TechCrunch. All rights reserved. For personal use only.

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First Pacific Bank Expands Its Instant Payments Offerings With Finastra, Driving Growth

Fintech Finance

Finastra has announced that First Pacific Bank , a Southern California-based community bank that offers custom financial solutions for individuals and businesses, has selected Finastra Payments To Go to modernize its payments infrastructure. The cloud-based, SaaS payments hub solution will help the bank to deliver FedNow send and receive services 24/7, support ISO 20022 compliance, and enable its projected growth.

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South Korean Tourists Can Now Pay with QR Codes in Cambodia

Fintech News

Cambodia and South Korea have officially launched a new cross-border payment system. This system, currently in its first phase, allows customers of Jeonbuk Bank in South Korea to make seamless payments to merchants in Cambodia using Bakong (KHQR) QR codes. The launch ceremony, held in Phnom Penh, was attended by senior officials, including Dr. Chea Serey, Governor of the National Bank of Cambodia, and Kim Tae Hyun, Vice President of Jeonbuk Bank.

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Walmart, Fiserv team to offer real-time payments

Payments Dive

The retail giant and payments processor are targeting next year for offering consumers a real-time payment option online.

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15 Modern Use Cases for Enterprise Business Intelligence

Large enterprises face unique challenges in optimizing their Business Intelligence (BI) output due to the sheer scale and complexity of their operations. Unlike smaller organizations, where basic BI features and simple dashboards might suffice, enterprises must manage vast amounts of data from diverse sources. What are the top modern BI use cases for enterprise businesses to help you get a leg up on the competition?

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Table Extraction using LLMs: Unlocking Structured Data from Documents

Nanonets

Picture this - you’re drowning in a sea of PDFs, spreadsheets, and scanned documents, searching for that one piece of data trapped somewhere in a complex table. From financial reports and research papers, to resumes and invoices, these documents can contain complex tables with a wealth of structured data that needs to be quickly and accurately extracted.

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Apple turns on support for Tap to Cash NFC peer-to-peer mobile payments

NFCW

P2P: Tap to Cash enables users to send and receive Apple Cash by holding two iPhones together Apple Watch and iPhone users in the US can now use Apple’s Tap to Cash peer-to-peer money transfer service to transfer money to each other via NFC. The ability to use NFC to add a payment card to Apple Wallet is also being rolled out via a new Tap to Provision service.

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HSBC pilots quantum-safe technology for digital gold

Finextra

HSBC has successfully trialled the first application of quantum-secure technology for buying and selling tokenised physical gold.

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Thunes and Commercial Bank Kyrgyzstan | MBANK Forge Strategic Alliance to Transform Cross-Border Payments in the Silk-Road Region

Fintech Finance

Thunes , the Smart Superhighway for money movement around the world, is proud to welcome OJCS “Commercial Bank Kyrgyzstan” | MBANK as a Member of the Thunes Direct Global Network. This collaboration allows MBANK to connect businesses and individuals in Kyrgyzstan directly to over 7 billion mobile wallets and bank accounts around the world, to make payments in real-time in over 130 countries and 80 currencies in a faster, more convenient, and reliable way.

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Top Strategies to Future-Proof & Sustain Your Merchant Services Portfolio

Build a sustainable merchant services portfolio with practical strategies to ensure long-term success. Diversify across industries to spread risk and stabilize income, balancing high-risk and low-risk clients for a robust mix. Combine large and small merchants to create a resilient payment portfolio, leveraging each type's strengths. Foster long-term relationships through exceptional service and personalized support.

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15,000 Blacklisted and 34,000 Accounts Suspended in Thai Banking Fraud Crackdown

Fintech News

The Thai Bankers Association (TBA) has blacklisted 15,000 individuals and suspended 34,000 bank accounts connected to call-center scam operations, according to The Nation. The move follows the implementation of an AI-driven Cross-Reference File (CRF) system designed to identify mule accounts used in money laundering activities. Payong Srivanich TBA Chairman Payong Srivanich announced on Monday that the CRF system, developed by the association, flagged more than 15,000 individuals who had opened

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North American cashless payments to climb 7% by 2028: report

Payments Dive

Real-time payments and open banking will drive the increase, forcing the shift even faster globally, a Capgemini report released this week said.

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How to Appoint a Qualified Data Protection Officer(DPO)?

VISTA InfoSec

A Data Protection Officer (DPO) can be called as an ally for organizations that deals with large amount of Privacy related data in its core operation. They are appointed based on article 37 of GDPR , and help organizations stay compliant with data protection laws by overseeing data security policies, monitoring internal compliance, and providing expert advice for staffs managing the potential data privacy risks.

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‘Innovation Driving Growth’ A FinTech as a Force for Good Forum

Open Banking Excellence

10th October 2024 Live Event Linkedin Twitter 'Innovation Driving Growth' A FinTech as a Force for Good Forum Join us for our annual ‘FinTech as a Force for Good Forum’ as we explore FinTech’s role in supporting consumers through economic uncertainty, as well as its ability to help drive forward the wider ESG agenda. We look forward to welcoming FinTech founders, financial services institutions, policy-makers and regulators, professional services firms, investors, and international hubs for a on

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Secrets of a Successful Sale: Optimizing Your Checkout Process

Speaker: David Nisbet, Everett Zufelt, and Michaela Weber

Once upon a time, in the vast realm of online commerce, there lived a humble checkout button overlooked by many. Yet, within its humble click lay the power to transform a mere visitor into a loyal customer. 🧐 💡 Getting checkout right can mark the difference between a successful sale and an abandoned cart, yet many businesses fail to make payments a part of their commerce strategy even when it has a direct impact on revenue.

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PayPal CEO sets out vision for PayPal Everywhere with NFC

NFCW

Apple NFC: “Where it’s available, we will move quickly to be able to offer it.” PayPal will “quickly” take advantage of Apple’s opening up of access to the iPhone’s NFC capabilities as part of its new omnichannel payments strategy, President and CEO Alex Chriss has revealed. “We’ll start with one country in Europe, likely this fall, and then continue to expand over time.

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U.S. Faster Payments Council Publishes Operational Considerations for Receiving Instant Payments Guideline

Fintech Finance

The U.S. Faster Payments Council (FPC), a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today announced the release of its latest publication, Operational Considerations for Receiving Instant Payments. This comprehensive guideline provides essential insights and best practices for financial institutions (FIs) as they navigate the complex landscape of instant payments.

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Digital Fraud Attacks Rise 17% in Financial Services, Driven by Payment and Account Creation Fraud

Fintech News

Financial institutions around the world are facing a surge in fraud and cyberattacks. A new report by LexisNexis Risk Solutions explores the state of digital fraud, revealing a 17% increase in digital fraud attacks within the financial services sector in 2023. According to the report, human-initiated attacks in financial services rose to 1.2% last year, up 8% year-over-year (YoY).

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Fed dissects consumer use of digital payments

Payments Dive

While most U.S. households have a bank account, just under half use a nonbank payment service, Kansas City Federal Reserve Bank research says.

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The Evolving Retailers Fulfillment Strategy: Meeting Demands with Agility

Speaker: Becky Parisotto and John Vurdelja

Fulfillment is no longer just about getting products from point A to point B – it's about crafting seamless, scalable, customer first experiences. Flexible fulfillment strategies are more important than ever for those aiming to stay ahead and build resilience as retail enters a new era in 2025. Learn how to optimize fulfillment processes, tackle complex, multi-vendor orders, and create seamless customer experiences – from white-glove delivery for high-value items to quick-ship solutions for ever

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Essential Guide to Seamless CCaaS Implementation 

VISTA InfoSec

As businesses continue to evolve in their customer service strategies, Contact Center as a Service (CCaaS) solutions have emerged as an effective tool for enhancing customer experience. These cloud-based platforms offer flexibility, scalability, and access to advanced technologies, making them a popular choice for organizations of all sizes. However, transitioning to CCaaS requires careful planning to ensure a smooth implementation process.

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NexGen Banking Summit

Open Banking Excellence

23-24th October 2024 Live Event Linkedin Twitter NexGen Banking Summit The NexGen Banking Summit , scheduled for October 23rd and 24th, 2024 at the Hilton Hotel in London, brings together industry leaders, banking institutions, and technology companies. This pivotal event explores how cutting-edge technologies—such as AI, biometrics, and open banking—are reshaping the financial landscape.

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Apple CFO to Step Down

The Finance Weekly

Apple announced that its Chief Financial Officer (CFO) Luca Maestri will be stepping down starting January 1, 2025. But he is not departing from Apple permanently, instead, he will transition from his role as CFO to lead the Corporate Services team. This role encompasses information systems and technology, information security, and real estate. He will report directly to Tim Cook.

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Webinar: Leading the Way in Instant Payments Innovation-Maximizing the Full Potential of RTP and FedNow

Faster Payments Council

Join us for an upcoming FPC webinar, sponsored by Finzly, on Wednesday, September 18 from 12:00pm-1:00pmET. Is your financial institution fully harnessing the potential of RTP® and FedNow® to drive growth? While 'receive-only' instant payments is a significant step forward, the true transformative power lies in actively sending payments. In a recent joint survey from the FPC and Finzly, it unveiled that corporate customers drive nearly 78% of instant payments revenue.

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eCommerce in 2025: How Customer Experience Drives Online Retail Success

Speaker: Jennifer Wright and Nick Barron

2025 is right around the corner, and with it comes a new wave of consumer expectations, competitive pressures, and operational challenges. Success lies in finding the balance between operational flexibility and creating experiences that keep customers coming back. The future of retail belongs to those who can stay ahead of shifting customer preferences and marketing trends. 🔮 In this session, we’ll dive deep into what it takes to keep customers engaged and your operations nimble, no matt