March, 2024

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Protecting Customer Data: Key Principles Every Company Should Know

VISTA InfoSec

In the digital age, protecting customer data is a cornerstone of trust and reliability between a company and its consumers. As cyber threats loom larger and data breaches become more frequent, safeguarding sensitive information cannot be ignored. Companies that excel in data protection comply with stringent regulations and gain a competitive edge by building solid relationships with their customers.

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PCI DSS v4: What’s New with Self-Assessment Questionnaires

PCI Security Standards

With the upcoming retirement of PCI DSS v3.2.1 on 31 March 2024 , organizations will be transitioning to new validation documents for their PCI DSS v4 assessments. In this Q&A with PCI Security Standards Council’s Director of Data Security Standards Lauren Holloway, we look at some of the key changes in the PCI DSS Self-Assessment Questionnaires (SAQs) for version 4 and what organizations using SAQs need to know.

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How to maximize agility and automation with rules-based payment processing

Payments Next

By Michael Meeks, CTO of BHMIThe payments industry is changing so rapidly that many payment processing companies are struggling to keep pace. The post How to maximize agility and automation with rules-based payment processing first appeared on Payments NEXT.

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Banking apps fall short on fraud protections: report

Payments Dive

Consumer Reports Senior Director Delicia Hand said preventing fraud and scams is "crucial" for traditional and digital banks alike, as more of their customers use their mobile apps.

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Provide Real Value in Your Applications with Data and Analytics

The complexity of financial data, the need for real-time insight, and the demand for user-friendly visualizations can seem daunting when it comes to analytics - but there is an easier way. With Logi Symphony, we aim to turn these challenges into opportunities. Our platform empowers you to seamlessly integrate advanced data analytics, generative AI, data visualization, and pixel-perfect reporting into your applications, transforming raw data into actionable insights.

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Teranode Realises the Potential of Blockchain Technology

The Fintech Times

Blockchain, heralded for its potential to transform industries, is currently undergoing a divergence from its original vision, marked by a prioritisation of speculative interests over core principles like scalability and decentralisation. Calvin Ayre, venture capitalist and founder of Ayre Group, a global enterprise supporting real estate projects, businesses, and technologies, shares insights centred on the BSV Blockchain’s Teranode scaling solution.

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63% of US Businesses Will Use ISO 20022. Financial Institutions are Not Ready to Meet Demand

Fintech Finance

The impending March 2025 migration deadline of FedWire to the ISO 20022 standard by all financial institutions (FIs) presents a strategic opportunity to revolutionize their payment infrastructure and services, according to a new Datos report, sponsored by Finzly , the pioneering provider of modern payments systems. According to the Datos survey of US corporate finance professionals from 1,037 midsize and large organizations, around 57% are interested in using automated payables and receivables s

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Robinhood’s new credit card goes after Apple Card with ability to invest cash-back perks

TechCrunch Fintech

Eight months after acquiring credit card startup X1 for $95 million, Robinhood announced today the launch of its new Gold Card, with a list of features that could even give Apple Card users envy. Robinhood, better known for its brokerage app aimed at the everyday investor, is touting all sorts of benefits with its new […] © 2024 TechCrunch. All rights reserved.

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A List of Digital Banks in Asia

Fintech News

Are digital first banks in Asia poised to lead a disruptive charge against well-entrenched, established commercial banks? In the traditional banking sphere globally, but especially true in Asia, there is a considerable proportion of unbanked and underbanked populations who lack complete or any access to banking services. This is particularly prevalent in developing markets, while in more mature markets, commercial banks often fall short in delivering a personalised and streamlined digital experi

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Visa spends ‘billions’ battling cybersecurity threats

Payments Dive

“We are all in an arms race to protect this ecosystem, to protect the network,” Visa CEO Ryan McInerney said at an investor conference last week.

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Despite a Desire for Generative AI, Less Than 1 in 10 Banks Have Established a Viable Roadmap

The Fintech Times

Artificial intelligence (AI) has become one of the hottest topics in fintech, resulting in many organisations looking to get involved in the space. However, research from Capgemini , the tech consulting and information firm, found only six per cent of retail banks have established an enterprise-wide roadmap for the use of generative AI (gen AI) capabilities at scale.

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Residual Income Strategies: Building a Sustainable 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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New Nacha Rules Take Aim at Credit-Push Fraud

NACHA

HERNDON, Virginia, March 18, 2024 – Nacha members have approved a set of rules intended to reduce the incidence of frauds, such as business email compromise (BEC), that make use of credit-push payments. The new rules establish a base-level of ACH payment monitoring on all parties in the ACH Network (except consumers). While the new rules do not shift the liability for ACH payments, for the first time receiving financial institutions (RDFIs) will have a defined role in monitoring the ACH payments

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Digital wallets play key role in US lawsuit against Apple

Finextra

The US has filed a lawsuit against Apple, accusing the firm of monopolising the smartphone market through a host of actions, including the blocking of third-party apps from offering contactless payments.

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Nsave gets $4M to enable people from unstable economies open offshore accounts

TechCrunch Fintech

Nsave, a fintech based in Geneva making banking in Switzerland accessible to people in countries at war or those with unstable banking sectors or facing high inflation, has raised $4 million seed funding. The round was co-led by Sequoia Capital and TQ Ventures with participation from Y Combinator, SV Angel and FONGIT: the State of […] © 2024 TechCrunch.

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Singapore Users Can Now Top up GrabPay Wallet Using Stablecoins

Fintech News

Southeast Asian ride-hailing super app Grab has teamed up with licensed crypto payments provider Triple-A to introduce a feature that allows its users to top up their GrabPay Wallets using Digital Payment Tokens. This initiative aims to offer users more convenience by enabling the conversion of digital currencies, like stablecoins, into spendable funds within their GrabPay Wallets.

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How To Craft Your Perfect Retail Tech Stack

Speaker: Jason Cottrell and Brian Walker

The era of all-in-one platforms is over. Now, retail success depends on integrating a blend of diverse technologies to thrive. As customers and stakeholders expect agility and innovation, how can you meet these expectations efficiently without stumbling into complexity? Explore a customer-centric approach to navigating digital transformation in retail.

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Visa, Mastercard reach landmark credit card settlement

Payments Dive

The two biggest U.S. card networks agreed to cap interchange fees for five years, among other terms, to settle merchant litigation that has lasted nearly two decades.

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There’s No Excuse for Lazy Customer Due Diligence Anymore, Says Trapets

The Fintech Times

Compliance remains one of the biggest challenges in the financial industry for firms of all sizes across the globe. With rules and regulations constantly changing, many banks and other financial institutions are falling victim to not keeping up. The regulatory minefield can be too much to contend with, particularly for new firms entering the space for the first time.

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A Guide to Meeting with the National Association of Convenience Stores (NACS) This Week

Electronic Payments Coalition

This week, as you meet with representatives and members from NACS, the association for convenience and fuel retailing industry, you will likely hear certain arguments about credit card interchange and the Durbin-Marshall Credit Card Bill. Below are fact-checks that set the record straight about the harm caused by credit card routing mandates. The post A Guide to Meeting with the National Association of Convenience Stores (NACS) This Week appeared first on Electronic Payments Coalition.

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Swift hails results of CBDC connector testing

Finextra

Swift says a new round of sandbox testing has found that its central bank digital currency interlinking technology can enable financial institutions to carry out a wide range of transactions using CBDCs and other forms of digital tokens, easily incorporating them into their business practices.

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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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‘Banking-as-a-Service’ startup Griffin raises $24M as it attains full banking license

TechCrunch Fintech

Founded by former Silicon Valley engineers, UK-based Griffin Bank, has now raised $24 million (£19 million) in a fresh, extended Series A, funding round. © 2024 TechCrunch. All rights reserved. For personal use only.

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The Rise and Fall of BNPL: Is the Due Date Near for ‘Pay Later’ Services?

Fintech News

The global flirtation with Buy Now Pay Later (BNPL) services seems to be coming undone, as new data on consumer payments unveils a significant drop in the appetite for this contentious credit payment approach. BNPL experienced a surge and became the favourite of venture capitalists during lockdowns as e-commerce shoppers, idle at home, seized the opportunity of short-term finance to distribute the expense of both impromptu and deliberate online buys across several payments.

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Digital wallets to overtake debit cards in stores: report

Payments Dive

Having already dominated e-commerce transactions, digital wallets are projected to overtake at least one traditional form of payment in stores, according a Thursday report by Worldpay.

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5 Essential Tools for Invoice Payment Processing

BlueSnap

Effective invoice payment processing is crucial for your business’s financial stability and healthy cash flow, yet so many companies still grapple with delayed payments, inefficient processes and the risk of funds stalling in collections. The post 5 Essential Tools for Invoice Payment Processing appeared first on BlueSnap.

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Deliver Mission Critical Insights in Real Time with Data & Analytics

In the fast-moving manufacturing sector, delivering mission-critical data insights to empower your end users or customers can be a challenge. Traditional BI tools can be cumbersome and difficult to integrate - but it doesn't have to be this way. Logi Symphony offers a powerful and user-friendly solution, allowing you to seamlessly embed self-service analytics, generative AI, data visualization, and pixel-perfect reporting directly into your applications.

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Shaping the Future of Finance Through Open Banking

The Fintech Times

Open banking and open finance promise significant benefits for consumers and businesses alike. But what do firms need to do to ensure they make the most of the next future of finance? Here, Mark Horwood-James , managing director of personal finance technology at Moneyhub , the data and payments fintech, explains how open finance is changing the way business leaders approach tech investment.

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UK set for soaring digital wallet adoption

Finextra

The UK is approaching a seismic shift in how people pay, with digital wallets set to comprise half of all e-commerce spend and nearly a third of POS transaction value by 2027, according to a report from Worldpay.

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Non-sexy industries can appeal to investors too

TechCrunch Fintech

Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we’re looking at some hot fintech startups in Africa, how Mint’s closure has been Copilot’s gain and why VCs have doubled down on a particular expense management startup. To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Sunday […] © 2024 TechCrunch.

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ZaloPay and CIMB Bank Roll out Fixed Deposit Offering to Simplify Savings

Fintech News

Vietnamese e-wallet ZaloPay and CIMB Bank , a highly regarded bank in Southeast Asia, recognising the challenges posed by the global economic downturn, have partnered to offer a new fixed deposit product in Vietnam amidst significant labour market issues. The unemployment rate for young adults aged 15-24 is at a high of 7.62%, compared to the overall average of 2.28%, and labourers’ wages have stagnated at around VND 7.1 million (approximately US$ 280).

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Using Data & Analytics for Improving Healthcare Innovation and Outcomes

In the rapidly evolving healthcare industry, delivering data insights to end users or customers can be a significant challenge for product managers, product owners, and application team developers. The complexity of healthcare data, the need for real-time analytics, and the demand for user-friendly interfaces can often seem overwhelming. But with Logi Symphony, these challenges become opportunities.

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Meta’s payment plays may pay off this year: report

Payments Dive

A partnership between tech giants Meta and Amazon “could represent the tipping point of transforming social media into a transaction platform,” Mizuho Securities analysts said in a report this week.

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Tap to Pay on iPhone Now Available for Venmo and PayPal Zettle Businesses in the U.S.

PayPal

Tap to Pay enables businesses to accept contactless card and digital wallet payments directly on their iPhones with no additional cost or hardware.

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Ethiopian Remittances Market Bolstered Under New M-PESA Safaricom and Onafriq Partnership

The Fintech Times

Looking to make financial services more accessible, M-PESA Safaricom has signed an International Money Transfer Agreement with Onafriq , the African digital payments network, to enable Ethiopian users to receive remittances from different parts of the world through M-PESA. Individuals do not need a bank account, something which has historically been challenging for some to acquire in Ethiopia, to send remittances.

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JPMorgan plans major roll out of biometric payments

Finextra

JPMorgan Chase is planning a broad roll out of biometric payments with US retailers by early next year, enabling shoppers to make purchases by scanning their palms or faces.

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6 Innovative Strategies for Mastering Merchant Services Sales

Ready to boost your game and stand out in the competitive world of merchant services sales? Discover 6 innovative strategies that will help you rise above the crowd, from leveraging tech trends and perfecting referral programs to harnessing the power of testimonials and pop-up events. Learn how educating clients can turn you into a trusted advisor and uncover the secrets of building community ties that cement your reputation as a market leader.