February, 2024

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Data Breaches 101: What They Are And How To Prevent Them

VISTA InfoSec

A data breach could ruin your business overnight. Imagine customer outrage as hackers leak the private details your company promised to protect. Are you prepared to deal with regulatory fines, lawsuits, costly investigations, disrupted operations, and destroyed trust while cybercriminals profit freely from stolen data? That’s the harsh aftermath companies face today following high-profile breaches.

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AI and Payments: Exploring Pitfalls and Potential Security Risks

PCI Security Standards

With the rapid rise in popularity of AI services like ChatGPT, Dall-E, and GitHub Copilot, many people are looking at ways they can leverage the new abilities of these systems to improve their existing businesses.

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Card networks to implement gun code in California: report

Payments Dive

Visa, Mastercard and American Express are moving forward with use of a new gun merchant category code for credit card purchases in California, according to CBS News.

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How Open Banking May Affect The Financial Sector

The Payments Association

Open banking unlocks customer data, driving competition and innovation while reshaping the financial landscape for a more inclusive future. Open banking, a.

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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.

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Will Central Bank Digital Currencies (CBDCs) Impact Cross-Border Payments in 2024?

The Fintech Times

Payments are arguably the face of fintech. When you think about financial technology, it is easy to think about solutions which are making payments faster, easier and more accessible. As of December 2023, 130 countries, representing 98 per cent of global GDP, were exploring central bank digital currencies (CBDCs) according to the Atlantic Council ‘s CBDC tracker.

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Ledger: Stripe’s system for tracking and validating money movement

Stripe

In this blog post, we’ll share technical details on how we built this state-of-the-art money movement tracking system, and describe how teams at Stripe interact with the data quality metrics that underlie our payment processing network.

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Coffee with the Council Podcast: Meet the Council’s New Executive Director Gina Gobeyn

PCI Security Standards

Welcome to our podcast series, Coffee with the Council. I'm Alicia Malone, Senior Manager of Public Relations for the PCI Security Standards Council. Today I am thrilled to introduce the Council's new Executive Director, Gina Gobeyn. Gina joins PCI SSC following the announcement of Lance Johnson's retirement this year. As Executive Director, Gina will drive the organization's strategic direction, its operations, and oversee the PCI SSC senior leadership team and staff.

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Aldi debuts Grabango checkout tech at Chicago-area store

Payments Dive

The retailer is working with artificial intelligence startup Grabango to offer the service for the first time in the U.S. at a location in the Chicago suburb of Aurora, Illinois.

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How better regulation can power up UK fintechs

The Payments Association

How regulatory reforms and increased capital can drive UK fintech expansion Read more

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European Banks are Challenging Competitors With Cloud and AI Adoption

The Fintech Times

New research from Economist Impact supported by Temenos has revealed that almost half of European banks are investing in fintech start-ups while 36 per cent are building their own greenfield digital bank or fintech company. The study looks specifically at the attitudes of banks in Europe as it identifies that the majority believe neobanks will be their biggest challengers in the near future.

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The Pragmatic Path to Composability: Creating Efficient Commerce Systems

Speaker: Jason Cottrell and Brian Walker

Brands used to look for a commerce platform that could do everything. But over time, one vendor was no longer enough to meet a brand’s needs, so they added, and added, and added— and now it's essential that these vendors work well together. That’s composable, and it’s important to get it right. Customers and your board expect you to be in new channels and to adapt quickly to market change.

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More Than Half the Fintech Industry Seeing Growth from Strong Consumer Demand

Fintech News

The fintech industry, having navigated through the turbulent waters of the COVID-19 pandemic, has demonstrated not only resilience but also a robust capacity for growth. This period of upheaval has catalysed a significant transformation within the sector, with fintech firms adapting to and capitalising on the changing landscape of consumer demands and regulatory environments.

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Tap, click and pay: how digital payments seize the day

Finextra

The use of digital payments around the world continued to grow in 2022, while the number of cash withdrawals and small-denomination banknotes declined, according to BIS figures.

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Fintech giant Stripe’s valuation spikes to $65B in employee stock-sale deal

TechCrunch Fintech

Payments infrastructure giant Stripe said today it has inked deals with investors to provide liquidity to current and former employees through a tender offer at a $65 billion valuation. Notably, the valuation represents a 30% increase compared to what Stripe was valued at last March when it raised $6.5 billion in Series I funding at […] © 2024 TechCrunch.

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Mastercard to be dinged by Discover deal

Payments Dive

While both Mastercard and Visa will be impacted by Discover Financial Services’ plan to be acquired by card issuer Capital One, the former is likely to bear the brunt of the blow.

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Turn Payments Into Personalization: Unlock the Value of Transaction Data

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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Gen Z’s impact on credit is bigger than you may think

Tearsheet

Simon Khalaf is CEO of Marqeta. Gen Z has completely changed the narrative for many aspects of our society, including how they approach work and communication – as I know well, thanks to my own teenage daughter teaching me an entirely new vocabulary. Gen Z has also made a profound impact on the financial landscape so far. Contrary to common stereotypes, Gen Z exhibits a high level of fiscal responsibility and aversion to accumulating debt.

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What Impact Is AI Going to Have on Cross Border Payments Security?

The Fintech Times

Payments are arguably the face of fintech. When you think about financial technology, it is easy to think about solutions which are making payments faster, easier and more accessible. In January 2024, we focused on generative artificial intelligence (AI) and how it has emerged onto the fintech scene following its boom in 2023. Artificial intelligence has many uses, and while it can be used for good, it can also be abused by bad actors.

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BNY appoints Gerdeman as global head of data and analytics

Bank Automation

BNY Mellon has appointed Julie Gerdeman as its global head of data and analytics. Gerdeman will be responsible for managing software and data for nearly $47 trillion of assets managed by BNY, according to a Feb. 20 release.

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ECB will only use European suppliers for digital euro build

Finextra

The European Central Bank has been explaining to MEPs its decision to search for possible providers to develop a digital euro platform and infrastructure.

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Maximizing Success as an Independent Sales Agent: The Value of a Payment Partner

Maximize success as an independent sales agent with a supportive payment processor partner. This article reveals the challenges agents face with uncooperative processors, like slow responses and lack of support, leading to missed opportunities. Discover how a supportive partnership can transform your success, offering extensive training, marketing materials, and ongoing support.

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YC-backed Cambio puts AI bots on the phone to negotiate debt, talk to a bank’s customers

TechCrunch Fintech

A Y Combinator-backed startup called Cambio is bringing AI to the banking world in a surprising way: It’s putting AI bots on the phone with companies and consumers. The startup began by offering an AI-powered service that negotiated debt collections on behalf of consumers, which helped around 70% of customers resolve their collections and raise […] © 2024 TechCrunch.

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Where will embedded payments flourish in 2024?

Payments Dive

There are three areas where embedded finance is a good fit, and they are characterized by high volume and frequent payments, writes one industry executive.

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Mastercard and The Clearing House deepen their partnership to zero in on new instant payments applications 

Tearsheet

Mastercard recently expanded collaboration with The Clearing House (TCH), with the shared goal of propelling the adoption of instant payments. This extended partnership will focus on integrating additional instant payment use cases across a range of payment flows for consumers, businesses, and governments. “Beyond extending our partnership with Mastercard, we intend to partner on innovating for the banks that use the network by looking for additional use cases that they’ve expressed interest in

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Ripple and Axelar Foundation Set a New Standard for Blockchain Interoperability on XRPL

The Fintech Times

As more firms look to enter the blockchain and decentralised space, easy integrations and the ability to develop applications are an absolute must. Ensuring this is possible on the XRP Ledger (XRPL), Ripple , the crypto solutions provider, has partnered with Axelar Foundation , the nonprofit decentralised interoperability network. Axelar network’s integration with the XRPL aims to help bolster the XRPL DeFi ecosystem by providing essential liquidity for stablecoins and large-cap assets.

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How Retailers Are Transforming Customer Experiences with Data & AI

Speaker: David Azoulay, Marc Stracuzza, Román Tejada, and Guest Speaker Sucharita Kodali

Imagine a retail landscape where every interaction is personalized, every decision informed, and every opportunity maximized 🤔✨ Join us for an exploratory journey into the heart of AI-driven retail innovation. We’ll unveil the transformative potential of AI and data analytics in shaping the future of omnichannel personalization and e-commerce.

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Why (and How) to Think About Your ROI of Global Digital Payments

BlueSnap

When CFOs and other business leaders think about their return on investment, it is easy to overlook payments. However, your global digital payments strategy can significantly impact profitability. The post Why (and How) to Think About Your ROI of Global Digital Payments appeared first on BlueSnap.

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EU adopts instant payments rules

Finextra

The European Council has adopted a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

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Envestnet data and analytics revenue falls 7% YoY

Bank Automation

Envestnet data and analytics revenue fell during its fiscal fourth quarter amid rumblings in December of a Yodlee sale. The wealthtech giant’s data and analytics revenue fell 7% year over year to $38.6 million during the quarter, according to its earnings presentation.

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Why ‘pay-by-bank’ faces adoption hurdles in US retail

Payments Dive

Pay-by-bank has been catching on only slowly, and it’s a particularly long shot for showing up at the point-of-sale anytime soon.

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How Investors & Strategic Buyers Evaluate Integrated Payment Strategies

Explore how integrated payment strategies impact investor and buyer evaluations. Payments are more than a feature — they’re a key to long-term success and market differentiation. They help SaaS companies offer seamless user experiences and efficient operations. Investors and strategic buyers assess these integrated payment strategies as a measure of a company's growth potential and sustainability.

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Here are the fintech startups that could go public in 2024

TechCrunch Fintech

Could 2024 be the year for fintech IPOs? Quite possibly, according to F-Prime Capital’s State of Fintech 2024 report. F-Prime — a VC firm with over $4.5 billion in assets under management that tracks the performance of emerging, publicly traded and privately held financial technology companies — naturally remains bullish on the fintech space, noting that: […] © 2024 TechCrunch.

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Fintech Success : Is Innovation the Holy Grail or Evolution the Key?

The Fintech Times

At The Fintech Times we frequently encounter companies touting their latest products as ‘innovative’ that promise to ‘revolutionise’ the industry. While the allure of innovation is undeniable, the question arises: should organisations prioritise refining existing offerings through evolution before embarking on revolutionary ventures?

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The Data is Clear: The Durbin-Marshall Credit Card Bill Will Harm Small Businesses

Electronic Payments Coalition

Since Congress introduced price caps and routing mandates on debit cards in 2011, research from independent and government sources has illuminated their disproportionate negative impact on small businesses. While corporate megastores like Walmart and Target reaped billions in new revenue, small enterprises were largely excluded from the profits-bonanza.

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Lloyds forms trade digitalisation partnership with WaveBL

Finextra

Lloyds has become the first UK bank to join the WaveBL electronic trade documentation platform, meaning its clients can transfer blockchain-based Bills of Lading across a network of members in 136 countries.

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Mapping Digital Transformation: Retail’s Strategic Shift

Speaker: Jennifer Wright, Michael Scholz, Jasmin Guthmann, and Scott Canney

Digital transformation in retail is so much more than new technology. You need to get your whole organization, from entry-level workers to executives, on board with the new tech, new skills, and culture changes that digital transformation brings. Leading this mindset shift can be a daunting task… but that’s where this webinar comes in! Join our panel of experts as they guide you through the challenges of digital transformation, preparing you to avoid common mistakes and make the most of incredib