BankNews.com

Company Name

Payments

OCC’s Chief Innovation Officer to Speak at Innovation & Transformation Forum in Kansas City

May 23 – Beth Knickerbocker, acting chief innovation officer for the Office of the Comptroller of the Currency, has been added to the impressive speaker lineup for the Innovation & Transformation Forum, being held July 13 in Kansas City. Her presentation will cover the agency’s focus on Responsible Innovation that ensures that the use of new or improved financial products, services and processes meet the needs of consumers, businesses and communities in a manner that is consistent with sound risk management and is aligned with the bank’s overall business strategy.

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Nasdaq and Citi Announce Blockchain and Global Banking Integration

May 22 – Nasdaq Inc. and Citi Treasury and Trade Solutions have announced a new integrated payment solution that enables straight through payment processing and automates reconciliation by using a distributed ledger to record and transmit payment instructions. A number of payment transactions have been concluded including Citi’s automated processing of cross-border payments via a link between the CitiConnect® for Blockchain connectivity platform and the Linq Platform powered by the Nasdaq Financial Framework. This collaboration has created a pioneering institutional banking solution that tightly integrates blockchain technology with Citi’s global financial network leveraging API technology.

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Mobey Forum Warns of Need for Security Precautions in Financial App Development

May 18 —  The Risk Mitigation Workgroup of Mobey Forum, the global industry association representing banks and other financial institutions to lead in the future of digital financial services, is calling for a mindset change in financial app and digital service design, following the launch of the second and final installment of its Risk Review report.  

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Masterpass by Mastercard Gives U.S. Bank Customers Freedom to Shop Across Devices and Channels

May 17 – U.S. Bank customers now have access to fast, simple and secure digital payments with Masterpass by Mastercard when shopping in-store with an Android device at participating merchants. Customers can also leverage Masterpass to make purchases in-app or online, U.S. Bank and Mastercard have announced.

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Cards to Dominate Global Contactless Transactions, Representing 80% of Total in 2019

May 15 – New data from leading fintech analysts, Juniper Research, forecasts that the global value of contactless transactions made via payment cards, mobile and wearables, will reach $1.3 trillion by 2019, more than doubling from an estimated $590 billion in 2017.

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End of the IOU: P2P Payments the New ‘Social Norm’

May 12 – It appears Americans have run out of excuses for not paying their friends back in a timely manner, whether it’s for a $5 latte or $2,500 vacation. A new survey released today finds 36 percent of adults currently use a person-to-person payments service (P2P), with millennials leading the charge at nearly double that rate (62 percent). What’s more, 45 percent of non-users say they plan to start using the service within the next year, foreshadowing exponential growth in the coming months.

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Mark Cuban Backing New Fintech Entry Seeking to Upend Overdraft Market

May 11 – A new fintech called Dave, which includes billionaire Mark Cuban among its investors, is targeting what it calls “ridiculous overdraft penalties” by making loans of up to $250 with no interest until the borrower’s next payday.

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Mobile Biometric Payment Volumes to Triple in 2017 to Nearly 2 Billion

May 8 – A new study by Juniper Research has found that the number of mobile payments authenticated by biometrics will rise to nearly 2 billion this year, up from just over 600 million in 2016.

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Visa Announces New Ways for Financial Institutions to Enhance Digital Card Management Experiences for Customers

May 8 – Visa Inc., has announced it will help its financial institution partners create customized digital card management experiences for their customers. As the Internet of Things (IoT) grows, consumers put their card on file and implement recurring payments in more places. To help give consumers more visibility and control, Visa is creating upcoming enhanced capabilities that will complement several existing Visa functionalities. These capabilities will be available for issuing partners to provide to their cardholders through their online and mobile banking channels. When implemented, the new capabilities will let issuers provide their Visa cardholders greater control and insight over how they pay, where they pay and who can pay using a digital version of their Visa card.

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Retailers Say Repeal of Swipe Fee Reform Would ‘Undermine Transparency and Competition’ and Harm Consumers

May 8 – The National Retail Federation has called on the House Financial Services Committee to reject efforts to repeal debit card swipe fee reform as it considers approval of the Financial Choice Act.

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