17 June 2016
Below are our top reads from the last seven days of industry news*. Every Friday we'll publish our picks from industry developments, stories and announcements right here so you can keep you up to date with what's happening in payments here and overseas.
If you'd like to have our top reads emailed to you every Friday, let us know by emailing email@example.com
Apple Pay on the web
Online shopping is about to get even easier as Apple has announced that Apple Pay is coming to the web. Previously, Apple Pay could only be used in select iOS apps. Now when you’re ready to check out online, Apple’s Continuity feature will pull up a prompt on your phone or watch to quickly authenticate and complete your purchase. You’ll either use Touch ID on your phone or tap your pre-authenticated watch to confirm the purchase.
Visa helps stop fraud at the fuel pump
There are several features unique to fuel retailers that make them an attractive target for criminals. Visa Transaction Advisor (VTA), a service that extends the power of Visa’s global risk intelligence to fuel merchants, is helping to reduce fraud at the gas pump. More than 35,000 gas stations are actively using the service in the U.S. After a cardholder inserts the card at the pump, Visa analyses multiple data sets such as past transactions, whether the account has been involved in a data compromise and risk score within milliseconds.
Bank customers authenticated by palm vein scan
FinTech specialist Fiserv has launched a new biometric authentication system for banking applications and it’s all in the palm of your hand. Called Verifast: Palm Authentication, the system scans palm vein patterns to quickly identify users. The system has been tested at three Gesa Credit Union branches in Washington, where it was evidently a success, given that Gesa plans to bring it to five additional branches.
The Bangladesh bank heist
You may have been following the situation since the central bank of Bangladesh was the victim of one of the biggest bank heists of all time in February. This article provides a good overview of events since the heist came to light. Banks in the developed world weren’t targets of the crime wave, but the breaches have served as a wake-up call that any system can be vulnerable.
New CEO for NPP Australia Limited
The company formed by the Australian payments industry to build and operate the New Payments Platform, NPP, has announced the appointment of Adrian Lovney as its inaugural Chief Executive Officer. The NPP is a uniquely Australian take on the real-time payments infrastructure being implemented overseas.
UK Government announces new ID verification
A new “verified identity” scheme for gov.uk is making it simpler for Britons to apply for a new driving licence, passport or to file a tax return online. Proof of identity comes from a range of sources not just a government issued ID. Described as a ‘federated rather than a centralised’ model, the individual sources of information are not retained centrally. Banks are expressing interest in the same service to verify customers through an arms-length verification system.
Canadian Payments Association rebrands
The Canadian Payments Association (CPA) has changed its name to Payments Canada, reflecting the organisation's transformation in a rapidly changing payments marketplace. Their rebrand also includes a new logo which is inspired by the guilloche patterns used to secure paper currency.
*These articles cover a range of topics from broad payments industry news here and overseas. They do not represent the views of Payments NZ and are not endorsements.