18 March 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
Fintech shaping the financial services landscape
This week, PwC released its latest survey assessing the rise of new technologies in the financial services sector and their impact. It found that 83% of respondents from traditional finance firms believe part of their business is at risk from fintech companies, and even higher concern amongst banks (95%). Results from a similar report from Canaccord Genuity also show that fintech is alive, well and disruptive around the world.
VISA’s new button
In 2014, Visa first introduced the Visa Checkout lightbox and has now added to the technology with an interactive button. Customers can complete their online purchase by sliding a virtual image of their credit, debit or prepaid card across the screen of a smartphone, tablet or laptop. Pilot tests have shown that Visa Checkout customers who used the interactive button were twice as likely to “click-through” and complete their purchase, compared to the existing Visa Checkout experience.
R3CEV accepting new members
Earlier this year we told you about the blockchain consortium R3CEV, who lead their members in research and development of blockchain in the financial system. They have relationships with 43 major banks and are now accepting applications for new partners as part of their second round of engagement, with a special focus on adding non-bank members.
Doodling instead of passwords?
Researchers claim that your free-form scribbles might be more secure than traditional passwords as they are easy to remember and time-efficient. Security doodles may provide more protection against smartphone hacking and survey participants spent 22 percent less time logging in with them. See here for more opinion on why older authentication methods need to be made safer.
Heist ruined by a typo
If it wasn’t for a spelling error in an online transfer, hackers would have been able to make away with almost $1Billion US from the Bangladesh central bank and the New York Federal Reserve last month. Despite the typo, the unknown hackers still managed to get away with about US$80 million, one of the largest known bank thefts in history. Bangladesh Bank has said it has recovered some of the money that was stolen, and is working with anti-money laundering authorities to try to recover the rest.
*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.