23 September 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
Payments NZ welcomes Co-op Money NZ to BECS
Co-op Money NZ’s application to become a direct settlement participant in the Bulk Electronic Clearing System (BECS) has been approved. Joining BECS means that once industry testing is complete, Co-op Money NZ will be able to directly send and receive payments through the SBI system with other Participants. “We are excited to welcome Co-op Money NZ as the tenth Participant in BECS. This is great news for New Zealand’s payment industry.” said Steve Wiggins, Payments NZ Chief Executive.
Taranaki turns on the hospitality for payments
In other Payments NZ news, we’d like to thank TSB Bank for hosting our Strategic Forum in Taranaki last week. Over 30 representatives from our Participants, Members and Board made the trip to the ‘Naki’ to discuss all things payments, learn more about the local economy and hear about the region’s plans for a prosperous future.
MasterCard offers Kiwi fintech startups help on the path to success
The fintech startup community is growing in New Zealand as evidenced by the number of entries received for the Payments NZ Fintech Innovation Challenge. Applications for the challenge are now closed, but Kiwi fintech startups now have the opportunity to apply for MasterCard’s Start Path programme. Since early 2014, Start Path has worked with over 90 companies across 24 countries. It is a six-month, virtual programme that helps startups tackle business problems and introduces them to new global opportunities. Applications close on 11 October.
National Australia Bank makes first blockchain payment
NAB has successfully transferred AU$10 to a Canadian account using blockchain. This was a “proof of concept”, which will be followed by further collaboration with Israel's Bank Leumi and the Canadian Imperial Bank of Commerce to develop the technology further. The technology is also being considered for use by the Australian Securities Exchange as a replacement for the existing clearing and settlement system for the share market.
New Swift tool to help banks swiftly stop fraud
Swift clients will have the option of receiving Daily Validation Reports from December. These will shine a spotlight on unusual patterns and fraud attempts, boosting the chances of cancelling bad transfers. This move follows the Bangladesh Bank hack earlier this year.
Government mulls interchange fees and surcharges
Minister Paul Goldsmith is considering advice from officials on retail payment issues. This follows a Retail NZ Report suggesting New Zealanders pay more than people overseas for some types of card transactions. There have been suggestions the Government may publish a consultation paper on payments issues, although nothing has been confirmed. Minister Goldsmith said he wants to ensure New Zealanders get a fair deal on transaction fees, while at the same time encouraging innovation, and the government will continue to approach this matter in a thoughtful and considered manner. Read more comments from Minister Goldsmith here.
Santander working with Ether.camp on blockchain digital cash
Santander is working on a project that looks at how it could digitise customer cash using the public ethereum blockchain. They could, for example, allow customers to ‘tokenise’ their funds for use as an alternative to PayPal for micropayments. Santander and Ether.camp are now looking to engage with other banks on the project. The two partners are also looking to run micropayment hackathons.
Challenger bank lets customers make payments using Siri
N26, a digital challenger bank based in Europe, has rolled out a new feature that lets customers transfer funds to friends using phrases such as ‘Send 10 Euros to Sam’. The recent opening up of Siri and iMessages to third parties means that the fintech industry is looking at how to make it easy for people to pay for goods and services. N26’s initiative is the latest example of this, as its 200,000 customers can now send money just by talking about it.
*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.