26 August 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.
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Australian banks can’t negotiate with Apple as a bloc, for now
The Australian Competition and Consumer Commission (ACCC) has not given interim authorisation for the country’s three biggest banks to negotiate as a bloc with Apple. The banks want the US company to back down on its policy of not allowing third-party electronic payments apps on its smartphones. The final decision on this will be made later in the year, after the ACCC has consulted with stakeholders.
Chief Executive of NZBA targeted by ‘whaling’ scam
Scammers trying to carry out a big ‘phish’ – known as a ‘whale’ – recently emailed a request for a money transfer, claiming to be from the NZBA’s chief executive. However, the fake email was quickly spotted and is now being used to warn businesses that criminals will do their homework when trying to impersonate senior members of staff.
Remind app adds online payments feature for school trips
Over the last five years web-based Remind has become a widely used communications tool for parents, teachers and students across the US. Its latest feature – Activities – lets teachers collect credit card payments for things like field trips and sports uniforms. Adding payments capability to a popular and free pre-existing communications channel may provide a steady stream of revenue for Remind.
Swift creates new ISO 20022 taskforce
Swift has set up a group of banks and payments infrastructure providers to deliver an additional set of ISO 20022 guidelines for high value payments. This is to harmonise cross-border standards and build global interoperability. The taskforce expects to publish a first set of market practice guidelines in MyStandards in Q4 2016/Q1 2017.
Innovative US retailers show how POS add-ons can build customer loyalty
The CEO of ZipLine writes about how in the future Point of Sale terminals will need to do more than just handle payments. The SmartPay mobile app (not to be confused with NZ company Smartpay) that he’s created for retailer Cumberland Farms is an example of this – not only does it facilitate payments, it also lets customers redeem discounts, rewards and other promotions.
Open banking APIs bring both opportunity and risk
A senior figure at Irdeto, a digital platform security company, writes about how open banking APIs could bring innovation and competition along with security risks and uncertainty. Open bank APIs are a key part of a draft European Commission Directive on PSD2, but need to be thought through carefully to make sure application security is maintained.
BlockPay lets retailers accept digital currency payments
BlockPay’s smartphone wallet app allows customers to pay with a range of digital currencies, like Bitcoin, Ethereum and Smartcoins. The transaction is made using NFC or a QR code and should be super-secure. BlockPay will be seeking crowdfunding in 2017 to accelerate the rollout of the wallet.
*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.