09 October 2015
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 firstname.lastname@example.org
New settlement model for Faster Payments
A new system has been introduced for settlement between participants of payments made through Faster Payments, the UK’s 24/7 real-time payments service. The new ‘pre-funding’ settlement system has levelled the playing field for participating Payment Service Providers by guaranteeing settlement between all participants without any shared risk.
AOG banking services
More than 25 years since Government banking services have been put out to tender, Ministers Bill English and Steven Joyce have now announced that six banks have been awarded contracts for the supply of All-of-Government (AOG) banking services. The contracts have been awarded in four subcategories.
Bitcoin over the ditch about to go under?
13 of 17 cryptocurrency exchanges were closed down in the last month in Australia, meaning that many are ruling out the use of bitcoin. Up until now Aussie has been viewed as one of bitcoin’s most promising regions, controlling nearly ten per cent of bitcoin’s $3.5bn value – but Aussie businesses and banks aren’t convinced about its overall security.
Biometric security in 2020
According to a report by Goode intelligence, more than 226 billion biometrically secured payment transactions will be made by 2020. In money terms, that’s more than $5.6 trillion of payments. And biometric technology is being seen in a variety of payment scenarios including use directly at physical point-of-sale terminals and by using biometric cards.
Eftpos Australia moves into online and contactless payments
Eftpos Australia are upgrading their network to enable both online and contactless payments.
Warehouse buys out financial services partner
The Warehouse has recently bought out its partner, Westpac Banking Corp’s, $7.3 million stake in their financial services joint venture that launched in 2001. Though it doesn’t plan to expand its financial services through more acquisitions, the Warehouse will instead build the business with a series of new products for its existing customer base. The financial services venture was created to provide retail financial services through Warehouse's nationwide chain.
The FedEx of money
Earthport CEO, Hank Uberoi says “cross border payments are expensive, they’re error prone, the money you send is not what arrives.” Earthport send payments to its own hubs within each country who make sure payments are properly formatted, reducing the chance of error. It then uses local payments networks.
Tough crowd for Apple Pay
While 2015 was originally lauded as the “year of apple pay” it has so far failed to excite according to Bloomberg. And researcher Aite group has revealed that Apple Pay has accounted for only 1 percent of all retail transactions in the U.S. Some experts are claiming lack of knowledge about the benefits of Apple Pay are to blame with consumers asking “what’s wrong with normal methods?”
Do you have the mobile mentality?
Businesses have already shifted to a mobile mind-set, and those that haven’t face being left behind as their customers migrate to businesses that embrace mobile. Last week's TAP conference in New York City saw experts gather to talk about enabling mobile commerce. See their thoughts here.
*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.