07 October 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
Blockchain provides opportunity to improve correspondent banking
ANZ and Wells Fargo have delivered a proof of concept demonstrating that blockchain technology has the potential to improve the existing correspondent banking model.
Global payments startup, Payoneer, raises $180 million
Payoneer, a cross-border digital payments startup has raised $180 million from investors to expand its workforce and global presence, and build its acquisition “arsenal”. Payoneer handles cross-country business transactions for the likes of Amazon, Google, Airbnb and Getty Images. Unlike many other payments startups that rely on the existing credit card infrastructure, Payoneer built its own connectors directly into banks, making it possible for recipients to get money deposited in their accounts while avoiding the transaction fees that come with plastic.
Technology spells end of branch banking
In five years, more than 150 branches of NZ’s major banks have closed. This is due to the rapid growth in people choosing to bank online. Liz Maguire, head of digital and transformation at the ANZ, says more than 77% of ANZ’s transactions are now completed through numerous digital channels, up from 50% five years ago. How branches are used has changed, today their purpose it to deal with complicated transactions, teaching people how to do their banking online and for resolving conflicts.
Connect Smart week 2016
Connect Smart Week starts next week, and the theme is improving the cyber security awareness and capability of individuals in the workplace. Activities promoting cyber security will run throughout the week and there is also a range of tools available on the Connect Smart website for those who are interested in learning more.
Japan trialing biometric payments for tourists
Japan is trialing the use of biometric payments for tourists in three regions, as the government moves to attract more foreign visitors ahead of the 2020 Tokyo Olympics. Visitors to Japan will have to register their fingerprints and other key information such as credit card information on arrival to make cashless payments at restaurants, hotels and other service outlets.
American retailer Kohl’s launches mobile payments platform
Kohl’s is the latest large American retailer to offer its own independent mobile payment platform, called Kohl’s Pay. Kohl’s Pay has been integrated into the company’s existing mobile app, offering a loyalty scheme and payment option in one place. Using their own platform, instead of offerings such as Apple Pay, will give them more insight to shopper data like sales and promotions.
High-tech innovations limiting credit card fraud
Two French banks have launched high-tech ebank cards that change the card security number every hour, making card details useless to potential fraudsters that have managed to get someone’s details but don’t actually have the card itself. And in America, U.S. Bank is using mobile geolocation to match the location of the card transaction with the location of the user’s phone in other attempts to cut down on credit card fraud.
*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.