11 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 firstname.lastname@example.org
Loyalty NZ announces Payments NZ membership
Loyalty NZ has joined Payments NZ’s membership programme as an industry member. Loyalty CEO, Stephen England-Hall, says now is the right time for the two organisations to partner as payments and loyalty programmes become more digitally integrated. Loyalty will contribute a new voice and important perspective to industry strategic discussion and innovation of New Zealand’s payments systems.
NZ banks on alert after attack on mobile banking apps
Kiwi banks are keeping a close eye on their mobile banking apps as a new Android banking trojan campaign is targeting customers of large banks in Australia, New Zealand and Turkey. Automated systems saw signs of interest in NZ banks in late January but there has been no known cases of theft as of yet. Banks are watching carefully and remind customers to stay vigilant on their security measures.
Reserve Bank to retain NZClear
Today the Reserve Bank of New Zealand has announced that it will retain the NZClear business. NZClear is a real-time settlement system and depository which provides financial markets with clearing and settlement services for high-value debt securities and equities. After a strategic review in 2014, the Reserve Bank sought interest from potential operators of securities settlement services but no suitable bids were made that met the service requirements and commercial terms.
Bitcoin network reaches capacity
For nearly two years, experts have been warning that Bitcoin systems would be overwhelmed by the growth in transactions. Last week, all of those concerns came to life as the network reached capacity. Transactions failed or were delayed and some retailers who put their trust in the software began to drop out. Users are calling for an increased block size so that payments can be processed faster and, until a decision is reached, tens of thousands of transactions are stranded in limbo.
Paying with loyalty points
American Express is working on a way to allow users with card points to use them directly at a checkout counter, like any other payment method. Amex is trying to make it possible for customers to use their rewards points anywhere, whether or not the company and the merchant have a relationship with each other.
The impact of electronic payments on economic growth
Are electronic payments good for society? Moody’s Analytics explore this in a new report into the macroeconomic benefits. By calculating the impact of card use on per capita consumption, Moody’s Analytics was able to extrapolate the effect on GDP.
Canadians examine benefits of ISO 20022
The Canadian Payments Association and SWIFT have written a paper that outlines the adoption approach for ISO 20022 within the Canadian payments landscape. Highlights from the paper include commentary from companies such as Canadian National Rail, Wells Fargo, IFX Forum and SEB on area of focus in the implementation plan and future benefits for the region including a general increase in payments automation. To download the full paper click 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.