12 June 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.
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Real-time payment vs faster payment?
According to Daily Fintech, real-time payments are going to change the landscape. They say it’s because real-time changes user behaviour. In B2B time differences in settlement are vitally important because time is money and for consumers, thanks to social media, immediacy is more expected than necessary.
Disruption in payments
Did you know there were 900 payment startups last year? This fast paced and rapidly evolving category is lending itself to new innovations. Recently, some of New Zealand’s top payments people attended a forum on ‘Payments Evolution’ by the Trans-Tasman Business Circle, see their comments on technology trends in payments.
The digital mindshift
CIO of Paymark, Dhaya Sivakumar, talks about his journey with the company in turning New Zealand’s largest payment network utility switch provider into a payment solutions provider.
Dutch banks set themselves a hefty task
Dutch banks have set themselves the task of building the infrastructure within the next four years to enable instant payments. The aim is that transactions could be processed in real time and 24/7, including during weekends and on holidays.
Boosting mobile payments
Apple and other big companies (including Google) are looking to jazz up their mobile payment systems as research shows the U.S. buying public aren’t very excited about making payments from a phone or watch when it's just as easy to use a credit card or cash…
The Year That Was
… but in contradictory news, 2014 witnessed several changes and innovations in the mobile payment space and 2015 has started off with a bang – mobile payments have risen far above and beyond P2P transfers. This is just the tip of the iceberg; numerous non-financial players have entered the mobile payments market, often with innovative solutions.
TSB bank hitting all the right notes
TSB Bank reported a record annual operating profit of $89.5 million last Thursday, up 12.9 per cent on 2014, while deposits increased by $210m to a record $5.3 billion. Chief Executive, Kevin Murphy said despite the competitive lending environment TSB’s loan portfolio also climbed, jumping by more than 6 per cent.
Cybercriminals target POS
Worldwide, compromised point-of-sale (PoS) systems were involved in 40 percent of breaches, compared to 33 percent in 2013. The only business assets that were even more frequently targeted by attackers last year were e-commerce applications, which accounted for 42 percent of breaches. But there is hope, with the increased adoption of chip-enabled payment cards (currently in America) providing more security.
Bitcoin defends Bitcoin
Founding Director of Bitcoin, Jon Matonis says that Bitcoin is doing more good than harm despite its popularity with fraudsters. NetSafe recently poked the stick at Bitcoin, stating the danger of transactions that are impossible to trace. But much anticipated new rules mean Bitcoin exchanges in the states will need to establish the identity of both parties to a transaction when they convert Bitcoins to cash.