Welcome to the new PaymentsSource Morning Briefing, delivered daily. The information you need to start your day, including top headlines from PaymentsSource and around the Web:
Bankers lament payment startups' ROI: Innovations such as 'real-time' payments and the growth of fintech startups may change traditional beliefs about how technology investments pay off for banks down the road, according to Bank of America CEO Brian Moynihan. At a conference operated by The Clearing House in New York, Moynihan and other bank executives discussed how online, mobile, faster processing and customer experience stresses are front-loading technology spending and causing a reassessment of when the business will reap the benefits of the investment, Finextra reports, quoting Moynihan as saying "we have to be able to do it today and wait for at least 10 years to get payback." Another exec, KeyCorp chair and CEO Beth Mooney, said the "use cases" for the new tech "aren't immediate, and bankers need to stay clear on a "vision" to reach long-term goals.
Tech giants push Trump on open standards, regs: Amazon, PayPal, Google, Intuit and Apple are pressuring President-elect Donald Trump to forge a vision and strategy for financial technology, reports The Hill. Through a public policy coalition called Financial Innovation Now, the companies recommend Trump modernize digital payments regulations, improve small business' access to capital and appoint an undersecretary for technology to work across regulators to streamline rules. A key point for the group is open development standards such as APIs, which the technology companies say will make it easier for consumers and developers to access digital payments and commerce. The companies are also advocating the expansion of real-time payment processing and mobile technology to improve financial inclusion.
Payment innovators score at blockchain contest: A number of new financial services startups scored high at the Graz-based Blockchain Startup Contest. The "first place" winners include Etherisc, a London-based company that has build a decentralized insurance platform that automates payouts for flight delay insurance; and Status from Singapur, a Ethereum browser for mobile phones that combines messaging and payments, reports Blockchainage. The second-place winners include Helperbit, an Italian company that has developed a donation and insurance payment platform based on distributed ledger technology. The jury was five blockchain experts, who awarded two first- and three second-place winners, with criteria including timing, team, concept, business model and social impact.
Wearable consolidation: Two early players in wearable tech may be joining forces as Fitbit plans to acquire Pebble, reports The Information. Fitbit, which sells fitness bands, has been expanding its financial services technology this year, acquiring Coin's assets in an effort to sell payments technology. Pebble's a relatively older smartwatch provider--its Kickstarter-funded watch predates Apple's--and it includes Near Field Communication capabilities. Both companies have struggled financially, according to TechCrunch, which reports Pebble has cut staff and turned to debt funding and loans to stay afloat. Meanwhile, Fitbit's stock price has fallen from $50 after its IPO in 2015 to less than $9. TechCrunch also reports consumers may be cooling on smartwatches in general.
From the Web (powered by Wiser)
Cyber Monday inches past Black Friday in online sales
Business Insider • B.I. Intelligence
This story was delivered to BI Intelligence "E-Commerce Briefing" subscribers. To learn more and subscribe, please click here. With consumers increasingly shifting online for holiday purchases, Cyber Monday edged past Black Friday in total online sales, according to Adobe Digital Insights..
Cashless on the farm: Fantasy or opportunity?
The Indian Express » Section » India • Pravesh Sharma
The Azadpur Mandi in Delhi. (Source: PTI) As we complete three weeks since the government’s demonetisation announcement, it appears that the various economic agents in the agricultural value chain have adjusted smartly to the reality of a temporary drying up of cash.
Apple has won a key victory in Australia
Business Insider • B.I. Intelligence
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, please click here. Apple gained a key victory following a preliminary decision from the Australian Competition and Consumer Commission (ACCC) against several of Australia's largest banks, which.
More from PaymentsSource
How Trump became bitcoin's unlikely savior
As bitcoin's spotlight fades and banks work to adapt its underlying blockchain technology for more traditional uses, it seemed that the world was ready to move on from the infamous cryptocurrency.
Banks' payment security posture is too 'reactive'
Threats have moved from stealing card numbers and online banking information to more lucrative attacks on networks, increasing risk to not only to ATM machines, but also to electronic payment networks.
Trump seeking ambitious changes to Dodd-Frank, Allison says
President-elect Donald Trump recognizes that full repeal of the Dodd-Frank Act is unlikely, though he supports a House effort to make significant changes, according to a former banker who was on the shortlist to be Treasury secretary.
TSYS adds debit processing to U.K. Virgin Money relationship
Payments processor and technology provider Total System Services Inc. has begun a long-term agreement to provide debit transaction processing for Virgin Money customers in the U.K.