Welcome to the PaymentsSource Morning Briefing, delivered daily. The information you need to start your day, including top headlines from PaymentsSource and around the Web:
Caviar pops up at Shake Shack: Square's Caviar mobile delivery service is using a "pop up" marketing strategy, in which the company does a special promotion in a specific area to draw attention to a restaurant or product, according to VentureBeat. The the latest salvo in the strategy is a collaboration with Shake Shack for a free delivery test in New York, Los Angeles, Philadelphia, Washington, D.C., Boston and Chicago. VentureBeat reports Caviar occasionally uses this strategy to drum up interest in its service among consumers and restaurants, and the restaurants also get a feel for demand for mobile ordering and delivery, a still-evolving service at many restaurants. Square acquired Caviar as part of a broader effort to diversify beyond its core business of providing mobile acceptance hardware for micro merchants.
AML for virtual currency: Money laundering has long been one of the concerns that has dogged virtual currency for years, and Nordic processor Nets is collaborating with distributed ledger experts in the hopes of addressing the issue. Econotimes reports Nets is partnering with New York-based Chainanalysis to address AML compliance for companies that use bitcoin and other virtual currencies.Chainanalysis will track digital identities on its blockchain and will use its internal software to detect suspicious activity and provide investigation tools for law enforcement. Nets hopes the collaboration will encourage banks to work with companies that use virtual currencies, something banks have been reluctant to do, even though they are using the underlying blockchain technology for other purposes.
Singapore automates KYC: Singapore's myriad payments automation projects are getting a boost from the city's Monetary Authority (MAS), which is testing a Know Your Customer utility for financial services, Finextra reports. Singapore's Ministry of Finance and GovTech, the lead agency for digital and data issues in the city, will base the KYC risk tool on the MyInfo digital identity service, a platform that includes verified personal details. The move will in effect tie anti money laundering and authentication standards compliance to Singapore's federated identity and residential address list, potentially removing a number of steps for issuers and other payments stakeholders. Residents will be able to authenticate and be cleared for mobile and other digital transactions quickly after an initial registration.
Billion comes out of the sandbox: Polish transfer startup Billion has completed a trial of distributed ledger-driven corporate payments with consumer firm Conduct Research. Finextra reports Conduct Research used Billion to conduct mobile phone powered transfers for bill payment, bank account transactions, or cash withdrawals at 40 Paypoint locations throughout the U.K. Billion's business model is to reduce prepaid cards and other alternative cash options by using mobile phones to conduct transactions over distributed ledger-powered rail. It recently opened an office in London and is an early user of the U.K. government's sandbox open developer program.
From the Web (powered by Wiser)
Singtel, Telkomsel launch mobile remittance service
Mobile World Live • Joseph Waring
Singtel and Indonesia’s largest mobile operator Telkomsel launched a real-time mobile remittance service from Singapore ... The post Singtel, Telkomsel launch mobile remittance service appeared first on Mobile World Live.
WorldRemit Launches Online Money Transfers in Japan
WorldRemit Launches Online Money Transfers in Japan Migrants in Japan can now send money online to more than 140 countries
Consultant urges never pay ransomware demands
CIO • Tim Greene
When ransomware criminals lock up files and demand payment to decrypt them, don’t pay, was the advice a consultant gave to a group at SecureWorld. When there’s no risk of losing crucial data, that’s easy to say, and to make is possible...
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