Morning Brief 7.2.20: Australian open banking takes shape

Register now

The information you need to start your day, from PaymentsSource and around the web:

Australian open

The Consumer Data Right has advanced in Australia, enabling consumers to share banking data with third parties such as mobile wallets and fintechs.

Credit and debit cards, deposit accounts and P2P accounts can be shared, with mortgage and loan data scheduled to be added in November, reports Finextra. The Australian Competition and Consumer Commission will oversee open banking, which will work similar to PSD2 in Europe.

Australian open banking has been in development for several years, and was delayed earlier in 2020 to improve provisions for data sharing. About 40 fintechs are undergoing tests for accreditation, Finextra reports, and the company's four largest banks and other financial institutions are all expected to participate.

Crypto shield

Bolt Labs has introduced a cryptocurrency payment product called zkChannels on Tezos, which is designed to be more private than similar options such as the Lightning Network.

While the Lightning Network can allow people to see other parties' accounts, or funding channels, zkChannel is uses protocols that are designed to hide that information, reports CoinDesk.

Lightning is also working on updates to keep that information hidden, according to CoinDesk.

No store

500 Startups and FEMSA Ventures are among a group of VCs that have made a $12 million investment in Justo, a Mexico City-based delivery-only online supermarket.

The model, similar to FreshDirect in the U.S., is more rare in Mexico, though the investors see an opportunity as the coronavirus keeps people away from stores, according to TechCrunch.

Justo contends its prices are similar to a traditional supermarket, and it's offering tiered delivery schedules running from express to the following day.

The droids they're looking for

Beijing-based e-commerce company Meituan-Dianping has invested about $15 million in Pudu, a robotics company that has developed a contactless delivery robot that's already deployed for hotels and food delivery apps.

The Shenzhen-based Pudu has sold 5,000 robots to clients including Sheraton and JD.com, according to VentureBeat. Beyond Pudu, robots have been piloted for a variety of retail purposes, such as taking orders, making deliveries or accepting payments.

Pudu will use the funding to expand overseas. The robots are decentralized; they can communicate with each other and with other devices, creating the potential to link the robot to digital retail shopping and transactions.

From the Web

SoftBank Seeks to End Partnership With Wirecard
THE WALL STREET JOURNAL | Wed July 1, 2020
One of the world’s largest technology investors, SoftBank is seeking to terminate a five-year partnership its investment arm formed with Wirecard in April 2019, according to people familiar with the matter.

Demand for stolen credit cards has dropped in the pandemic
FORTUNE | Wed July 1, 2020
The median price of stolen card-present data has more than halved, from $12.50 last December to $6.30 in June, said Stas Alforov, head of R&D for Gemini Advisory, a New York-based cybersecurity firm.

Remittances to Mexico jump in May to second highest level on record
REUTERS | Wed July 1, 2020
Mexico received $3.38 billion in remittances in May, versus $2.86 billion the prior month and $3.28 billion in May 2019, the data showed.

More from PaymentsSource

How the U.K.’s rollout of Confirmation of Payee combats fraud despite delays
The U.K.’s six major banking groups are now required to have implemented the new Confirmation of Payee (CoP) scheme for Faster Payments and Chaps as part of a regulatory push to tackle the rampant rise in Authorized Push Payment (APP) fraud.

America's economy won't recover without open banking
During the wave of fintech innovation that has occurred over the past decade or so, innovators have gone without meaningful and reliable access to the financial data and processing ecosystem.

Open banking trends show which tech will outlast the pandemic
An obscure-sounding statistic gives a fresh look at how dramatic the move to digital finance has been the past few months — and how permanent the move will be.

PayPal expands small-biz installment payments to France
PayPal has launched a new online installment lending product in France geared to serving small and medium-sized businesses.

A global recession pushes decentralized finance to maturity
A global economic recession will be the catalyst for the mass adoption of decentralized finance, the technology behind cryptocurrency and other digital payments and finance innovation.

Early wage access provider PayActiv's pandemic response leads to new business model
When PayActiv ended its coronavirus-related fee holiday this month, it didn't just go back to the way things were before; it adopted a modified business model that could bring it new markets and partnerships.

E-remittance firms have pushed inclusion, and will lead the recovery
Fintech is providing real, viable and more affordable options for money remitters, to continue to be the lifeblood for communities all around the world, says Ding's Rupert Shaw.

For reprint and licensing requests for this article, click here.
MORE FROM PAYMENTSSOURCE