6.3.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Make a pitch
Like a Shark Tank for payments and financial developers, CIBC, Bank Leumi and National Australia Bank are jointly fielding pitches from payment apps and other financial technology companies through a portal called the Global Alliance FintechLink.
The banks hope to simplify collaboration with fintechs by communicating pain points and customer problems, then giving a way to submit proposals to people at the banks who are best positioned to make a decision.
The bank alliance is not a direct response to a regulation, though there's an applicability for open banking collaborations with fintechs.
Revolut has hired Tommy Trudehope to head its lobbying work following several months of bad publicity at the fintech, which has faced pressure from European regulators over its money laundering protections.
Trudehope was a media advisor to former Australian Prime Minister Malcom Turnbull from 2004 to 2009, before resigning amid claims he was connected to a spoof video comparing a rival to Hitler, reports Finextra, adding Trudehope denied those claims. Trudehope worked for Turnbull again in 2017 as head of digital and social media. In another move, Revolut's former CFO, Peter O'Higgins, has joined PFM app Money Dashboard as CFO.
Revolut has also faced a flurry of consumer complaints. The U.K.'s Financial Ombudsman service has received 171 claims from U.K. consumers over the past three years, reports the Financial Times.
SBI Ripple Asia is testing Ripple's xCurrent Money Tap for in-store payments at a restaurant at SBI's headquarters in Tokyo.
The company wants to measure customer experience before full launch of the service, reports Coindesk.
Money Tap is a Zelle-style transfer network that includes about a dozen banks in Japan. Users send funds with a phone number or QR code, using the mobile device's biometric ID for security.
The president of Germany's central bank has trashed blockchain, saying it doesn't improve time or efficiency for payments and other transactions.
Jens Weidmann, who is head of the Bundesbank, said a recently completed two-year trial did fulfill the basic regulatory features but the implementation was expensive and slow when compared to existing procedures, reports CCN.
While blockchain has made inroads with banks as a way to streamline some functions such as international payments, Weidmann predicted blockchain would not lead to a breakthrough for the financial services industry.
From the Web
ACI Worldwide invests in digital payments solutions provider Mindgate Solutions
Economic Times | Mon June 3, 2019 - ACI Worldwide, a global provider of real-time electronic payment and banking solutions has made an undisclosed investment in Mumbai based Mindgate Solutions. The digital payments firm is a market leader in processing Unified Payment Interface (UPI) transactions, with almost 70% of all UPI transactions being processed on its platform.
Bitcoin rallies, but almost no one's using it really
The Straits Times | Sat June 1, 2019 - Hardly anyone is using the world's largest cryptocurrency for anything beyond speculation. Data from New York-based blockchain researcher Chainalysis Inc shows that only 1.3 percent of economic transactions came from merchants in the first four months of 2019, little changed over the boom and bust cycles of the prior two years.
A Year Later, Many Sites Are Still Failing To Meet Basic GDPR Requirements
Forbes | Fri May 31, 2019 - A new study conducted by security testing firm ImmuniWeb found that while companies have had ample time to get their sites and services up to date, many are still failing to meet some of the basic requirements set forth by GDPR.
More from PaymentsSource
Fintech M&A zeal causes payments stocks to surge
The stocks of a wide swath of publicly traded payments companies are rising faster than the overall S&P 500 index, potentially fueled by several mega mergers in the first half of 2019.
Bad payment experience can cost both digital natives and newbies
Retailers shouldn’t be looking to reinvent consumers. The first generation of digital natives, by age or attitude, are the consumers of today. They are reshaping the world in their own image.
Dashlane raises $110 million, hires Lyft CMO Joy Howard
Password management app and secure digital wallet provider Dashlane completed a $110 million Series D funding round led by Sequoia Capital. It also hired Lyft’s chief marketing officer, Joy Howard, to take the same role at Dashlane.
Checkout.com's record funding brings it to untapped markets
London-based processor Checkout.com’s recent $230 million Series A investment is an indicator of investors’ huge interest in cross-border e-commerce and payments in emerging markets.