4.23.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Mastercard and Visa last week announced support for EMVCo's Secure Remote Commerce framework, creating a path for a tokenized universal method for online payments, similar to brick and mortar card payments. Amex has also expressed its support.
The initiative is in its early stages—there's no branding or detailed model—but card networks hope to attract other participants, including PayPal, which is seen as a potential competitor.
EU cracks down on prepaid and crypto
The European Parliament has tightened rules on prepaid cards and virtual currencies as part of a broader tightening of anti money laundering rules.
BlockTribune reports virtual currency exchange platforms and custodian providers will now have to apply customer due diligence controls such as verification requirements, following standards similar to those of banks.
Additionally, the threshold to identify prepaid card holders will be increased to €250 from €150; and criteria for doing business with non-EU parties will be tightened for prepaid card companies.
PayByPhone's new chief
Andreas Gruber is the new president and CEO of parking payments service PayByPhone effective June 1.
Gruber will replace Francis Depuis, who will take a position in Germany with Volkswagen Financial Services AG, PayByPhone's parent company.
Ireland preps for Brexit
The Central Bank of Ireland is stepping up its outreach to the fintech community with an eye on Brexit, which will place greater attention on the country's growing technology industry.
Finextra reports the effort includes an innovation hub and an industry engagement program.
Given the uncertainty of the U.K.'s technology industry after it separates from the European Union, Ireland is seen is a location for passporting or relocation, which Finextra reports has caused Ireland's central bank to get more aggressive in its outreach.
From the Web
Arab states finalize regional payment and settlement system
Reuters | Sun April 22, 2018 - Arab countries have finalised plans to create an independent, regional cross-border payments system after current arrangements were hit by a rise in compliance costs and downsizing by some international banks. At present, many cross-border payments and settlements among Arab countries are carried out by correspondent banks, which act as agents for foreign financial institutions that do not have a local presence in a given country.
Google and Microsoft want to kill password with fingerprints and facial recognition
BGR | Mon April 23, 2018 - Google and Microsoft, two of the biggest technology companies in the world, are pushing towards a password-free future. These tech giants want to replace passwords with fingerprint scans and facial recognition technology. At the recently concluded RSA conference, both the companies previewed their efforts to help internet platforms to get rid of password through Android smartphones and Windows PCs.
Remittance payments hit record in 2017: World Bank
AFP | Mon April 23, 2018 - Payments from immigrants back to their home countries rebounded to reach a new record in 2017 but the costs of transferring funds also increased, the World Bank said Monday. The stronger-than-expected recovery in remittances -- payments that are key to supporting the economies of many poor countries -- was driven by growth in Europe, Russia and the United States, the World Bank said in a report.
More from PaymentsSource
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A few 'bad apples' aside, DCC improves the customer experience
When offered in a fair and transparent manner, DCC provides real value and benefit to both the cardholder and the merchant striving for new ways to remove friction and improve their customer service experience, writes Mark Horwedel, CEO of the Merchant Advisory Group.
Pot and payments: Everything you need to know
As marijuana legalization spreads throughout the U.S. and the world, companies in the cannabis market must navigate a delicate tangle of new and old regulations. And many payment providers are unwilling to risk working with dispensaries, leading to some inventive workarounds.
Walmart tests another line-busting checkout tool
Walmart has also used Sam's Club's Scan & Go fast checkout feature and even robots in an attempt to shorten queues and improve the payment experience.