9.13.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Amid recent money laundering reports and payment crimes, the European Commission wants to give the European Banking Authority vast new powers to battle financial fraud.
The European Commission reports it is concerned AML rules are not being enforced effectively, raising the risk of destabilization of banks and inviting further attacks.
Under the proposal, the EBA would enforce consistent investigations, review national authorities in different countries and step up cooperation with regulators in non-EU nations.
Hundreds of free ATMs are being removed each month in the U.K. as operators prune their networks in an increasingly cashless society.
The BBC reports the number of free ATMs fell from 54,500 in January to 53,200 in July, citing Link statistics. The U.K.'s Payment Systems Regulator is pushing for more protection for no-fee ATMs.
Link earlier this year cut the fees banks pay to independent ATM operators to slow ATM removal, citing concerns over "ATM deserts," or a total disappearance of ATMs from certain areas.
To address potential talent shortage in what's called "Transaction Alley," the Georgia Fintech Academy has been formed to train University System of Georgia students to work with cloud, open source and other emerging technology with a focus on payment processing systems.
The payment processing industry employs about 40,000 people in Georgia, according to PC World.
Softbank has complected a proof-of-concept for a blockchain-supported mobile payments system in collaboration with software company Synchronoss Technologies and blockchain developer TBACASoft.
The system enables payments across carriers and and supports in-store, mobile and digital payments directly from devices.
Softbank is also building mobile payments in collaboration with Yahoo and Paytm in Japan.
From the Web
Alipay writes US$50 million cheque as China Renaissance prepares to raise up to US$377 million in Hong Kong IPO
South China Morning Post | Thu September 13, 2018 - Investment bank China Renaissance, which has advised on a number of high-profile technology mergers and acquisitions, has set the pricing range for its Hong Kong IPO with the aim of raising as much as HK$2.96 billion (US$377 million). China Renaissance has secured US$125 million from three cornerstone investors. Online payments company Alipay has agreed to invest US$50 million, Snow Lake Funds will put in US$50 million, and LGT Group Foundation will invest US$25 million.
Security flaw in ‘nearly all’ modern PCs and Macs exposes encrypted data
TechCrunch | Wed September 12, 2018 - Most modern computers, even devices with disk encryption, are vulnerable to a new attack that can steal sensitive data in a matter of minutes, new research says. In new findings published Wednesday, F-Secure said that none of the existing firmware security measures in every laptop it tested “does a good enough job” of preventing data theft. F-Secure principal security consultant Olle Segerdahl said that the vulnerabilities put “nearly all” laptops and desktops — both Windows and Mac users — at risk.
‘Fintech Charter’ Has No Early Takers as Lawsuit Looms
The Wall Street Journal | Wed September 12, 2018 - The lack of immediate interest from the likes of LendingClub Corp. LC, Square Inc., and others comes in large part from uncertainty about what activities the Office of the Comptroller of the Currency’s so-called fintech charter will allow, what regulatory requirements it will carry, and whether it will hold up in court. That uncertainty grew Wednesday when the Conference of State Bank Supervisors, a group of state regulators, said it intends to file a lawsuit challenging the OCC’s authority, renewing a previously unsuccessfully legal challenge.
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Data: What EMV overlooked
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DraftKings adds PayPal to N.J. sportsbook site
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