9.13.18 Your morning briefing

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

Taking over
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.
ATM deserts
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.

Peachtree fintech
The Atlanta area has become a fintech hub, with companies in the area processing 70 percent of all U.S. payments.

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 pay
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.

More from PaymentsSource

A Boston VC’s big dig for early-stage payment and fintech innovators
A new venture capital firm hopes will differentiate it from other fintech investors by taking a more hands-on approach.

Uber’s ‘Pay with Venmo’ signals the slow death of traditional POS
On the heels of the industry’s transition to chip card technology in the U.S. and intense competition from upstarts like Square, Poynt and Clover, point of sale card readers have struggled to remain relevant.

Data: What EMV overlooked
U.S. EMV coverage has gaping holes—including smaller financial institutions that haven’t fully converted to EMV and millions of merchant locations still not accepting chip cards.

DraftKings adds PayPal to N.J. sportsbook site
DraftKings has added PayPal as a payment option to its New Jersey Sportsbook, following similar moves from rivals FanDuel Sportsbook, Caesars Sportsbook and SugarHouse Sportsbook.

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