Morning Brief 1.29.20: Facebook launches privacy initiative after years of criticism
The information you need to start your day, from PaymentsSource and around the web:
Facebook is asking about 2 billion users to review and potentially update their privacy settings, and has upgraded its privacy checkup, a public move that's likely an attempt to address the ongoing criticism of the social network.
The past couple of years have been difficult for Facebook, which faced near constant political pushback over its Libra cryptocurrency project, an opposition often tied to its data privacy issues — such as the Cambridge Analytica scandal, a data breach and its attempt to forge a data partnership with banks.
These incidents drew criticism from inside the fintech industry before Libra became headline news.
PNC's Treasury Management division has added an automated request for payment feature as part of its business bill payment platform.
The feature supports real-time reconciliation, which the bank hopes will provide more control over payment terms for supply chains.
Adding speed and visibility for supply chain payments is attracting more attention given the potential for an economic slowdown.
Western Union has cut a deal with La Banque Postale, the banking subsidiary of France's postal service, to expand digital payments by integrating Western Union's cross-border rail with La Banque Postale's mobile app and website.
The two parties say the deal will serve more than seven million users via Western Union's Global Retail and Wallet Network.
It's the second major payment deal this week for European postal services. On Monday the Italian postal service launched a QR code digital payment system.
Adyen's stocking up on quick-service restaurant clients, inking a deal with Subway to support payments, onboarding and a range of customer experiences in different channels.
The services include a franchisee dashboard that reconciles multiple payment methods, refunds, incentive marketing and terminal fleet management. Subway will also access improved data tracking.
Adyen also recently signed an agreement with McDonald's, covering many of the same services as its Subway deal.
The Monetary Authority of Singapore has updated its payment regulations to define money laundering and terrorism financing responsbilities for cryptocurrency businesses.
Each existing crypto business will have to register as a Singapore-based firm, then apply for a payment license, reports Coindesk, adding the new rules are an update of Singapore's Payment Services Act, which was passed in January 2019.
Singapore is also fielding applications for a new digital banking license, which along with the updated crypto regulations are expected to lure more fintechs to Singapore.
From the Web
The Invisible ‘Global Currency’ That’s 24 Times Bigger Than Bitcoin
FORBES | Tue January 28, 2020
Visa and Mastercard have effectively created a universally accepted money—a “global currency”—$13 trillion flowed through their networks last year. They make money by taking a small cut of each transaction, like a tollbooth on a highway.
A Christian-friendly payments processor spilled 6 million transaction records online
TECHCRUNCH | Wed January 29, 2020
A security researcher found a database online that contained 6.7 million records since 2013 without a password, allowing anyone to look inside. TechCrunch identified its owner as Cornerstone Payment Systems, which provides payment processing to ministries, nonprofits and other morally aligned businesses across the U.S., including churches, religious radio personalities and pro-life groups.
Food-assistance payments can be used for grocery delivery in Seattle area as part of expanding test program
SEATTLE TIMES | Tue January 28, 2020
People in the Seattle area who receive Supplemental Nutrition Assistance Payments (SNAP), known in Washington as the Basic Food program, can use the benefit to buy groceries online from archrivals Amazon and Walmart. If this pilot program is successful, the U.S. Department of Agriculture will consider testing the program in additional states.
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