6.18.19 Your morning briefing

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

What is Libra?

Facebook is openly discussing its planned cryptocurrency and blockchain platform, Libra, which is set to launch in 2020. It plans for Libra to be used both online and offline, with initial use cases focused around P2P, The Verge reports.

The end goal is to treat Libra as a mainstream cryptocurrency, backed by a reserve of assets, the article said. It has formed the Libra Association with 27 partners including Coinbase, Mastercard, Visa, eBay, PayPal, Stripe, Spotify, Uber, Lyft, and Vodafone.

Facebook is also launching a subsidiary called Calibra, which will maintain a digital wallet of the same name that will tie into Messenger and WhatsApp, The Verge reports.

Race to stay open

While PSD2 compliance has been slow out of the gate, there are projects underway from banks and payment companies such as Rabobank, Mastercard, and PayPal.

Lloyds is expanding its PSD2-related open banking program, which previously provided access to current accounts, to include access to savings and credit card accounts for Lloyds, Halifax and Bank of Scotland apps, with other banks to be added in the coming weeks.

The bank also plans to add the ability to make payments and move money from other banks' accounts via Lloyds' open banking platform, reports Computer World.

Driverless pizza

Domino's quick-serve model leads it to latch onto innovation quickly, so autonomous cars are a natural fit.

The chain is partnering with Nuro, a Houston-based autonomous vehicle startup, for a pilot in the Houston area. Consumers will opt in at checkout and can chose a self-driving option at the point of sale, reports TechCrunch, which also says Domino's ran a more limited driverless delivery experiment with Ford in 2017.

Domino's recently added in-car ordering and supported mobile payments as early as 2013.

Getting the message

Two dozen financial institutions have pledged to back EBA Clearing's pan-European request-to-pay (R2P) system, giving support to a real-time messaging system to speed overall payment processing.

The EBA's system is scheduled to go live by the end of 2020 and will be aligned with the European Payments Council's request to pay initiative, reports Finextra. It's designed to allow an "approve now" and "approve later" response from the payer to provide more flexibility.

R2P is a more transparent expansion of electronic bill payment and presentment that enables payers to approve or decline a payment request in real time and choose a specific payment method. EBA contends a request to pay standard is an important part of building a real-time payment system for both consumers and businesses.

USAA, Pete Kight bet on billing

Real-time bill pay technology firm BillGO has drawn a new round of funding, with military-focused financial institution USAA and CheckFree founder Pete Kight among the backers.

BillGO provides check conversion, digital presentment and billing, and real-time payments. USAA often adopts new financial technology given the mobility of its customers, which are frequently deployed away from their primary residence.

Kight founded CheckFree in the 1980s, and the firm added payments and bank technology throughout the 1990s, making it an early fintech rival to traditional banking. Fiserv acquired CheckFree in 2005.

From the Web

Indonesian companies tap P2P funds in fintech boom
The Business Times | Mon June 17, 2019 - Financial technology (fintech) investments in South-east Asia have shifted from digital payments and mobile wallets to wealth management, insurance and peer-to-peer financing since 2017, Moody’s Investors Service said in a report.

India’s payments firm MobiKwik kick-starts its international ambitions with cross-border mobile top-ups
TechCrunch | Mon June 17, 2019 - MobiKwik, a mobile wallet app in India that has expanded to add several financial services in recent years, said it plans to enter international markets as it approaches profitability with the local operation. The company is kick-starting its overseas ambitions with cross-border mobile top-ups support.

Breez Reveals Lightning-Powered Bitcoin Payments App for iPhone
CoinDesk | Mon June 17, 2019 - Breez, a non-custodial wallet and payment platform, is launching its services for the iPhone. This is the first payment project built on Neutrino, a bitcoin lightning network client, according to the company.

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