9.27.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Hong Kong has launched a faster payments system, including some elements of the bank-led Zelle in the U.S.
Alipay, Octopus and about 20 banks have signed on for a system that supports near real-time transfers via a mobile number or email address.
Hong Kong's Faster Payment System is part of a seven-part "smart banking" initiative that aims to automate and standardize much of its financial services ecosystem to accommodate digital finance and interoperability with other markets.
Zelle has had mixed success with credit unions, but the big banks behind Zelle are attracting other banks to its P2P network.
The latest is Pittsburgh-based Dollar Bank, which this week went live with Zelle within its online and mobile banking app.
Dollar is part of an expanding network—the app reaches more than 100 million consumers and transactions have grown this year. Zelle hopes this expansion will help it compete with Venmo and other mobile transfer apps.
Tesco faces a breach fine
U.K. regulators say they may fine Tesco Bank about $50 million for not preventing a cyber attack that halted payments and other functions for thousands of customers in 2016.
Cryptocurrency companies are trying to lure merchants and consumers through the use of stablecoins, or hedges against cryptocurrencies' notorious volatility. These stablecoins are designed to provide a predictable value for payments and other transactions.
Circle is publically releasing its USD Coin, which will tokenize U.S. dollars to transfer value on blockchains, according to Coindesk, adding it will be available on Circle's own exchange and a handful of other cryptocurrency exchanges.
Like other stablecoins, USD Coin is designed to streamline transfers, also making the cryptocoins easier to use for a broader audience.
From the Web
Ripple (XRP) Overtakes Ethereum As Second Largest Cryptocurrency
Forbes | Wed September 26, 2018 - Ripple has powered back to retake its position as the world's second largest cryptocurrency by total market capitalization — a spot it briefly took from ethereum at the end of last week before falling back. Ripple has risen more than 100% so far this month as investors bet it will become the defacto way the world's established banks and financial services firms move money across borders.
JPMorgan’s Ethereum-Based Blockchain Payments Trial Adds 75 Banks
CCN | Wed September 26, 2018 - A blockchain payments trial jointly launched by a trio of banks led by JPMorgan has roped in 75 new banks globally for seamless and faster interbank settlements. First deployed by JPMorgan in October 2017, the Interbank Information Network began as a blockchain experiment to minimize the participants and friction typically involved in a global payments transaction.
Payments infrastructure firm Stripe to build Asia-Pacific engineering hub in Singapore
The Business Times | Thu September 27, 2018 - Payments infrastructure firm Stripe said on Thursday it has selected Singapore as the site for its Asia-Pacific engineering hub. The new facility will build and expand Stripe’s global payments and treasury network for the company’s growing user base in the region.
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