6.20.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Interac's tech rolls into action
Interac, Canada's national debit network, recently changed its corporate structure to focus more on tech development, a strategy that's getting a boost it opens a development center in Kitchener-Waterloo, which is about 80 miles southwest of Toronto.
The center will research changes in how Canadians use money and respond with product development in an open environment, reports Techvibes.
Interac will also examine changes in project management, in an effort to more quickly distill proofs of concept to get new products into the market.
Fog of data sharing
The European Banking Authority has provided more clarity on follow-up rules expected to go into effect next year as part of PSD2, making compliance more of an ongoing effort than a one-time project.
The EBA is offering a more detailed definition of strong authentication and common and secure communication. New rules for both go into effect on Sept. 14, 2019.
The authority is responding to the expected increase in cross-border payments between parties in different legal jurisdictions.
Sculptures from the upcoming Gromit Unleashed 2 arts trail will be equipped with contactless terminals to support mobile donations.
The arts trail features cartoon characters and raises funds for a local children's hospital in Bristol and surrounding areas. The sculptures will use Creditcall, an EMV and digital payment gateway company.
As cash gradually faces, contactless technology has become a popular way to enable donations at outdoor events.
Payments Canada appoints tech exec
Andrew McCormack is the new vice president of payments and technology at Payments Canada, the organization that is modernizing Canada's payment system.
McCormack has been with Payments Canada since 2015, when he joined to lead Project Jasper, the organization's blockchain research division. He has also helped lead the upgrade of core IT operations and the migration to a new data structure at Payments Canada.
The move follows another recent hire, Peter Dodic, who joined the organization as chief risk officer.
From the Web
Riskified prevents fraud on your favorite e-commerce site
TechCrunch | Tue June 19, 2018 - Riskified is an Israel-based startup that has raised $64 million in total to fight online fraud. The company has built a service that helps you reject transactions from stolen credit cards and approve more transactions from legitimate clients.
Nordea launches Apple Pay in Norway, DNB stays focused on Vipps
Reuters | Wed June 20, 2018 - Nordea Bank launched Apple Pay to its customers in Norway on Wednesday, it said in a statement. Visa separately said Apple Pay will also be available to Norwegian customers at Santander Bank, and soon also at Sbanken.
HSBC strikes back in mobile payment war, lifts PayMe monthly top-up limit to HK$50K
South China Morning Post | Tue June 19, 2018 - HSBC plans to increase the top-up limit of its e-payment app PayMe by 10 times to HK$50,000 (US$6,370) as early as this week, and it prepares to expand the app’s purchase utility among merchants this year, the bank said on Tuesday. The biggest bank in Hong Kong will also allow customers to transfer money from their personal bank account with HSBC to their PayMe e-wallet, broadening a service that was previously only available by credit card top-up.
More from PaymentsSource
U.K.'s Paysafe adds cash payments as it furthers U.S. expansion
Paysafe Group has introduced a cash-based online payment mechanism for people who don’t have bank accounts or don’t use cards online due to security concerns. The U.K.-based payments services provider is also expanding its presence in the U.S.
PayPal to buy Hyperwallet in an aggressive move for post-eBay growth
PayPal can combine its payment service, Braintree and Hyperwallet for a variety of use cases for online marketplaces and gig economy workers.
Visa blames European outage on systems it had been phasing out
Visa, which was criticized for its vague explanation of a June 1 outage in Europe, was in the process of installing better technology, but the project was not complete at the time of the incident and won't be finished until the end of this year.
How email scammers infiltrate businesses to make costly transfers
The idea of an email scam may bring to mind the clumsy phishing cons from the early days of online banking, but the tactic's latest incarnation is a bigger threat than ever.