5.07.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
JPMorgan Chase has filed a patent application for blockchain-supported transfers, using distributed ledgers to move funds between banks in a manner similar to a P2P network.
This would allow settlement to happen faster and at less expense, according to the bank.
It's the latest large financial firm to file for a patent on emerging payments technology. Mastercard recently filed for a patent for blockchain technology that aids the movement of large amounts of information, while PayPal has refreshed a two-year old patent for augmented reality.
Ready to invest
Bain Capital, Silversmith, MissionOG, and Nyca and are among the investors in Syncapay, a Dallas-based holding company that's formed to acquire payments technology innovation.
It will focus particularly on B2B and B2C payments in markets around the world, and will combine the expertise of the companies to form new products. The company's first acquisition, Swift Prepaid Services, was made last year.
"The U.S. payments industry continues its rapid growth, but few opportunities exist for high-potential customers to leverage industry knowledge or shared services and tackle the market together," said Juli Spottiswood, chairman and CEO of Syncapay, in a release.
Ticketmaster's biometric EZPass
Ticketmaster plans to deploy facial recognition technology to speed admission at live shows and potentially make it easier for people to buy stuff once inside.
Venturebeat reports Ticketmaster will use its investment Blink Identity to build a platform that allows people to use facial biometrics without having to stand in front of a lens. Blink claims it can capture the images of 60 people per minute walking at "full speed."
Once inside, Ticketmaster plans to use consumer payment cards linked to Ticketmaster accounts to support purchases inside venues.
About that tip from Richard Branson
British tycoon Richard Branson is warning the world about an increasing number of fake bitcoin stories that use his name to lure people.
The founder of the Virgin Group, which includes the airline and more than 400 other companies, said the ads use fake endorsements and promises of collaborations to dupe people into phony payment schemes and other types of financial attacks.
Branson said his legal team has been in touch with social networks where the fake ads appear, as well as law enforcement.
Arizona backs away from crypto tax payments
Arizona was among the handful of U.S. and foreign governments considering cryptocurrency payments for taxes and other fees, but is backing away from the idea.
Coindesk reports an updated version of a state senate bill that governs a state tax collection system does not specifically mention cryptocurrency. Three earlier versions of the tax bill did mention cryptocurrency as a payment method.
State legislators told the cryptocurrency news site the bill was being modified to make it more neutral regarding payment options.
From the Web
Airlines to launch payments system to rival credit card groups
Financial Times | Sun May 6, 2018 - A challenge to credit card companies is being launched by the global airline industry and Deutsche Bank with a new electronic real-time payment system for plane tickets that seeks to save carriers billions of euros in transaction fees. The new system for web-based ticket sales to individual passengers, which does not have a brand name yet, is scheduled to be rolled out across Europe from the end of 2018, with Germany as the first market.
Shimming scam targets chips in credit cards
Fox News | Fri May 4, 2018 - Shimming is the latest scam targeting people who use credit cards to make everyday purchases. Shimming is a new way for scammers to steal credit card information, according to Bryan Oglesby, with the Better Business Bureau. Scammers insert a super-thin device, containing a microchip and flash storage, into the machine that reads the chip on your credit card.
One Of The Five Female Fintech Founders To Have Raised Fifty Million In Funds
Forbes | Sun May 6, 2018 - Jennifer Fitzgerald, the CEO, and Founder of Policygenius has more to her story than being a top fintech fundraiser. Still, that statistic is incredibly revealing about the under-representation of women in fintech and entrepreneurial funding.
More from PaymentsSource
How Peru built the mobile wallet that other nations are starting to copy
A challenge for governments and banks in emerging countries is persuading consumers and small businesses to move from the informal cash economy to electronic payments. A project in Peru may be the answer.
The Star turn that helped First Data add Walmart for debit payments
There are lot of PINless debit transactions available to capture, and First Data's migration to dual messaging on Star supports any method a consumer may choose at the point of sale.
6 new innovations in biometric authentication
Banks, technology developers and payment companies are all experimenting with new ways to identify consumers by their unique physical traits, with the ultimate goal of improving security while also streamlining customer onboarding and authentication.
In the age of Alexa and Siri, customer data makes or breaks relationships
Only through data can issuers create a superior digital customer experience and provide strategic guidance to help on-the-go customers, writes Lisa Woodley, vice president of FSI customer experience for NTT Data Services.