8.6.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Facebook's personnel moves gave an early indication that its Libra cryptocurrency project was underway, well before the social network published its white paper.
While it's not the same as a formal announcement, Mastercard is looking for several cryptocurrency experts for high-level jobs, including a recent posting for director, cryptocoin/wallet project manager — a job that will be a "go to" person for crypto currency wallets. Mastercard has also posted openings for a director, product development and innovation-blockchain solutions architect; and vice president of product management for blockchain/crypto.
Mastercard, which is a partner on Facebook Libra, did not return a request for comment. Details on the roles of Libra's partners have not been publicly disclosed. Walmart also recently provided clues for a possible cryptocurrency through a patent application for a stablecoin.
Stick a PIN
Monzo has asked nearly 500,000 customers, or about 20% of its total customer base, to change PINs after discovering that unauthorized internal staff had access to banking information for six months.
The information was encrypted, but in a way that more than 100 engineers could view it, reports The Guardian, adding Monzo reported the problem to U.K. regulators.
The fintech updated its system over the past two days to correct the issue. It has also suffered several glitches, though Monzo is generally upfront and transparent about the incidents.
VyStar Credit Union is the initial investor in the $10 million capitalization of PayverisCU, a credit union service organization.
The CUSO is designed to use Payveris credit union transaction technology and artificial intelligence to build API-accessible services for payments, money management and other financial services.
The new services will add to the Payveris platform, which has more than 180 credit unions. Payveris has also partnered with digital banking software company Kony and credit union data processing company FedComp.
Dotting the i
Ohio State is adopting contactless payments and mobile security for ticketing at its athletic facilities, deepening a trend toward embedding digital transactions into the fan experience at sporting events.
The university is using Ticketmaster to enable a marketplace to buy, sell and transfer tickets, as well as create a personalized experience for the ticket, such as who purchased it and who attended which events.
The deployment includes a digital identifier that links each ticket to the fan's mobile phone number with a bar code that refreshes every few seconds, and includes NFC to enter facilities.
From the Web
Cashless Stores Alienate Customers in the Name of Efficiency
WIRED | Mon August 5, 2019 - There’s been growing support from both consumers and retailers to move away from cash in favor of digital payment options. This includes credit and debit cards, as well as newer payment forms like mobile (Apple Pay, Google Pay), peer-to-peer (PayPal, Venmo), and virtual or crypto currencies (bitcoin, etherium).
SWIFT expanding presence in China
China Daily | Tue August 6, 2019 - SWIFT, the global financial messaging service platform, is accelerating its localization in China given the backdrop of increasing Chinese financial market liberalization, its senior executive said.
Marriott Takes $126 Million Charge Related to Data Breach
The Wall Street Journal | Mon August 5, 2019 - Marriott International Inc. said it booked a $126 million charge in the latest quarter tied to a massive data breach disclosed last year and lowered financial projections for the year.
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