Morning Brief 9.11.20: Square forms cryptocurrency patent-protection group

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Fair to Square

Square, which won a cryptocurrency patent earlier this year, is stepping up its involvement by launching a nonprofit to protect the open development of crypto patents.

The Cryptocurrency Open Patent Alliance’s goal is block frivolous patent filings that threaten to undermine innovative cryptocurrency development, Coindesk reports.

“There is concern that ‘patent lockup’ of foundational cryptocurrency technologies by a select few will stifle innovation and deter mass adoption,” the new organization said in a blog post. COPA will operate as a separate entity from Square.

Checkmate

In a bid to survive the global shift from paper to digital payments technology, check-printing giant Deluxe Corp. is building a fintech innovation center in Atlanta.

The 125-year old company, which has been developing hybrid approaches to digitize checks and B2B payments, will spend $12.6 million to outfit a 170,000 facility where it plans to develop new fintech and customer payment solutions, Deluxe said in a press release.

Shoreline, Minn.-based Deluxe will concentrate cloud-based developer resources at the new facility with the goal of migrating approximately 4,000 of its current financial institution clients to new cloud-based, data-centric payments and financial services.

Full circle

Five years after parting ways with former sibling and payment powerhouse PayPal, eBay is getting closer to fully managing its own payments experience around the world by adding more global markets.

Beginning next year eBay will directly manage payments in France, Italy and Spain, expanding a capability available in the U.S. since 2018 that enables consumers to pay at eBay via credit card, PayPal, Apple Pay and Google Pay, eBay said in a press release.

Earlier this year eBay took control of its own payments in Germany, the U.K., Australia and Canada and expects to be managing payments for all sellers globally by 2022.

7 in 10

The Clearing House has reached a major milestone in its campaign to make real-time payments ubiquitous. The organization’s RTP network is now connected to financial institutions that hold 70% of all U.S. DDA accounts, according to Finextra.

Rapid growth has continued this year, with smaller institutions and credit unions signing on to RTP through third-party providers and bank platforms like FIS and Jack Henry & Associates.

More than 150 banks and credit unions are poised to add RTP in the next few months, guaranteeing the instant-payment network's reach to more than half of all DDA accounts in the U.S., the Clearing House said.

From the Web

European countries call for EU stablecoin regulation
REUTERS | Friday, Sept. 11 2020
Germany, France, Italy, Spain and the Netherlands on Friday backed the European Commission’s goal to draw up regulation for asset-backed cryptocurrencies such as stablecoins, according to a draft joint statement seen by Reuters.

Santander spins out its $400M fintech venture capital arm, now called Mouro Capital
TECHCRUNCH | Friday, Sept. 11 2020
Santander, the Spanish multinational banking giant, is announcing that its fintech venture arm is to be spun out and will be managed more autonomously going forward.

Fortnite creator Epic Games says gamers can use Apple sign-in system
REUTERS | Thursday, Sept. 10 2020
(Reuters) - "Fortnite" creator Epic Games said on Thursday Apple Inc AAPL.O has given its users an "indefinite extension" to log into the game using an Apple sign-in system.

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