Morning Brief 9.14.20: Time to explore central bank digital currency is coming, ECB leader suggests
The information you need to start your day, from PaymentsSource and around the web:
The European Union's banking authority is weighing development of a central bank digital currency, according to Finexta.
In a speech to German bankers, European Central Bank's Christine Lagarde said banks in the eurozone should start looking for ways to advance CBDCs soon so they aren’t left behind as global interest and momentum grows.
Top considerations for any CBDC in Europe will be maintenance of central banks’ access to money and banknotes, controlling risks and not adversely affecting players in the existing financial ecosystem, the ECB's president indicated.
CredoLab, a Singapore-based fintech that provides credit scores based on data from smartphones and other sources, has raised $7 million in a funding round led by GBD to expand its services to the U.S. and other global markets.
Launched in 2016, CredoLab develops alternative credit data for banks and other lenders targeting consumers with thin or no credit history, and provides instant credit scores for the travel industry, retailers and insurance providers, according to a press release.
CredoLab previously announced a partnership with TransUnion’s iovation fraud-detection service.
In the pocket
A group of UAE banks have launched klip, a digital payments platform enabling consumers to use smartphones to make in-store purchases and transfer funds to one another.
First Abu Dhabi Bank, National Bank of Fujairah and Mastercard collaborated with other local banks and Emirates Digital Wallet LLC to develop the concept leveraging banks’ relationships with merchants, Finextra reports.
Objectives for klip include streamlining financial transactions, reducing cash use and expanding digital payment options to unbanked consumers.
Mastercard is partnering with the Singapore Tourism Board to develop digital solutions for international travel and e-commerce, according to Travel Daily.
The collaboration is part of Mastercard’s City Possible program, established in 2018 to bring urban leaders, academics and the private sector together to improve the safety and sustainability of cities.
Singapore is the first city to join the program, which has partners including Lyft and AT&T. Proposed projects include streamlining ticketing options and expanding contactless payment options for tourist sites through the Visit Singapore Pass.
From the web
Walmart expands drone delivery tests to Arkansas with new Zipline partnership
TECHCRUNCH | Monday, September 14 2020
Walmart now has two tests for drone delivery running in the US. Early Monday morning the company announced a new drone delivery program with Zipline, a startup that made its name delivering medical supplies across Africa.
Why online voting is harder than online banking
ARS TECHNICA | Sunday, September 13, 2020
We regularly use the Internet to move money around the world. Why can't we use the same techniques to secure online votes?
Second stimulus check: Who may be first to get a new payment and how quickly it could come
CNET | Sunday, September 13, 2020
If a new stimulus package or executive order yields a second stimulus check of up to $1,200 per adult before 2020 is out, you could receive it more quickly than last time, if you meet the qualifications.
More from PaymentsSource
How FIS sped 6 million EBT cards to feed needy kids during the pandemic
When the pandemic shut classrooms across the U.S. this year, the federal government looked for a quick solution to prevent millions of needy students who typically receive meals at school from going hungry.
Bank transfers can fill the card gap for e-commerce
Alternative payment methods such as bank transfers, e-wallets, cash-based payments and other payment types are currently the vast majority of e-commerce transactions globally, says PPRO's James Booth.
Open banking gives Amex a way to grow beyond credit cards in Europe
American Express is expanding into the fast-growing European market for open banking-based payment initiation services with its Pay with Bank transfer platform.
How Colleen Taylor created new rungs in her long payments career
In her steady advance up the payments industry career ladder, Colleen Taylor has pursued a consistent theme of taking on challenging roles at pivotal moments, which has propelled her trajectory.
Citi targets homebodies with cobranded Wayfair Mastercard
Citi has teamed with home furnishings giant Wayfair on a pair of credit cards—one cobranded with Mastercard and a private label version—capitalizing on the pandemic-accelerated e-commerce boom.
Remote work makes integrated payments more important than ever
As companies were forced to abandon their offices with the onset of the COVID-19 pandemic in March, many businesses that relied on physical payments were suddenly left without the means to efficiently process transactions.
Crypto and blockchain cut the clutter for e-commerce
The inevitably increasing use of cryptocurrency, even if not to supplant fiat currency, can help hurdle old e-commerce obstacles. Payment transactions in traditional forms, like credit, debit, or other payment platforms that use fiat currency require intermediary companies to transfer payment between two parties.
No easing into the job for Citi’s Fraser
On the day that Jane Fraser made history as the first woman chosen to lead a major U.S. bank, she didn't conduct any media interviews. It was perhaps a sign that she's poised to assume the chief executive role at Citigroup at a moment when there's little time to reflect or celebrate.
American Express reopens New York, London offices at 10% capacity
American Express Co. began reopening offices in New York and London this week even as it told employees that they can continue working from home through June 2021 if they wish.
Philippines says 57 people under scrutiny on Wirecard case
The Philippines’ anti-money laundering authority has identified 57 “people of interest,” including foreigners and local bank officers and government officials, whose links to Wirecard AG are being scrutinized.
Why Faster Payments Council is adding Goldman, Netflix and other advisor voices
The pandemic has spurred a major push toward speedier digital transactions, making it an expeditious time for the Faster Payments Council to expand the range of input it gets to expand its mission.
Checkout-free tech’s ambitions gets larger as opportunities multiply
For the dozens of technology companies trying to enable shopping without point of sale terminals, making it work in a full-sized store is the path to disruption. But the coronavirus pandemic flipped the script, bringing disruption well before the technology was ready.