5.30.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Bank of Montreal and CIBC both reported breaches that potentially exposed personal and account information for about 90,000 consumers.
BMO reported hackers contacted the bank on Sunday, threatening to disclose personal information for about 50,000 customers.
CIBC reported about 40,000 of its customers were potentially threatened. CTV reports the two events appear to be connected, though Canada's other large banks have not reported being affected.
Postal services have become part of transfer apps in countries such as France, and in Indonesia are part of a new remittance service.
Transfast, which has services in 125 countries, is collaborating with POS Indonesia, the state-owned postal service, to power inbound remittances. Consumers will be able to access cash at any POS Indonesia post office.
The partnership will also expand ongoing financial inclusion projects in Indonesia, said Samish Kumar, CEO of Transfast, in a release.
A Ripple in time
Ripple has been picking up partners to support its XRP asset for cross-border transactions, and recently completed tests on an update that's designed to complete transactions in a few seconds.
Currencies Direct is one of the first companies to complete an international payment over the Ripple platform, called xRapid.
Fifth Third turns to AI to sweeten acquirer chops
iGTB, the transaction technology unit of Intellect Design Arena, will work with Fifth Third on a series of projects designed to improve digital payments and other financial services.
The technology company uses artificial intelligence and distributed ledgers to support contextual payments, or the placement of payment acceptance into a broader range of shopping, mobile activity and transaction history. This, in turn, feeds incentive marketing and other CRM strategies.
Fifth Third says the bank will collaborate with iGTB on future digital projects, while the Jersey City-based technology firm hopes to expand its geographic reach through the partnership.
From the Web
Amex Is Likely To Become The Second Largest U.S. Card Processing Company This Year
Forbes | Tue May 29, 2018 - The U.S. card processing industry is likely to see a shakeup among the four incumbents for the first time in decades, as American Express looks poised to nudge ahead of Mastercard to become the second largest processor of credit card purchases in the country later this year. While Visa remains the undisputed market leader with a market share of almost 53% in Q1 2018, Mastercard and American Express both captured a nearly identical market share of 22% each.
Exclusive: India resists lobbying by U.S. payment firms to ease local data storage rules
Reuters | Tue May 29, 2018 - India’s central bank is standing firm on a directive to compel global payment firms to store customer data in India, resisting calls from U.S. companies to dilute an order they say would cost them millions of dollars, people familiar with the matter said. The payment companies are worried India’s data on shoring move could set a precedent and nudge other major governments to implement similar rules at a time when there is heightened scrutiny on how companies globally handle their customers’ data.
Alibaba leads consortium in $1.4 billion deal for stake in Chinese courier ZTO
Reuters | Tue May 29, 2018 - Alibaba Group Holding Ltd on Tuesday said it has led a consortium of investors to buy about 10 percent of Chinese courier ZTO Express (Cayman) Inc for $1.38 billion, as part of the e-commerce firm’s push into offline services. The investment would be Alibaba’s third in a Chinese courier after buying a minority stakes in YTO Express Group Co Ltd and Best Inc.
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