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Is tokenization the future of payment fraud prevention?

According to a new report by the Federal Reserve Bank of Boston, tokenization is set to form a major change in the battle against payment fraud. Payment tokenization, as described by the MPIW (Mobile Payments Industry Workgroup), is the process of randomly generating a substitute value to replace sensitive information. This system has been used in financial transactions to mask credit and debit… Continue reading >>

FS-ISAC and DTCC announce Soltra to improve global cyber security capabilities

The Financial Services Information Sharing and Analysis Center (FS-ISAC), an organization focused on sharing critical cyber security threat information worldwide, and The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, have announced the formation of a strategic joint venture to develop and market automation solutions that advance cyber security capabilities and the… Continue reading >>

Reinvigorating the ATM channel

The ATM channel offers exciting possibilities for banks – if they are astute enough to recognise them and then to take the necessary action. This is the key message found in a new whitepaper released by Efma, a leading non-profit retail banking association, and Clear2Pay, a payments modernisation company. In the whitepaper, which is titled ‘In search of the €1… Continue reading >>

EBA warns of IT risk

The European Banking Authority (EBA) and other EU supervisory authorities have warned banks to reinforce IT controls and audits on third-party technology providers with relation to operational and IT risk. The Joint Committee of the European Supervisory Authorities (ESAs) says that concerns over the persistence, intensity and sophistication of information technology-related operational risks and cyber risks at financial institutions have increased since its last biannual… Continue reading >>

SIX and BNP Paribas Fortis launch new POS and acquiring services

BNP Paribas Fortis and SIX Payment Services (SIX) are entering into a unique partnership, targeted to acquiring services to merchants of all sizes and industries in Belgium. BNP Paribas Fortis and SIX will be providing merchants with comprehensive payment solutions, from payment terminals to acquiring services. It is the intention to be the first real alternative in the Belgian market… Continue reading >>

Point of Sale peripherals and the Barcode scanner

The Point of Sale systems in use in many retail businesses nowadays are not only some sort of fancy cash register. Gone are the days of manual encoding and punching of items purchased. In comes faster service as shopping habits of customers have drastically changed since. Customers are into quick services as many individuals are trying to scramble for time… Continue reading >>

Amazon kills P2P payments service

Amazon shut down its WebPay service, saying that the P2P money transfer service is not good enough to keep going. For several years, WebPay has let Amazon Payments users send, receive, and request money by entering a contact’s email address and the sum on a webpage. But with Google, Square and PayPal among the big guns offering similar P2P transfer… Continue reading >>

Domestic schemes – set for domination?

The launch of RuPay in India and plans for a Russian payment network indicate a resurgence in domestic schemes, but at what cost to the international players? While Europe’s banks and regulators are still mulling over the possibility of a third debit scheme in Europe to rival Visa and MasterCard, India and Russia are getting down to business, albeit for… Continue reading >>

How to secure HCE applications

E-security solutions provider, Cryptomathic, has published its latest white paper, which offers advice to banks and payment service providers on how to protect mobile banking, payment and (Host Card Emulation) HCE applications against security attacks. The paper, titled: ‘Protect HCE Mobile Applications ’ highlights the benefits that HCE brings to the market through simplifying and speeding up the deployment of… Continue reading >>

Banking and Payment vertical continues to offer strong growth for smart cards

The global market for smart cards  will see steady growth due to the increasing emphasis on the Europay, MasterCard and Visa (EMV) standard in the payment and banking vertical. In 2015, multiple financial institutions in the US are expected to make their payment cards EMV-complaint. Countries in the Middle East, Africa and Asia-Pacific will follow suit. New analysis from Frost… Continue reading >>