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ECB: Digital currencies unstable

The European Central Bank has published a new report on digital currencies, describing them as “inherently unstable” whilst remaining upbeat about the potentially transformative benefits they may offer in payments. The ECB study builds off an earlier study published in 2012, offering both a general overview of digital currencies as well as follow-up analysis on the potential benefits and risk of using so-called virtual… Continue reading >>

UK Payments sector behind London being Fintech capital of Europe

Accenture reported in ‘The Boom in Global Fintech Investment’ that London “has become the Fintech capital of Europe. Since 2004, the lion’s share of Europe’s Fintech deals and financing have taken place in the UK with the vast majority occurring in London.” In November 2014, promoting the Fintech sector in Singapore, the Mayor of London hailed the city’s success in… Continue reading >>

Bank of England considering digital currency

The Bank of England says that it is considering issuing its own digital currency in the future in the same way that it issues bank notes. A research paper from the bank, One Bank Research Agenda, said bitcoin has proved it is possible to transfer value securely without a trust. “While existing private digital currencies have economic flaws which make… Continue reading >>

SIM card remains secure

The SIM card is so secure that in the case revealed recently, even intelligence services preferred to steal the key rather than attack the SIM card. The secure authentication of the mobile phone user on the mobile network is the main function of the SIM card. Producers of SIM cards maintain the highest security procedures and processes. The companies are taking the targeted… Continue reading >>

Card fraud at the ATM is serious – time to step up the fight

Representing global losses in excess of a billion Euros, card fraud and associated skimming remains the most prevalent type of ATM crime and a major concern for financial institutions (FI) that are at risk of losing customers’ confidence, due to the constant threat of cardholder identity theft and card losses. Continuously working on new solutions to counter these risks, Diebold… Continue reading >>

Global smartphone sales set new record

Global smartphone sales set a new milestone in the fourth quarter of 2014, reaching $115 billion for the quarter, an increase of 20% year-on-year, according to data from research firm GfK. The number of units sold globally increased to almost 346 million, up 19% on the same period in 2013. In Q4 2014, all regions saw year-on-year growth in smartphones,… Continue reading >>

MasterCard to to invest in biometrics and cyber security

MasterCard is reportedly set to invest an additional $20 million in cyber security measures this year, including biometric protection for mobile apps, and early warning alerts on potential threat vectors. This spring, MasterCard will launch Safety Net, an initiative designed to reduce the risk of fraud or cyber attacks before issuers and processors might notice the threat – according to Finextra…. Continue reading >>

Amazon payments business trebles

Momentum for Amazon’s payments service Login and Pay With Amazon appears to be building after a sluggish start. In January, Amazon reported strong growth in the service among mobile users last year, with more than a quarter of such payments made with a mobile device while orders processed by businesses using Login and Pay With Amazon during the holiday season… Continue reading >>

Core banking infrastructure replacement critical say banks

A clear majority of banks believe that they will have to overhaul their core banking infrastructure over the next three to five years if they are to face off the threat from more agile competitors, according to research conducted by Finextra. The study, ‘Invigorating Banking’, conducted on behalf of next-gen banking vendor Five Degrees, calibrated responses from 126 participants at… Continue reading >>

SWIFT selected by Payments Council to host national data platform for SEPA IBAN

SWIFT says it has been selected by the UK’s Payments Council as the vendor for the country’s Single Euro Payments Area (SEPA) International Bank Account Number (IBAN) Only central infrastructure platform. The new platform will enable the accurate derivation of BICs from IBANs, a key requirement for financial institutions in SEPA wishing to initiate euro payments to the UK once the… Continue reading >>