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Compass Plus powers Klarna’s global expansion

Compass Plus has announced that it has successfully completed the implementation of its open development payments platform TranzAxis with Klarna, a leading European online payment provider. Klarna makes online payments easier and safer, enabling consumers to purchase goods using just their email address and postcode, cutting out the need for passwords. The TranzAxis platform, which was implemented in just six… Continue reading >>

Westpac launches new mobile payment sticker

Westpac has launched its new mobile payment sticker, enabling customers to make payments with any mobile device. The Westpac PayTag, can be attached to the back of a mobile device (or any other suitable item), enabling customers to make quick, secure contactless payments of up to $80 simply by holding their smartphone up to a contactless terminal. Westpac’s Chief Product… Continue reading >>

Half of US POS terminals to accept EMV in 2015

The Payments Security Task Force (PST) has announced a forecast of participating acquirers estimating that at least 47% of US POS terminals will be enabled for EMV chip technology by the end of 2015. The estimates are based on forecasts provided by acquirers representing approximately 80% of USpurchase volume. Organizations participating in the forecast include First Data, Bank of America Merchant Services,… Continue reading >>

Retail banks begin heavy digital investment

Financial services association, BAI has released preliminary findings from a survey which suggests online and mobile platforms are the leading focus of technology investments for retail banks as they move to increase the functionality of their digital offerings. Of nearly 400 FS professionals quizzed ahead next month’s BAI Retail Delivery conference in Chicago, 95% say that their bank lets customers… Continue reading >>

Tokenization for mobile payments and mobile wallet services

MasterCard and Visa has recently released the technical specifications for tokenization. Tokenization is the next generation security for mobile cloud based payments and other secure mobile services. “We started the preparation for tokenization to be included in our mobile technology platform early next year. Now we are ready for the next step and we are currently discussing pilots with innovative… Continue reading >>

Facebook testing mobile payments on Messenger app

Facebook is apparently testing a new feature on its Messenger app that would allow users to send each other money, despite the failure of Facebook Credits. According to screenshots that appeared this week, Facebook Messenger is already equipped to handle fast mobile payments with a user’s registered card details. Andrew Aude, a computer science student at Stanford University, discovered the… Continue reading >>

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 >>