February, 2024

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AI and Payments: Exploring Pitfalls and Potential Security Risks

PCI Security Standards

With the rapid rise in popularity of AI services like ChatGPT, Dall-E, and GitHub Copilot, many people are looking at ways they can leverage the new abilities of these systems to improve their existing businesses.

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Card networks to implement gun code in California: report

Payments Dive

Visa, Mastercard and American Express are moving forward with use of a new gun merchant category code for credit card purchases in California, according to CBS News.

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How Open Banking May Affect The Financial Sector

The Payments Association

Open banking unlocks customer data, driving competition and innovation while reshaping the financial landscape for a more inclusive future. Open banking, a.

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Ledger: Stripe’s system for tracking and validating money movement

Stripe

In this blog post, we’ll share technical details on how we built this state-of-the-art money movement tracking system, and describe how teams at Stripe interact with the data quality metrics that underlie our payment processing network.

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From Start to Scale: Driving Growth Through Seamless Payments Implementation

Speaker: Michael Veatch, Senior Director, Implementations & Ella Aguirre, Director of Solution Consulting

Embedding payments can be a transformative step for software companies looking to enhance their platform capabilities, boost customer satisfaction, and drive long-term growth. However, the success of payments hinges on a single thing: implementation. Drawing on real-world insights and experiences, payments implementation experts Michael Veatch and Ella Aguirre will explore actionable strategies that can lead to a transparent, friction-free launch and mitigate potential challenges like technical

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European Banks are Challenging Competitors With Cloud and AI Adoption

The Fintech Times

New research from Economist Impact supported by Temenos has revealed that almost half of European banks are investing in fintech start-ups while 36 per cent are building their own greenfield digital bank or fintech company. The study looks specifically at the attitudes of banks in Europe as it identifies that the majority believe neobanks will be their biggest challengers in the near future.

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Singapore warns banks to prepare for quantum computing cyber threat

Finextra

The Monetary Authority of Singapore has told the country's financial institutions to make sure they are prepared for the rising cybersecurity risks posed by quantum computing.

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Aldi debuts Grabango checkout tech at Chicago-area store

Payments Dive

The retailer is working with artificial intelligence startup Grabango to offer the service for the first time in the U.S. at a location in the Chicago suburb of Aurora, Illinois.

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How better regulation can power up UK fintechs

The Payments Association

How regulatory reforms and increased capital can drive UK fintech expansion Read more

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More Than Half the Fintech Industry Seeing Growth from Strong Consumer Demand

Fintech News

The fintech industry, having navigated through the turbulent waters of the COVID-19 pandemic, has demonstrated not only resilience but also a robust capacity for growth. This period of upheaval has catalysed a significant transformation within the sector, with fintech firms adapting to and capitalising on the changing landscape of consumer demands and regulatory environments.

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What Impact Is AI Going to Have on Cross Border Payments Security?

The Fintech Times

Payments are arguably the face of fintech. When you think about financial technology, it is easy to think about solutions which are making payments faster, easier and more accessible. In January 2024, we focused on generative artificial intelligence (AI) and how it has emerged onto the fintech scene following its boom in 2023. Artificial intelligence has many uses, and while it can be used for good, it can also be abused by bad actors.

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15 Modern Use Cases for Enterprise Business Intelligence

Large enterprises face unique challenges in optimizing their Business Intelligence (BI) output due to the sheer scale and complexity of their operations. Unlike smaller organizations, where basic BI features and simple dashboards might suffice, enterprises must manage vast amounts of data from diverse sources. What are the top modern BI use cases for enterprise businesses to help you get a leg up on the competition?

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Tap, click and pay: how digital payments seize the day

Finextra

The use of digital payments around the world continued to grow in 2022, while the number of cash withdrawals and small-denomination banknotes declined, according to BIS figures.

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Fintech giant Stripe’s valuation spikes to $65B in employee stock-sale deal

TechCrunch Fintech

Payments infrastructure giant Stripe said today it has inked deals with investors to provide liquidity to current and former employees through a tender offer at a $65 billion valuation. Notably, the valuation represents a 30% increase compared to what Stripe was valued at last March when it raised $6.5 billion in Series I funding at […] © 2024 TechCrunch.

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Mastercard to be dinged by Discover deal

Payments Dive

While both Mastercard and Visa will be impacted by Discover Financial Services’ plan to be acquired by card issuer Capital One, the former is likely to bear the brunt of the blow.

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BNY appoints Gerdeman as global head of data and analytics

Bank Automation

BNY Mellon has appointed Julie Gerdeman as its global head of data and analytics. Gerdeman will be responsible for managing software and data for nearly $47 trillion of assets managed by BNY, according to a Feb. 20 release.

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eCommerce in 2025: How Customer Experience Drives Online Retail Success

Speaker: Jennifer Wright and Nick Barron

2025 is right around the corner, and with it comes a new wave of consumer expectations, competitive pressures, and operational challenges. Success lies in finding the balance between operational flexibility and creating experiences that keep customers coming back. The future of retail belongs to those who can stay ahead of shifting customer preferences and marketing trends. 🔮 In this session, we’ll dive deep into what it takes to keep customers engaged and your operations nimble, no matt

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Gen Z’s impact on credit is bigger than you may think

Tearsheet

Simon Khalaf is CEO of Marqeta. Gen Z has completely changed the narrative for many aspects of our society, including how they approach work and communication – as I know well, thanks to my own teenage daughter teaching me an entirely new vocabulary. Gen Z has also made a profound impact on the financial landscape so far. Contrary to common stereotypes, Gen Z exhibits a high level of fiscal responsibility and aversion to accumulating debt.

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Ripple and Axelar Foundation Set a New Standard for Blockchain Interoperability on XRPL

The Fintech Times

As more firms look to enter the blockchain and decentralised space, easy integrations and the ability to develop applications are an absolute must. Ensuring this is possible on the XRP Ledger (XRPL), Ripple , the crypto solutions provider, has partnered with Axelar Foundation , the nonprofit decentralised interoperability network. Axelar network’s integration with the XRPL aims to help bolster the XRPL DeFi ecosystem by providing essential liquidity for stablecoins and large-cap assets.

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ECB will only use European suppliers for digital euro build

Finextra

The European Central Bank has been explaining to MEPs its decision to search for possible providers to develop a digital euro platform and infrastructure.

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YC-backed Cambio puts AI bots on the phone to negotiate debt, talk to a bank’s customers

TechCrunch Fintech

A Y Combinator-backed startup called Cambio is bringing AI to the banking world in a surprising way: It’s putting AI bots on the phone with companies and consumers. The startup began by offering an AI-powered service that negotiated debt collections on behalf of consumers, which helped around 70% of customers resolve their collections and raise […] © 2024 TechCrunch.

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Top Strategies to Future-Proof & Sustain Your Merchant Services Portfolio

Build a sustainable merchant services portfolio with practical strategies to ensure long-term success. Diversify across industries to spread risk and stabilize income, balancing high-risk and low-risk clients for a robust mix. Combine large and small merchants to create a resilient payment portfolio, leveraging each type's strengths. Foster long-term relationships through exceptional service and personalized support.

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Where will embedded payments flourish in 2024?

Payments Dive

There are three areas where embedded finance is a good fit, and they are characterized by high volume and frequent payments, writes one industry executive.

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Envestnet data and analytics revenue falls 7% YoY

Bank Automation

Envestnet data and analytics revenue fell during its fiscal fourth quarter amid rumblings in December of a Yodlee sale. The wealthtech giant’s data and analytics revenue fell 7% year over year to $38.6 million during the quarter, according to its earnings presentation.

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Gen Z embraces digital wallets but they actually want more

Tearsheet

The adoption of digital wallets is expected to grow with new use cases this year. McKinsey predicts that more than two-thirds of Americans expect to have a digital wallet within two years, and many will likely hold multiple wallets. This indicates a shift away from physical debit card usage toward using debit cards through digital wallets. “Using digital wallets and mobile payment apps were once emerging trends but are now becoming common practice for both online and in-store purchases,” Christi

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Fintech Success : Is Innovation the Holy Grail or Evolution the Key?

The Fintech Times

At The Fintech Times we frequently encounter companies touting their latest products as ‘innovative’ that promise to ‘revolutionise’ the industry. While the allure of innovation is undeniable, the question arises: should organisations prioritise refining existing offerings through evolution before embarking on revolutionary ventures?

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Secrets of a Successful Sale: Optimizing Your Checkout Process

Speaker: David Nisbet, Everett Zufelt, and Michaela Weber

Once upon a time, in the vast realm of online commerce, there lived a humble checkout button overlooked by many. Yet, within its humble click lay the power to transform a mere visitor into a loyal customer. 🧐 💡 Getting checkout right can mark the difference between a successful sale and an abandoned cart, yet many businesses fail to make payments a part of their commerce strategy even when it has a direct impact on revenue.

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Metaverse to place new demands on payment services - BIS

Finextra

The metaverse could place new demands on payment services that may be better met by central bank digital currencies and retail faster payment systems than by crypto, according to a Bank for International Settlements report.

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Here are the fintech startups that could go public in 2024

TechCrunch Fintech

Could 2024 be the year for fintech IPOs? Quite possibly, according to F-Prime Capital’s State of Fintech 2024 report. F-Prime — a VC firm with over $4.5 billion in assets under management that tracks the performance of emerging, publicly traded and privately held financial technology companies — naturally remains bullish on the fintech space, noting that: […] © 2024 TechCrunch.

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Why ‘pay-by-bank’ faces adoption hurdles in US retail

Payments Dive

Pay-by-bank has been catching on only slowly, and it’s a particularly long shot for showing up at the point-of-sale anytime soon.

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First Bank CIO Thomas joins Bank Automation Summit U.S. 2024 speaker faculty

Bank Automation

Terrence Thomas, executive vice president and chief information officer at First Bank, will speak at Bank Automation Summit U.S. 2024 on Monday, March 18, at 4 p.m. CT.

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7 Essential Criteria for Choosing the Right Payments Partner

Speaker: Brad Pinneke, VP of Business Development at Payrix and Worldpay for Platforms

In this webinar, Brad Pinneke, Vice President of Business Development at Payrix and Worldpay for Platforms, will dive into the 7 must-have criteria for evaluating payments partners, helping you maximize both efficiency and the long-term value of your investment. From assessing technology capabilities to leveraging business development opportunities, this session will give you a clear, actionable strategy to select the right partner for scaling your business.

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Mastercard and The Clearing House deepen their partnership to zero in on new instant payments applications 

Tearsheet

Mastercard recently expanded collaboration with The Clearing House (TCH), with the shared goal of propelling the adoption of instant payments. This extended partnership will focus on integrating additional instant payment use cases across a range of payment flows for consumers, businesses, and governments. “Beyond extending our partnership with Mastercard, we intend to partner on innovating for the banks that use the network by looking for additional use cases that they’ve expressed interest in

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What Does 2024 Have in Store for Digital Wallets?

The Fintech Times

Payments are arguably the face of fintech. When you think about financial technology, it is easy to think about solutions which are making payments faster, easier and more accessible. Having already looked into digital wallets extensively throughout our paytech theme this month, we now turn our attention to the future. What does 2024 have in store for digital wallets?

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EU adopts instant payments rules

Finextra

The European Council has adopted a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

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Celebrating African-American Voices and Fintech Innovation on the Finovate Stage

Finovate

To kick off Finovate’s commemoration of Black/African-American History Month this year, we’re highlighting some of the Black and African-American fintech professionals who represented their companies and their fintech innovations at our Finovate conferences in 2023. Andre Llewellyn – Marketing Consultant/Advisory Board Member with AI Squared Along with company CTO Michelle Bonat, Andre Llewellyn helped demonstrated the new Generative AI-based features on AI Squared’s plat

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Loyalty 101: How To Turn Browsers Into Buyers For Lasting Engagement

Speaker: Shaunna Bruton, Danielle Wyllie, and Kailey Holmes

Say goodbye to one-size-fits-all retail, and say hello to experiences that keep your customers coming back for more! Customer loyalty isn’t just earned - it’s cultivated through meaningful engagement with the help of data. This webinar will take you behind the scenes of how top retailers turn customer data into personalized experiences that drive engagement and retention.