US consumers ready to share purchasing data with financial services AIs

NTT Data study finds Alexa and Siri will drive the digital customer experience of the future for financial services firms — NTT Data — “Consumers are comfortable providing FSIs [Financial Services Institutions] with access to a wide range of data if it enables them to provide advice on spending, insurance products or coverages, or targeted financing options to meet their financial goals. 68% would share online retail purchase information, 61% would share geolocation information, 49% would share Uber, Lyft and OpenTable information, 42% would share Facebook and Twitter information.”


Norwegian banks to form joint venture in bid to combat threat of global tech giants

Norwegian banks to combine payment units Vipps, BankAxept, BankID — Reuters — “Norwegian banks agree to combine payment units Vipps, BankAxept and BankID Norge to improve product offering and prepare for competition against global tech firms… DNB CEO Rune Bjerke said: “We have two choices. Either let the existing payments infrastructure wither away, or join forces and push forward.”


Barclays trials digital receipt service

Fintech startup Flux partners with Barclays for itemised receipts — Techcrunch — “Flux, the London fintech startup founded by former early employees at Revolut, has announced a partnership with Barclays in the UK that will see it trial its itemised receipt technology with 10,000 of the bank’s customers… On the merchant side, the trial also sees Flux partnering with Barclaycard, which will provide the ability for merchants, via integration through their point-of-sale devices, to issue digital receipts to any customer.”


US to open up banking market to non-banks?

US regulator says time to review mixing banking with other businesses — Reuters — “US regulations that bar companies such as Wal-Mart Stores Inc from providing banking services need to be reviewed as they reduce competition thereby concentrating more risk among a smaller number of banks, a US banking regulator said… Noreika on Wednesday said that allowing non-financial companies to run banks could strengthen the banking system by boosting competition and increasing diversity. The OCC is exploring providing a charter specifically for financial technology providers such as payment processor Square Inc.”


Mastercard to use blockchain for non-card payments and product authentication

Mastercard opens-up access to blockchain API for partner banks and merchants — Mastercard — “Mastercard blockchain solution has the ability to power secure and seamless non-card payment transactions such as business-to-business payments and trade finance transactions. It also has the ability to power non- payment solutions such as proof of provenance that helps authenticate products across the supply chain.”



Barclays CEO: Payments is the battleground of finance

Barclays CEO says bank must protect payments business from Apple, Amazon — Bloomberg — “Barclays Plc will need to defend its advantages in the payments business from encroachment by technology companies including Amazon.com Inc and Apple Inc, according to chief executive officer Jes Staley. ‘There are some tectonic shifts going on, driven by tech and the geopolitical environment… All the banks are very focused on the payments space. That may be where the battleground of finance is fought over the next 15 years.’”


EU regulators raid banks over fintech access concerns

Antitrust: Commission confirms unannounced inspections concerning access to bank account information by competing services — European Commission — “The European Commission can confirm that on 3 October 2017 its officials carried out unannounced inspections in a few Member States concerning online access to bank account information by competing service providers… These alleged anti-competitive practices are aimed at excluding non-bank owned providers of financial services by preventing them from gaining access to bank customers’ account data, despite the fact that the respective customers have given their consent to such access.”


China and India to drive growth in digital transactions

Digital payments volumes continue to rise globally as new payments ecosystem emerges — Capgemini — “Global digital payments volumes are predicted to increase by an average 10.9% through to 2020, reaching nearly 726bn transactions, according to the World Payments Report 2017… Volumes generated by emerging economies will grow by 19.6%, or three-times the rate of mature economies. Emerging Asia, led by China and India, is projected to grow 30.9%.”


Nacha selects first five US payment APIs

Nacha’s API Standardization Industry Group names first five APIs to develop to support payments industry advancement — Nacha — “The API Standardization Industry Group, formally created in spring 2017, is working to further efforts to standardize the use of APIs in the US financial services industry by creating an ‘API playbook’ or standards framework. In support of that effort, during its most recent meeting, the API Standardization Industry Group named the first five APIs — from a larger list of 16 — that it will develop to support payments industry advancement.”


HSBC to let customers view accounts from multiple banks in one app

HSBC to let UK customers manage different bank accounts on one screen with new app — CNBC — “Customers can add accounts from up to 21 different banks, including Barclays, Lloyds and Bank of America. When a new account is added, login details for each account are tailored to that bank’s interface… The bank has spent US$2bn globally to work on its digital banking platform.”


Bank of England examines the technical requirements of central bank-issued digital currencies

Beyond blockchain: What are the technology requirements for a central bank digital currency? — Bank Underground — “What type of technology would you use if you wanted to create a central bank digital currency (CBDC) ie a national currency denominated, electronic, liability of the central bank? It is often assumed that blockchain, or distributed ledger technology (DLT), would be required; but although this could have some benefits (as well as challenges), it may not be necessary.”


UK challenger bank unveils open banking marketplace

Starling Bank’s Marketplace goes live — Starling Bank — “The Starling Marketplace is a brand new concept in banking whereby products from other fintech providers — and in the future lifestyle products — can sit within an easily browsed ecosystem all from within the app. These partners integrate with Starling Bank using their Open Banking and PSD2 compliant APIs… Starling is the first bank to have fully open, PSD2-ready APIs that allow collaboration between fintech companies.”


From the high street to the handset: How banks can stay connected to consumers in the smartphone era

Dejamobile's Lorcan Burke

While banks may no longer need a presence on every high street to stay connected with their customers, they do need to remain very visible, especially on the smart device, to avoid being relegated to the place of a utility, payments technology provider Dejamobile’s Lorcan Burke tells NFC World readers in an in-depth article that explores the changing role of banks in the smartphone era... More








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