Investment

The long-running feud between banks and fintech companies over screen scraping is morphing into a more nuanced and important conversation about how to exchange consumers' financial data securely and fairly.

Recommendations for a framework to develop a "universal security baseline" to protect sensitive payment data at rest and in transit remains a key goal of the Federal Reserve faster payments initiative.

Alipay's deal to buy MoneyGram for $880 million may be the centerpiece of its strategy to expand beyond China's borders, but it's not its first move in recent months. The Alibaba payments affiliate has already extended its reach in several other ways.

Chinese's largest online payments company to get a footprint in the U.S.; Believers in blockchain bemoan the lack of global cooperation.

Facebook now lets users log in using a physical token. If banks gave consumers this option, it would strengthen the security of online accounts — or at least bolster their image.

Banks want and need to rival tech giants in their use of customer analytics. Some think artificial intelligence is the key to making it happen.

As Facebook users increasingly deal with personal and payment data, the social media giant is turning to the Security Keys standard hosted through the Faster Identity Online Alliance for stronger authentication.

The deal points a way forward, not only to resolve the debate over screen scraping and ownership of customer data but to redefine banks' value proposition.

Customers of JPMorgan Chase will no longer have to surrender their bank credentials in order to use Intuit products like Mint, TurboTax or QuickBooks.

The breaches at large retailers and other companies are continuing, making it time to fully embrace a new authentication method.