Enjoy complimentary access to top ideas and insights — selected by our editors.
Welcome to the PaymentsSource Morning Briefing, delivered daily. The information you need to start your day, including top headlines from PaymentsSource and around the Web:
New CEO at Payveris: Payveris has appointed former Online Resources executive Ron Bergamesca as CEO. While at ORCC, Bergamesca led the technology company's banking division, which includes more than 900 financial institutions and 3 million users as clients, serving during a period in which the company's revenue grew to $160 million from $4 million. Payveris offers an application programming interface that allows financial institutions to embed payments into web banking, recently signing New York'soldest credit union as a client and partnering with Infosys to build a new bill payment platform. At Payveris, Bergamesca replaces Jeff Weikert, who has decided to pursue interests "outside the company," according to a Payveris press release.
A man uses a mobile device in front of Samsung Electronics Co. signage at the company's D'light flagship store in Seoul, South Korea, on Wednesday, Oct. 12, 2016. Samsung halted sales of its Galaxy Note 7 smartphones and asked consumers to stop using the ones they've already purchased, another blow to South Korea's largest company as it struggles with a crisis over exploding batteries. Photographer: SeongJoon Cho/Bloomberg
SeongJoon Cho/Bloomberg
Samsung changes payment rules to fight bribes: As it continues to navigate the fallout from the Note 7 recall, Samsung now faces new challenges stemming from a bribery payment scandal. As part of its recovery, the South Korean technology giant is tightening its internal payments policy. Engadget reports all corporate donations over about $880,000 will have to be reported to the company's board, and the details of the actual payments will have to be reported to South Korea's financial regulator, where the payments will be shared publically. That's much lower than the previous internal payment threshold for this level of transparency, which was about $600 million. The change follows the arrest of executive Lee Jae-yong, who allegedly donated $38 million to a friend of high-ranking company executives in order to help his rise through the company. Lee Jae-yong is in jail awaiting trial, which could take nearly two years.
Blockchain U: As universities begin to offer courses in financial technology, a blockchain research and development company is narrowing the curriculum further. Research development company IOHK and the University of Edinburgh have established a Blockchain Technology Laboratory within the university's School of Informatics. The lab will include students and academics, who will focus on matching blockchain to specific industry needs. Cryptocurrencies and transaction processing will be part of the subject matter, and students will have the opportunity to network as part of an effort to keep technology talent in the United Kingdom. IOHK previously opened a similar center with the Tokyo Institute of Technology, and the company plans to open additional centers in Greece and the U.S. later this year.
Loyalty cryptocurrency: A blockchain platform that's designed to encourage loyalty program uptake is launching a crowdfunding campaign. Finextra reports Chain of Points is offering a token sale, in which 21 million "points" will be offered over the next six weeks from a pool of 100 million points. These points are a cryptocurrency that can be used to transfer and redeem loyalty and rewards programs for merchants and consumers. The Toronto-based startup's blockchain technology will power transfers and track redemptions. The blockchain also enables the agreements between merchants and consumers to support a network of loyalty and marketing programs.
Is Facebook Inc. Copying Tencent? Fool.com: The Motley Fool • Leo Sun The social network looks like it’s following the Chinese tech giant’s lead in “super app” chat platforms -- but will those moves widen its moat against other tech giants?
Samsung Pay arrives in Malaysia Finextra Samsung Malaysia Electronics today announced its partnership with several leaders in the banking industry.
The Apple Pay way: Small banks win, big banks lose The battle between banks and Apple Pay in Australia has global implications, but there is a notable rift within the banks' ranks that drives home just who benefits and who suffers by Apple getting its way.
New York web rules are a signal to step up data protection The State of New York has implemented new security rules the wake of a tsunami of web attacks, and card issuers and financial institutions will need to substantially step up their cyber risk management, IT protections and incident response strategies.
9 areas overdue for payments innovation The payments industry has been overrun with innovation in mobile, wearable and cloud-based digital payments. But many niches are years — if not decades — behind this trend.
Scattered Spider, a cybercrime gang whose targets include banks, has seen five of its members arrested for SIM-swapping and phishing schemes that stole millions.
A federal appeals court granted the government's request to pause a ruling that briefly restored Democratic National Credit Union Administration board members Todd Harper and Tanya Otsuka, leaving the regulator with a single board member pending appeal.
Erik Porter will succeed Lisa Oliver as president and CEO of the Cooperative Bank of Cape Cod; Gary Hall and Sobani Warner are named co-presidents of Siebert Williams Shank; Faiz Ahmad and Mike Joo will lead Bank of America's global investment banking unit; and more in this week's banking news roundup.
Bank of Glen Burnie, which is seeking to recover from a stretch when its assets declined, hopes that its deal for a residential lender can help boost loan production.
Small practices are still mired in paper. Fiserv has joined banks such as JPMorganChase and Citizens in applying new third party transaction technology to the tricky sector.
