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BofA, First Data call it quits
The fallout from this spring’s slate of multi-billion payment company acquisitions began swiftly, as Bank of America on Monday announced plans to end its joint venture with First Data just hours after Fiserv’s acquisition of First Data closed.
First Data also has merchant services relationships with Citi, Chase and other large banks which could be impacted by the merger.
Breaches
The compromised data includes about 140,000 Social Security numbers and about 80,000 bank account numbers from credit card users, Bloomberg reports.
This news comes on the heels of an unrelated incident at Sephora, which has reported a data breach occurred over the past two weeks, primarily in New Zealand, Australia, Singapore, Malaysia and Hong Kong, reports
Ride share battle
Ride sharing companies in Southeast Asia have drawn huge investment, creating a high-stakes battle in the region as the companies diversify deeper into
Grab, which has raised more than $7 billion and has a valuation of $14 billion, is putting $2 billion from investor SoftBank into Indonesia to battle local ride-sharing company Go-Jek, reports
In the past year,
Ripple edges away from Facebook
Long before
As some members of Congress call for a halt to Libra,
Garlinghouse and Larsen also complemented the role of government, saying central banks play a "vital" role in issuing currencies and setting monetary policy.
Ransomware emergency
Louisiana Governor John Bel Edwards has declared a state of emergency following a ransomware attack on three school districts in the past week, including one that wiped out everything on the district's servers.
The districts are contending no sensitive information such as payroll was compromised, though it may be too early to know that for sure, reports
Local governments have been prone to ransomware attacks, including a 2018 attack in
Amazon pushes food delivery in India
While Amazon is battling U.K. regulators over its acquisition of food delivery company
Amazon will partner with Indian technology firm Catamaran for a restaurant order ahead and delivery service that will debut in time for a holiday spike in September, reports
Amazon also recently invested $80 million in its
From the Web
Reuters | Tue July 30, 2019 - China’s MYbank, an offshoot of Alibaba Group Holding Ltd, seeks to raise about 6 billion yuan (£716.5 million) in its maiden fundraising, valuing the online lender at 24 billion yuan.
The Wall Street Journal | Mon July 29, 2019 - United Airlines Holdings Inc. wants to help its passengers get through security faster. United said that it is taking an equity stake in Clear, a technology company that uses fingerprints and iris scans to verify a traveler’s identity at security checks.
The Motley Fool | Mon July 29, 2019 - Businesses have been paying the tolls of Visa and Mastercard's credit-card networks for decades. But Paystand CEO Jeremy Almond is building a much more innovative payment infrastructure.
More from PaymentsSource
What are the best ways to regulate fintechs, manage tensions in the dual banking system, or respond to Facebook’s Libra? Few people have had a better vantage point on those issues than Maria Vullo.
As checkout-free stores dramatically reduce — or even eliminate — the need for point-of-sale devices, terminal makers are turning their focus to multichannel services that can keep younger, digital-savvy customers coming into stores.
Glint has launched a U.S. version of its European gold-based debit Mastercard and app that creates an alternative currency for long-term savings as well as for use in spending on everyday transactions.
There’s been talk for years of fintechs disrupting banks. But the reality is that banks and fintechs depend on one another more than they compete.
