The information you need to start your day, from PaymentsSource and around the Web:
Make a pitch
Like a Shark Tank for payments and financial developers, CIBC, Bank Leumi and National Australia Bank are jointly fielding pitches from payment apps and other financial technology companies through a portal called the
The banks hope to simplify collaboration with fintechs by communicating pain points and customer problems, then giving a way to submit proposals to people at the banks who are best positioned to make a decision.
The bank alliance is not a direct response to a regulation, though there's an applicability for
Revolut PR
Trudehope was a media advisor to former Australian Prime Minister Malcom Turnbull from 2004 to 2009, before resigning amid claims he was connected to a spoof video comparing a rival to Hitler, reports
Revolut has also faced a flurry of consumer complaints. The U.K.'s Financial Ombudsman service has received 171 claims from U.K. consumers over the past three years, reports the
Test drive
SBI Ripple Asia is testing Ripple's xCurrent Money Tap for in-store payments at a restaurant at SBI's headquarters in Tokyo.
The company wants to measure customer experience before full launch of the service, reports
Not impressed
The president of Germany's central bank has trashed blockchain, saying it doesn't improve time or efficiency for payments and other transactions.
Jens Weidmann, who is head of the Bundesbank, said a recently completed two-year trial did fulfill the basic regulatory features but the implementation was expensive and slow when compared to existing procedures, reports
While blockchain has made inroads with banks as a way to streamline some functions such as
From the Web
Economic Times | Mon June 3, 2019 - ACI Worldwide, a global provider of real-time electronic payment and banking solutions has made an undisclosed investment in Mumbai based Mindgate Solutions. The digital payments firm is a market leader in processing Unified Payment Interface (UPI) transactions, with almost 70% of all UPI transactions being processed on its platform.
The Straits Times | Sat June 1, 2019 - Hardly anyone is using the world's largest cryptocurrency for anything beyond speculation. Data from New York-based blockchain researcher Chainalysis Inc shows that only 1.3 percent of economic transactions came from merchants in the first four months of 2019, little changed over the boom and bust cycles of the prior two years.
Forbes | Fri May 31, 2019 - A new study conducted by security testing firm ImmuniWeb found that while companies have had ample time to get their sites and services up to date, many are still failing to meet some of the basic requirements set forth by GDPR.
More from PaymentsSource
The stocks of a wide swath of publicly traded payments companies are rising faster than the overall S&P 500 index, potentially fueled by several mega mergers in the first half of 2019.
Retailers shouldn’t be looking to reinvent consumers. The first generation of digital natives, by age or attitude, are the consumers of today. They are reshaping the world in their own image.
Password management app and secure digital wallet provider Dashlane completed a $110 million Series D funding round led by Sequoia Capital. It also hired Lyft’s chief marketing officer, Joy Howard, to take the same role at Dashlane.
London-based processor Checkout.com’s recent $230 million Series A investment is an indicator of investors’ huge interest in cross-border e-commerce and payments in emerging markets.
