The information you need to start your day, from PaymentsSource and around the Web:
Down under
Mastercard has opened the Australian Mastercard Global Tech Hub in St. Leonards, a Sydney suburb.
The center will have 550 staffers who will work on payment innovation, develop new payment products and collaborate with the card brand's business partners, reports
Payment tech sharing app
United Overseas Limited Bank and Grab have formed a strategic alliance to push digital finance in the two companies' addressable markets.
The bank will offer financial services to Grab's base of ride-sharing users with a particular focus on mobile-first and mobile-only users. Grab will also be able to offer new payment options via UOB's mix of payments technology.
A request
EBA Clearing launched a Request to Pay Task Force in the hope of forming a European request-to-pay product.
Request to Pay, or a means to encourage transparency and tracking, is part of digital invoice initiatives, faster payments, and open banking PSD2-style products which rely on information sharing between banks and technology companies.
EBA's task force includes 28 financial institutions in 14 countries and hopes to deliver the blueprint for a Request to Pay framework during the first half of 2019.
Crypto court
Ripple filed a motion to transfer a class action suit from a state court to federal court.
The plaintiffs contend Ripple's XRP token is a security, which carries a higher legal and regulatory burden, particularly regarding sales to retail investors. Ripple contends XRP is not a security because it's distinct from
From the Web
CCN | Mon November 12, 2018 - Robinhood is no doubt quite a revolutionary start-up. They have managed to completely rewrite the rulebook when it comes to retail brokerage and trading. Using a no fees model, they are giving users the opportunity to purchase assets such as equities, Indices and cryptocurrency at the same rate as the institutional markets. Many view them as democratizing the investing space and leveling the playing field.
The Straits Times | Mon November 12, 2018 - Mobile wallets or e-wallets have yet to change payment habits among Singapore consumers, according to a Global Payments Report by payment processing company Worldpay. Credit cards continued to be the most preferred way to pay for online and offline purchases in 2017, according to the report.
CNBC | Fri November 9, 2018 - A data breach at HealthCare.gov exposed personal details of roughly 75,000 people, including the last four digits of the Social Security number, immigration status and employer name, the Department of Health and Human Services said in a letter to those affected on Friday. Last month, officials announced that the breach had occurred but did not provide information on what type of data was exposed.
More from PaymentsSource
Taking a cue from his previous success in commercial cash checking services, Conext CEO Michael Casalini hopes a Venmo-style mobile app that supports a quick conversion of checks to digital money can attract small businesses.
In its 10th year promoting an unofficial Chinese holiday celebrating singlehood, Alibaba’s online sales hit a record $30.8 billion (RMB213.5), exceeding last year’s record by 27 percent.
Hotel and airline breaches have become far too common, according to Pravin Kothari, CEO of CipherCloud.
The ploys vary widely—digital tracking, fee incentives and "coopetition"—but banks are turning up the volume on innovation to pry businesses away from checks and keep them from signing up with rival tech startups.
