The information you need to start your day, from PaymentsSource and around the Web:
A setback for cryptocurrencies in Europe: It will be a lot harder to use cryptocurrencies for payments in Europe following Visa's suspension of WaveCrest-powered debit cards from BitPay, Cyrptopay and Bitwala, a move that primarily impacts European markets. The
London calling: Fears over
New U.K. payments regulator: The continued success the U.K. has a center of fintech innovation will rely partly on the work of Charles Randell. Randell has been appointed chair of the
Facebook makes friends with blockchain: While it's likely not related to Ripple founder
VC for crypto payments: Coinify has drawn investment to grow its already deep base of users and merchants.
From the Web
BBC News | Mon Jan 8, 2018 - A start-up which uses artificial intelligence technology to address the problem of late payments for small firms is to set up a base in Scotland. Previse plans to create 37 data science jobs in Glasgow, following an £800,000 grant from Scottish Enterprise. Its AI technology is designed to enable large firms to pay suppliers on the day they receive an invoice. It plans to start rolling out its first instant-payments programme with several blue-chip multinational buyers. The London-based firm's technology calculates a buyer's likelihood of paying an invoice. It then decides which invoices will be paid, so small suppliers can be paid instantly. Scottish Enterprise and Scottish Development International worked closely with the company to support its move into Glasgow.
CNBC | Fri Jan 5, 2018 - Digital currency ripple has blown past its cryptocurrency rivals largely because it is working with large institutions, which give it an aura of legitimacy and practicality. However, cryptocurrency enthusiasts say that centralization is the exact opposite of what the technology of the digital currencies should be about. "The reason ripple is surging so much is it's a bubble," said Erik Voorhees, CEO of digital asset exchange ShapeShift and a vocal advocate for bitcoin as a way to separate money and the state. "Testing crypto with banks doesn't make sense. The whole idea of crypto is you don't need banks."
The Times | Sun Jan 7, 2018 - Would you allow a company to access your current account details to work out whether switching to another bank or building society could save you money? The government and the banking industry want you to do just that. In less than a week, Britain’s largest current account providers will, with your express permission, be allowed to reveal information about you to third parties and other banks. They will be able to pass on not just your account number and sort code, but also details about your balance, regular direct debits and how often you go into the red.
More from PaymentsSource
With most of the major card brands deciding to no longer require signature authorization on card transactions, merchants want to see more network rules go the way of the dinosaur.
There's a clear interest in the airline industry improving the state of onboard payments, but innovations still lag the terrestrial retail sectors that have pushed advancements in mobile ordering, loyalty and in-app payments.
Most retailers still don't want to accept bitcoin, but that doesn't mean they want to be left out of the cryptocurrency craze.
U.S. financial institutions expect it will take another two to five years before consumers broadly adopt mobile payments, and most banks see more obstacles than opportunities in supporting these emerging payment technologies, according to a new study by the Federal Reserve Bank of Boston.
