I have been pretty quiet recently, focusing on work, work, work…. And looking forward to a chilled couple of weeks off. The world of payments continues to move at a swift pace. Check out the following top Payments News stories for July 2018:

1. Payments News – Cyber Security

• Digital bank Monzo fall victim, via a third party TypeForm, to a data breach
• Group-IB investigate an attack on Russian PIR Bank by the MoneyTaker hacking group
• Monetary Authority of Singapore (MAS) urges financial institutions to tighten their belts after a SingHealth cyberattack
• Kromtech share how credit card thieves are using free to play games to hack and launder their “earnings”

2. Payments News – Mobile Payments

• PayPal goes into M&A hunt, with a reported $3 billion a year to spend
• Following a fall in ATM transaction volumes LINK, the UK’s main cash machine network, will update the interchange rate
• Worldpay and Mastercard enter a global partnership to expand digital payments using ‘Pay by Bank‘ app
• WorldPay outline details of their Drone Pay proof of concept
• Chase Pay link up with Samsung Pay

3. Payments News: Blockchain / Digital / Crypto-currencies

• The we.trade blockchain platform built on IBM’s Hyperledger Fabric completes real time trades with multiple banks
• Hong Kong bank regulator along with 7 banks will launch a blockchain based trade finance platform
• IBM announce the launch of Stable Coins – a digital currency pegged to fiat currencies / assets such as gold
• Finextra highlight blockchain patents being sought by financial institutions
• Bank of England completes proof of concept analysing how a new RTGS service can co-exist with innovative payment systems such as those utilising DLT – (distributed ledger technology)

4. Payments News: Banks

• Bank of America adds fingerprint and facial recognition to CashPro mobile app
• UBS partners with IBM and FaceMe to develop digital assistants, in the form of their very own regional CIO, to help customers
• Citi partners with HighRadius to automate cash application (matching open invoices with payments received) for corporates
•  Deutsche Bank speed up account openings for corporates by introducing digital signatures
• TSB losses mount – following the failed IT migration – to £107 million

5. Payments News: Fintech

• The Government of Bermuda looks to change the Banking Act to encourage fintech innovation
• Oracle partners with B-Hive and selects Brussels as the hub for the implementation of its Fintech Innovation Program across Europe
• An IT glitch hits the UK Faster Payments system
• Starling Bank announce a new debit card

6. Payments News: Europe – SEPA, PSD2, Open Banking, GDRP

• Mastercard predicts that PSD2 will fast-track the implementation of biometric technology to authenticate customers
• Hong Kong Monetary Authority (HKMA) publish Open API Framework for the Hong Kong banking sector
• Commerzbank moves its SEPA payment processing to equensWorldline
• Finextra cover details of a OpenGov Open Banking survey

7. Payments News: SWIFT

• 10 corporates and 12 banks pilot the SWIFT gpi for multi-banking payment tracking

8. Payments News: Reports

• European Banking Authority release 2 reports:
  • Prudential Risks and Opportunities Arising for Institutions from FinTech
  • Report on the Impact of Fintech on Incumbent Credit Institutions’ Business Models
• HSBC – Human Advantage Report – The Power of People
• Bank of England – Discussion Paper – Building the UK Financial Sector’s Operational Resilience
• FCA Chair, Charles Randell, delivers a speech – How can we ensure that Big Data does not make us prisoners of technology?
• European Parliament – Competition issues in the Area of Financial Technology (FinTech)
• CapGemini – Growth in the machine: How financial services can move intelligent automation from cost play to growth strategy
• Skybox Security – Vulnerability and Threat Trends Report 2018 Mid-Year Update
• US Department of Treasury – A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation

That’s it folks! Let me know below if I missed anything important…

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