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Tech Talk: A new API standard, cross-border mobile payments, RT fraud, and more!

  • Fintech charter challenge tossed (again)
  • A new SWIFT API standard
  • Cross-border mobile payments network
  • Banking RAT operates in RT
  • Debit card use and fraud is up
  • Innovating ATMs for the future
  • Innovative call center technology
  • Fintech to offer OD protection
  • Gig workers can find Numo at PNC
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

Second fintech charter challenge tossed (again)
Following an announcement from the Office of the Comptroller (OCC) that it would grant special purpose charters to fintechs, the Conference of State Bank Supervisors (CSBS) filed a lawsuit in May 2018 challenging the OCC fintech charters, asserting that the regulator may be skirting Congress and state laws. The lawsuit was rejected at the time because the OCC had not finalized the charter's framework. The CSBS refiled the suit in October and, for the second time, the group's attempts to block the OCC's authority to grant national bank charters to nondepository companies has been rejected, reports Banking Dive.

A new SWIFT API standard
The open banking ecosystem facilitates the sharing of data through APIs (application programming interfaces) that link banks' payment systems with third party providers. In an effort to increase operational efficiency and reduce risks associated with APIs, SWIFT has published a new API standard for the pre-authorization of funds. The second release of a universal suite of APIs the global financial networking platform is creating, SWIFT's Open Banking Extensions API standards is available for developers to adopt and use, reports

Cross-border mobile payments network
To foster collaboration and enable the development of cross-border mobile payments, a group of European mobile payment companies have launched the European Mobile Payment Systems Association (EMPSA). Additional mobile payment companies and countries are expected to join the EMPSA, reports Mobile Payments Today. In its move to create an independent solution to compete with major U.S. tech and payments players in the European payments space, the EMPSA will need to overcome some hurdles for the venture to be successful. Finextra has the details.

Banking RAT operates in RT
Technology has enabled consumers, businesses and financial institutions to monitor and conduct transactions in real-time to provide instant solutions, efficiency and responsiveness that streamlines and enhances the user experience. Fraud prevention technology is helping security teams in the financial sector detect and mitigate fraudulent activity before it occurs. Unfortunately, the same benefits the technology lends to security teams is being exploited by malicious actors. An Android RAT (remote access trojan) is stealing banking information and relaying the data in real time to its operators, reports Threatpost.

Debit card use and fraud is up
To avoid the credit card debt trap, today's millennial and debt-conscious consumers are increasingly using debit cards for frequent purchases both in-person and online. While the migration to EMV cards and technology has helped reduce counterfeit card fraud losses significantly, criminals have turned their attention to CNP (card-not-present) channels that don't afford EMV protection. PaymentsSource has the details.

Innovating ATMs for the future
When the ATM launched over fifty years ago in 1967, it transformed the banking sector. Mobile banking, contactless payments, and other emerging technologies have since reshaped global financial services. With traditional bank branches being phased out in many remote regions, the industry can leverage innovative technologies to reinvent ATMs that function as modern financial services terminals for consumers in all regions, reports ATM Marketplace. Financial services technology provider Fiserv is launching an Interactive Branch Kiosk that deploys the latest technology to offer advanced transactions and an integrated palm-vein reader for easy, secure biometric authentication. ATM Marketplace has the details.

Innovative call center technology
Today's call centers face growing challenges associated with providing innovative, robust and secure customer service via multiple channels. To authenticate consumers quickly and accurately, call centers are leveraging the latest technologies, such as artificial intelligence (AI), biometrics and multifactor authentication (MFA). PYMNTS Call Center Commerce Tracker report highlights how TD Bank and other financial firms are innovating call centers with voice-based and other AI-powered applications. has the details.

Fintech to offer OD protection
Overdraft fees are one of the top complaints consumers have about bank fees. During the first half of 2019, the Consumer Financial Protection Bureau's complaint database received roughly 1,200 complaints about overdraft policies. Digital banking startup Chime is offering its five million customers some relief from overdraft fees. The San Francisco-based fintech, an FDIC-insured mobile bank with no physical branches, has announced plans to introduce a new overdraft initiative they have aptly called SpotMe. has the details.

Gig workers can find Numo at PNC
Propelled by a tumultuous economic climate and generational trends, the freelance or "gig" economy – independent contractors who fill temporary, short-term or subcontracted assignments – has experienced exponential growth in recent years. Fintech startups have been fueling the gig economy with financial products and services that meet their unique needs. PNC Bank has created an internal startup, dubbed Numo, to test a mobile bank account tailored for gig economy workers. Forbes has the details.

Spams, Scams and Breaches

Updates, Patches and Alerts...

See what other current hot cyber and technology topics affecting financial institutions BOL users are discussing in the Technology Forum.

And on the lighter side...

How far will you go to protect your sensitive data? A community of biohackers are taking data security to a whole new level with DIY body implants.

First published on 09/06/2019

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