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Tech Talk: Real-time payments, facial recognition at ATMs, banking SMBs, and more!

Financial institutions join RTP network
Global standards for payments
UniCredit breached – again
A financial cyber crisis
Facial recognition at ATMs
Payment app for community banks
Banking services for SMBs
Uber branching into banking
Credit access for immigrants
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

Financial institutions join RTP network
Real-time payments (RTP) technology will enable financial institutions of all sizes to create new payment services as well as exchange non-payment messages and take advantage of other value-added features. The Clearing House (TCH) announced this week that fifteen financial institutions will leverage tech solutions provider Jack Henry's JHA PayCenter™ to connect to TCH's RTP network. JHA PayCenter is a proprietary payments hub that provides banks and credit unions with seamless connections to the faster payment network. PR Newswire has the details.

Global standards for payments
The global payments industry continues to expand and evolve as the demand for digital and faster payments from both consumers and businesses grows. Currently, each country has its own standards and methods dictating how money can be sent cross-border. Recent announcements from the U.S. Federal Reserve Board to develop its 24x7, real-time FedNow service and China’s central bank plans to roll out a state-backed cryptocurrency indicates that central institutions are seeking a more active role in the governance of payments. The increasing globalization of payment processing highlights the need for new standards to govern the flow of money and protect customer data, reports
Finextra.

UniCredit breached – again
In what is not its first [cyber] rodeo, Italian global banking and financial services giant UniCredit has been hit with yet another breach that resulted in the compromise of personal data of 3 million of its customers. Following two previous hacking incidents in 2016 and 2017, the firm reportedly invested billions to upgrade its cybersecurity profile. In this case, a compromised file generated in 2015 is believed to be the source of the security incident. The company asserts no account credentials or other data were exposed that could allow attackers to access customer accounts or effect unauthorized transactions, but the data could be used by criminals in phishing expeditions. Threatpost has the details.

A financial cyber crisis
According to economists and mainstream media, to coin a common idiom that indicates disaster is imminent, "The sky is falling" on the global economy and we are on the brink of a recession. With cyber attacks and data breaches increasingly targeting the financial and private sector, security experts predict that the next great crisis could easily originate in cybersecurity. Finextra has the details.

Facial recognition at ATMs
Facial recognition technology that uses a digital image to authentic a person's identity and doesn't require direct contact with the machine is increasingly being explored by banks and ATM deployers to shorten wait times and create a more secure, frictionless experience for ATM customers. Six months following its pilot run of facial recognition at select ATMs, Spanish lender CaixaBank is reporting marked success with the technology. ATM Marketplace has the details.

Payment app for community banks
Cardholder experiences that anticipate consumer needs and guide their spending habits, such as Apple Card, are in high demand with consumers who want more control over their finances. Digital card services provider Ondot Systems has launched a new Card App for debit and credit issuers that can be linked to the card issuer's mobile banking app. The app enables smaller institutions to provide their customers with cutting-edge card services with integrated fraud controls. Banking Dive has the details.

Banking services for SMBs
The U.S. small business market is estimated to grow to more than 42 million small businesses by 2020. Fintechs are aiming their products and services at this growing market segment. Small business lending startup BlueVine is launching banking services for small businesses in what the fintech firm asserts is democratizing commercial banking for small businesses, reports Business Insider. A US-based fintech backed by Softbank has launched a payments service for SMBs. Kabbage Payments will include free customer support, no monthly fees for invoices, and reduce the time it normally takes SMBs to get paid from 90 days to just 24 hours. Paypers has the details.

Uber branching out to banking
Much like Google and internet searches, the word Uber has become synonymous with ride sharing. Since it was founded in 2009, Uber has not only transformed the ridesharing industry, but delivers fast food and groceries, creates job opportunities for gig workers, and is even developing shared air transportation. The innovative company has branched into digital banking with the launch of Uber Money – financial services that include real-time wage payments and enhanced account features for Uber workers, a credit card, debit card and a digital wallet. TechCrunch has the details.

Credit access for immigrants
Of the 46 million people who have left another country to move to the U.S., a large number of those immigrants had prime and super-prime credit ratings in their respective countries. But they often face significant challenges when applying for credit in America. Global credit provider American Express and fintech startup Nova Credit have teamed up to offer a "credit passport" that lets immigrants share their international credit histories and convert the data into a U.S. credit score. Banking Dive 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...

Bluetooth technology has been around for two decades. While we use the technology with the unique name and iconic logo nearly every day on virtually every device we own, the story behind the origin and name of the wireless technology may surprise you.

First published on 11/01/2019

Briefing type:

Tech Talk

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