Tech Talk: Big tech bank accounts, data sharing template, biometrics at the ATM, and more!

• Industry support for FedNow
• Data sharing API template
• Big tech bank accounts
• Mobile-only bank for SMBs
• Biometric security at ATMs
• Centralized social media payments
• Billion-dollar payment app
• Digitally driven banking
• Banks on the hook for holiday fraud
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

Industry support for FedNow
Earlier this year the Federal Reserve announced its plans to move forward in creating its own faster payments platform. Following the announcement, the Fed issued a request for comment on its proposed FedNow interbank payments network. The American Bankers Association and other industry players have expressed their support for the new real-time payment and settlement service, reports ATM Marketplace.

Data sharing API template
Open banking and APIs (application programming interfaces) that connect banks and fintech providers have the potential to significantly benefit consumers. The legal review process for the sharing of bank-held consumer data that ensures key data security requirements are upheld can be an arduous and impede API adoption. Developed in collaboration with its member banks, The Clearing House (TCH) has released a template designed to help banks link with fintech firms, connect to APIs and shorten the journey to financial services innovation. Global Banking and Finance has the details.

Big tech bank accounts
In the latest example of big tech's efforts to break into the consumer financial services space, Google has teamed up with Citigroup and California-based Stanford Federal Credit Union to roll out smart checking accounts to consumers early next year. The collaborative project, code-named Cache, will be an extension of the Google Pay digital payments system. The new accounts could provide the tech giant with a treasure trove of new consumer data. For Citigroup, the partnership will allow the bank to expand its reach without the need to build out its physical branch footprint. Banking Dive has the details.

Mobile-only bank for SMBs
Across the Pond, British banks are facing fierce competition from fast-growing startups like Monzo, Starling and Revolut that appeal to tach-savvy customers. HSBC, one of the largest banking and financial services institutions in the world, is rolling out a new cloud-based mobile-only business banking service in beta testing mode. HSBC Kinetic will offer automated onboarding, in-app overdrafts, a controllable debit card and a range of other financial management tools. Finextra has the details.

Biometric security at ATMs
With PINs and passwords easily forgotten or compromised and the rise in sophisticated skimming technology enabling criminals to pilfer card data from magstripe and EMV chip cards, the financial industry is increasingly exploring biometric options that deliver a smoother customer experience and mitigate fraud. While there are some drawbacks and obstacles to overcome with the technology, biometrics can provide a more secure and easier way to access cash. ATM Marketplace has the details and some current biometric uses on ATMs.

Centralized social media payments
Stirring up competition in the digital payments space and tying its multiple social media applications more closely together, Facebook is launching a payment system that will allow users to make payments across multiple platforms. Facebook Pay, which the social media giant has asserted is not connected to its Libra cryptocurrency project, will give users the ability to make P2P payments through Facebook Messenger and pay for purchases from select pages and businesses on Facebook Marketplace using PayPal or major credit and debit cards, reports Mobile Payments Today.

Billion-dollar payment app
To compete with digital innovators, global banks are investing billions of dollars in online and mobile services that help consumers manage their money. For corporate clients who want to make high-value payments from the convenience of their mobile devices, there's an app for that now too. Designed for corporate treasury departments and SMBs, Bank of America's CashPro app allows corporate clients to process billion dollar payments using their smartphones or other smart devices, reports PYMNTS.com.

Digitally driven banking
Digital transformation is impacting nearly every industry. In the financial sector, digital transformation, automation, AI and machine learning have led to faster and more cost-effective operations, regulatory compliance, and insights into consumer behavior and investment. According to a new report, Banking of the Future, Finance in the Digital Age, written by fintech expert Professor Markos Zachariadis for global bank HSBC, the proliferation of technology will enable banks to provide customers with hyper-personalized banking experiences and greater control of their personal data through digital ID profiles. CDO Trends has the details.

Banks on the hook for holiday fraud
Thanksgiving is just around the corner. The holiday that is celebrated in the U.S. and seven other countries around the world kicks off the unofficial holiday shopping season...and the most wonderful time of the year for fraud. Amid the hustle and bustle of online shopping using various payment methods, consumers unwittingly provide more opportunities for cyber criminals to pilfer payment data from multiple accounts. According to a new study released by digital risk protection company Terbium Labs, How Fraud Stole Christmas, the majority of those consumers will hold their bank accountable for fraudulent activity, regardless of how the compromise occurs, reports Business Insider.

Spams, Scams and Breaches

• Security Week: Tech support scammers exploiting Firefox bug
• Finextra: Global banks participate in ransomware attack simulation
• CSO: New self-cleaning JavaScript skimmer targeting ecommerce sites
• Krebs on Security: RAT author charged in international malware scheme
• SC Magazine: Russian operator of stolen card market charged in the U.S.
• Security Week: New malware linked to MaaS used by prolific crime groups

Updates, Patches and Alerts...

• US-CERT: Current Activity
• Security Week: Adobe patches vulnerabilities in design, web products
• Sophos: Nvidia patches graphics products and GeForce Experience update tool
• Security Week: SAP updates four Hot News notes on November 2019 Patch day
• Bleeping Computer: Microsoft's November 2019 Patch Tuesday fixes IE zero-day, 74 flaws

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...

With the busy holiday shopping season kicking off, you can pay for purchases quickly with innovative smart technology that doesn't require searching for a card or pulling out your phone. UK-based DressCode Shirts designed a contactless payment module you can wear.