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.MAC UPDATES
Special Announcement - Virtual Regional Registration is Open!
Join the payments community for MAC’s Virtual Regional event on Tuesday, Nov. 9. This half-day virtual event will provide quick knowledge bursts on trending topics happening in the payments landscape.
Topics include:
- Surcharging and Cash Discount
- Card Brand Updates
- NFT - What You Need to Know in 10 Minutes
- Regulatory Updates
- Fraud Trends
- And much more!
This event will allow you an opportunity to ask subject matter experts your questions in an intimate environment. We encourage you to use this forum to seek guidance and best practices from your peers and brainstorm solutions to the challenges keeping you awake at night.
Plus, you will earn three CPP credits during this half-day event!
Register today to reserve your spot. The event is a complimentary MAC member benefit ($99 for non-members). Join today as a MAC member and extend a membership (and this free access) to your entire team.
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.INDUSTRY NEWS
9 tech and payment trends shaping community institutions' future
The Financial Brand
Keeping up with what is changing in banking is tough. Here are some of the most important shifts banks and credit unions should be up on to prevent more customers departing to fintechs, big techs or other enticing options at the click of a button.
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Boarding more merchants faster is key to growing a merchant acquiring business, but it’s risky. KYC due diligence is more than simply a required “tick-the-box” task—it’s the first and critical line of defense against boarding bad actors. This series is designed for risk managers looking to implement the latest advancements in KYC technologies to speed due diligence and underwriting while increasing revenue and compliance.
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£32 million of financial fraud stopped in first half of 2021
International Investment
Banks, building societies and Post Offices worked with the Police to prevent £32m of fraud in the first half of 2021, according to new figures from UK Finance.
This is up 65% compared to the same period in 2020, pointing to a surge in activity from scammers targeting vulnerable savers during the pandemic.
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Challenges and future trends in cryptography
Infosecurity
Cryptography: welcome to my world of confidentiality, integrity and availability. For the past 20 years, I have had the privilege of being part of the steady evolution of how organizations encrypt data and helping customers secure their most sensitive information: cardholder data, health records and payment transactions. Now in 2021, what cryptographic trends are we seeing in day-to-day business and beyond?
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Preventing payment fraud in a post-COVID world
IBS Intelligence
In the payment world, the change wrought by the pandemic has been stark. More of us are using technology to make payments in alternative ways. This has happened even amongst demographics that aren’t thought to be technically adept, with ECOMMPAY data showing that one in five (21%) 45 to 54-year-olds have increased their digital wallet usage during the pandemic, while more than half (51%) of over 55s say they have used a digital wallet.
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AgeChecker.Net is the leading provider in online age verification for age-restricted industries. Compliance for Tobacco, Vape, CBD, gaming, supplements and many more. Require your merchants to use online age verification for age restricted products. Protect your merchant portfolio by adding an additional layer of KYC compliance.
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Real-time payments poised to push the needle in ecommerce
The Paypers
In ecommerce, there was already a dramatic shift underway in terms of payment preferences. Since the pandemic, even more shoppers have moved online and are comfortable with the digital experience. Now, more than ever, they expect to be able to pay the way they want. Many larger merchants have added to their more established payment methods portfolio with local payments methods, especially when expanding into new markets. The pandemic has also driven shoppers to look for new ways to pay. We have seen significant increase in Buy Now, Pay Later solutions, as people want more control over their available funds.
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Late payments create 'dangerous domino effect' for businesses
TechRadar
Late payments aren't just affect the company waiting to get paid — they're disrupting the entire supply chain — and could even result in rising costs for consumers, or less ability to hire new workers.
These are the findings of a report from payments service provider GoCardless. Polling 500 UK decision-makers for the report, the company found that 86% agree — one late payment affects the entire supply chain.
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Credit unions turn to tech, education to blunt real-time payment fraud
PYMNTS
Real-time payments are quickly becoming table stakes in the high-speed digital world.
A survey found that the availability of real-time payments was a deciding factor for businesses when looking for a banking partner, for example, and four-fifths of companies said real-time payments have the power to fundamentally reshape how they conduct daily business. Almost one-third of customers said access to such payments is a significant consideration when picking a financial institution (FI).
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Promoted by LegitScript Negative-option billing, also known as continuity marketing, is a deceptive approach to ensnaring consumers in ongoing subscriptions without their express consent. LegitScript's new 13-page negative-option billing guide discusses important topics in this area, including how negative-option billing works, common red flags, and tips to minimize risk.
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Consumers want self-service checkout options but rarely get to use them
PYMNTS
As consumers continue to return to the aisles en masse, retailers are seeking new ways to keep them coming back, even when online and mobile options beckon.
One method of keeping consumers happy to be in a physical store is making in-store shopping more like the seamless, click-to-buy experiences consumers grew to love in 2020. Doing so, however, means implementing new ways of removing the pain points in shopping, such as long checkout lines.
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Are you ready for FinTech? Top countries that are providing new solutions
Finextra
I must admit that many countries are looking to become Fintech innovators since investments in the industry are impressive, and everyone wants to get their “piece of the pie”. However, the leadership still belongs to the ones who spotted the Klondike first: USA, Great Britain, Singapore, Lithuania and Switzerland. And all of them lead in the payment sector, DeFi and cryptocurrencies.
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PhonePe Pulse unveils interesting trends on digital payments in India
Sify
India's leading digital payments platform PhonePe launched PhonePe Pulse on Monday.
This is India's first interactive website with data, insights and trends on digital payments. This website analyses digital transaction habits of over 300 million Indians to show how India is paying, down to the district level.
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SurePay raises €12.2 million to help prevent payment fraud
FinTech Magazine
SurePay, inventor and provider of Confirmation of Payee (CoP) in the UK and Benelux, has raised a €12.2 million round led by Connected Capital with Iris Capital, joining Rabo Frontier Ventures to boost the company’s international expansion.
The company will use the funding to support the hiring of new business development teams in Germany, the UK, a cross-border team, and new IT experts to scale the technology platform and to further develop new solutions for their customers.
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Promoted by
Sysnet Global Solutions
| Are you ‘prescribing’ the right security solution to your merchants?
When it comes to small businesses, an all-in-one cybersecurity solution is just what the doctor ordered. |
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Promoted by
Select Choice
| The world is changing every day. Help your team stay ahead of the curve with people solutions from Select Choice. In our latest whitepaper, Making Moments Matter, you'll have access to leading research on staff and resource development. |
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Meet Uruguay's fintech tycoons powering payments for Netflix and Amazon
Forbes
Sporting a white t-shirt and slightly tilted glasses, the CEO of Uruguayan payments outfit dLocal Sebastián Kanovich, 31, cuts an unassuming figure on a late August video call. The globetrotting executive, who now lives in Tel Aviv, 7,400 miles from his longtime home of Montevideo, quickly deflects the questions about his company’s stratospheric rise and his own sudden wealth.
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