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.MAC UPDATES
Correction: MAC Announces New Board Members and Officers for 2020
What is an election process without a hanging chad or two? We apologize for an editing error that resulted in several standing advisors to the MAC Board not being included on the board announcement in the November 4th issue of MAC Dispatch. The missing paragraph reads:
The MAC Board also has a set of industry advisors selected by their respective organizations. Currently, these include John J Kieley, American Express; Scott Arndt, American Express; Carrie Back, Discover; David Press, Mastercard; Jonathan Trivelas, Mastercard; Jordan Bennett, Nacha; Jeannette Fox, Nacha; Troy Leach, PCI SSC and Elizabeth Scofield, Visa.
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Registration is still open for MAC Webinar: High on Payments
Join us for our next webinar, High on Payments — What’s New with our Friends to the North? on Friday, November 20, 2020, at 1:00 PM EST / 10:00 AM PST.
This session will examine new developments in Canada’s payments regulation, including the new proposed Retail Payments Framework, new requirements for acquirers under the Code of Conduct for Credit and Debit Card Industry in Canada. It will also examine Canada’s cannabis legislation and explore issues surrounding the processing of payments related to cannabis. Register here: https://bit.ly/3nddGH8
ETA CPP Continuing Education (CE) Credits
The MAC Webinar titled “High On Payments — What’s New with our Friends to the North?” on November 20, 2020, is approved for one (1) ETA CPP Continuing Education credit. Credit is earned at the rate of one credit per 50 minutes of electronic transactions industry-related session time, including questions and answers.
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.INDUSTRY NEWS
Touchless is pushing payments beyond the card
PYMNTS
Will anyone miss keypads when they go? Will POS terminals without a clear purpose make us long for the days of swiping plastic, punching buttons and squinting at tiny screens?
In a word: no. Touchless is here to stay. Now comes the work of embedding touchless payments anywhere and everywhere people might want them.
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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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China calls for deeper anti-monopoly oversight of fintech
BNN Bloomberg
China’s financial watchdog plans to step up oversight of monopolistic practices in financial technology, calling for preemptive measures to ensure fair competition and stability in escalation of a push that earlier this month halted Ant Group’s $35 billion initial public offering.
While encouraging innovation, regulators should pay close attention to the risks and challenges brought by digitization, Liang Tao, a vice chairman of the China Banking and Insurance Regulatory Commission, said at a conference in Beijing on Wednesday. Fintech doesn’t change the nature of the financial industry and should be subject to the same supervision and risk management requirements as banks, he said.
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Europe is planning its very own e-currency
Bloomberg
The European Central Bank appears serious about a digital euro.
Barely a month after the central bank issued a major report on the topic, and opened a public consultation, President Christine Lagarde said “her hunch” is that the euro zone could have its own electronic currency within two to four years. Provided the rest of the institution’s governing council agrees with her, this could put the ECB well ahead of other major western central banks — above all the U.S. Federal Reserve.
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Risk of fraud is the greatest concern for online retail during COVID-19
The Fintech Times
The survey also found that businesses feel the same concern is reflected among their customers. 60% of online businesses believe consumers are more concerned than ever about being a victim of fraud following COVID-19 and 76% have already noticed a change in the way their customers are making payments. When asked why, the highest number of respondents (40%) said they felt that consumers are looking for a more secure payment method.
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India's Paytm is not worried about growing competition in online payments sector, a top exec says
CNBC
Indian tech start-up Paytm is “super comfortable” with its position in an increasingly competitive payments sector in the country, a top executive at the company said recently.
Paytm is an ubiquitous name in India’s digital payments sector. Millions of Indians use the service to pay for things including utility bills, groceries, recharging mobile connections or buying movie tickets. Paytm is also a fully licensed digital bank.
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What are the top 10 trends that put you at risk of BRAM & GBPP fines heading into 2021? Download the guide and find out..
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Mastercard advances multi-rail strategy to modernize business payments
Yahoo!
Mastercard continues to deliver on its multi-rail strategy with the addition of Account-to-Account (A2A) payments functionality to Mastercard Track™ Business Payment Service.
This launch represents the next phase in Mastercard’s journey to modernize business payments by solving persistent pain points that Buyers and Suppliers experience today. Building on the success of card payments within Mastercard Track Business Payment Service, businesses can now have a similar experience for A2A payments — exchanging data with greater efficiency and facilitating payments across multiple payment rails including Real Time Payments (RTP) and the Automated Clearing House (ACH) in the United States.
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Bitcoin chose decentralization and immutability over payments, says Fidelity
Cointelegraph
"Bitcoin has failed as means of payment" is one of the prevalent criticisms of Bitcoin (BTC) that Fidelity Digital Assets is seeking to rebut. In a blog post published on Nov. 13, the firm took on six “persistent” criticisms, including Bitcoin's volatility, environmental wastefulness and use in illicit activities.
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SEC issues corporate fraud warning as BEC scams climb
PYMNTS
The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. This week's B2B Data Digest takes a look at the numbers behind those spikes, finding small businesses to be particularly at-risk. Plus, the latest allegations of fraud hit the PPE supply chain, and the U.S. Securities and Exchange Commission issues a dire fraud warning.
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The American consumer is flush with cash after paying down debt
Bloomberg
Eight months into the pandemic, Americans’ household finances are in the best shape in decades. It’s a seemingly incongruous thought, what with the widespread business lockdowns earlier in the year and coinciding surge in unemployment — and it certainly doesn’t apply to all families equally. But it points to just how strong the U.S. economy was going into the virus outbreak, and how powerful the combined monetary and fiscal response was from the Federal Reserve, Congress and the Trump administration. Record-low mortgage rates, reflecting the ultra-easy Fed policy, have prompted a steady wave of refinancing and allowed homeowners to reduce monthly payments or tap equity. Americans are also holding more cash, helped in part by stimulus from the government.
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Pandemic presents make-or-break moment for bank credit risk
Forbes
It is a critical moment for bank credit risk right now. While US banks were in reasonably good shape heading into the COVID-19 crisis — especially their Tier 1 ratios — credit levels were already high. The initial government stimulus programs have helped lessen the impact of the financial downturn, but many have run their course, and additional stimulus does not appear imminent.
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