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.MAC UPDATES
Happy Thanksgiving from the MAC Board of Directors
We hope this Thanksgiving finds you healthy and happy. Thank you to the MAC Community for
your outreach and dedication to protecting the payment ecosystem amid these unique times.
Please take a moment to join the MAC Community on LinkedIn and continue virtually connecting as we head into the holiday season. Share with us your favorite Thanksgiving dish in the comments.
From the MAC Board of Directors
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New Webinar Announcement: December 9 at 2 PM EST
The MAC Education Committee is pleased to announce a new webinar for December.
"Reducing the True Cost of Fraud to Your Business:
Reflections on 2020 and the Era of COVID-19”
This session will cover:
- A deep dive into how a fast-evolving global landscape has impacted different industries
- Exploration of which customer use cases have most targeted by fraudsters
- Examples of fraud stories from specific businesses with key mitigation strategies
- Recommendations for businesses to reduce their fraud costs
Register here: https://bit.ly/3pXxqjV
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.INDUSTRY NEWS
The cashless economy: How fintech is approaching the future of finance
Fortune
Cashless payments were on the rise before the pandemic hit, and now, eight months into its grip on the U.S., their use is accelerating even faster. This was the topic of conversation at Fortune’s latest Brainstorm Finance panel on the cashless economy. Host Jen Wieczner and senior writer Robert Hackett were joined by panelists Stephanie Cohen, chief strategy officer at Goldman Sachs, Anthony Noto, CEO of SoFi, Craig Vosburg, President of North America at Mastercard, Emilie Choi, COO of Coinbase, and surprise guest Nima Ghamsari, founder and CEO of Blend.
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HSBC introduces new real-time global payments tool
PYMNTS
HSBC is introducing a new real-time payments tool that will enable its 14 million international customers to transfer funds through a single account in 20 countries around the globe.
“As the world’s leading international bank, it is our ambition to put banking in our customers’ pockets, and create a top-tier borderless banking experience that lets them manage their finances whenever and wherever they want,” Matthias Dekan, head of HSBC Global Money, HSBC Group, said in a statement on Monday (Nov. 23).
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Finnish finance giant pilots fingerprint payments
Computer Weekly
OP Financial Group (OP) is working with Nordic service provider TietoEVRY to test out biometric payment cards that combine contactless and fingerprint verification. The technology will enable customers to make higher-value payments securely by requiring both the card and the fingerprint in order to make contactless payments.
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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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COVID-19 increases urgency for banks to transform payment systems as digital payments soar, finds research from Accenture
Business Wire
The rapid shift to digital payments due to the COVID-19 pandemic is urgently increasing the need for banks to modernize their payment systems, according to a new report from Accenture. The report, titled Playing the Long Game in Payments Modernization, is based on a survey of 120 payments executives at banks globally regarding the transformation of their payments business, as banks make multi-year investments to compete with non-bank digital-payments providers and comply with new regulations.
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Super Bowl goes cash free
Finextra
For the first time, this season's Super Bowl will be cashless after the NFL and partner Visa decided to accelerate the move to contactless payments because of the COVID-19 pandemic.
Super Bowl LV, taking place in Tampa Bay in February, will offer 100% digital payment acceptance for fans throughout the stadium on game day, including parking, concessions, retail, mobile ordering, and more.
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FinTech and healthtech startup Aya comes out of 'stealth' with $3.7 million CAD in seed financing
BetaKit
Toronto-based Aya, which creates payments solutions and program administration for employee benefits packages, has raised a $3.7 million CAD ($2.9 million USD) seed round of financing.
The round was led by MaRS Investment Accelerator Fund and Luge Capital with participation from Anthemis Group, BDC Capital, StandUp Ventures, and several angel investors. The new funding will be put toward Aya’s customer acquisition strategy, product development efforts, and expansion into the US market.
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Rap star, media mogul and civil rights icon bank on fintech change
BNN Bloomberg
Andrew Young has been a mayor, a U.S. representative, and the U.S. ambassador to the United Nations. Now he says he’s counting on a new digital banking platform, focused on Black and Latino communities, to address some of the systemic injustices he’s been fighting throughout his career. With rapper and activist Michael Render, better known as “Killer Mike,” and Bounce TV founder Ryan Glover, Young is helping to start Greenwood, named in honor of the Tulsa community known as the “Black Wall Street” before it was destroyed by a White mob in 1921.
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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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Contactless payments rise from pandemic lows, but mall foot traffic still weakened
PaymentsSource
In addition to monitoring the spike in contactless payments because of the COVID-19 pandemic, Verizon Business has also cited the expected decrease in foot traffic at the largest malls in the U.S. through its mobile data metrics.
When comparing the first week of November 2019 to the first week of November 2020, the data "handoff" metrics, or those that indicate when a data session moves from one cell site to another as users walk or drive around, has fallen 20%.
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YC-backed Cashfree raises $35.3 million for its payments platform
TechCrunch
Cashfree, an Indian startup that offers a wide-range of payments services to businesses, has raised $35.3 million in a new financing round as the profitable firm looks to broaden its offering.
The Bangalore-based startup’s Series B was led by London-headquartered private equity firm Apis Partners (which invested through its Growth Fund II), with participation from existing investors Y Combinator and Smilegate Investments. The new round brings the startup’s to-date raise to $42 million.
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Saudi Telecom's digital payments business plans Gulf expansion
Financial Post
The digital payments business of Saudi Arabia’s Saudi Telecom Company (STC), stc pay, is in talks with Gulf regulators to seek approval to operate in the United Arab Emirates, Kuwait and Bahrain, its CEO said on Monday.
STC said that Western Union, the world’s largest money transfer company, has acquired a 15% stake in stc pay for $200 million, valuing the business at $1.3 billion.
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AP automation: B2B's digital shift accelerates move to touchless payables
PYMNTS
In the continuous movement toward automating B2B payments — and especially payables — the pandemic is pushing firms to examine internal workflows and embrace the touchless process.
Robotic process automation and accounts payable (AP) automation can be blended into solutions that are verticalized for specific tasks. But in getting there, firms must overcome their inertia to become more fully digital.
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