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JPMorgan Chase, Bank of America, Wells Fargo, and others, next year plan to launch Paze: a mobile wallet that will connect directly to the credit and debit card accounts of 150mn customers. The app will be operated by Early Warning Services, a bank consortium group that already runs payments app Zelle.

From Rival banks unite to take on Big Tech | Financial Times.

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 The banks are hoping to replicate their huge success with Zelle, which has quickly become the largest peer-to-peer payment app since its 2017 launch. Payments over Zelle rose nearly 30 per cent last year, to $629bn. That compares with just $244mn last year for Venmo, launched in 2009 and owned by PayPal since 2013.

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An alleged aircraft parts supplier, AOG Technics, for example, created an entirely fabricated history and employee base online to fool its buyers, including fake LinkedIn accounts and other bogus digital identities with pictures stolen from other sources including academic textbooks, Bloomberg reported Friday (Sep. 8).

From Unmasking Digital Imposters Is Rising Priority for Industrial Economy.

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Most banks right now are more focused on achieving regulatory compliance with the standard than deriving value from it. Recent Accenture research on commercial payments reveals that 60% of banks agree that keeping up with changes like ISO 20022 boosts their commercial payments innovation, while 29% said it limits their abilities in this regard.

When viewed in the context of initial ISO20022 message format adoption, this makes sense as a significant portion of the value of ISO 20022 compliance will only be unlocked when key categories of rich data are exchanged across players in the payments ecosystem.

We expect the purpose code, legal entity identifier, remittance data, structured address and extended character set categories to make the biggest difference, and their use will be mandated over the next few months and years. Taking the example of recent CHAPS migration, purpose codes will not be mandated until November 2024. Structured addresses, which are expected to significantly improve anti-fraud efforts, financial crime management and straight-through processing, will be optional until late 2025.

From Shifting from compliance to value with ISO20022 | Accenture Banking Blog.

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The new standard successfully launched globally in March 2023 with SWIFT CBPR+, and on the European Market Infrastructures of T2 (March 2023), Euro 1 (March 2023) and CHAPS RTGS (June 2023). Early data reveal a healthy level of payment traffic in the new MX format flowing through these market infrastructures.

For instance, in the three months following the SWIFT CBPR+ implementation, a daily average of 600,000 ISO 20022 messages were sent between more than 1,000 senders and 5,600 receivers across 200 countries. CHAPS, one of the largest high-value payment systems in the world, processes an average daily value of £344bn (USD434bn) across 192,000 transactions using ISO 20022. For T2 we see a daily average of 373,468 payments representing €1,877bn (USD2,028bn) in value, while Euro1 reports a daily average volume of 176,418 representing €190bn (USD205bn) in value.

From Shifting from compliance to value with ISO20022 | Accenture Banking Blog.

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A survey conducted by The Motley Fool Ascent found that the speed of transferring funds from the app to a bank account is the most important feature when choosing a digital payment app — which might get a boost in the US with the introduction of FedNow.

From (2) Issue #80: Europe Sees Fintech Funding Drop, JPMorgan Chase Partners With Gusto And Adyen Secures A UK Banking License.

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Vitalik Buterin told a packed audience that builders seeking a niche might consider developing a new type of enterprise blockchain based on Ethereum.

The Ethereum co-founder remarked on the progress made towards adoption of account abstraction, particularly by teams in East Asia building wallet software — part of a growth trend he sees in engineering talent in the region.

From Vitalik Buterin on building safer DeFi experiences, progress in East Asia – Blockworks.

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AT&T has emerged victorious in a lawsuit filed by prominent crypto investor, Michael Terpin, nearly six years ago over his loss of millions in digital assets following a SIM-swapping hack.

In mid-2017, hackers changed Terpin’s phone number to divert calls and messages after they bribed an AT&T employee to swap his SIM settings with their own.

From AT&T Off the Hook in $24M Crypto Sim Swap Case – Blockworks.

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The group stole some three million tokens, worth about $23.8 million. According to the criminal indictment, the tokens ended up in Truglia’s account and were converted to Bitcoin, with the proceeds shared among the participants.

From SIM-swapper gets 18 months, must pay back $20 million he stole from crypto investor.

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Caesars confirmed the breach in an 8-K filing with federal regulators published before the markets opened on Thursday, saying that hackers stole its loyalty program database, which includes customers’ driver license numbers and Social Security numbers for “a significant number of members in the database.” Caesars also said it has “taken steps to ensure that the stolen data is deleted by the unauthorized actor, although we cannot guarantee this result,” implying that the company paid the hackers’ ransom.

From Hackers claim MGM cyberattack as outage drags into fourth day | TechCrunch.

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Nearly $900,000 worth of crypto was reportedly drained from one of the hot wallets belonging to billionaire investor and Dallas Mavericks owner Mark Cuban.

From Mark Cuban loses $870K in hot wallet hack.

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