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The market is large and growing. We estimate the 2021 US market for platforms and enablers at $22 billion in total revenue across payments, lending, banking, and cards. We expect this market to more than double to $51 billion by 2026. The transaction value of embedded finance also will surge from $2.6 trillion to $7 trillion in 2026.

From Embedded Finance: What It Takes to Prosper in the New Value Chain | Bain & Company:

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The central banks of Sweden and Israel announced Wednesday (Sept. 28) that they will start exploring how central bank digital currencies (CBDCs) can be used for international retail and remittance payments in collaboration with the central bank of Norway and the Bank for International Settlements. The initiative, dubbed Project Icebreaker, will see the involved parties develop a “hub” to which participating central banks will connect their domestic proof-of-concept CBDC systems. However, because these CBDCs have so far been developed in relative isolation, how the digital shekel (Israel), the e-krona (Sweden), and the e-kroner (Norway) would interoperate has yet to be properly investigated.

From Facepay Debuts Text-To-Pay For Auto Repair Shops:

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Payments and lending will continue to be the largest embedded financial services but will be bolstered by the growth of adjacent value-added services, including insurance, tax, and accounting.

From Embedded Finance: What It Takes to Prosper in the New Value Chain | Bain & Company:

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Financial services embedded into e-commerce and other software platforms accounted for $2.6 trillion, or nearly 5%, of total US financial transactions in 2021, and by 2026 will exceed $7 trillion, our research finds.

From Embedded Finance: What It Takes to Prosper in the New Value Chain | Bain & Company:

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The operation requires one individual to be near the Tesla owner with their smartphone to capture data from the Key Card, while the other waits by the target vehicle with a device designed to to pick up data from their accomplice.

From Thieves can break into Tesla Model Ys in SECONDS using relay attack | Daily Mail Online:

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I’ve got a video of my Consult Hyperion colleague Stuart Fiske demonstrating a relay attack on a credit card from 2007 or so. It’s a well-known and well-understood threat.

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Financial institutions want law enforcement agencies to commit more time and resources to helping combat fraud in real-time payments even as the Consumer Financial Protection Bureau is looking into holding banks and payment processors liable for errors made by consumers.

Amid a massive increase in fraud, banks and payment processors claim they cannot be held liable when a consumer is tricked into sending a payment that later turns out to be a scam.

From Banks point to law enforcement for solutions in combating P2P fraud | American Banker.

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It is certainly an interesting debate. If you tell you bank to send money to a scammer, why is that your bank’s problem? If anyone should be held to account it should be the destination institution.

 

The consultants McKinsey have just published a “Technology Trends Outlook for 2022” which identifies trust architectures and digital trust as one of their key area of focus. I rather like their use of the phrase “privacy engineering” to encompass the techniques used to enable oversight, implementation, operation, and maintenance of privacy in order to deal with reduce risks to data privacy, improve resource allocation and embed privacy enablement into existing systems. As long time advocate of the use of priavacy-enhancing technologies (PETs) in the infrastructure for the digital economy, I am very happy to see mainstream management consulting take up the cudgel for change in this area.

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n obsessive ex-boyfriend has been ordered to pay his former lover £100 compensation for causing her ‘distress’ after he repeatedly paid money into her online bank account with abusive messages as the payment reference.

Jack Roach, 29, made 41 different payments into 24-year old Rachel Thomas-Tear’s Monzo account when she blocked him on social media following the collapse of their three-month romance.

From Ex-boyfriend repeatedly put cash in former lover’s account with ‘s**g’ and ‘tramp’ as references | Daily Mail Online.

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The NPP launched in 2018 and offers a 280-character description field that, in some cases, is being laced with serious abuse. The perpetrators of abuse were making low value transactions – often as little as one cent – as a means to reach their victims.

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Australian politician Andrew Bragg wants to prepare the country for the widespread use of China’s central bank digital currency, the digital yuan, according to a draft digital assets bill introduced on Monday.

From Australian Senator Proposes Crypto Bill Targeting China’s Digital Yuan.

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In their White Paper on the eAUD pilot, the Reserve Bank of Australia (RBA) and the Digital Finance Co-operative Research Center (DFCRC) in the Australian Government’s Department of Industry, Science and Resources set out an environment based on a private, permission Ethereum ledger. This platform will allow the third-party providers of end user services a variety of privacy options in which transactions and balances are or are not visible to other users depending on the use cases, although the RBA will in all instances have visibility over transaction values and account balances (though not the underlying identity of eAUD holders, which is held by the use case provider and/or KYC provider.)