A library of snippets
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The fastest payment was sent from Australia to a UK beneficiary with confirmation of credit and funds available in just 36 seconds. SWIFT has recently announced a new gpi initiative that aims to make low-value cross-border payments faster, easier, more predictable, and competitively priced for SMEs and consumers.
From SWIFT runs gpi pilot with UK Faster Payments – ThePaypers:
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UK innovation agency Nesta has named Mojo Mortgages, Moneybox, Plum and Wagestream as the winners of its £1.5 million open banking competition.
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In the pandemic, people have flocked to instant payment apps like Cash App, PayPal’s Venmo and Zelle as they have wanted to avoid retail bank branches and online commerce has become more ingrained. To encourage that shift, the payment apps have added services like debit cards and routing numbers so that they work more like traditional banks.
But many people are unaware of how vulnerable they can be to losses when they use these services in place of banks. Payment apps have long had fraud rates that are three to four times higher than traditional payment methods such as credit and debit cards, according to data from the security firms Sift and Chargeback Gurus.
From When Your Last $166 Vanishes: ‘Fast Fraud’ Surges on Payment Apps – The New York Times:
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Tinkoff, the Russian challenger bank set to be acquired, has launched a financial messenger service in its banking app.
The bank’s early version allows consumers to chat while making financial transactions. Later versions will be integrated into Tinkoff’s business, investment and junior apps.
The service will allow users to share movie tickets and bookings, split bills, create group chats, as well as send videos and voice notes.
From Russia’s Tinkoff launches messenger service in its app – FinTech Futures:
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Crypto trading firm Alameda Research has today minted the largest ever quantity of WBTC, an ERC-20 token backed 1:1 by bitcoin, for yield farming.
From Alameda Research mints largest ever quantity of WBTC token for yield farming – The Block:
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Shopify has confirmed a data breach, in which two ‘rogue members’ of its support team were engaged in a scheme to steal customer data from at least 100 merchants.
From Commerce platform Shopify confirms data breach – ThePaypers:
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[“For instance,] the identity credential may be presented with only a portion of the information on the identity credential visible (such as the user’s name and birth date for proof of age),” says Apple, “and/or by providing a processed response to a request for information (e.g., ‘yes’ or ‘no’) based on information contained in the user’s identity credential.”
From Apple working on how to securely present electronic ID wirelessly | AppleInsider:
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A major Chinese city is giving away 10 million yuan in the country’s central bank digital currency this weekend. Recipients can use their digital yuan at 3,389 stores next week. The city aims for the giveaway to boost usage of the new government-backed digital currency.
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A major Chinese city is giving away 10 million yuan in the country’s central bank digital currency this weekend. Recipients can use their digital yuan at 3,389 stores next week. The city aims for the giveaway to boost usage of the new government-backed digital currency.
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Meanwhile in the UK, the government has been giving out money too, although sadly most of it has gone to fraudsters.
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A glimpse of the problem came last week when a report by the National Audit Office suggested that £26 billion may have been lost to fraud and defaults on the Bounce Back loan scheme, which provides firms with 100 per cent Government-backed finance worth up to £50,000.
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