A library of snippets
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Amsterdam Falafelshop owner Matt D’Alessio said he stopped taking cash in December when he realized more than 85 percent of his customers — a mix of tourists and Boston University students — paid with plastic and that he could save employee time and payroll costs by eliminating cash registers and trips to the bank.
[From
No cash allowed: Stores refusing to accept money- Boston Globe
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Currently, approximately 400–500 of the company’s vending machines include cashless payment readers, which has resulted in about 32 percent of Coastal Canteen’s average machine sales coming from cashless usage.
[From
Cashless Payments Strengthen Consumer Choice | PYMNTS.com
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Large banks’ trading income in Jan-Jun was 37% lower than in 2015, confirming the diminished role it is playing since the financial crisis (it contributes only a tenth to total revenues any more). The emerging single largest problem, however, is fees and commissions. They dropped by a full 10% yoy to the lowest H1 level since 2009. This is confounding banks, which had pinned great hope on them to make up for shrinking interest income.
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Andrew Goodwill, founder of the Goodwill group, which fights fraud, said: “The ombudsman’s ruling, while it will not set a formal precedent, suggests there was a flaw in the due diligence that Lloyds should have carried out when the fraudsters’ account was opened.”
[From
Hope for bank fraud victims: ‘We were robbed of £47,000 – but the ombudsman took our side’
]
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Ninety percent of the rise in online fraud in the last year can be explained by EMV alone
From Report: Online Fraud Attack Rate Increases 137% YoY – Sept. 1, 2016 CardNotPresent.com
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I’m pleased to announce the release of our first whitepaper on Corda: an introductory, non-technical overview that explains our vision, some design choices and outlines the key concepts underpinning the platform.
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The rigorous KYC procedures at US banks
the New Jersey-based crime ring created more than 7,000 fake identities to get tens of thousands of credit cards
From Woman Gets 3 Years for Role in $200M Credit Card Fraud Scam – ABC News
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Barclays slated after CIO takes a year to open a bank account
: “An adviser to a new charitable incorporated organisation that spent more than a year trying to open a bank account has blasted Barclays for its onerous demands and disproportionate due diligence.”
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In a recent survey for VocaLink, some two-thirds of respondents said that they saw value in the establishment of a central KYC utility. They are wrong. We don’t need a central KYC utility, we need a federated reputation infrastructure. Or, to put it another way, a financial services passport (as I mentioned earlier in the year).
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U.S. banks want their customers to “zelle” each other.
From America’s Biggest Banks Have a New Name for Their Venmo-Killer: Zelle – WSJ
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Deutsche Bank’s chief executive has warned of the “fatal consequences” of the European Central Bank’s negative interest rate policy, which he said punished savers and could even undermine the recovery.
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According to McKinsey (2016), global payment revenues are around $1.7 trillion (and will be $2 trillion by 2020). Payments are around 40% of global bank revenues.
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There is an argument to be made as to how blockchain-based solutions should not have patents attached to them
From R3 Consortium Files Patent Application For Concord Platform – The Merkle
Just as well it’s not a blockchain then.
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