The Briefing on Payments
The latest news, trends and data in Payments
Payments News in Numbers
Another cryptocurrency heist has succeeded. Hackers have stolen $41m worth of Bitcoin and other cryptocurrencies from Binance Exchange, forcing it to suspend withdrawals on the platform.
Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. Furthermore, the hackers used a variety of techniques, including phishing, viruses and other attacks to breach the hot wallet.
Modulr raises an additional £14m ($18m) investment. The Modulr platform delivers a fully integrated payment service. It provides clients with a fast, easy and reliable digital alternative to processing payments via traditional business and corporate banking.
Tinkoff’s stake in CloudPayments is now 90%. Tinkoff recently acquired an additional 35% stake in online payments solutions developer CloudPayments.
Tinkoff originally acquired a 55% stake in CloudPayments in October 2017.
JPMorgan Chase acquires InstaMed, a US healthcare payments firm. Acquiring InstaMed expands the bank’s suite of payment services designed specifically for healthcare consumers, providers, and payers.
The Key Moments in
Payments This Month
Barclays in-app account opening launches with new fraud warnings
Barclays in-app account opening solution launches, coupled with new fraud and scam warnings.
Digital interactions continue to increase globally. With this in mind, the financial industry is improving its speed and security across all channels.
Now, customers can use the Barclays in-app account opening function to open an account at their own convenience. In just a few taps, the new feature enhances the customer on-boarding journey.
Barclays believes that having an additional current account can often be helpful as a budgeting tool. Managing money and finding ways to save is important for consumers today.
Wells Fargo taps TransferMate for business banking tool
The partnership will deliver Global Invoice Connect to users. Furthermore, the platform offers electronic bill presentment in US dollars or in customers’ local currency.
TransferMate collects funds from customers located in over 50 countries around the world. This is through a local funds transfer in customers’ local currency.
Businesses around the world use Global Invoice Connect to reduce expenses. In addition, businesses will receive payments from global customers in a more seamless way. In addition, the solution improves cash flow by ensuring receipt of the full invoiced amount and receiving funds faster.
As digital interactions rapidly increase, the need to provide frictionless payment systems is more crucial than ever.
Currencies Direct expands its North America presence
International payments provider Currencies Direct has announced an expansion of its North America operation.
The announcement comes after Currencies Direct received regulatory approval to operate in both New Jersey and Washington.
Having launched its flagship US office in 2007, it currently operates in Florida, Georgia and North Carolina.
In addition, it launched its Developer Platform API, giving third parties access to its tech infrastructure.
PFS Launches Fitbit Pay in the UK
Customers of PFS in the UK can now add their Mastercard prepaid card to their device. This enables them to make payments on the go directly from their wrist.
Thus, FitPay users can leave their smartphone and wallet at home and make purchases wherever contactless payments are already accepted.
The integration enables the users of the prepaid card to make payments through Fitbit wearable devices.
Automation in Action
The latest companies to use AI to streamline their workforce
Pandora Automates 5% of Workforce
Music streaming service and Spotify rival Pandora has announced that it is laying off about 5% of its workforce in a bid to save around $45m a year. Jobs across several departments are being automated, including advertising, marketing and investment, as part of a wider restructuring to the company in a bid to maintain its presence in the streaming market.
Amazon Restructuring Sees Key Tasks Automated
Online retail giant Amazon has cut hundreds of jobs at its Seattle headquarters as the company reorganises to remove older departments and shift a growing number of tasks onto AI-based software. The company, which is enjoying strong growth, is reportedly restructuring to support future ventures, cutting some operating costs in the process.
Driverless Trucks Replace Oil Sands Jobs
Canada-based Suncor Energy has announced the layoff of several hundred workers as the company introduces autonomous haul trucks into its Alberta-based oil sands operations. The layoffs, which have prompted strong reactions from unions, are likely to be only the start, with Suncor planning to build a fleet of over 150 driverless trucks over the next six years.
Source: Global News
India Sees IT Layoffs in Tens of Thousands
Once one of the biggest employment sources in the country, India’s IT industry saw layoffs totalling over 56,000 in 2017, and is expecting to see further job cuts in the coming year. The layoffs have been largely due to digitisation and automation, which have dramatically reduced the number of workers required to maintain current operational levels.
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