Payment Systems – Page 11 – FinTech and Blockchain Law Watch

A New Cyber Regulator on the Beat: The CFPB Issues its First Cybersecurity Order and Fine

Mar 09 2016

On March 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) instituted its first data security enforcement action, in the form of a consent order against online payment platform Dwolla, Inc.

The CFPB joins several other regulators that have recently issued statements or instituted enforcement actions in this space, including the Securities and Exchange Commission (“SEC”), Commodities Futures Trading Commission (“CFTC”), the Financial Industry Regulatory Authority (“FINRA”), the National Futures Association (“NFA”), the Department of Justice (“DOJ”), state attorneys general, and the Federal Trade Commission (“FTC”), which has been active in this area for several years.

To read more click here.

Payment Services and Money Transfer in the FinTech Space: What is Next?

Mar 04 2016

By Jacob Ghanty and Tom Wallace

On 23 February 2016 our London office hosted a seminar discussing the future of payments and money transfer and the opportunities and challenges for businesses in this space, featuring talks from leading industry experts Anthony Watson of Uphold Inc. and Jean-Stéphane Gourévitch of Matchi.biz, alongside our partners Jacob Ghanty and Tom Wallace. Find a link to the audio recording and slides of the event here.

London Calling: London FinTech Podcast

Mar 04 2016

By Jonathan Lawrence

If you’re interested in the industry view from London, how about listening and subscribing to London FinTech Podcast? It provides access to many of the leaders in the London FinTech space and provides podcasts discussing topics including start up and emerging growth, marketplace lending, crowdfunding, alternative currencies, payment systems, equity funding, invoice finance, investment and the existing financial services response to FinTech innovations.

ASX looking to replace CHESS with blockchain

Feb 25 2016

By Jim Bulling and Michelle Chasser

The Australian stock exchange ASX has announced that it has partnered with a US-based firm to develop distributed ledger technology, more commonly referred to as blockchain. The ASX is planning to develop the ledger technology for post-trade services such as clearing and settlement of the cash equities market. Unlike the bitcoin blockchain which operates as a public ledger, the ASX will use a private network which will only allow parties with permission from the ASX to participate.

Banks Partnering with Fintech Startups – Deutsche Bank, ANZ Bank

Feb 23 2016

By Jim Bulling

The banking industry is expressing overwhelming support for the development and use of new technologies to improve the banking experience and have expressed their desire to enter into partnership with Fintech businesses.

Tech-savvy Aussies Preference Digital Payments

Feb 04 2016

By Cameron Abbott and Meg Aitken

The number of Australian consumer using contactless payment mediums is on the rise. Statistics revealed in the World Payments Report 2015 ranks Australia behind only the United States, Finland and the Netherlands as the countries recording the highest number of non-cash payments per person.

NAB is the most recent big-four bank to respond to changing consumer behaviour in the market. This week, NAB launched a new payment solution that allows customers to ‘tap and pay’ on Android phones. NAB claims the new ‘NAB Pay’ facility is the first in Australia to utilise the Visa Token Service and enables customers to make contactless payments via the bank’s existing app without revealing their account details.

Read more about the new NAB Pay mobile payment service here.

FinTech Start-ups Shake up Banking Industry

Feb 03 2016

By Cameron Abbott and Meg Aitken

Tech start-ups are infiltrating the finance sector at a rapid rate, and customers love it. Changing consumer expectations and behaviours are forcing traditional banks to lower costs, be more efficient and provide better security in order to remain competitive.

Financial Innovation Now

Jan 31 2016

By Jim Bulling and Michelle Chasser

Rival technology powerhouses Apple, Google, Amazon, Intuit and PayPal have joined forces to form an advocacy group known as Financial Innovation Now, focused on enabling technological change within the finance industry. The group will work with policy-makers and key stakeholders to promote policies and regulations that encourage greater innovation in the financial services sector as well as ensuring that policy-makers understand the advantages that technology can bring to the industry.

Social media platforms launch “buy now” buttons for US consumers

Jan 28 2016

By Jim Bulling and Michelle Chasser

Twitter is changing the future of e-commerce by introducing a “buy now” button to users in the United States, making online shopping even more accessible to consumers. Twitter has joined forces with major e-commerce platforms Stripe, Shopify, Bigcommerce and Demandware to allow retailers to sell physical and digital goods and services directly through a simple 140-character tweet.

Category:Payment Systems