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IndustryUpdate

region will cost 1.1 percent per transaction; established egory evolves. "It's crucial that banks act on their short-
rivals charge closer to 3 percent. term advantage quickly to avoid disintermediation by
TPPs as the open banking market evolves," added Elina
Rippleshot launches AI-driven fraud solution Mattila, executive director at Mobey Forum. "Consumers
trust their banks because no-one else does data security
Fraud analytics software company Rippleshot launched and privacy like they do – it's a cornerstone of their suc-
Rules Assist, an AI-driven decision rules analytics solu- cess."
tion to empower community banks and credit unions
in the fight against emerging fraud trends. Noting that Payvision ebook explores future of payments
top Fortune 500 financial institutions have embedded
artificial intelligence and machine learning into their Payvision, a global fintech and omnichannel payments
core business models, the company stated, "Faced with provider, released a new ebook that explores how the
more limited resources, community banks and credit next generation of payments is reinventing the shopping
unions often lack the technological edge to keep pace experience, giving merchants insight into key strategic
with innovations." These institutions will now be able "to retail trends. Payvision stated that by 2020, the spend-
cost effectively leverage AI and machine learning within ing power of millennials and Gen Z is projected to reach
their existing infrastructure without adding IT resources $1.4 trillion and $44 billion respectively, meaning that
or staff," Rippleshot added. the future payments experience will be largely driven by
their desire for instant, invisible payments.
RESEARCH The company found that consumer behavior, regulatory

developments and modern infrastructure are converg-
Data-driven commerce a game ing to enhance innovation and growth in the payments
changer for hospitality ecosystem, and it estimates that 56 percent of all ecom-
merce transactions will be paid through mobile wallets
FreedomPay recently published Hospitality 2020+ The by 2023, researchers stated.
Reasons Why We Talk About Data-Driven Commerce,
a report that details how enterprises seeking to get and TNS sees big opportunities at the pump
stay ahead in a highly competitive and changing hos-
pitality sector need to embrace a next-generation, fully A new report published by Transaction Network Services
integrated, customer-centric platform across all chan- suggests the majority of consumers are open to new
nels. experiences when they pay at the pump, which could
provide significant opportunities for retailers.
More efficient management of big data, and the delivery
of improved real-time business and customer intel- Titled The Market Opportunity for Secure Commerce
ligence, while enhancing existing legacy systems, will at the Pump, the report shares findings of a survey
allow them to satisfy the demands of increasingly tech- conducted among U.S., U.K. and Australian adults who
savvy and demanding consumers, researchers found. were asked about their usage of pay-at-the-pump facili-
FreedomPay also noted that travel and tourism (includ- ties and their willingness to engage with new technolo-
ing hotel, lodging and food and beverage) now accounts gies and services at the fuel dispenser. Among the find-
for over 10 percent of global GDP, and the global hotel ings were that 61 percent of all respondents said they
industry alone is worth $525 billion, with U.S. revenues prefer to pay-at-the-pump instead of paying the cashier;
upward of $200 billion annually. 73 percent of those from 25 to 34 years of age expressed
interest in buying other items at the pump; and 73 per-
Confidence in service providers cent of all respondents would be interested in receiving
critical to open banking a discount on fuel if they watch an advertisement at the
pump.
A majority of consumers would prefer their main
bank, not other banks or third-party providers (TPPs),
to be their primary source of open banking services, a PARTNERSHIPS
new pan-European study from Mobey Forum and Aite
Group revealed. Open Banking: Open Minds? Consumer Bluefin, AMP form strategic partnership
appetites for open banking services draws on a survey
of over 1,000 consumers in Finland, France, Germany, Advanced Mobile Payment Inc., a maker of smart ter-
Spain, and the United Kingdom. minals and payments solutions, and Bluefin, a provider
of PCI-validated point-to-point encryption (P2PE) solu-
The report highlights the opportunity for banks to create tions for retail, transportation, hospitality, healthcare
new open banking services and emphasizes that the win- and higher education, formed a strategic partnership.
dow during which consumers hesitate to share account AMP's family of smart android terminals is now fully
data with other banks and TPPs will close as the cat- validated by Bluefin, taking advantage of Bluefin's PCI-

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