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The Green SheetGreen Sheet

The Green Sheet Online Edition

November 26, 2018 • Issue 18:11:02

News Briefs

Editor's Note: Following are excerpts from news stories recently posted under Breaking Industry News on our home page. For links to these and other full news stories, please visit www.greensheet.com/breakingnews.php?flag=previous_breaking_news.

U.S. Payments Forum provides resources for new EMV use cases

The U.S. Payments Forum released guidelines for dual-interface contact/contactless card issuance, Canadian card acceptance, and mass transit service implementation. Randy Vanderhoof, director of the U.S. Payments Forum, said the guides, published Oct. 31, 2018, are designed to aid EMV implementation and address frequently asked questions.

"While the U.S. migration to chip payments is moving along smoothly, the forum is continually working to address areas that require cooperation or further implementation guidance as stakeholders introduce new features of the technology," Vanderhoof stated. "These resources directly address questions we have been hearing regarding Canadian chip card acceptance and provide guidance for issuers implementing dual-interface contactless and contact cards."

R.W. Bowker, sole keeper of ISBNs, hacked

Based on data published by the United Nations Educational, Scientific and Cultural Organization, and posted online in near-real time by Worldometers.com; 2, 220,185 new book titles had been published in 2018 at the time this article was penned. The United States is second only to China in the number of books published annually. U.S. publishers, from the largest conglomerates to solo authorpreneurs, who wish to release paperback and/or hardback books must purchase a unique International Standard Book Number (ISBN) for each through R.W. Bowker's site, www.myidentifiers.com (or obtain them from a provider that has purchased ISBNs from Bowker in bulk). R.W. Bowker revealed Nov. 1, 2018, that its site had been hacked.

Money20/20: a discussion with many threads

Following our first news story on the Money20/20 conference, "Money20/20 grows up, looks ahead," posted on Oct. 26, 2018, here are further insights offered to The Green Sheet by industry leaders during the event, which organizers described as a gathering place for financial professionals to interact and forge long-lasting professional relationships.

"This is not a customer acquisition show," said Christopher R. Kronenthal, president and chief technology officer at FreedomPay. "This conference is about engaging in conversations with the world's commerce leaders." Greg Cohen, president at Paya, concurred, stating, "It's amazing to see what our little industry has become, and the growth of fintech in the last five years, all come together at Money20/20. Where else can you run into so many people, from bankers to start-ups, in one spot?"

"A seamless and secure means to accurately identify each online user is fundamental to payments, commerce and finance, especially in an increasingly digital economy," Money20/20 organizers stated. "Identity thieves stole $16 billion from U.S. consumers in 2017 and almost 20 percent of financially excluded adults globally are denied access because they lack the legal documents to prove their identity."

Nehal Meta, president at Rainbow Password, GEOACL LLC and Startup City exhibitor, was pleased with the high level of traffic and interest in the exhibit hall. Her company's authentication and payment security products includes a technique that adds color to passwords. "People are interested in different technologies and new multilayered security solutions," she stated.

Faster payments: shoo-in for banks, long game for Fed

Three years after the Federal Reserve Board convened the Faster Payments Task Force and published its May 2015 report, Strategies for Improving the U.S. Payment System, payments analysts see barriers to implementing faster payments and real-time interbank settlement.

Aaron McPherson, vice president, research operations at Mercator Advisory Group, said the Fed's strategies now under review will have far-reaching effects on consumers, businesses and financial institutions. "How will merchants gain access to faster payment schemes?" he stated during Mercator's November 2018 quarterly analyst roundtable. "There is currently not a clear path; we still need to clarify pricing models, fraud management, the role of incumbent card networks and other P2P players."

The Fed defines faster payments as any monetary transaction that is secure, globally available, can be sent and received at any day and time, and provides recipients with irrevocable access to funds upon receipt. "This definition is aspirational, because we don't have a single platform with all these attributes," McPherson said. "Messaging, posting and settlement [are essential considerations]; not all platforms can do all three." end of article

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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