Finextra’s Hannah Wallace reports on day two of the FusionONE open banking developer conference to learn more about Finastra’s vision for the future of banking re-engineered upon APIs and open platforms. We gain exclusive insight from the developers into what's exciting them most about FusionFabric.cloud and how they are looking to innovate and create using the platform.
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American Express (NYSE: AXP) has joined forces with North America’s largest public transportation agency, New York’s Metropolitan Transportation Authority (MTA), to bring contactless payments to transit riders in New York City.
American Express believes contactless payment capabilities can foster a more efficient and user-friendly payment experience for its Card Members.
Starting on May 31, American Express® Card Members can begin using their contactless-enabled Cards or Cards in digital wallets through MTA’s new contactless fare system – One Metro New York (OMNY). During this pilot period, riders can tap their contactless-enabled Cards and smart devices, on a full-fare, pay-per-ride basis, on the 4/5/6 lines between Grand Central-42 Street and Atlantic Av-Barclays Center as well as to board all MTA buses on Staten Island. By late 2020, OMNY will be available throughout the entire New York City subway system and on all MTA bus routes.
Starting May 31, 2019, American Express® Card Members can use their contactless-enabled Cards or Cards in digital wallets through MTA’s new contactless fare system.
To help foster adoption of contactless payments in the MTA and beyond, beginning in July, all newly issued and replacement U.S. American Express Consumer Cards will be contactless. The contactless feature is now available on all U.S. American Express Consumer Cards upon request through AmericanExpress.com, the Amex Mobile App, or by phone.
“We’re committed to making contactless accessible for our Card Members in the U.S. and are working with merchants across the country to make this a reality,” said Jaromir Divilek, Executive Vice President, American Express. “Around the world, once consumers have experienced the speed, convenience and security of contactless payments in their transit system, they are more likely to tap-and-pay at restaurants, retailers, and more. We are excited about the benefits contactless can bring to both our U.S. merchants and Card Members.”
American Express is collaborating with Cubic Transportation Systems, a leading provider of transit fare solutions, to integrate contactless payments with the MTA and accelerate similar programs with other transit authorities worldwide. Working with Cubic, transit authorities can seamlessly accept American Express for their contactless transit entry.
American Express has a long history of offering and enabling contactless payments around the world. The company supports contactless payments in many countries globally, from the U.S. and Canada to the UK, Spain, Germany, Australia, Hong Kong, and Japan. The company has also worked with transit agencies globally as their systems have moved to contactless, from the Tube, trains, and buses in London, to ferries, trains, and light rail in Sydney.
UK startup Amaiz has launched an app-based specialist banking service for freelancers, gig workers, entrepreneurs and contractors.
Amaiz is one of several fintech startups working to build banking services for a largely-ignored but fast growing segment of the population - gig economy workers and sole traders.
The firm is offering a business current account with a smartphone app that gives users a host of tools designed to free them of admin and paperwork.
The app can be used to create and send customised invoices, categorise expenses charged to a Mastercard card, manage direct debits, and get snapshots of cashflows and balances.
Amaiz is also offering a human element, with users able to chat with a customer care team member 24/7 and even ask advice from accounting experts.
The app is currently free for the first three months, with a flat monthly fee of £9.99 thereafter.
The largest book seller in the UK, Elliott Advisors Limited, is acquiring Barnes & Noble in an all cash transaction. Learn the details and what the agreement means to the future of the gigantic book store chain.
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EMVCo has released EMV Secure Remote Commerce (SRC) Specification v1.0, which is available for free public download from the EMVCo website.
The specification provides a foundation that will enable the processing of e-commerce transactions in a consistent, streamlined fashion across a variety of digital channels and devices, including smartphones, tablets, PCs and other connected devices.
The publication of EMV SRC v1.0 follows a public consultation period on the draft specification in Q4 2018, which allowed as many payment industry participants as possible, including merchants, card issuers and payment networks, the opportunity to review and contribute.
In parallel, EMVCo has launched a new payment icon that offers a consistent visual element which will signal that EMV SRC is being used as a foundation to process card-based payment transactions in remote-checkout environments, including websites and apps. The icon will become a trusted, easy-to-recognise visual symbol which conveys to consumers that they can expect an easy, smart checkout wherever it appears, regardless of which payment card or channel they use.
Karteek Patel, Chair of EMVCo’s Executive Committee, comments: “The continued growth of global e-commerce requires reinforcing consumer convenience and confidence in payments. EMV SRC can deliver this while supporting the evolving habits of consumers as they migrate their shopping to PCs/ laptops, mobile devices and other connected devices of the present and future. The initial EMV SRC Specification enables the creation of a virtual payment terminal and is the first step in the journey to deliver the same confidence consumers all around the world have come to expect from EMV through their experience with EMV chip, contactless and QR codes.”
Consumers, merchants, card issuers, payment networks and other stakeholders may benefit from the SRC ecosystem. Consumers will be provided with a more consistent purchase experience. The reduced need for entering card and shipping information has the potential to lower shopping cart abandonment for merchants. SRC participants can also benefit from a simplified integration, thanks to a consistent framework and interfaces across the digital commerce environment.
EMV SRC is compatible with other technologies such as EMV Payment Tokenisation and EMV 3-D Secure.
Together with the launch of the payment icon, EMVCo has also released the corresponding Trademark Licensing Agreement and the Reproduction Requirements documentation for the use of the icon and call-to-action across remote-commerce environments. The icon and accompanying documents are available from the EMVCo website for royalty-free usage.
Amazon's 2-foot-tall orange robot, dubbed Pegasus, is already helping workers move packages at a sortation center in Denver.
Every day, retailers suffer from the effects of fraudulent returns, intentional returning or ‘wardrobing’ -- shoppers purchasing a garment to wear once with labels intact, and then sending it back to get a full refund.