Jumio Partners With Monzo For Customer Verification

Jumio has announced the partnership with digital bank Monzo, to verify new users and support know-your-customer (KYC) requirements.

Monzo will use Jumio’s Netverify to help verify customers who are moving from its prepaid card service to a full current account. This will enable the bank to comply with KYC requirements while removing the manual verifications from Monzo employees.

Jumio’s solution will also be used to verify existing prepaid card consumers and new people signing up for Monzo’s current accounts.

Jumio is an identity verification and credentials company that helps businesses reduce fraud. The company utilises proprietary computer vision technology to reduce customer sign-up and checkout friction.

IBM Builds Blockchain Technology for Seven European Banks

IBM has announced a blockchain technology that will be used by seven European banks, to facilitate international trade for small and medium-size enterprises.

Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit are part of the consortium.

IBM is building this new blockchain, Digital Trade Chain, to help parties track, manage and transact internationally. The tech solution will be built on Hyperledger Fabric, an open source blockchain framework, and will go live by the end of the year.

Wiebe Draijer, chairman of the executive board at Rabobank, explains that when a merchant sells goods to another party and those goods arrive, the blockchain triggers a payment to take place. The aim is to move the payment into that blockchain solution, when the payment in blockchain is ready to be robust for large-scale application.

Money 20/20 Europe: OT-Morpho Unveils Biometric Payment Card

“In a statement announcing the biometric smart card, OT-Morpho emphasized its use for everyday EMV payments…”

OT-Morpho has officially announced its biometric payment card solution at this week’s Money20/20 Europe expo.

Money20/20 Europe: OT-Morpho Unveils Biometric Payment CardThe card features NFC technology for contactless payments, and is EMV compliant. Of course, the standout feature is its embedded fingerprint sensor, with the card using OT-Morpho-developed algorithms to confirm the cardholder’s identity, and biometric data stored securely on the card.

In a statement announcing the biometric smart card, OT-Morpho emphasized its use for everyday EMV payments, but also noted that could be used to “help governments distribute social benefits, knowing that they reach no one else than the eligible (proof of life) citizen.”

The company did not mention the source of the card’s fingerprint sensors, but it’s worth noting that Mastercard’s trials of biometric payment cards earlier this year used a fingerprint sensor provided by IDEX together with technology supplied by Safran Identity & Security, which has since merged with Oberthur Technologies to form OT-Morpho.

Source: MobileID World

dLocal Integrates WeChat Pay, AliPay and UnionPay

dLocal has announced that it supports payments through WeChat Pay, AliPay and Union Pay on its platform.

Together, the three online payments providers cover 70% of the Chinese market which had a value of USD 2.9 trillion in online payments in 2016. The new integration allows merchants on the dLocal platform to reach 300 million Chinese consumers.

The company’s payments platform supports over 200 local payment methods used in emerging markets in APAC, Latin America, Eastern Europe and the Middle East. dLocal supports local credit cards, cash payments, and bank transfers in each region. Merchants that accept payments through dLocal can enable WeChat Pay, AliPay, and Union Pay with just one click.

The cross-border ecommerce market in China is booming. According to Boston Consulting Group, Chinese consumers spent about USD 750 billion online in 2016 and the ecommerce market will continue to grow by 20% annually.

Apple Pay Expands Widely in Russia

Apple Pay launched in Russia last month in partnership with Sberbank for MasterCard cardholders, and today the mobile payments service has expanded to nine additional financial institutions in the country.

Today’s additions include Tinkoff Bank, Bank Saint Petersburg, Raiffeisenbank, Yandex.Money, Alfa-Bank, MTS Bank, VTB 24, Rocketbank, and MDM Bank. Russian Standard Bank is listed as coming soon. The banks, just added to the regional Apple Pay website in Russia, support Apple Pay as of November 1.

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Eligible cards can be added to Apple Pay by tapping “Add Credit or Debit Card” in the Wallet app on iPhone 5 and later running at least iOS 8.1.

Participating retailers include ATAK, Magnit, Media Markt, Auchan, Azbuka Vkusa, bp, M.Video, TsUM, authorized Apple reseller re:Store, and elsewhere contactless payments are accepted. Burger King is also listed as a future partner once it implements contactless payments infrastructure in the country.

Apple Pay is currently available in the United States, Australia, Canada, China, France, Hong Kong, Japan, New Zealand, Russia, Singapore, Switzerland, and the United Kingdom. Apple Pay vice president Jennifer Bailey has said Apple is “working rapidly” to expand the service to additional countries in Asia and Europe.

 

Source: MacRumours