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The information you need to start the day, from PaymentsSource and across the web:
Security risk
Ripple may be leaving San Francisco due to a dispute over how the XRP token can be regulated in the United States
The blockchain company could end up in London, where XRP is expected to go unregulated as a title, a classification that carries stricter rules, he reports. CNBC, who interviewed CEO Brad Garlinghouse. Garlinghouse said the UK’s FCA has “made it clear” that XRP is not a security.
The SEC has not ruled on XRP, although it has suggested that XRP should be regulated as a security, causing a battle with Garlinghouse which has been raging for several years. Garlinghouse said that XRP and Ripple are separate entities.
Bloomberg News
Outsourced
Alliance Data Systems Corp. is moving its card processing services to Fiserv after years of in-house management for its private label, co-branded and commercial card portfolio.
Alliance, based in Columbus, Mo., expects the move to improve operational efficiency by adding new features and digital enhancements, ADS said in a press release.
This month, Alliance Data added tools that allow merchants to send offers to customers in real time with the ability to request credit directly from its trading partner websites.
Playing hard ball
A bill in China would ban all yuan-based stablecoins except the pending Chinese central bank digital currency.
The government is positioning the move as a way to prevent virtual currency risk, but it would hurt crypto companies in China that use stablecoins to trade, reports Coindesk.
China has made several moves over the years to reduce cryptocurrency, including definitive prohibitions. The digital yuan is in part an effort to stem the influence of cryptocurrency in China, as well as large Western technology and data companies.
Pact of networks
European payment technology company Nets has acquired CCV Schweiz, a vendor of point-of-sale terminals in Switzerland.
The acquisition will expand Nets’ markets in Germany, Austria and Switzerland. CCV Schweiz’s portfolio comprises 34,000 payment terminals. Terms of the deal, which is expected to close in the coming weeks, were not disclosed.
Nets is also the subject of a potential acquisition, such as Nets private equity ownersthey’ve been inviting offers from potential buyers in recent weeks.
From the web
African money transfer companies thrive as the pandemic spurs online remittances
REUTERS | Monday 26 October 2020
Having escaped from an economic implosion in his native Zimbabwe, Brighton Takawira was able to support his mother at home with modest earnings from a small perfume company he founded in South Africa.
India’s Future Retail claims to look into the order against Reliance’s deal
REUTERS | Monday 26 October 2020
Future Retail said Monday that it was reviewing an arbitration board order to suspend the sale of $ 3.38 billion assets to Reliance Industries and would take legal action to close the deal without delay.
PayPal releases Epik domain registrar on its “alternative” digital currency
ENGADGET | Sunday 25 October 2020
PayPal may be friendlier to digital currencies, but that doesn’t mean it offers everyone a free pass.
More from PaymentsSource
Real-time payments are changing the gig economy, real estate payments in small banks
Two smaller banks with surprisingly different roots – a startup financial institution in Irvine, California, and a 100-year-old bank based in Missouri – are seeing the emergence of similar trends in demand for real-time payments.
The shift to the right of SCOTUS puts the fate of fintech in the hands of the states
A limited federal government bound by the Constitution and conservative courts cannot easily exercise broad authority over digital finance, says DailyPay’s Matt Kopko.
Amex’s Recipe for Small Business Loans: Heavy on the Kabbage
With the COVID-19 pandemic creating unprecedented challenges for small businesses, American Express has increasingly targeted its investments in that niche.
Skip to offer instant purchases through Gmail
Skipify, an AI payments and commerce provider based in Cupertino, California, will power its 1-Touch payment technology through a new Shoppable Email program that also provides real-time product information and a shopping cart within the ‘e-mail.
A Biden win could increase long-stalled efforts to help the bankrupt
Financial stability was a key priority during Barack Obama’s presidency. As soon as Donald Trump took office, deregulation became a key goal. If Joe Biden is elected, the issue of financial inclusion could finally gain prominence in the realm of banking policy.
PayPal in talks to buy cryptocurrency companies, including BitGo
PayPal Holdings Inc. is exploring acquisitions of cryptocurrency companies including Bitcoin keeper BitGo Inc., according to people familiar with the matter, a move that would broaden its embrace of digital coins.
Great technology is the star of real-time payments
In recent years, big tech has been involved in a number of financial products spanning deposits, loans and credit cards and this trend will come to the world of real-time payments.
Ant’s IPO attracts Fidelity, T. Rowe Price, UBS Asset
T. Rowe Price Group Inc., UBS Asset Management, and FMR LLC, the parent company of Fidelity Investments, are among the fund managers looking for a piece of Ant Group Co.’s successful initial public offering, one person said. knows the matter.
Brick and mortar stores are using new payment technology to increase sales during the block
Small and medium-sized merchants in North America continue to struggle with the effects of COVID-19 on profits, but those who have developed an online presence and made changes to in-store payments have found the process to be a critical step.
PCI compliance is complicated, but it can be achieved
As fraud continues to increase, there are a number of steps merchants can take to achieve PCI compliance, says Qualpay’s Penny Townsend.
A debit account that rewards users for purchases from black companies
Media company Urban One has launched a new digital bank account aimed at black consumers that rewards users for shopping at black-owned businesses.
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