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As Featured on Finextra.com

ISO preps blockchain standards

Blockchain technology holds immense promise to revolutionize financial transactions – and with it, improve a whole host of things from financial inclusion to efficiencies in government, health and all areas of business.

 

As Featured on CUInsight.com

To incent or not to incent? That is the question your credit union should be asking

It’s been about six months since the Wells Fargo incentive debacle hit the CFPB fan. Since that time many of our credit union clients have asked for a review of their incentive and total compensation programs to make sure they adhere to the required “effective controls and oversight” and their incentives don’t cause “significant harm to consumers posed by incentive programs”.

 

As Featured on PYMNTS.com

Target Sets New Record: Data Breach Settlement

Target Corp. will pay $18.5 million to settle claims related to the massive data breach that compromised 40 million customers’ credit and debit cards in 2013.

The retailer agreed on Tuesday (May 23) to settle up with the 47 states (plus the District of Columbia) that had filed against it after the breach, which Reuters categorized as “one of the biggest data breaches to hit a U.S. retailer.”

New York Attorney General Eric Schneiderman said the hackers had stolen access to credentials from a third-party vendor and used them to access Target’s gateway server where the credit card information was stored.

As Featured on PYMNTS.com

Google Using Card Data To Track When Users Visit Stores And Make A Purchase

Google has long claimed that the ads it shows users actually prompt them to make purchases online and in real life – and now they have the credit card data to prove it.

Google has begun using billions of credit-card transaction records – 70 percent of all transactions for credit and debit cards in the United States according to reports – to determine just how many sales are being generated by digital ad campaign. It’s a power that the Washington Post referred to as the Google achieving “the holy grail” of online advertising – and it’s awoken a new round of privacy debates about just how much Google knows about its users.

 

As Featured on AmericanBanker.com

Banks pour $107M into blockchain consortium R3

R3, the bank consortium that’s building a distributed ledger specifically for financial institutions, received its first wave of funding Tuesday morning — a cool $107 million from 40 of its backers. The money should give a boost to R3, which has suffered several defections in recent months. JPMorgan Chase, Goldman Sachs, Banco Santander, Morgan Stanley and National Australia Bank have pulled out of the group.

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