Published
- 07:00 am
Technical body EMVCo has publicly released EMV® Secure Remote Commerce (SRC) – Technical Framework version 1.0. The framework describes the roles, high level processes and data descriptions that enable card data to be protected and exchanged in a consistent and secure manner within the remote commerce environment. The technical framework will be followed by the publication of a detailed specification that defines the protocol and core functions.
Remote commerce refers to the purchase of goods and services by consumers via applications and browsers on mobile phones, tablets, desktop computers and Internet-connected devices.
EMV SRC will address the complexities and potential vulnerabilities within the remote payments environment by defining a consistent approach to enable the secure transmission and interaction of payment card data among participants. This helps reduce exposure to data compromise and simplify merchant support of these solutions.
The goals of EMVCo’s SRC work are to:
· Extend the approach to security successfully utilised at the physical point-of-sale to the remote payments environment.
· Reduce ecosystem complexity by providing consistent and simplified integration processes and interfaces among stakeholders.
· Enhance the security of remote commerce websites and applications through the introduction of dynamic data to enable the secure transmission of payment and checkout information.
· Provide integration options for other EMV Specifications, including EMV 3-D Secure and EMV Payment Tokenisation.
· Reduce the requirement for cardholder data entry by enabling the consistent identification of the consumer, potentially lowering shopping cart abandonment.
Cheryl Mish, EMVCo Board of Managers Chair, explains: “Remote commerce is often initiated through the manual entry of cardholder data into a merchant’s, or other provider’s, website or application by the consumer. While data storage solutions to protect card and account data are widely implemented, the actual method of delivering the payment card data to the merchant has vulnerabilities that can potentially be exploited. As a result, multiple industry participants have worked to address these vulnerabilities by providing application-based solutions that deliver, among other things, a simplified consumer payment experience. As each solution is unique, however, independent merchant integration is required to facilitate the exchange of payment related information, leading to increased complexity.”
Mish continues: “EMVCo is therefore working with the payments ecosystem to define security improvements, simplify merchant integration and enable a consistent consumer experience for remote payments.”
The EMV SRC Technical Framework received extensive feedback from EMVCo Associates throughout its development, and EMVCo encourages continued input from interested parties via its Associates Programme. To receive advance notification of future developments and stay informed on this initiative, become an EMVCo Subscriber.
Jack Pan, EMVCo Executive Committee Chair adds: “As payments technologies advance, the EMV Specifications evolve to address emerging challenges and meet new requirements. EMVCo has the strategic breadth, industry knowledge and technical ability, coupled with a proven record of specification delivery, to facilitate the development of secure and interoperable remote payment solutions.”
- 02:00 am
Funded by BNP Paribas Cardif and managed by Cathay Innovation, a leading global venture capital firm, C. Entrepreneurs supports startups from all countries that develop technologies and services that are reshaping the insurance world. C. Entrepreneurs will help Stratumn accelerate its strategy by focusing on business development and product design, as well as attracting talented individuals to join Stratumn’s international team.
The insurance sector is key to Stratumn’s Proof of Process Technology since the industry heavily relies on processes that involve numerous parties, whether partners or competitors, who need to exchange information in a fast, traceable, secure, auditable and confidential manner. It therefore represents a significant business potential for Stratumn.
Stratumn has already developed more than ten projects with large companies in the insurance, financial and supply chain fields and is currently France’s leading blockchain technology company in terms of staff and project development.
Richard Caetano, Co-founder and CEO of Stratumn stated: “We are delighted to welcome BNP Paribas Cardif among our shareholders through C. Entrepreneurs investment. Their deep expertise in the insurance field will help Stratumn further accelerate the deployment of concrete projects in this field, but also work on the company’s go-to-market strategy thanks to their sound knowledge of distribution networks. We are convinced about the value Stratumn can bring to the insurance industry and many others by using the blockchain technology and advanced cryptography to streamline interenterprise processes. We are looking forward to exploring every collaboration opportunity that this strategic investment will open.”
Thibaut Schlaeppi, Head of Startup relations & investments at BNP Paribas Cardif, added: “In insurance, business operations are often spread across several stakeholders, and this is the very case in BNP Paribas Cardif's B2B2C environment. Stratumn's technology not only could reshape endto-end processes management, but should also help tackle the stakes of privacy compliance, thanks to advanced cryptography. We are thrilled to partner with Stratumn and support their development.”
Jean-François Cochy, Principal at Cathay Innovation, concluded: “Stratumn is by all standards one of the most promising companies in the field of Enterprise blockchain and we are deeply convinced of its potential in France and internationally. We are very happy of this new investment as part of our strategic partnership with BNP Paribas Cardif and are looking forward to working with Stratumn team on its development plan.”
- 06:00 am
Squirro, an AI-driven advanced context intelligence and data insights solution provider, today announced the launch of Squirro Search™ on the Salesforce AppExchange, empowering businesses to connect with their customers, partners and employees in entirely new ways.
Squirro Search is a contextual search tool that allows users to search across their customer data in multiple Salesforce instances. It goes far beyond traditional search tools to include not only data held within their Salesforce instance but also the data in other enterprise systems too, both structured and unstructured. Squirro Search is a solution for discovering and unifying customer data across Multi-Org environments.
Squirro Search
The ability to search across all enterprise systems, such as customer support, billing, intranets or even news from the internet relating to that customer, offers a true 360-degree view. Squirro’s contextual search technology will also provide related customer information with each query. This allows a deeper understanding of customers and their preferences and intent, while the Graph View shows contact points within an organization.
Squirro Search is available to Salesforce Sales Cloud and Service Cloud users and utilizes artificial intelligence (AI) and machine learning to access unstructured enterprise data and include sentiment analysis as it provides an understanding of an organization’s customers.
Built on the Salesforce Platform, Squirro Search will be available on the AppExchange on Monday 6th November.
Comments on the News
● “We have taken what we previously offered to customers on a bespoke basis, combined with machine learning and AI, and made it available to Salesforce users,” said Dorian Selz, CEO, Squirro. “Allowing users to search their unstructured data along with the ability to search across multiple Salesforce instances is a powerful proposition, and provides users with a deep and through customer understanding and insight.”
● “Everyone and everything is getting smarter and more connected than ever before, and companies are looking to transform the way they connect with customers, partners and employees,” said Kori O’Brien, SVP, ISV Sales, Salesforce. “By leveraging the power of the Salesforce Platform, Squirro provides customers with an exciting new way to search customer data, learning what those customers want and using that insight to reduce churn and improve service levels.”
- 02:00 am
SimCorp, a leading provider of investment management solutions and services to the global financial services industry, announced today that The Bank of Thailand, Thailand’s central bank, has selected SimCorp Dimension as its new investment management platform to support the reserve management and monetary policy operations of its USD 226 billion reserves.
Thailand is one of the most advanced emerging markets economies in the region. The Bank of Thailand’s acquisition of SimCorp’s best-in-class technology is a key element in realizing its Internal Excellence Strategy, which among other aims to secure Thailand’s sustainable economic well-being. SimCorp Dimension sets the foundation for global best practices in investment management, essential to the bank’s mission of economic and financial development.
By integrating all operations onto a single system, the bank will have a unified view of assets for risk assessment and compliance at all times. Equally important, the cross-functional solution will enable The Bank of Thailand to establish higher levels of process automation, scalability and agility to adapt to new, complex market conditions and demands.
Dr Amporn Sangmanee, Head of Reserve Management Department, Bank of Thailand comments: “After an extensive vendor selection process, SimCorp Dimension proved to be the most comprehensive solution to meet our requirements for integration, automation and transparency, all on a single platform. The system will allow us to consolidate our system landscape to achieve improved investment management capabilities.”
Oliver Johnson, Managing Director of SimCorp APAC comments: “It is an honor to be selected for the long-term partnership with Bank of Thailand and to be able to welcome this esteemed institution to the SimCorp community. This agreement further strengthens our position as the leading provider of investment management solutions for central banks and sovereign wealth funds. The bank’s strategic decision is also a great example for many asset owners across Asia currently striving to improve their investment management capabilities in-house. Market complexity will continue to strengthen the insourcing trend in Asia and the push for a real-time, integrated investment management solution,” concludes Oliver Johnson.
- 03:00 am
CloudCraze, an enterprise B2B commerce platform, has experienced significant momentum in B2B commerce, leveraging $20 million in funding and several major product releases to empower customers to blaze new trails. CloudCraze customers, Symantec, Univar, WABCO and others will speak to the transformative effect commerce has had for their businesses at Dreamforce 2017.
CloudCraze started 2017 off strong with a $20 million investment from Insight Venture Partners and Salesforce Ventures. This funding helped drive two major product releases that allow customers to get the most out of their CloudCraze and Salesforce investments. Recognition in The Forrester Wave(TM): B2B Commerce Suites, Q1 2017, The Forrester Wave(TM): B2B Commerce Suites For Midsize Organizations, Q3 2017, and The Gartner Magic Quadrant for Digital Commerce 2017 reinforces the value CloudCraze provides companies in the manufacturing, CPG and software industries.
"CloudCraze's trailblazing investments in digital innovation have helped our customers forge their B2B commerce paths and drive lasting change," said Chris Dalton, CEO of CloudCraze. "Whether they're embarking on B2B commerce for the first time, upgrading to cloud commerce, or launching a new business model, CloudCraze customers have the necessary tools to adapt and scale with the rapidly evolving B2B industry. We're excited to show Dreamforce 2017 attendees the transformative power of commerce on Salesforce."
CloudCraze's commerce innovation has enabled some of the world's iconic brands to maximize their growth potential through B2B commerce. This year's product releases have included enhanced subscription services, advanced merchandising, Salesforce Lightning components and robust APIs for platform flexibility. Built on the Salesforce Platform, CloudCraze gives customers unique access to a 360-degree view of the customer, fast speed to revenue and reduced costs.
At Dreamforce 2017, Symantec, Univar, WABCO and others will present their experience working with CloudCraze and the value its native Salesforce Platform has provided to drive innovation, enhance customer engagement, and increase revenue. Visit the CloudCraze Dreamforce page for details on session dates, times and speakers.
CloudCraze is a Gold sponsor at Dreamforce 2017, the most inspiring technology event of the year and the world's largest gathering of Trailblazers. CloudCraze is exhibiting at booth #317 and will have an industry kiosk in the Manufacturing Campground of the Dreamforce Customer Success Expo, showcasing its product innovation through demonstrations and customer use cases.
- 06:00 am
Path Solutions, a leading software provider for the Islamic financial services industry, today announced that it has once again been recognized as the gold category recipient of the ‘Islamic Finance Technology Provider of the Year’ award. The trophy was received by Mohammed Kateeb, the Group Chairman & CEO of Path Solutions at the IFFSA Awards 2017 in Colombo, Sri Lanka on Tuesday 24th October.
Path Solutions was conferred with the ‘Islamic Finance Technology Provider of the Year’ award in recognition of its commitment to the improvement of human welfare, economic empowerment and financial inclusion through building world-class Sharia-compliant software solutions to meet the needs of modern Islamic finance.
The 2nd IFFSA (Islamic Finance Forum of South Asia) & Awards, organized by UTO EduConsult together with KPMG Sri Lanka and Adl Capital, aims to create greater awareness on the potentials and opportunities brought about by Islamic finance to the region, and explore the issues related to its further development, progress and challenges. Mohammed Kateeb was selected to give the main address at the forum in an inspiring and insightful presentation, speaking about ‘Technology Impact on Future Financial Services’ to the delegates present representing several countries in the SA region and beyond. Kateeb took part as well in a panel discussion on ‘Fintech and its impact on the IBF industry’, where he shared his extensive knowledge and valuable insights, joining a list of distinguished speakers and panelists from across the world.
“We are honoured to be acknowledged for the second time by IFFSA Committee. It is great to see that Path Solutions continues to stand out from all competitors”, said Kateeb. “We have achieved and continue to maintain this position by being fully engaged in industry associations, organizations and conferences, staying connected with our clients, and investing heavily in R&D. We are always striving to enrich our suite of software solutions, while maintaining what makes us unique - innovation and service excellence. This award acclaims recognition to the company that has made the most significant impact in the area of information technology, specific to the Islamic finance industry. We are proud of being the technology partner for this segment, and part of the league that has contributed to its burgeoning growth”.
“Path Solutions is a great IT company widely acknowledged as being the best in the Islamic financial services marketplace. The company is passionately committed to bringing innovative and cost-effective software solutions to support the growth and advancement of the Islamic finance industry beyond its traditional geographical borders. There are great unmet needs in this region and it is our responsibility to shed light on Path’s outstanding journey”, commented Aakif Wahab, Group Executive Director of UTO Group.
- 04:00 am
Samsung Electronics Canada Inc. today announced the expanded availability of Samsung Pay, the widely accepted mobile payment system that works almost anywhere you can swipe or tap a card. Following a successful introduction with CIBC in the Canadian market, Samsung remains committed to enhancing Samsung Pay and making it a holistic digital wallet extending beyond credit cards with the introduction of debit cards and new partners including Interac Debit, Scotiabank, American Express Canada, ATB Financial, Visa Canada and Mastercard. In addition, Samsung Pay will be made available soon to Tangerine and Peoples Card Services customers.
"We are excited to deliver an industry-leading offering with Samsung Pay that redefines how to simply, more securely and conveniently use smartphones for a variety of payment experiences so that Canadians are not without the card they need," said Paul Brannen, COO and Executive Vice President of Samsung Electronics Canada.
According to insights shared through the 2017 Global Digital Banking Conference, cash usage in Canada has been in decline 5% per year on average, since 2011 and the majority of Canadians (close to 60%) have stated that they are comfortable using digital only providers for payments, a clear indication that Canadians are looking for a digital wallet solution.1
Samsung Pay provides consumers with a seamless mobile payment solution designed to offer:
- Simple: To make a payment on Samsung Pay, users can simply swipe up, scan their fingerprint or input their four-digit PIN, and tap to pay.
- More Secure: Samsung Pay uses three different levels of security to enable more secure payments – fingerprint or iris authentication**, tokenization and Samsung Knox, Samsung's defense-grade mobile security platform
- Widely Accepted: Users can pay almost anywhere you can tap or swipe your card*.
"As the first bank to offer early access to Samsung Pay in Canada for seamless tap and pay credit card payments, we are excited to provide our clients with another digital home for their CIBC debit cards," says Todd Roberts, Senior Vice President, Innovation, CIBC. "By delivering convenient and more secure payment options at their favourite retailers across the country, we continue to offer our clients the innovative digital solutions they are looking for."
Samsung Pay, a simple and convenient mobile payment service that works virtually anywhere you can tap or swipe your card,* is currently available in 20 countries around the world and has a strong alliance of partners and supports eligible credit and debit cards from more than 870 major global and regional banks around the world. Expansion in Canada will also continue into next year as other partners join.
"We're pleased to offer yet another way for Interac debit cardholders to pay using their own money," said Mark O'Connell, President and CEO, Interac Association and Acxsys Corporation. "Partnering with Samsung to bring Interac Debit on Samsung Pay to Canadians now means that no matter what device customers use, they have seamless digital payment experiences that are fast, convenient and more secure."
Samsung Pay is a widely accepted mobile payment system and the Canadian expansion of banks and networks begins today on compatible Samsung smartphones including the Galaxy Note8; Galaxy S8 and S8+; Galaxy S7 and S7 edge; Galaxy S6, S6 edge, and S6 edge+; Galaxy Note5 and Galaxy A5.***
- 08:00 am
NCino, the worldwide leader in cloud banking, today announced that IBERIABANK has selected its Bank Operating System to increase speed and process efficiency across several lines of business at the institution, including commercial and small business lending as well as treasury management.
Headquartered in Lafayette, Louisiana, IBERIABANK serves more than 228 branch offices in 10 Southeastern states. During an evaluation of its current technologies, the bank identified the need for a partner that would help optimize its processes to enable efficient and profitable growth. By leveraging nCino’s Bank Operating System, IBERIABANK is gaining a single, secure cloud-based platform, built on Salesforce.com, that combines customer relationship management (CRM), loan origination, deposit account opening, workflow, enterprise content management, business process management, digital engagement and instant reporting.
“At IBERIABANK, we pride ourselves on being a relationship-focused bank – the client comes first in all that we do,” explained Mike Boyd, director of strategic risk initiatives at IBERIABANK. “nCino will deliver a holistic view of our client relationships from the convenience of one platform, allowing us to present more timely, personalized offerings and better meet clients’ financial needs. This added transparency, process efficiency and seamlessness will help us strategically scale our operations as we continue to grow.”
By uniting commercial, small business lending and treasury management sales and onboarding onto a single platform, IBERIABANK will be able to streamline its processes and gain a more comprehensive view of each relationship. The automation gained from the Bank Operating System simplifies data entry, increases transparency and provides real-time visibility to both customer and bank employees.
“Leading institutions such as IBERIABANK realize that a high tech and high touch customer experience can’t be forgotten for the sake of scale,” said Josh Glover, nCino’s executive vice president of sales for the Americas. “Our cloud-based platform will enable IBERIABANK to optimize processes across multiple lines of business and enhance efficiencies in both the back and front office, supporting overall portfolio growth while enabling the bank to continue delivering superior standards of customer service.”
- 07:00 am
US Bank today announced Disbursements via Zelle and Supplier Prefer Pay, two new digital payment solutions that make it easier for corporate and commercial banking clients to transition from paper to electronic payments.
These solutions minimize the time and risk involved in the process of soliciting, storing and maintaining banking information for business and individual payees. Disbursements via Zelle and Supplier Prefer Pay are just two of the innovative payment options that U.S. Bank offers its clients.
“Organizations are looking for payment solutions that solve real-life challenges,” said Dominic Venturo, executive vice president and chief innovation officer, U.S. Bank. “With Disbursements via Zelle and Supplier Prefer Pay we make payables more secure and efficient for business clients by eliminating the upfront effort required to obtain the payees’ banking information.”
Disbursements via Zelle enables companies to send electronic payments to individuals using only their mobile number or email address. To make this possible, U.S. Bank uses the Zelle Network® and its real-time messaging capabilities to enable clients to send money to any payee with a bank account in the U.S., either in real-time or next day.
Supplier Prefer Pay is a complete solution to enroll and pay suppliers, offering multiple payment methods. It helps businesses migrate away from checks toward the expanded use of virtual card and ACH payments. Supplier Prefer Pay seamlessly processes vendor payments and provides detailed payment-related remittance information to the vendor.
“U.S. Bank continues to be a leader in financial services innovation,” said Rich Erario, executive vice president and head of Global Treasury Management, U.S. Bank. “These solutions are examples of how U.S. Bank is innovating using new payment technology to provide clients with effective ways of optimizing working capital and reducing overall processing costs.”
U.S. Bank has been working in the faster payments arena for years, and was well positioned to be one of the first financial institutions to partner with Zelle®, and among the first to launch its Zelle B2C payments capability this year.
- 02:00 am
CardFlight, a mobile point-of-sale (POS) technology provider and Beyond, a financial technology company that provides business tools and services, including payment processing, employee management, POS, and lending, to small and midsized businesses, announced that Beyond will offer CardFlight's SwipeSimple mobile point-of-sale.
This partnership extends Beyond's payment processing suite and allows small business owners to accept EMV chip card payments from their mobile devices.
SwipeSimple is a secure EMV-enabled mobile payment acceptance suite that includes an EMV chip card reader, mobile application for iOS and Android, and a back-office web dashboard for merchants to accept payments and manage their businesses. SwipeSimple provides key layers of security including point to point encryption and a PCI level 1 compliant payment gateway.
With SwipeSimple, merchants will be able to:
Accept EMV chip card payments on their smartphone or tablet
Manage their inventory in real-time, leveraging SwipeSimple's cloud-based inventory and item-tracking
Adjust tip and tax levels, through an easy to use tip and tax option interface
Accept payments without cellular data or Wi-Fi by enabling Offline Mode
Get smart analytics, with SwipeSimple's comprehensive reporting that enables merchants to make better business decisions
"At Beyond, we are committed to offering tools that meet the needs of business owners. SwipeSimple enables our clients to accept payments securely from their own devices with EMV enabled readers," said Robert O. Carr, Founder and CEO at Beyond. "Mobile payments with SwipeSimple bring a new addition to our suite of services allowing opportunity for businesses to grow."
"We're delighted to partner with Beyond and provide greater value to their clients by streamlining mobile payments processes," said Derek Webster, Founder & CEO at CardFlight. "Beyond is a leading and fast-growing payments provider and this partnership validates our commitment to serving the growing needs of small to midsized enterprises."
