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NewsBriefs

Following are excerpts from news stories recently posted under Breaking The Wall Street Journal reported that Google's plan, code
Industry News on our home page. For links to these and other full named Cache, is to offer consumer checking accounts
news stories, please visit www.greensheet.com/breakingnews. beginning next year. The service would be offered
php?flag=previous_breaking_news. through the Google Pay app, but checking accounts would
be maintained at various U.S. banks. The mega-bank
Citigroup, is said to be partnering with Alphabet on the
project, as well as Stanford (University) Federal Credit
Union.

EMVCo ramps up engagement efforts

New study exposes cross-border cybercrime EMVCo, the global technical body that facilitates
worldwide interoperability and acceptance of secure EMV-
As the holiday season draws near, cybercriminals are compliant payment transactions, disclosed Nov. 19, 2019,
making lists and checking them twice, according to that it enhanced its EMVCO Associates Program (EAP)
a new study by Arkose Labs. The Q4 Fraud and Abuse to attract more like-minded organizations to its ongoing
Report cited a 70 percent increase in bot-driven account discussions and initiatives.
fraud. Researchers analyzed over 1.3 billion financial
service, ecommerce, travel, social media, gaming and Ideal candidates are companies that share EMVCo's
entertainment transactions between July 1 and Sept. 30, interest in integrating a range of technologies and
and found one in five account openings were fraudulent. acceptance methods into a unified international payments
framework, according to EMVCo representatives. EAP,
Arkose Labs CEO Kevin Gosschalk said, "One thing is established in 2010, is expanding participation to facilitate
clear: the way fraudsters are weaponizing compromised new approaches to EMV Specifications, stated Bruce
data from recent high-profile breaches highlights the deep Rutherford, EMVCo Executive Committee chair.
connectivity of the global cybercrime ecosystem that goes
way beyond selling stolen data or knowledge sharing," Sweet Honey deal set to expand PayPal's reach
he stated. "One attack is a precursor to another attack,
and they can be in two different industries, across two PayPal just paid $4 billion for Honey Science, a technology
different geographies." firm that develops browser add-ons that automatically
find and apply coupon codes for member shoppers at
Elavon to add Sage Pay, expand globally participating online stores. Honey claims 17 million
monthly active users worldwide and an online merchant
Global payments acquirer Elavon, subsidiary of U.S. base in excess 30,000. The acquisition cost works out to
Bancorp, disclosed that it entered into a definitive about $235 per active Honey user.
agreement to acquire Sage Pay, a U.K.-based payment
gateway and division of The Sage Group, a cloud solutions The acquisition signals that PayPal is willing to spend
provider. The $300 million agreement is expected to close big as it charts a course to "democratize" the shopping
in 2020, subject to regulatory approval. experience. In a blog post, Honey's co-founders, George
Ruan and Ryan Hudson, wrote, "PayPal's mission is to
Declan Lynch, CEO of Elavon Financial Services DAC, is democratize financial services and empower everyone to
optimistic that the newly formed entity will accommodate improve their financial health, one that aligns closely with
Sage Pay assets and staff. "We are thrilled to bring the ours."
talents and capabilities of Sage Pay employees to Elavon,
where they will be an integral part of our company that
is investing in the future," he stated. Elavon Financial A Also find us on lso find us on FFacebook, acebook,
Services DAC, doing business as Elavon Merchant L LinkedIn & inkedIn & TTwitter for the witter for the
Services, is regulated by the Central Bank of Ireland and mos
most up-to-date stories, t up-to-date stories,
the Prudential Regulation Authority.
c
can’t miss events and newest an’t miss events and newest
Facebook, Google, step up banking, payments forays ind
industry announcements.ustry announcements.
Fresh off a series of congressional inquiries, technology
giants Facebook and Google are planning to broaden their
reach with new payment and banking services. Facebook
stated it is consolidating payment functionality across
its social media apps – Facebook, Messenger, Instagram
and WhatsApp onto a single payments platform, called
Facebook Pay. Meanwhile, Alphabet Inc., parent of Google, h https://www.facebook.com/TheGreenSheetIncttps://www.facebook.com/TheGreenSheetInc
reportedly is working to expand its Google Pay app to h https://www.linkedin.com/company/the-green-sheetttps://www.linkedin.com/company/the-green-sheet
function more like a bank. h https://twitter.com/The_Green_Sheetttps://twitter.com/The_Green_Sheet

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