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NewsBriefs

Editor's Note: Following are excerpts from news stories recently posted Oct. 26, 2018, here are further insights offered to The Green
under Breaking Industry News on our home page. For links to these and Sheet by industry leaders during the event, which organiz-
other full news stories, please visit www.greensheet.com/breaking- ers described as a gathering place for financial profession-
news.php?flag=previous_breaking_news. als to interact and forge long-lasting professional relation-
ships.

"This is not a customer acquisition show," said Christo-
pher R. Kronenthal, president and chief technology offi-
cer at FreedomPay. "This conference is about engaging in
conversations with the world's commerce leaders." Greg
Cohen, president at Paya, concurred, stating, "It's amaz-
ing to see what our little industry has become, and the
growth of fintech in the last five years, all come together at
Money20/20. Where else can you run into so many people,
from bankers to start-ups, in one spot?"

"A seamless and secure means to accurately identify each
online user is fundamental to payments, commerce and
finance, especially in an increasingly digital economy,"
Money20/20 organizers stated. "Identity thieves stole $16
U.S. Payments Forum provides billion from U.S. consumers in 2017 and almost 20 percent
resources for new EMV use cases of financially excluded adults globally are denied access
because they lack the legal documents to prove their iden-
The U.S. Payments Forum released guidelines for dual- tity."
interface contact/contactless card issuance, Canadian card
acceptance, and mass transit service implementation. Nehal Meta, president at Rainbow Password, GEOACL
Randy Vanderhoof, director of the U.S. Payments Forum, LLC and Startup City exhibitor, was pleased with the high
said the guides, published Oct. 31, 2018, are designed to level of traffic and interest in the exhibit hall. Her com-
aid EMV implementation and address frequently asked pany's authentication and payment security products in-
questions. cludes a technique that adds color to passwords. "People
are interested in different technologies and new multilay-
"While the U.S. migration to chip payments is moving ered security solutions," she stated.
along smoothly, the forum is continually working to ad-
dress areas that require cooperation or further implemen- Faster payments: shoo-in for
tation guidance as stakeholders introduce new features of banks, long game for Fed
the technology," Vanderhoof stated. "These resources di-
rectly address questions we have been hearing regarding Three years after the Federal Reserve Board convened the
Canadian chip card acceptance and provide guidance for Faster Payments Task Force and published its May 2015 re-
issuers implementing dual-interface contactless and con- port, Strategies for Improving the U.S. Payment System, pay-
tact cards." ments analysts see barriers to implementing faster pay-
ments and real-time interbank settlement.
R.W. Bowker, sole keeper of ISBNs, hacked

Based on data published by the United Nations Educa- Aaron McPherson, vice president, research operations at
tional, Scientific and Cultural Organization, and posted Mercator Advisory Group, said the Fed's strategies now
online in near-real time by Worldometers.com; 2, 220,185 under review will have far-reaching effects on consumers,
new book titles had been published in 2018 at the time this businesses and financial institutions. "How will merchants
article was penned. The United States is second only to gain access to faster payment schemes?" he stated during
China in the number of books published annually. U.S. Mercator's November 2018 quarterly analyst roundtable.
publishers, from the largest conglomerates to solo author- "There is currently not a clear path; we still need to clarify
preneurs, who wish to release paperback and/or hardback pricing models, fraud management, the role of incumbent
books must purchase a unique International Standard card networks and other P2P players."
Book Number (ISBN) for each through R.W. Bowker's site,
www.myidentifiers.com (or obtain them from a provider that The Fed defines faster payments as any monetary trans-
has purchased ISBNs from Bowker in bulk). R.W. Bowker action that is secure, globally available, can be sent and
revealed Nov. 1, 2018, that its site had been hacked. received at any day and time, and provides recipients with
irrevocable access to funds upon receipt. "This definition
Money20/20: a discussion with many threads is aspirational, because we don't have a single platform
with all these attributes," McPherson said. "Messaging,
Following our first news story on the Money20/20 con- posting and settlement [are essential considerations]; not
ference, "Money20/20 grows up, looks ahead," posted on all platforms can do all three."

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