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Trump trashes Bitcoin, Facebook Libra

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Category: Mobile News
12 July 2019

July 12, 2019

President Donald J. Trump late Thursday tweeted out that he was "not a fan of Bitcoin and other cryptocurrencies, which are not money and whose value is highly volatile and based on thin air." The President also criticized cryptocurrency's role in facilitating crime and drug trafficking.

He also claimed that Facebook's Libra is not dependable and it should seek a banking charter if it plans to act as a bank with its cryptocurrency.

"We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!" Trump said in the tweet.

Other Twitter users accused Trump of believing in fake news about cryptocurrencies.

Topics: Bitcoin, Mobile Banking, Mobile Payments, Regulatory Issues

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Podcast Episode 18: Earned income: Early access

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Category: Mobile News
12 July 2019

July 12, 2019 | by David Jones

Subscribe to the Podcast: SoundCloud | YouTube | iTunes

 

Today's podcast is sponsored by...

Are you a supplier or a brand working to elevate the customer experience? The Interactive Customer Experience Association connects brands, suppliers, agencies and more who are working to create transcendent customer experiences. Let's work together to create a better customer experience ecosystem for us all.  Join the ICX Association today at icxa.org. 

Become a podcast sponsor - sign up here for more information!
 

Podcast Summary

Branch CEO Atif Siddiqi addresses the fight to help consumers gain financial flexibility.

Topics: Bill Payment, Mobile Apps, Money Transfer / P2P, Trends / Statistics

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David Jones

David Jones is a veteran business and technology journalist, with three decades of experience writing about business travel, real estate and technology.

Since 2015 he covered a range of technology stories for the ECT News Network, which includes the E-Commerce Times, TechNewsWorld, LinuxInsider and CRM Buyer, writing about cybersecurity, artificial intelligence, machine learning, open source computing and privacy issues among others,. He recently covered FinTech issues for PYMNTS.com.

He worked as a staff writer for Bloomberg Business News and an online reporter for Crain’s New York Business. He has written for numerous media organizations, including Reuters, The New York Times, The Real Deal, Continental, City Limits and The Nation.

He was previously awarded the George Washington Williams Fellowship for Journalists of Color by the Independent Press Association.

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Original author: David Jones

Chase, HSBC executives headlining BCX Summit

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Category: Mobile News
12 July 2019

Executives from two of the country's largest banks, JPMorgan Chase and HSBC Bank USA, will keynote the upcoming Bank Customer Experience Summit, a two-and-a-half day event, Sept. 23-25 in Chicago, focusing on the technology aspects of customer experience.

In their keynotes, Jeremy Balkin, head of innovation at HSBC, and Marbue Brown, head of customer experience at Chase, will share how their companies are putting cutting-edge technologies to work in improving customer experiences across channels.

"We're fortunate to have these two top-caliber bank executives at this year's summit," said David Drain, senior vice president of events for Networld Media Group, publisher of Mobile Payments Today and the company producing the annual bank executive conference.

Balkin is considered a leading international expert on ethics in banking, fintech and the strategic engagement of millennials in financial services. He is also an award-winning author of two books, "Investing with Impact: Why Finance is a Force for Good" and "Millennialization of Everything: How to Win When Millennials Rule the World." 

As for Brown, he is a member of the consumer banking leadership team at Chase and partners with senior leaders across the firm to define the vision and path toward customer experience. His publications on the topic are widely cited in the industry.

Intimate conference

Technically speaking, this is the fourth year of the BCX Summit, but the roots of the conference stretch back even further — to 2013, when it was originally called the "ATM and Mobile Innovation Summit.” Back then, the event was held in Washington, D.C. In 2016, the producers changed the name and the focus of the event, and now it's in Chicago at the Lowes Hotel.

"When the conference was in Washington, D.C., it had more of a regulatory focus," Drain said. "We wanted to change the name and take a broader approach and hone in on customer experience." Now the conference has more of a focus on technologies, including ATMs, that enhance the customer experience."

Compared to other conferences in the banking industry, BCX is smaller, more intimate. Last year, the event saw about 200 attendees, and this year, Drain expects anywhere from 200-300 attendees. The size of the event is what attendees like about it.

"When you are in a crowded hall with thousands of people versus three days of hanging out with the same people, you get more opportunities for one-on-one and deeper conversations,” Drain said. "We've always said we are more about quality than quantity.” 

Lots of breakouts 

In addition to the keynote presentation, the conference offers multiple breakouts. Highlights include a welcome reception on Monday night after Balkin delivers his opening keynote and an an awards ceremony dinner — where companies are honored for their innovative experience or products. Over 35 representatives of banks, such as Wells Fargo, Fidelity Bank, Canadian Imperial Bank of Commerce, Republic Bank of Chicago, will speak at the event, which includes more than 15 workshops, panels, presentations and networking events. 

The conference, which kicks off at 5 p.m., Sept. 23 (registration opens at 4 p.m.) and adjourns at 12:15 p.m. on Sept. 25, is geared toward anyone in the financial world focused on customer experience, said Drain.

"Specifically, we focus on technologies and strategies to enhance the customer experience, engage with customers,and establish loyalty," he said. "It's about what's available now as well as future trends."

The last day for early bird registration is July 12.
 

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Original author: Amy Castor

Visa launches tokenization to help reduce fraud, friction in online transactions

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Category: Mobile News
12 July 2019

July 12, 2019

Visa Inc. said it is implementing tokenization ahead of the fall shopping frenzy as a way to make shopping more secure and frictionless for consumers. 

Visa announced in a new blogpost the rollout of Visa Token Services, which will make it easier to implement online checkout without having to re-enter long account numbers, passwords and other information. Tokenization inolves converting a 16-digit account number to a single use token, which shields the account information to a potential hacker and protects the cardholder from fraudulent use. 

The company said Visa Token Service can help reduce fraud rates by 67% and boost authorization rates by 3%. 

Topics: Card Brands, EMV, Mobile/Digital Wallet, Mobile Payments, Online Purchasing, Regulatory Issues, Transaction Processing

Companies: Visa

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Bitpoint Japan suspends operations after hackers steal $32 million from crypto wallet

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Category: Mobile News
12 July 2019

July 12, 2019

Cryptocurrency exchange Bitpoint Japan Co. suspended operations after it lost more than $32 million (3.5 billion yen) in an unauthorized leak from its hot wallet, 

The breach, reported in an online statement posted by its parent company, Remix Point Inc., said that bitcoin and Bitcoin Cash are managed in the hot wallet and said there are five stocks of Shush, Ethereum, Litecoin and Ripple. 

The company said that about 2.5 billion yen belonged to customers, while about 1 billion belonged to the company. 

The company apologized to customers, shareholders and other stakeholders for the incident. 

Topics: Bitcoin, Region: APAC, Security

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