June 7, 2019

EMVCo said it has released the new EMV Secure Remote Commerce Specification v1.0, which will enable processing of secure ecommerce transactions in a consistent and streamlined fashion across multilple platforms, including smartphones, tablets, personal computers and other devices.

EMVCo also issued a new payment icon that will be used to signify that EMV SRC is being used to process card-based payment transactions in remote checkout environments, like websites and mobile apps.

"The continued growth of global e-commerce requires reinforcing consumer convenience and confidence in payments," Karteek Patel, chair of EMVCo's executive committee, said in the announcement. "EMV SRC can deliver this while supporting the evolving habits of consumers as they migrate their shopping to PC's/laptops, mobile devices and other connected devices of the present and future."

Discover, in a related announcement, said it intends to have a functioning system in the market later this year.

"We are committed to supporting digital acceptance capabilities that help our partners and merchant community provide positive payment experiences to their customers," Ricardo Leite, vice president of global products and partnerships for Discover Global Network.

Topics: Card Brands, POS, Retail, Security, Technology Providers

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June 7, 2019

Entrust Datacard said it completed its acquisition of nCipher Security from Thales, a deal that gives it one of the leading general purpose hardware security modules.

Thales was required to sell nCipher Security as part of its previously announced deal to acquire Gemalto and nCipher has been operating as a stand-alone business within Thales since January. Terms of the agreement were not disclosed.

"We are extremely pleased to complete this acquisition and bring nCipher's exceptional talent and technology into the Entrust Datacard portfolio," Todd Wilkinson, president and CEO of Entrust Datacard, said in a company release. "The need for secure network access and data integrity continues to multiply - from mobile devices and cloud services to connected IoT devices and digital payments."

Cindy Provin, CEO of nCipher Security, said her company is excited to join the Entrust Datacard team.

"This acquisition quickly expands the global footprint for nCipher solutions and accelerates our strategy for 'as-a-service' offerings," she said. "HSM's provide a foundation of trust for business applications such as PKI, blockchain, mobile payments and code signing."

Entrust said that the hardware security module business has been growing rapidly due to increased customer demand for stronger data and application security, increased encryption as well as privacy regulations like the EU General Data Protection Regulation and the electronic identification, authentication and trust services regulation.

The companies said that more than 300 nCipher employees are now part of the Entrust Datacard team and that nCipher would continue to operate out of Sunrise, Florida. The company also has a cybersecurity development center in Cambridge, U.K. and a sales support center in Hong Kong.

Topics: Mobile Payments, Security

Companies: Thales e-Security, Gemalto

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June 6, 2019

JPMorgan Chase is shutting down Finn by Chase, a mobile banking app that was aimed at millennial and younger consumers that have been abandoning traditional banks for startup fintech companies.

Chase notified Finn customers this morning about the change and is transitioning those customers to the Chase mobile app and Chase.com, according to Pablo Rodriguez, a spokesman for the bank.

Starting Aug. 10th, Chase will turn off the Finn app and convert all Finn checking accounts to Finn Secure Banking and all Finn savings accounts will be converted to Chase savings he said.

"We know the Chase brand is already among the most popular banks for millennials, so we’re leaning on that, rather than continuing to build a brand from scratch," Rodriguez told Mobile Payments Today via email. "We learned a lot with Finn, especially about the power of the Chase brand and what customers want from the Chase mobile app, both in markets where we have a retail footprint and where we don't."

Account numbers, usernames, passwords, PIN codes and direct deposits will remain the same. The new accounts will have no monthly service fees.

Topics: Mobile Apps, Mobile Banking

Companies: JPMorgan Chase Bank N.A.

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