Welcome to Five at Five, your late look at the day’s payments and commerce news. Today’s coverage includes the latest way that Facebook could boost its security and reputation, along with a new retail push to reduce waste. SWIFT wants to beef up its own protections, Citi Ventures invests in mobile payment controls, and Visa has a new B2B and digital ID tool.
Facebook was prompted to look for a cybersecurity buy in part because of its latest breach, which it has said was the largest in its history. In that breach, it initially thought 50 million user accounts were impacted, but has reduced that to around 29 million.
These stores seek to have customers bring their own containers and sell items in bulk. New York’s Filling Station, for instance, sells items like salt and olive oil that shoppers buy with reusable packaging to reduce waste.
SWIFT announced that availability of these services commercially marks a major milestone for its customer security program, which is a community initiative launched in 2016 aimed at increasing security and trust across the financial community around the globe.
Ondot has “secured a strategic funding investment” from Citi Ventures that will help Ondot expand internationally and develop products. Financial institutions can integrate Ondot’s app or API into existing services to “give consumers increased control over and visibility into their personal payment transactions.”
B2B Connect’s digital identity feature tokenizes an organization’s sensitive data, such as banking details and account numbers, giving them a unique identifier that can be used to securely facilitate transactions on the platform.