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Top News In Payments: Instant Payments Spread In The Gig Economy; Contactless Cuts Down On Counterfeit Fraud

Top News In Payments

Today in the payments news roundup, almost 40 percent of U.S. workers are engaged with the gig economy at some level, and most of them are hoping that instant and faster payments continue to grow in scope. Also, Visa says chip cards have reduced counterfeit fraud by 87 percent since their inception, and Grab is planning to earmark $150 million for additional research into artificial intelligence (AI).

 

How AI Makes Claims Payouts Faster and Smarter

Almost 40 percent of U.S. workers are engaged with the gig economy at some level, and most of them are hoping that instant and faster payments continue to grow in scope. Card networks and institutions like the Federal Reserve and The Clearing House (TCH) are all searching for ways to further innovate payments and disbursements as workers get more attached to receiving instant payments.

SCA Delay: A Payments Opportunity in Disguise?

Authorities recently announced an 18-month delay in the implementation of strong customer authentication (SCA), which was scheduled to go into effect on Sept. 14. In a PYMNTS interview, Duncan Barrigan, vice president of product at GoCardless, discussed why that is an opportunity for merchants of all types — especially those in the hot payments and commerce area of subscriptions.

IMF’s Lagarde Urges Banks To Keep Open Mind About Crypto

International Monetary Fund (IMF) Chair Christine Lagarde said financial supervisors and central banks should be more open to digital currencies, even as they protect consumers, according to reports. “In the case of new technologies — including digital currencies — that means being alert to risks in terms of financial stability, privacy or criminal activities, and ensuring appropriate regulation is in place to steer technology towards the public good,” Lagarde said. “But it also means recognizing the wider social benefits from innovation and allowing them space to develop.”

Visa: Chip Cards Reduce Counterfeit Fraud by 87 Pct.

Visa announced that chip cards have reduced counterfeit fraud by 87 percent since their inception. The company said in a post,“Chip cards are increasingly becoming the norm as usage and acceptance has continued to grow since the EMV standard was first introduced in 2011.”

SWIFT Reveals New API Standard for Pre-Authorization of Funds

A new application programming interface (API) standard for the pre-authorization of funds is being rolled out by SWIFT. With this latest standard, a payer’s bank can designate funds in advance, assuring upcoming payments will clear.

Grab Accelerates AI Expansion With $150M

Grab is planning to dedicate $150 million to additional research into artificial intelligence (AI). The Southeast Asian ride-hailing startup will advance its developing business over the next year, which now offers food delivery, digital content and digital payments.

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Latest Insights:

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. In the November 2019 AML/KYC Report, Zillow’s Justin Farris tells PYMNTS how the platform incorporates stringent authentication without making the onboarding and buying experiences too complex.

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