BankTech

News Aggregation – Target Breach update, OTI divestiture & MasterPass Sweden Payment News

MEDICI

At Let’s Talk Payments we want you to get all the important Payment News and Analysis, right in your inbox. So we are adding another channel called News Aggregation, wherein we will bring to you important news from other sources as well, apart from LTP. So you don’t have to put in effort to search elsewhere, just read on Let’s Talk Payments without missing anything important.

1. Bloomberg - Target Says Encrypted PIN Information Stolen in Breach

Target Corp. (TGT) said data related to shoppers’ personal identification numbers was stolen during the recent breach of its debit and credit card system and that it’s “confident” customers’ accounts haven’t been compromised because the information was encrypted. The PIN data that was removed can only be decrypted when it is received by Target’s external, independent payment processor, Molly Snyder, a spokeswoman for the Minneapolis-based retailer, said today in an e-mailed statement. The key needed to decrypt the information never existed on Target’s system and couldn’t have been taken during the breach, she said.

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2. OTIglobal - OTI increases focus on contactless technology solutions with divestiture of parx france operations

On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global leader in contactless transactions and near-field communication, has divested the operations of Parx France, a distributor of EasyPark electronic parking solutions in French speaking markets for OTI’s subsidiary, Parx Ltd. Parx France was acquired by two local private investors and will be joined by the existing manager of Parx France. As part of the consideration, Parx France is required to continue using OTI’s patented EasyPark solutions on an exclusive basis for an initial period of at least seven years. OTI will receive 25% of Parx France’s profits on an EBITDA basis.

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3. Newsroom, MasterCard - Major Nordic Banks Support Launch of MasterPass in Sweden

Nordea, SEB and Swedbank – three of the leading banks in the Nordics, are now confirmed to launch digital wallets enabled by MasterPass™, the digital platform from MasterCard®. Built on MasterPass technology and functionality, the banks will offer their own digital wallets to their customers, giving them a true global solution for easy shopping online on any connected device. “We are very proud to announce that Nordea, SEB and Swedbank will introduce their own digital wallets using the global MasterPass platform. In partnership with those banks, a safe, simple and smart digital wallet, that can store all card brands, and which is accepted globally, will soon be available for millions of Swedish consumers across all connected devices, while delivering the security and benefits consumers already enjoy today from a genuine MasterCard transaction,” says Mats Taraldsson, head of Business Development MasterCard Nordic and Baltic Region.

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4. Bloomberg - USA to Geico Test Voice Apps Seeking $12 Billion Savings

First it was the tellers. Now, call centers are under threat as financial services firms weigh new voice-activation technology to cut the cost of customer service. USAA, Geico Corp. and other financial firms are turning smartphones into virtual clerks. USAA in February became the first to let depositors use its mobile application via spoken commands. Now, Wells Fargo & Co., U.S. Bancorp and ING Groep NV also are among about 50 firms working with Nuance Communications Inc. (NUAN) to use similar technology in mobile apps.

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MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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