Links in “Technology”

According to NCUA Vice Chair Risk Metsger, more than two-thirds of the financial institutions that have signed up for Apple Pay are credit unions. Consumers can use the new mobile pay app at over 220,000 retail locations. [10/21/14]

NACHA has enhanced its XML-ACH Remittance Opt-In Program by allowing businesses to use the ACH Network to transmit ISO 20022 remittance messages. This is the first step to ISO 20022 adoption in the USA. [10/21/14]

Requiring EMV chip technology to immediately be PIN-capable will actually slow the transition to chip cards and fails to provide safeguards for online transactions. [10/20/14]

President Obama signed an executive order launching BuySecure, an initiative to improve payment security by encouraging the adoption of EMV chip-and-PIN systems. [10/20/14]

Speaking at the CFPB on chip-and-PIN technology, President Obama told attendees that he recently had trouble with his personal credit card while dining out last month in New York. Use of the card after a long period of inactivity had flagged it for possible fraud. Fortunately, the president's wife had her card on hand, saving what had to be an awkward moment for their server. [10/20/14]

Apple’s mobile payment service, Apple Pay, will be launched on Monday. According to CEO Tim Cook, 500 banks have already partnered with Apple to offer the service and it will be available in 220,000 merchant locations. [10/17/14]

Hoping to keep customers who might otherwise be tempted to jump ship if their cards can’t be used with the newest iPhone, more than 500 financial institutions have now signed onto Apple Pay, including some regional banks. [10/17/14]

While most look at hiring more staff as the answer to increasing compliance demands, others have taken a different road: hiring software programmers to automate the work. (We might suggest a third alternative, but we get what the article is saying.) [10/13/14]

According to a recent NAFCU survey, 84.4% of the respondents stated that they had been impacted by a local data breach in the past two years. The majority responded that they have voluntarily implemented NCUA’s best practices on IT security. [10/10/14]

Once making a mobile payment becomes faster than using a credit card, it will reach its tipping point to widespread adoption. The use of biometrics, such as fingerprints or voice authentication, is the key to that speed. And it'll be here sooner than you think. [10/10/14]