20 October 2014

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The Bank of England was forced to suspend the UK's real-time gross settlement system Chaps for several hours on Monday while it investigates an unspecified technical glitch.

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Payments

Apple Pay launches

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Apple Pay enjoyed a relatively smooth launch in the US today, with customers of some of the country's biggest banks able to use their iPhones to make purchases at a host of bricks-and-mortar and virtual stores.

Bitnet, a bitcoin payments processor targeting large merchants that was set up earlier this year by a gaggle of Visa and CyberSource veterans, has raised $14.5 million in a series a funding round led by Highland Capital Partners.

The Royal Bank of Scotland is set to begin piloting an online peer-to-peer lending platform for SMEs by the end of the year, according to the Financial Times.

London-based bitcoin exchange Coinfloor is to open up to new currencies, accepting deposits in US dollars, euros and Polish zloty, this Tuesday. Coinfloor is already the the biggest exchange for bitcoin-to-sterling transactions by volume of currency traded.

Westpac NZ is to issue customers with NFC stickers that can be attached to phones for contactless payments of up to $80.

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US president Barack Obama has signed an executive order mandating the use of chip and PIN technology at executive departments and agencies for card payments.

A cyber-crook has uploaded the details of more than five million cards, many of them stolen during the data breach at US retailer Target, to a Russian carding site, says security firm Group-IB.

Nearly half of US merchant terminals will accept EMV chip card payments by the end of next year, according to a trade body set up to push the migration from magstripe plastic.

Six small businesses are to be given the opportunity to conduct a day's trading from a branded store front in South Molton Street, Central London, with the only stipulation that all transactions are conducted using mPOS technology from Swedish vendor iZettle.

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