The past week has seen much in terms of news interesting to accounts payable and financial operations professionals. Today, for example, we find out that Japan has sunk back into a recession. On top of that, we’ve got Mastercard (NYSE: MA) and Visa (NYSE: V) planning to eradicate static passwords, Starbucks (Nasdaq: SBUX) floating the possibility of entering mobile payments to compete with Apple (Nasdaq: AAPL), and the Global Business Travel Association aiming to create a charter for the business travel industry. So without further ado, below you’ll find the roundup for this edition of Payables News Weekly:
Mastercard and Visa to Eradicate Password Authentication
John Leyden at The Register examines the news that Visa and Mastercard will abolish secondary static passwords in the newest iteration of 3D Secure for online purchases. The static password will be replaced, Leyden writes, by token-based and biometric prompts. The change will affect Verified by Visa and the MasterCard SecureCode online payment systems; the first-wave change will consist of single-use tokens sent to pre-registered cell phones before the ultimate rollout of biometric capabilities. Read the full article at http://www.theregister.co.uk/2014/11/14/mastercard_visa_killing_off_password_auth/.
Mobile Payments: Pros and Cons of Mobile Wallet Systems
CBS News and the Associated Press took a look at the different mobile wallet systems currently out in the marketplace and those, like CurrentC, coming down the pipe. While a bit more focused toward the consumer end of the spectrum than the B2B payments arena, this is nevertheless a solid look at developments in mobile wallet technology. Besides, who’s to say that users of a B2B purchasing card can’t load account details into a consumer app and make purchases? Read the complete article at http://www.cbsnews.com/news/mobile-payments-pros-and-cons-of-mobile-wallet-systems/.
How Starbucks Could Take on Apple in Mobile Payments
Chalk this one up to interesting news. Starbucks accounts for more than 90% of mobile payments in the marketplace through their proprietary mobile-payments app. So it makes sense for Investor’s Business Daily to take a look at the possibility of Starbucks creating a standalone payments business that could challenge Apple in the mobile payments arena. Given Starbucks’s sheer dominance in the field already, it would make for an intriguing marketplace battle. Read the full article at http://news.investors.com/business/111714-726696-how-starbucks-mobile-pay-could-be-revolutionary.htm.
Global Business Travel Association to introduce Berlin Charter
eTurboNews reports the Global Business Travel Association will introduce a global charter for the business travel industry. Known as the Berlin Charter, the document will be ready for full member review by the end of the year and restates International Air Transport Association principles. The GBTA is planning to push the heads of all airlines to ratify the Berlin Charter to reinforce the relationship between corporate travel buyers and airlines. Read the full article at http://www.eturbonews.com/52621/global-business-travel-association-introduce-berlin-charter.
Beijing Crackdown Fails to Stem Inflated Invoicing on Exports
The South China Morning Post reported that a Chinese government crackdown on fake trade between the mainland and Hong Kong seems to have made little difference. Over-invoicing on exports remains rampant, particularly on jewelry and other precious metals. Mainland customs data showed exports of $15.7 billion to Hong Kong in the past two months, roughly four times higher than the same period last year. Read the full article at http://www.scmp.com/business/china-business/article/1641570/beijing-crackdown-fails-stem-inflated-invoicing-exports.
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