Blog: Daily Tearsheet: 6 questions with MX’s CTO, the role of encryption and tokenization in protecting omnichannel payments, and crypto advertising in tough times – Tearsheet – Tearsheet

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Another PayPal exec joins MX: 6 questions with CTO Wes Hummel

As August ended, open finance fintech MX announced the hiring of a new CTO, Wes Hummel, who will lead the firm’s engineering and information security teams, and report to CEO Jim Magats.

Hummel has spent over 25 years building global engineering teams for financial technology companies. His most recent stint was as the vice president for site reliability & cloud engineering at PayPal, a company he served in a variety of roles for over 14 years. 

MX seems to be out shopping for executives at PayPal. Earlier in the same month, they scooped up Magats, PayPal’s svp for omni payments solutions at the time, as their new CEO.

Tearsheet reporter Subboh Jaffery sat down with Hummel to learn more about his decision, the transition, and the industry.

Read more

What’s the role of encryption and tokenization in protecting omnichannel payments?

American shoppers are paying in just about any way they can, from tapping their phones on terminals to smiling at cameras and waving over readers. Millennials – the largest group of consumers – are especially notorious for this, sporting the highest level of payment diversification of all age groups.

For that reason, retailers today are accepting payments in a plethora of ways: cash, cards, ACH, BNPL – you name it. With such an omnichannel approach to payments, however, they are also exposing themselves to new risks.

The user data retailers hold makes them vulnerable to cyberattacks, and it needs to be protected using tokenization and encryption techniques.

Read more

The latest briefing

Marketing Briefing: On crypto advertising in tough times

Last year saw crypto firms taking positive marketing messages to the next level, with shiny Super Bowl ads and celebrity-inked TV commercials.

But crypto firms’ marketing madness seems to have faded. In fact, a whole lot of these companies seem to be spending a whole lot less on advertising this year.

The drastic drop in spending isn’t out of the blue. It seems to be largely linked with crypto’s recent bumps putting a damper on the party.

When things are going well, marketing messages are more straightforward – as in, ‘don’t miss out!’ But when things are going bad, how do you maintain user trust?

Read more (exclusive to Outlier members)

Just look at the charts

1. Top 12 reasons why startups fail 

Source: Arjun Vir Singh

2. The four marketplace payment players

Source: Brice GROCHE

Today’s stories

Celsius resembled Ponzi scheme at times, regulator says
The Vermont Department of Financial Regulation alleged in a new filing that crypto lender Celsius Network misled investors about its financial health, using its CEL token to bolster its balance sheet and at times using new investor funds to repay old investors. (CoinDesk)

US bank regulator warns of crisis risk from fintech proliferation
Michael Hsu, Acting Comptroller of the Currency, a major US bank regulator, warned about the rise of fintech services and digital banking that could spur financial risks and potentially a crisis over the long term. Banks and tech firms are teaming up in ways that make it more difficult for regulators to distinguish between where the bank stops and where the tech firm starts, according to him. (Reuters)

HubSpot addresses ‘crisis’ of payments disconnection in CRM
Customer relationship management platform HubSpot has launched new features and updates designed to deal with what it calls a “crisis of disconnection” — making it difficult for businesses to connect with their data and systems, as well as with each other. Among the features are new payment schedules, which let HubSpot merchants customize their payments through a collection of dates and amounts. (PYMNTS)

DailyPay launches no-fee, instant on-demand pay transfers
DailyPay has launched a prepaid card and app called Friday that enables employees to receive instant, no-fee, on-demand pay transfers from employers who use the company’s on-demand pay platform. The Friday app also enables users to view and access their earned pay before payday, add the card to a mobile wallet, make purchases, manage their money, and track their spending (PYMNTS)


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