Tuesday , June 25, 2019

All States Now Have Breach-Notification Laws and other Digital Transactions News briefs from 1/2/19

  • With the enactment of data-breach notification laws in South Dakota and Alabama in 2018, all 50 states now have such laws, according to the Covington & Burling LLP law firm.
  • Financial-institution processor Fiserv Inc. said the newly chartered Mi Bank in Bloomfield Township, Mich., will use a variety of Fiserv services, including core processing and remote deposit capture.
  • A Texas startup called Fintiv has sued Apple Inc. on the grounds that Apple Pay infringes a patent Fintiv, founded only last year, acquired from a Korean firm. The patent covers “storing and managing digital wallet data on a mobile device with regards to billing agreements or online purchases,” according to a report by 9to5 Mac.com.
  • Online merchants’ slowness to adopt new technologies in authentication and session and behavioral monitoring will help lead to $130 billion in card-not-present fraud losses between 2018 and 2023, according to Juniper Research.
  • Correction: Payments provider Xpress-pay launched a two-tier subscription service for payment card and automated clearing house payments. The first offers either unlimited credit card or ACH processing for $10 a month. The $15 tier enables both card and ACH. Xpress-pay, a unit of Systems East Inc., said the fee covers typical administrative costs, too. Consumers pay a site fee, Xpress-pay says, for each transaction and not, as reported by Digital Transactions News Dec. 27, a surcharge. The fee is $2.85% plus for 40 cents per card transaction and $2.95 for an electronic check payment.

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