- Processor Total System Services Inc. (TSYS) said its Merchant Solutions unit processed 1.53 billion point-of-sale transactions in the third quarter, a 22% increase from 1.26 billion a year earlier. Sales volume rose 30% to $40.9 billion. The Consumer Solutions segment, which includes the Netspend prepaid card operation, posted gross dollar volume of $8.05 billion, up 11% from 2017’s third quarter.
- In related news, TSYS signed a long-term contract extension with Regions Bank to continue processing the bank’s consumer and small-business credit cards and begin processing its commercial card portfolio and ePayables service.
- American Express Co. said the U.S. Department of Justice, the Federal Reserve, the Office of the Comptroller of the Currency, the Bureau of Consumer Financial Protection, the Federal Deposit Insurance Corp. and other governmental authorities are investigating its Foreign Exchange International Payments (FXIP) unit, which offers cross-border payment services primarily to small and middle-market businesses in five countries, including the United States. AmEx said it is cooperating with the agencies and hired a law firm to review FXIP’s pricing practices.
- Payments provider Pivotal Payments renamed itself Nuvei.
- Paysafe Group released a report that found 54% of U.S. small and mid-size online businesses consider the move to frictionless payments as leaving them more open to fraud and will harm their revenues.
- First Data Corp. is taking its Clover payment-acceptance platform for small businesses to Canada.
- Fintech company WorldFirst launched a multicurrency payments platform called World Account for U.S.-based businesses and online sellers.
- Payment gateway Merchant Link released the TransactionLinkONE device that connects a merchant’s point-of-sale system to processors while securing the payment data.
- FreedomPay said it will feature Apple Pay on its new DecisionPoint Network, a digital network that brings merchant messages, advertising, and value-added services to payment terminals.
The Federal Reserve announced the 22 members of its new Fraud Definitions Work Group, another …