Sunday , October 22, 2017

Jim Daly

Jim Daly joined Digital Transactions in 2006 after covering payments and merchant acquiring at Thomson Media’s Credit Card Management, Credit Card News, and CardLine publications. Before that, he was a reporter and editor at the daily Leader-Telegram in Eau Claire, Wis.

Tokenization Gets a Boost as The Clearing House Signs on To Manage Mastercard Tokens

The Clearing House, a major player in U.S. payments, is getting deeper into the tokenization business through a new pact with Mastercard Inc. New York City-based The Clearing House and Mastercard announced Thursday that TCH has become a Mastercard-certified third-party Token Service Provider (TSP). As such, TCH will be able …

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Chase To Acquire WePay in a Play for ISVs and New Merchants

JPMorgan Chase & Co. is making a big move into the world of independent software vendors and payment facilitators with a planned acquisition of WePay Inc. that the nation’s largest bank announced late Tuesday. Redwood City, Calif.-based WePay develops payments-related application programming interfaces (APIs) for software developers to put into …

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Visa Invests in B2B Payments Provider Billtrust

Visa Inc. reported Tuesday that it has invested in Billtrust and is working with the business-to-business payments provider to streamline the reconciliation of B2B payments and increase the automation of virtual card payments for financial institutions and their corporate customers. The companies did not reveal the size of Visa’s investment, …

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IBM Unveils a Blockchain-Based Cross-Border Payment Service

International Business Machines Corp. on Monday announced a new service for financial institutions that uses blockchain technology to reduce settlement times and lower transaction costs. IBM is offering the service with Stellar.org., a Silicon Valley-based non-profit that runs the open-source Stellar blockchain network to bring low-cost financial services to low-income …

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Eye on Banks: BofA Posts $4 Billion in Zelle Volume; Chase’s Merchant Volume Rises 13%

Bank of America Corp. reported Friday that it handled $4 billion in Zelle person-to-person payments in the third quarter, up 67% from $2.4 billion a year ago before the Zelle brand went live this past June. Meanwhile, JPMorgan Chase and Co., the nation’s largest bank, on Thursday reported a 13% …

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Blackhawk Network Plans To Sell its Cardpool Gift-Card Exchange Business

Prepaid card services provider Blackhawk Network Holdings Inc. disclosed Wednesday that it plans to sell its struggling Cardpool business. That news came as Pleasanton, Calif.-based Blackhawk reported a loss of $7.8 million for its third quarter ended Sept. 9, bigger than the $5.1 million loss in 2016’s third quarter. Third-quarter …

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Community Bankers Ask the FDIC To Deny Deposit Insurance for Square’s Bank

Citing the heavier regulatory burden borne by conventional banks, the Independent Community Bankers of America trade group on Tuesday asked the Federal Deposit Insurance Cop. to deny merchant processor Square Inc.’s insurance application. San Francisco-based Square last month announced it would apply for an industrial bank charter from the state …

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Merchants Celebrate the Durbin Amendment’s Sixth Birthday as Payments Group Sneers

The Durbin Amendment’s debit card interchange price cap took effect six years ago this month, prompting a merchant group to celebrate the occasion and claim the measure has saved consumers and merchants $48 billion. But a lobbying group of payment networks and banks derided those savings estimates and once again …

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FDIC May Have Been Hit With Up to 54 Data Breaches in the Past Two Years, Auditor Says

As the insurer for deposits at most of the nation’s banks, the Federal Deposit Insurance Corp. collects a large amount of personally identifying information on bank customers. As such, the FDIC is a target for hackers, who hit it with 54 suspected or confirmed data breaches discovered between Jan. 1, …

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Tech Buzzwords Don’t Cut It as Skeptical Investors Assess Payment Startups

Moderating a panel of three investment executives who put money into startup payments firms and other financial-technology companies, Frank Young, senior vice president of innovation at merchant processor Global Payments Inc., noticed well into the Strategic Leadership Forum session Thursday that no one had mentioned artificial intelligence, machine learning, the …

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