Thursday , July 18, 2019

Peter Lucas

How Ready Are Deployers for the Next Big Operating-System Conversion for ATMs?

Microsoft Corp. will stop supporting its Windows 7 operating system next January, and that’s set off the latest dash by ATM deployers to convert to the next OS while there’s still time. For most deployers, that’s Windows 10, but some might be in a better position to meet the deadline …

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How IDs Invented out of Whole Cloth Have Become a Fast-Growing Scourge in Payments

Synthetic identity fraud has become the fastest-growing and one of the most difficult financial crimes to detect in the United States, says a white paper released this week by the Federal Reserve. Lenders in the United States lost $6 billion to synthetic identity fraud in 2016, with the average chargeoff …

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Mastercard Extends Its Real-Time Push-Payment Service to Workers in the Gig Economy

As the gig economy grows, so does workers’ need for quicker access to their wages than they can get through traditional payroll schedules. To facilitate faster delivery of wages to gig and hourly workers, Mastercard Inc. has partnered with Memphis, Tenn.-based Evolve Bank & Trust to push wages in real …

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Can New Tech And New Rules Finally Stop the Plague of Mounting Chargebacks?

Visa Inc. and Mastercard Inc. may be making significant progress in their bid to simplify and speed their aged and cumbersome chargeback processes through automation, rules changes, and some key acquisitions, experts contend. The biggest gains in chargeback efficiency are expected to come when Visa and Mastercard launch real-time communications …

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A Blockchain Group Bets Its Tech Can Achieve High-Speed, High-Volume Payments Processing

A consortium of academics is betting it has the formula to create a high-performance blockchain network capable of processing payments faster and at greater scale than competing blockchain networks. The network, called Unit-e, is expected to process transactions confirmed by consensus on the blockchain in 15 seconds. If realized, the settlement …

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Deluxe Hitches Its eCheck Business to QuickBooks Online And Its 2 Million Users

Deluxe Corp. is bridging the gap between paper checks and electronic payments for small businesses by integrating its eCheck technology with Inuit Inc.’s QuickBooks accounting software. The integration is expected to automate check writing and delivery for small and midsize businesses, many of which continue to rely heavily on paper …

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Many Merchants Still Lag in Meeting a Critical PCI Data-Protection Requirement

Now that the PCI Security Standards Council’s July 1 deadline has passed for implementing newer versions of Transport Layer Security technology to protect payment data, some experts believe nearly a third of small brick-and-mortar and e-commerce merchants don’t meet the new requirements. As a result, expect merchant acquirers, processors, and …

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Venmo’s New Debit Card Is About More Than Cashing in on Interchange Fees

While the opportunity to earn interchange on transactions made on its new Venmo debit card seemingly answers the oft-asked question of how PayPal Holdings Inc. plans to leverage its free peer-to-peer payment service, the full answer runs much deeper. Interchange is only one piece of the puzzle. A much larger …

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A Safe Harbor Rejection Won’t Raise Risks for Banks Looking to Serve Cannabis Merchants

Financial institutions providing banking services to cannabis businesses in states where marijuana has been legalized are no more at risk of being punished by federal regulators than they were before Congress last week rejected legislation to provide them safe harbor. Legislators in the House of Representatives and the Senate separately …

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Consumers Increasingly Pay Billers Directly Rather Than Through Bank Sites

Payment volume through biller-direct Web sites continues to grow at the expense of bank bill-pay sites, according to new findings from Boston-based Aite Group LLC. Some 73% of the online bill payments made by consumers in 2016 went through biller-direct sites, up from 62% in 2010, according to Aite. Meanwhile, …

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