Friday , March 29, 2024

Debit Cards

Radial Adds Link Money’s Pay by Bank for Account-to-Account Payments

E-commerce platform Radial Inc. is giving its merchants a new payment option that bypasses traditional credit and debit card payments and instead relies on account-to-account transfers. Dubbed Pay by Bank, the service was developed by Link Financial Technologies Inc., which does business as Link Money, an open-banking platform. King of …

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ABA Formalizes BIN Administration Handoff to Long-Term Partner CUSIP

CUSIP Global Services announced late Wednesday that it will be taking over day-to-day operations of the administration of the issuer identification number system from the American Bankers Association. The change is not monumental as CUSIP has a long history of managing numbering programs for the financial services industry. The ABA …

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Payroc Beefs Up Its Presence in Canada With Its Deal for SterlingCard

Payments-platform provider Payroc LLC has expanded its footprint in Canada through its acquisition of SterlingCard Payment Solutions Inc., a provider of retail and e-commerce payment solutions, for an undisclosed sum. Tinley Park, Ill.-based Payroc announced mid-day Tuesday it had closed on the deal. The acquisition enables Payroc to offer a …

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PSCU/Co-op Debuts a BNPL Service for Credit Unions

Credit union service organization PSCU/Co-op Solutions released its buy now, pay later service to credit unions, enabling their cardholders to make installment payments on their card-based purchases. PSCU/Co-op, which merged Jan. 1, says cardholders whose credit unions enroll in the service can choose qualifying transactions to pay back in installments. …

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Fiserv Logs Robust Results in Its Merchant Unit As Its Clover Tech Surges Ahead

Fiserv Inc., already a behemoth in merchant processing, is preparing to straddle its twin pillars of acquiring-bank relationships, on the one hand, and its own acquiring operations through a Georgia bank charter, on the other. The charter, which the big processor applied for last month, has “a very specific purpose,” …

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High Costs And Fraud Risk Drive Sellers’ Dissatisfaction With Card Processing, J.D. Power Finds

Small businesses tend to be less satisfied with their credit and debit card processing than they are with processing for alternative payments, according to a study by J.D. Power. Based on a 1,000-point scale, with 1,000 being the highest score, merchant-satisfaction scores for credit card processing averaged 692, while scores …

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As Its U.S. Business Slows, Mastercard Looks to Emerging Markets Like Real Time Payments

Mastercard Inc. is confronting a slowdown in dollar volume in its home market while it pushes into vital new markets like real-time payments and open banking, its presentation of fourth-quarter 2023 financial results indicated early Wednesday. Gross dollar volume of $727 billion in the December quarter represented a 4% rise …

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PayRange Licensing Victor And Other Digital Transactions News briefs from 1/31/24

KioSoft Technologies has agreed to license technology from PayRange Inc. in a deal that could exceed $62 million in value over a 10-year period. The agreement stems from a settlement of a four-year dispute in which PayRange, a provider of payments technology for the laundry and vending industries, alleged KioSoft infringed its …

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In Chargebacks, Consumers Trust Their Banks, a Chargebacks911 Report Finds

Most U.S. consumers—53%—concerned about a possible fraudulent transaction on their credit card statements make the first inquiry with the issuing bank, not with the merchant. That’s according to the newly released 2024 Cardholder Dispute Index released by Chargebacks911, a Clearwater, Fla.-based dispute-management company. Conducted in partnership with TSG, an Omaha, …

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Huntington’s Secure Card And Other Digital Transactions News briefs from 1/30/24

The Huntington National Bank launched a secured credit card offering 1% cashback rewards and no annual fee. Secured cards require cardholders to make a one-time, refundable deposit to back activity on the card. Mastercard Inc. and BOK Financial Corp. expanded their agreement making Mastercard the exclusive payments network in BOK’s debit and …

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Digital Transactions