Saturday , September 21, 2019

Law and Regulation

COMMENTARY: How Your Partners May Be Hindering Your GDPR Compliance

The General Data Protection Regulation (GDPR) became enforceable on May 28, 2018, in the European Union (EU). Now, almost a year and a half later, things seem to be getting a bit more real as companies like British Airways and Marriott International are being hit with substantial fines and the Information …

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UPDATED: Shopify Targets Merchants in The Fast-Growing CBD Sector

CBD is all the rage these days as a newly available medicine that can alleviate everything from pain to insomnia, and now e-commerce platform provider Shopify Inc. is pitching its payment and other support services to U.S. CBD merchants. Ottawa, Ontario-based Shopify, which serves 800,000 merchants globally and has major …

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Turnkey Risk Rebrands as Humaitrix and other Digital Transactions News briefs from 9/17/19

Turnkey Risk Solutions, a risk-management firm specializing in first-party fraud, rebranded as Humaitrix LLC. Payments veterans John J. Leehy III joined the company as chief executive and Gregory W. Sahrmann joined as the chief operating officer. Amy Walraven, a former JPMorgan Chase & Co. risk executive, is founder, president, and chief …

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With Momentum From Transit, Contactless Accounts for a Rising Share of Card Payments

With card-based transit payments picking up steam in the United States, a key Mastercard Inc. executive said Thursday that 22% of the network’s physical-world transactions globally were contactless as of the end of 2018. The time to complete a contactless transaction is down to 0.4 seconds, added Ajay Bhalla, president …

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Pricing, Disputed Transactions Among Undetermined FedNow Issues

The Federal Reserve’s proposed FedNow real-time payments service won’t be live for more than three years, but bankers and other interested parties peppered two Fed officials with plenty of questions about it Monday. The occasion was a 90-minute webinar in which the officials reviewed the ambitious FedNow plans unveiled last …

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U.S. House Committee To Hold Faster Payments Hearing and other Digital Transactions News briefs from 8/30/19

The U.S. House of Representatives’ Task Force on Financial Technology will hold a hearing Sept. 26 on “The Future of Real-Time Payments.” The task force was created in May by U.S. Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee.Housecall Pro, a software platform for home-service technicians, launched My …

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Stricter Visa Rules for Trial Offers and Promotions To Take Effect Next Year

The card networks’ crackdown on negative-option billing and subscriptions with free trials is continuing, with stricter policies from Visa Inc. set to take effect April 18. The updated Visa rules will follow by a year tightened rules from Mastercard Inc. on negative-option billers. These are billers who, after getting a consumer …

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Could Online Sports Betting And U.S. Football Prove a Toxic Mix for Payments Firms?

The imminent arrival of the NFL season, coupled with a U.S. Supreme Court decision last year that leaves legalized sports betting up to the states, could sack payments firms’ efforts to control fraud, observers warn. The professional football season kicks off Sept. 5 and is widely expected to draw strong …

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AnywhereCommerce Alleges Square Infringed Patents on Tech Linking Readers to Mobile Devices

(This story has been updated to include a statement from Square). Square Inc. is often seen as the exemplar of technology that lets small merchants process card transactions via a simple reader linked to a mobile device. But now a rival point-of-sale technology provider has sued Square alleging that the …

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Eye on Cryptocurrency: Libra Backers Getting Cold Feet? Settlement in Alleged Crypto Pyramid Scheme

Several backers of Facebook Inc.’s proposed Libra cryptocurrency are having second thoughts because of regulatory pushback, according to a British newspaper report. Meanwhile, the Federal Trade Commission announced settlements Thursday with four defendants accused of falsely promising big returns to consumers who paid in cryptocurrencies to participate in an alleged …

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