Monday , October 22, 2018

Law and Regulation

Gemalto Says Spy Operation ‘Probably Happened,’ but Downplays Its Effect

By Digital Transactions News Staff The big SIM and EMV chip manufacturer Gemalto NV on Wednesday acknowledged that an alleged operation by U.S. and British electronic spy agencies targeting the company “probably happened,” but the Amsterdam-based firm downplayed its impact. The alleged operation in 2010 and 2011 by the United …

Read More »

AmEx Vows Appeal After Federal Court Deals T&E Giant a Loss Over Its Anti-Steering Rules

By Jim Daly and John Stewart Continuing its recent string of setbacks, American Express Co. Thursday lost a crucial federal court fight in which it defended policies banning merchants from steering AmEx cardholders to cheaper forms of payment. The U.S. Department of Justice and 17 state attorneys general challenged the …

Read More »

DoJ, Merchant Group Hail Judge’s Ruling Against AmEx Anti-Steering Rules

By Jim Daly The U.S. Department of Justice and a merchant group focused on payment card acceptance costs Thursday afternoon hailed a federal district judge’s ruling striking down American Express Co.’s rules banning its merchants from steering AmEx cardholders to lower-cost forms of payment. Earlier in the day, New York …

Read More »

Eye on Litigation: Visa Seeks Dismissal of Pulse Lawsuit; Numerous Opt-Out Merchants Settle

By Jim Daly In the opinion of Visa Inc.’s lawyers, the Pulse PIN-debit network’s antitrust suit against the leading payment card network shouldn’t even have a pulse because Pulse hasn’t shown it has been harmed. Meanwhile, Google Inc. and a number of merchants that individually sued Visa and MasterCard Inc. …

Read More »

Bitcoin Mining Company CoinTerra Files for Bankruptcy

CoinTerra Inc., an Austin, Texas-based Bitcoin mining and services company, filed for Chapter 7 liquidation late last month, just weeks after one of its key vendors filed a breach-of-contract lawsuit against CoinTerra seeking $5.4 million. CoinTerra’s bankruptcy petition filed Jan. 24 estimates the company’s creditors range in number from 222 …

Read More »

Visa Chief Scharf Holds out Digital Payments As Olive Branch to Fee-Weary Retailers

In the wake of an important Supreme Court decision early last week, Visa Inc.’s chief executive Thursday afternoon sounded a conciliatory note on the company’s often fraught relations with merchants and touted Visa’s digital-payments initiatives as a way of bringing more value to retailers in return for the fees they …

Read More »

The Fed Releases Strategies, Plans for Faster Payments, Looks for Industry Participation

In a blueprint released Monday for a faster and more secure U.S. payments system, the Federal Reserve called for industry task forces to form early this year and for a “framework” to emerge by 2016 to set rules for near real-time payments. The banking regulator also set out five broad, …

Read More »

Hoping to Avoid ‘Or Else,’ Card Networks and the PCI Council Step Up Compliance Efforts

The private sector often lives in fear of government regulation, but the payment card industry’s indigenous regulators are piling on new disclosure, monitoring and security requirements for merchant acquirers, panelists said Wednesday at the Northeast Acquirers Association (NEAA) annual conference in Boston. While many of the new rules are meant …

Read More »

Despite Top Court’s Rebuff, Merchants Seek Debit Relief With Fed’s Own Data

The U.S. Supreme Court may have rebuffed merchants seeking to cut debit card transaction costs, but that doesn’t mean they’re entirely out of options. On Thursday, the Merchant Advisory Group, a Minneapolis-based trade group that counts big-box stores and airlines among its 175 members, released a 16-page white paper using …

Read More »

Supreme Court Rejects Petition, Dealing Merchants Another Defeat on Debit Cards

Merchants battling debit card pricing and routing rules suffered another defeat on Tuesday. The U.S. Supreme Court rejected a petition from a merchant group seeking to have the high court hear its arguments against Federal Reserve rules regulating debit card interchange and transaction routing. The move leaves intact a lower-court …

Read More »