Wednesday , September 19, 2018

Law and Regulation

Citing U.S. Government Resistance, MoneyGram And Ant Financial Call Off Their Merger

Unable to get approval from federal authorities, wire-transfer provider MoneyGram International Inc. and China-based Ant Financial Services Group disclosed Tuesday that they have terminated their merger agreement, almost a year after it was first proposed. In a joint news release, the firms said they’re bailing on Ant’s plan to acquire …

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Stolen Data Ranges From 20 Cents to More Than $15 on Cybercriminals’ Shopping List

The underground market for personally identifiable information is flourishing, with criminals paying as little as 20 cents to as much as $15 for verified credentials across the dark market. That’s the latest from RSA Security LLC, a data-security company. The Bedford, Mass.-based firm released the 2018 Cybercriminal Shopping List Tuesday, …

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Not Dead Yet: Growth in Cash Outpaces GDP Growth in Many Countries

Despite all the talk about mobile payments, online payments, cryptocurrencies, and EMV chip cards, the alternatives to cash still haven’t killed their sworn enemy. In fact, between 2006 and 2016, the growth of currency in circulation matched or exceeded growth in gross domestic product in 40 of 42 nations examined …

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Cordray’s Departure Casts a Shadow of Uncertainty Over the CFPB’s Payments Policies

Richard Cordray, the only person so far to serve as director of the federal Consumer Financial Protection Bureau, announced Wednesday that he will resign by month’s end. The widely anticipated move casts uncertainty over the CFPB’s future, including its policies on electronic payments. “For President Trump, it will be yet …

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The Clearing House’s Real-Time Payments System Goes Live

The Clearing House’s much-anticipated real-time payments system, dubbed RTP, went live late Monday afternoon, ushering in a new era of faster electronic payments in the United States. The transaction between The Bank of New York Mellon Corp.’s BNY Mellon subsidiary and U.S. Bancorp’s U.S. Bank was completed at 4:59:40 p.m. …

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Wal-Mart And Visa Settle Lawsuits Over Debit Routing and Credit Card Interchange

Wal-Mart Stores Inc. confirmed Friday that it will settle its lawsuit against Visa Inc. over EMV debit card transaction routing. That news comes one day after the two leaders in their respective industries settled lawsuits they filed against each other stemming from the massive and still-ongoing credit card interchange litigation …

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With New Anti-Fraud Systems in Place, WEX Says Skimming Losses Are Trending Down

After suffering a spike in fraud from skimmers on gas pumps earlier this year, fleet-fueling payment specialist WEX Inc. reported Wednesday that fraud losses are falling thanks to its new risk-control systems. “The steps we have taken to reduce losses fraud have started to pay off,” Roberto Simon, chief financial …

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AmEx Anti-Steering Case Moves to Supreme Court and other Digital Transactions News Briefs from 10/16/17

The Supreme Court agreed to hear a controversial antitrust case in which American Express Co. is defending its anti-steering rules for merchants against challenges from 11 states led by Ohio, Reuters reported. Payments provider TransCard Payments LLC announced a partnership with ExpenseAnywhere, an accounts-payable software developer. Travel Centers of America …

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Eye on Policy: Fintech Regulation, and ‘Taking Out the Trash’

What role government regulators should play as financial-technology companies increasingly challenge banks with new services for consumers and merchants is generating more debate in the electronic-payments industry. At a forum Tuesday, regulators said they want to encourage innovation while protecting consumers, but an executive with an online business lender argued …

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