Thursday , March 28, 2024

Mobile Wallets

MX Joins Nacha Program And Other Digital Transactions News briefs from 8/30/22

Nacha, the regulatory body for the automated clearing house network, has named open-banking specialist MX Technologies Inc. a member of its Preferred Partner Program. MX is the 30th company to be named to the program.Consumers’ top five favorite ways to pay are debit cards, credit cards, cash, contactless, and mobile wallets, according …

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The Fed Sets a May to July 2023 Window for Its Launch of the FedNow Real-Time Service

The Federal Reserve Board on Monday afternoon narrowed the window for the launch of FedNow, its real-time payment service, to the weeks between May and July of 2023. The announcement, which came in a short address by Fed Vice Chair Lael Brainard, is the latest in a series of updates …

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As Hacker Attacks Rise, States Start to Consider Banning Ransom Payments

Online attacks in which criminals seize control of victims’ data are rising, and government agencies are far from immune. That’s now leading states to consider laws prohibiting state agencies from paying ransoms to get the decryption key that would unlock what are often vital files. North Carolina in May and …

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Jack Henry Will Launch a Real-Time Fraud Detection Platform in 2023

To make modern fraud detection technology more accessible to community banks, Jack Henry & Associates Inc. late Thursday announced plans to launch early next year Financial Crimes Defender, a cloud-native platform for detecting fraud and other suspicious account activity that can hurt consumer’s financial health, as well as financial crimes, such …

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COMMENTARY: Payments Security Requires Tokenization, Biometrics—And You

Digital payments are on the rise, and so is payment fraud. As of 2020, nearly 80% of Americans used at least one form of digital payment. Between 2020 and 2021, payment fraud attacks rose dramatically on digital wallets (200%), payment service providers (169%) and crypto exchanges (140%). To keep up …

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Contactless Fare Payment Comes to Smaller Towns With Cubic’s Project in Sault Ste. Marie

Systemwide contactless-fare technology, which has been available mainly for mass-transit systems in major cities, is starting to find its way into smaller towns. Cubic Corp. on Tuesday  said it will install its Umo mobility platform in buses serving the Canadian town of Sault Ste. Marie, Ontario, population 72,000. The system, …

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Google Wallet Adds Markets And Other Digital Transactions News briefs from 8/24/22

Alphabet Inc. said it is expanding Google Wallet to six more countries, including South Africa, bringing to 45 the number of countries in which the product can be used. Google Wallet was introduced this spring as a replacement for Google Pay.Transaction processor Computer Services Inc. said it will be acquired by private investment firms Centerbridge …

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Aurus Bring Real-Time Fraud Detection to Its Merchants Through a Riskified Partnership

Fraud-management platform Riskified Ltd. is partnering with Aurus Inc., a payments-platform provider. The deal will enable merchants relying on the Aurus platform to know in real time across multiple sales channels whether to accept or reject an order, which in turn can potentially increase approval rates and reduce fraud costs, …

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COMMENTARY: Don’t Even Try to Enter iGaming Without a Digital Wallet Offering

The regulated online sports-betting and casino market in the United States has exploded in recent years following the Supreme Court’s repeal of the Professional and Amateur Sports Protection Act (PASPA) back in 2018. This repeal put the power to regulate single-event sports betting in state hands, with many subsequently passing …

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FDX Seeks to Make Open Banking More Accessible With Its Standard And API

While the recent partnership between fintech Wise US Inc., which specializes in cross-border payments, and Plaid Inc. is another example of the momentum open banking is gaining globally, one overlooked element of the deal is the role the open-banking standard developed by the Financial Data Exchange played in making the …

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Digital Transactions