Friday , March 29, 2024

Transaction Processing

New Data Show a Rebound for Restaurants And Hotels As States Wrestle With Covid-19

Though Covid-19 still casts a long shadow over a number of U.S. states where early reopenings have led to a resurgence in  coronavirus cases, data released Monday indicate merchant volume is climbing rapidly across industries. The positive trend includes the hard-hit hospitality sector, according to the latest numbers.  Merchants in …

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Fiserv Lands Big Grocery Chain and other Digital Transactions News briefs from 7/6/20

Fiserv Inc. said it has begun processing all in-store payments at 2,250 ALDI Nord stores in Germany through First Data Gmbh. Fiserv acquired First Data in 2019. Discover Financial Services said it will donate $25,000 to each of 200 restaurants owned by black proprietors. Nominations are being taken between now and Oct. …

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BNY Mellon Works With Early Warning to Enable Real-Time Account Validation for Real-Time Payments

With real-time payments comes real-time risk, and now banks and their technology vendors are attacking the problem of how to make sure funds moving in the blink of an eye are flowing to the proper accounts. The latest move comes from banking power BNY Mellon, which on Thursday said it …

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How the Pandemic Has Hastened Small Merchants’ Conversion to Contactless And Online Channels

Evidence continues to accumulate that the Covid-19 pandemic is not only boosting contactless and online payments, but doing so in historically short order. Some 48% of small and medium-size merchants reported in mid-June that they had observed an increase in the number of consumers either using contactless payments or asking …

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New ACH Contact-Registry Rule Takes Effect With the Goal of Reducing Fraud and Exceptions

A new rule requiring all financial institutions in the automated clearing house network to participate in ACH governing body Nacha’s contact registry took effect Wednesday. The registry’s purpose is to enable financial institutions to quickly find the appropriate person to resolve issues when a transaction looks fraudulent or presents other …

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MagTek Launches Token Service and other Digital Transactions News briefs from 7/1/20

MagTek Inc. said its Magensa unit launched token technology to make touchless payments easier. The technology enables a merchant to send a payment link containing the token via email or text that allows consumers to pay in a secure environment. MagTek said the technology is available in QwickPAY, the Magensa mobile …

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Wirecard’s U.S. Unit Bids for a New Owner As Rivals Sense an Opportunity to Win New Business

The fallout from the Wirecard AG financial scandal has hit the U.S. market as the processor’s North American unit announced late Monday it is seeking a buyer. Wirecard North America Inc., based in Conshohocken, Pa., said it has engaged an unnamed investment bank to assist in the transaction. In the …

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European Commission Report Details Wealth Redistribution From Interchange Regulation

A new European Commission report shows how interchange regulation has lowered merchants’ payment card acceptance costs and taken more than $3 billion a year from card issuers’ top lines. The EC, the executive arm of the Brussels-based European Union, implemented its so-called Interchange Fee Regulation in 2015 and 2016. The …

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Chargebacks911 Debuts a Chargeback-Management Tool for Financial Institutions

Chargebacks reverberate throughout the payment stream, and now Chargebacks911 has released a tool that it says will help financial institutions better manage them. Dubbed Fi911, the tool is meant to automate procedures and make them more efficient, Clearwater, Fla.-based Chargebacks911 says. The company says more chargeback inquiries are being directed …

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COMMENTARY: Wirecard Was a Fairy Tale With an Unhappy Ending

Stories too good to be true often aren’t. The curtain has at long last been pulled back on high-flying payments fintech Wirecard AG. A whopping $2.1 billion in cash on its balance sheet can’t be verified and likely never existed. Chief executive Markus Braun has resigned and was arrested. Chief …

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Digital Transactions