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Wells Fargo Merchant Services Sued and other Digital Transactions News briefs
August 8, 2017

• Worldpay has asked for second extension, this time to Aug. 11 after a first one to Aug. 8, of a British regulatory deadline as Worldpay and Vantiv Inc. executives put the finishing touches on Vantiv's proposed $9.9 billion buyout offer for the London-based merchant acquirer. Reuters reported that the companies expect to announce a final deal Wednesday. Vantiv postponed issuing its second-quarter financial results until Wednesday from Tuesday as originally scheduled.

A proposed class-action merchant lawsuit accuses merchant acquirer Wells Fargo Merchant Services of charging unauthorized fees for about six years to potentially hundreds of thousands of merchants, Reuters reported. Wells Fargo Merchant Services is a joint venture of banking firm Wells Fargo & Co. and processor First Data Corp. A Wells spokesperson denied the claims, and a First Data spokesperson declined comment. Plaintiffs filed the suit in U.S. District Court in Brooklyn, N.Y.

Sterling Payment Technologies released the SmartECR, an EMV-enabled device that allows SAM4s cash registers to accept EMV chip cards and digital wallets.

PayPal Holdings Inc.'s Venmo person-to-person payment service introduced Venmo Codes, a service that lets Venmo users pull up a QR code on their smart phone to be scanned by another Venmo user, removing the need to type in names when making a payment.

The Consumer Financial Protection Bureau is taking comments on its four designs for new overdraft disclosure forms for banks and credit unions, which the CFPB hopes will become models for financial institutions to use for clearly communicating their overdraft policies and fees, including those covering debit card purchases and ATM withdrawals.

Hamburg, Germany-based online fraud-prevention software developer Risk.Ident GmbH opened its U.S. headquarters in Cambridge, Mass., and appointed Dustin Clinard, a former executive at Gartner Inc. and Universum Global, as U.S. managing director.

SEQR Payments AB, the Sweden-based mobile-payments provider, announced it has become a Mastercard issuer, allowing it to issue contactless Mastercard products in Europe. SEQR is a unit of Seamless Distribution AB.

NCR Corp. said it will deploy Microsoft Corp.'s Windows 10 Internet of Things Enterprise software for use with an unidentified European bank's ATMs.


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