Wednesday , June 26, 2019

The Fed’s Defining Security Moment and other Digital Transactions News briefs from 3/20/19

  • The Federal Reserve announced the 22 members of its new Fraud Definitions Work Group, another component of its sweeping Payment System Improvement Project. The group, which comes from the banking and payments industries, regional Fed banks, and other organizations, will work with Fed leaders on recommendations for improving the quality and consistency of automated clearing house, wire, and check fraud data.
  • New Jersey Gov. Phil Murphy signed A-591, a bill that prohibits discrimination against cash-paying consumers. The bill passed the New Jersey Legislature with overwhelming support.
  • Rapyd, which has attracted investments from Stripe Inc. and General Catalyst, has announced a cloud-based product called Rapyd Checkout, which allows merchants around the world to accept local payment methods, including cash, local cards, bank transfers, and e-wallets.
  • Switch Inc. released CardUpdatr, a white-label application that lets issuers update card credentials in real-time for any merchant site.
  • Point-of-sale technology provider Revel Systems said it has implemented its Revel Enterprise system for hundreds of locations belonging to Golftec, a provider of golf instruction and club-fitting services.
  • Citcon, which provides point-of-sale technology that enables North American merchants to accept Chinese mobile wallets, announced it is working with banking-software firm Acceo to allow Acceo’s direct-to-processor payment platform to accept Alipay and WeChat Pay.
  • Business-payments provider Prepaid Technologies Inc. acquired Karmic Labs’ dash prepaid purchasing card portfolio and expense-management system. Terms of the deal were not disclosed.
  • Prepaid Financial Services Ltd. announced it is enabling the mobile-payments service Samsung Pay for its branded cards, allowing cardholders in the United Kingdom to use the contactless payment service where merchants have contactless terminals and Mastercard is accepted.

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