November, 2019

• 1 November

  Security Notes: The Age of Insecurity

  

  There are hundreds of cybersecurity companies offering products designed to protect us from identity theft by requiring us to prove our identity through biometrics and unscripted behavior. These products claim efficacy against today’s threats. Many of them even grow and prosper as they defeat a great deal of contemporary fraud. …
• 1 November

  An ISO’s $135-Million Win Against Global Payments

  

  Global Payments Inc. may be on the hook for more than $135 million following a jury verdict in a breach-of-contract lawsuit filed by an independent sales organization against the Atlanta-based processor. A jury in the Superior Court of DeKalb County in Georgia found that Global Payments breached parts of its …
• 1 November

  How First Data Cemented Fiserv’s Payments Strategy

  

  Fiserv Inc.’s acquisition of First Data Corp. this year was the first of a trio of big mergers that has made 2019 the year of the megadeals in payments. Recently, a key Fiserv executive close to the action explained how the $22-billion acquisition served as the capstone to a long-term …

October, 2019

• 1 October

  Security Notes: Four Risks of Digital Money

  

  China has committed itself to digital money. The world, looking upon China as the second-biggest market on the planet, is watching—and following suit. The step is colossal and risky, as it can catapult national economies in a spectacular way. The announcement in June of Facebook Inc.’s Libra project spurred this …
• 1 October

  For FedNow, a Lot More Questions Than Answers

  

  It’s still at least three years off, but it’s none too soon for bankers and payments executives to be wondering exactly how the Federal Reserve’s planned FedNow real-time payments service will shape up. What will be the pricing, what about disputed transactions, and just what exactly is a real-time payment, …
• 1 October

  The Network Crackdown on Negative-Option Billers

  

  Ever signed up for a free trial subscription and then forgotten about it, only to find out you’ve roped yourself into receiving an unwanted service or publication on an ongoing basis? Both bank card networks have now implemented or plan to implement stricter rules on so-called negative-option billing and subscriptions …

September, 2019

• 3 September

  Security Notes: Breaches Show Identity Is Key

  

  Capital One is known as the “Technology Bank” by its early adopters. It is the last bank at which someone would expect a massive breach. And, indeed, with its 77 million victims, Capital One’s breach in March is not even among the top five breaches in the United States. So …
• 3 September

  After a Decade And a Merger, the BofA-First Data JV Closes Out

  

  There had been whispers about the possibility for months, but this summer the parties confirmed it: The end of Bank of America Merchant Services, a long-running merchant-acquiring joint venture between Bank of America Corp. and First Data Corp., is now at hand. On July 30, the same day that First …
• 3 September

  Venmo Leverages Instant Transfers As It Digs for Revenue

  

  With real-time payments in the headlines these days, it’s not surprising payments companies are jumping on the faster-payments bandwagon (more on this in “The New Reality in Real-Time Payments,” this issue). But some, like PayPal Holdings Inc., are finding ways to use speedier funds to bolster revenue. PayPal last month …

July, 2019

• 1 July

  Security Notes: The Uses of Digital Money

  

  The Fed hesitates and the networks hold on to power, but technology breaks through. The efficiency and convenience of digital money are slowly but surely making it the currency you stuff your wallet with. While pure, airy cryptocurrencies without a central mint are still very much fringe money, the deeper …