Friday , November 15, 2019

Credit Cards

Bill Could Restrain Tech Firms’ Financial Services Projects and other Digital Transactions New briefs from 11/15/19

U.S. Rep. Chuy Garcia (D-Ill.) planned this week to introduce bills that would bar tech firms from developing their own cryptocurrencies and make it more difficult for non-financial firms to obtain charters for industrial-loan corporations, a form of a bank, according to Politico. Garcia’s office did not immediately respond to a request …

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PCI Compliance Drops for the Second Year in a Row, Verizon Reports

Compliance with the Payment Card Industry data-security standard remains an elusive goal for many merchants and other organizations that handle general-purpose payment card data. In fact, compliance fell in 2018 for the second year in a row, according to Verizon Communications Inc. Verizon’s newly released Payment Security Report says only …

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Facebook Pay Could Dominate Facebook’s Apps, But That’s Not Likely to Stymie Rival Wallets

With Facebook Inc.’s launch Tuesday of Facebook Pay, the social-media giant may feel somewhat assured that many of its 1.6 billion daily users will at least try the new wallet when making purchases in one of the company’s social networks. But that does not mean the rest of the payments …

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Boost in Chase Deal and other Digital Transactions News briefs from 11/13/19

Boost Payment Solutions Inc., an acquirer for commercial card transactions, said it is collaborating with JPMorgan Chase & Co. to process payments and automate delivery for Chase’s Single Use Card Accounts and other commercial cards.Cardlytics Inc., which derives marketing intelligence from purchase data, reported a 116% year-over-year increase in monthly …

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Big Retailers Anticipate FedNow Will Bring Competition to Payments

A retail trade association as well as Target Corp. have endorsed the Federal Reserve’s planned FedNow real-time gross settlement service. In a letter posted last week on the official FedNow comment site, the Washington, D.C.-based Retail Industry Leaders Association said “over the past decades RILA has seen competition and innovation …

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U.S. Holiday Sales Could Top $1 Trillion, With Mobile Payments Growing 32%

Research firm eMarketer Inc. forecasted that 2019 U.S. holiday sales will surpass $1 trillion in value for the first time. Cyber Monday, the Monday following Thanksgiving, is expected to be the biggest online shopping day and could approach $10 billion in sales. With Thanksgiving falling on the last Thursday of …

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USAT Balks at Investor Move and other Digital Transactions News briefs from 11/11/19

USA Technologies Inc. said a solicitation from Hudson Executive Capital LP, the unattended payments provider’s largest shareholder, to call a special shareholder meeting is invalid under the company’s bylaws. HEC wants to take control of USA Technologies’ board of directors with its own slate of director nominees.The Singles Day shopping event on …

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COMMENTARY: AP And Treasury Need To Work Better Together. Here’s How

Finance departments contain many functions that don’t always work together as well as they should. That’s especially true of Accounts Payable and Treasury. You’d think they’d work more effectively together as teams that both control the flow of funds for an organization, but in my experience, that’s rare. That lack …

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Final Arguments Heard in MDL 1720 Interchange Suit and other Digital Transactions News briefs from 11/8/19

U.S. District Judge Margo K. Brodie heard final arguments from lawyers Thursday on the fairness of a proposed settlement in the 14-year-old MDL 1720 credit card interchange case but, as attorneys involved in the case said was probable, did not make an immediate determination from the bench. Brodie in January gave preliminary …

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USAA Wins $200 Million RDC Lawsuit and other Digital Transactions News briefs from 11/7/19

A U.S. District Court jury in Marshall, Texas, awarded USAA $200 million in damages after finding that Wells Fargo & Co. infringed on two patents held by USAA related to mobile check deposit. USAA filed the suit in June 2018. USAA in August 2018 filed a separate suit in the same court against Wells …

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