Monday , March 1, 2021

Law and Regulation

CardX Wins Its Kansas Surcharging Suit. Surcharging Bans Remain in Only Three States

CardX LLC, a surcharging-services provider, can now add another state to the list of places where it can do business. A federal judge ruled Thursday surcharging cannot be prohibited in Kansas. The decision leaves just Colorado, Massachusetts, and Connecticut with outright no-surcharge rules on the books. Filed May 29, 2020, …

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With a Federal Lawsuit, Intuit Challenges the Card Networks’ Interchange Regime

Lawsuits brought by merchants against Visa Inc. and Mastercard Inc. have become almost routine for the two network giants, but now they face an unusual action—a suit from Intuit Inc., which is not only a card-accepting merchant but also an independent sales organization and payment facilitator. Filed Feb. 19 in …

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How a Processor Sees Opportunity in Its Participation in the Upcoming Pilot for FedNow

With the Federal Reserve’s announcement last week that more than 110 financial institutions and processors have signed up for a pilot of the FedNow real-time payments service, third-party service providers are working to smooth the way for small banks that might otherwise be left on the sidelines. “We’re filling the niche …

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As Open Banking Grows More Popular, Banks Work to Streamline Links to Fintech Apps

The firms that make payments apps work behind the scenes are facing a growing problem. As more and more consumers use the apps, more and more banks get involved, casting an ever-widening net of unique requirements on the data networks that connect the apps to users’ bank accounts.  That places …

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AmEx’s Top Exec Looks to Vaccines To Help Spur a Comeback for T&E Spending

In a wide-ranging session, American Express Co.’s top brass Tuesday expressed optimism that increasing availability of coronavirus vaccines will soon induce consumers to travel and that the new Biden Administration’s policies are unlikely to have much impact on the New York City-based company’s core business. On an early morning conference …

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Nuvei Lands Tennessee Sports-Betting OK and other Digital Transactions News briefs from 1/21/21

Nuvei Corp. said a wholly owned subsidiary has been approved to process sports-betting transactions in Tennessee, where sports wagers have been legal since 2019. Previously, Nuvei received approval to process sports betting in Colorado, Indiana, and West Virginia.Point-of-sale system provider Revel Systems said majority owner Welsh, Carson, Anderson & Stowe made another investment …

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Peoples Trust Launches Deposit Insurance on Prepaid Cards In Canada

In a new twist on prepaid cards in Canada, Vancouver-based Peoples Trust Co. is extending eligibility for deposit insurance from the Canadian Deposit Insurance Corp. to general-purpose reloadable prepaid cards and payroll cards issued by the financial institution.  The CDIC ruled in 2020 that prepaid cards can be eligible for …

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PPRO Secures $180 Million in Funding and other Digital Transactions News briefs from 1/19/21

Payments provide PPRO Financial Ltd. announced a $180-million funding round valuing the company at more than $1 billion.AeroPay, a payments provider specializing in the cannabis industry, said it is working with Blackbird, a cannabis software and delivery company, to process online ordering for cannabis businesses.U.S. payments provider WEX Inc. announced it will process …

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Frictionless Payouts Are Key When It Comes to Online Sports Betting, Paysafe Says

As consumers’ comfort level with online sports betting grows, a quick and frictionless payout of winnings will play a key role in their choice of an online gaming vendor, says a study released Thursday by payment-platform provider Paysafe Group. Of the more than 2,000 online-sports bettors surveyed by Paysafe across …

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Vanco Acquires SmartcareOS and other Digital Transactions News briefs from 1/14/21

Vanco Payment Solutions Inc., a payments provider specializing in the educational and faith-based sectors, said it acquired SmartcareOS LLC, a software provider for child-care centers. Terms were not announced.Entrust Corp., a provider of technology for identity, payments, and data protection, announced it acquired HyTrust Inc., a vendor of data-encryption, key …

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