Friday , March 29, 2024

Law and Regulation

Wise’s Cross-Border Hopes And Other Digital Transactions News briefs from 9/18/23

Wise Transfer Ltd., a developer of software for cross-border transfers, announced its Wise Platform will complete transactions initiated through the Swift international payments platform at the option of financial institutions. In related news, IBM Corp. announced its IBM Payments Center, a software-development unit, has joined the Swift Partner Program, gaining access to …

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An Interchange Class-Action Settlement Inches Forward With a Recent Court Action

The federal court overseeing a $5.54-billion settlement between millions of card-accepting merchants, on one hand, and Visa Inc. and Mastercard Inc., on the other, over interchange costs recently took several steps that ultimately could get payments out to merchants. But checks still won’t be in the mail for some time. …

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A Top Fed Official Points to Real Time Payments Progress While Eyeing Stablecoins Skeptically

The Federal Reserve seeks to work closely with private-sector instant-payment services and plans to carve out a regulatory role to govern developments in stablecoins, a top official at the Fed said Friday. The remarks come in the wake of the Fed’s launch in July of its FedNow real-time payments network. …

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The CFPB Eyes Tech Firms’ Role in Governing Tap-to-Pay

The Consumer Financial Protection Bureau late Thursday released a report raising questions about the part restrictions imposed by big technology firms like Apple Inc. and Alphabet Inc’s Google subsidiary may play in hampering innovation, consumer choice, and the growth of open and decentralized banking and payments in the U.S. The …

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Commentary: BNPL May Be All the Rage, But Embedded Lending Is a Better Option for Merchants

According to Juniper Research, 360 million people worldwide used Buy Now, Pay Later (BNPL) in 2022. With such an expansive consumer base, BNPL has also become an effective tool for merchants to attract new customers and increase conversion rates. However, the widespread use of BNPL has raised concerns regarding transparency …

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Eye on Fraud: Global Ransomware Attacks Soar to a Monthly High; Cyber Attacks Hit Hospitality Merchants

Monthly global ransomware attacks hit an all-time high in March, totaling 460. That’s a 62% increase from the same period a year earlier, and a 91% increase from the prior month, according to the fall edition of Visa Inc.’s 2023 Biannual Threats Report. Leading causes for ransomware attacks are criminals …

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New SEC Rule Ups the Ante on Data Breach Disclosures

With the Securities and Exchange Commission mandating public companies victimized by a cyberbreach publicly disclose the breach, businesses need to be more diligent in keeping out cybercriminals, as disclosure of such information can subject them to greater scrutiny and potential liability. The rule, which the SEC passed in July, requires …

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BNPL’s Rapid Ascent Evokes Clashing Opinions on the Ethics of Short-Term POS Credit

The buy now, pay later craze, which took flight during the Covid pandemic, has turned into a $70-billion-plus segment of the payments industry. But that doesn’t mean it hasn’t stirred controversy among acquiring-industry executives, some of whom manage versions of the point-of-sale credit product. That clash of viewpoints emerged Wednesday …

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New Jersey Limits Card Surcharging to Merchants’ Processing Fees

New Jersey has implemented a law that prohibits merchants in the state from profiting from credit card surcharging and requires merchants to clearly disclose any surcharges to consumers. The law, which was passed by the New Jersey legislature in June and went into effect immediately upon New Jersey Governor Phil …

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Feedzai’s Latin America Move And Other Digital Transactions News briefs from 8/22/23

Feedzai, a U.S. fraud-detection and -prevention company, will offer its services in Latin America through a partnership with Dock, a payments provider specializing in services for that region. TreviPay, a U.S.-based business-to-business payments provider operating in 32 countries, introduced a service to support cases where buyers ask to be invoiced …

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Digital Transactions