Law and Regulation

More than a year after the launch of real-time payments by the Federal Reserve, financial institutions of all sizes are adopting the service. Some mid-size and smaller institutions are also looking ahead to related issues, including the looming ISO20022 standard for financial messaging. The latest example emerged Thursday with an …

Mastercard Inc. and Citi announced they are working on a service to offer cross-border payments to Mastercard debit cards in 14 markets, including the United States. Cardholders in these markets will be able to receive payments from Citi clients in near-instant transaction times. Citi is using Mastercard Move, the card brand’s …

With the national spotlight now shining on the Illinois Interchange Fee Prohibition Act, questions are being raised regarding merchants’ ability to comply with the law. The biggest challenge facing merchants will be separating tax and tips on credit or debit card transactions submitted to their card processor so they can …

Illinois Senator Dick Durbin is refuting claims by plaintiffs in the Illinois interchange lawsuit that federal banking laws, such as the Durbin Amendment, supersede state laws. The latest back-and-forth is part of an unfolding lawsuit challenging the Illinois Interchange Fee Prohibition Act. In an amicus brief filed late Friday, Durbin …

The national legal battle over an Illinois interchange law continues to broaden in scope. Several national organizations representing merchants are expected to file amicus briefs with the United States District Court for the Northern District of Illinois Friday in support of the Illinois Interchange Fee Prohibition Act. The briefs are …

With the Federal Reserve’s FedNow service having debuted in July last year and The Clearing House Payments Co.’s  RTP network in operation since 2017, just how soon can the U.S. payments industry expect widespread, routine exchange of real-time transactions? Answers to that question are beginning to emerge. According to a …

The battle over the Illinois Interchange Fee Prohibition Act has taken a huge new turn. Early Thursday, the Illinois Attorney General’s Office filed a motion with the United States District Court for the Northern District of Illinois’s Eastern Division challenging an Amicus brief from the Office of the Comptroller of …

Beginning next summer, PayPal Holdings Inc. will begin sharing more personalized shopper information with merchants, as outlined in its recently updated PayPal Privacy Statement. Data such as products, preferences, sizes, and styles will be shared with merchants to “help improve your shopping experience and make it more personalized for you,” …

A fresh report from Consumer Reports finds that two of the four peer-to-peer payments companies it evaluated have cleared up the definition of “unauthorized” transactions pertaining to fraud. The publication last reviewed Apple Cash, Cash App, Venmo, and Zelle in 2022. The issue of what is an unauthorized P2P transaction gained …

Strava, an online community for athletes, said it is working with Block Inc.’s Cash App unit to launch this year’s HBCU Homecoming Tour, which features running events at U.S. universities. The Consumer Financial Protection Bureau is reportedly seeking comment on Apple Inc.’s practices with respect to contactless payments as the regulator works on …