Law and Regulation

A lawsuit filed in March 2016 over how the four U.S. card brands handled the liability shift during the EMV migration more than 10 years ago, along with unreimbursed chargebacks associated with it, has reached its next step. The suit is over unreimbursed liability-shift chargebacks made with a credit or …

As the dust settles around the latest settlement agreement in Visa Inc.’s and Mastercard Inc.’s long running legal battle with merchants over card-acceptance fees, how the offer will impact the payments industry is coming into focus. Early reaction to the agreement from payments experts is that interchange relief will be …

E-commerce technology company New Generation released Kepler, an agentic commerce platform for retailers. Kepler has a suite of tools to help merchants structure, analyze, and present their product data in formats that both humans and artificial intelligence engines can understand, New Gen said. The Pix real-time payments network in Brazil is likely to surpass …

The Federal Reserve announced its FedNow real-time payments network has raised its transaction limit to $10 million from $1 million. The tenfold increase is expected to enable more transactions for such usages as corporate treasury and payroll, vendor payments, and real-estate transactions. The Consumer Financial Protection Bureau issued a release saying it may not …

The payments industry for some time has been seeking meaningful growth in applications based on cryptocurrency, and early on Wednesday, one of the industry’s biggest players in that corner of the marketplace said it is making that happen with stablecoins—digital currency whose value is tied to fiat money like the …

Defendants in the long-running legal battle over merchants’ card-acceptance costs officially filed an Amended Settlement Agreement Monday. The agreement, filed in the United States District Court for the Eastern District of New York, will provide plaintiff merchants meaningful relief by remedying the concerns expressed by the court over a previously …

Merchant organizations contend an expected settlement offer in their ongoing, two-decades-old lawsuit against Visa Inc. and Mastercard Inc. over card-acceptance fees does not address the underlying problem that leads to high card-acceptance costs in the first place. Merchant opposition surfaced over the weekend after a story in The Wall Street …

The financial-services industry faces a threat even more sophisticated and convincing than traditional cybercrime: AI-powered deepfake voice scams. Unlike conventional account-takeover attempts that rely on stolen credentials and digital channels, these attacks use artificial intelligence to replicate customers’ voices with startling accuracy. They are able to bypass traditional authentication methods …

Early Warning Services LLC announced early Friday its Zelle payments network will expand internationally by using stablecoins for cross-border transactions.  Many details of the new initiative, such as expected volumes and fees, were not immediately available, but the move is aimed at offering faster international payments capability “to Zelle customers …

Attorneys for plaintiffs and defendants in the lawsuit challenging the Illinois Interchange Fee Prohibition Act presented oral arguments Wednesday on plaintiff’s motion for Summary Judgment in the case. Attorneys for the plaintiffs argued that the preliminary injunction against the IFPA be broadened so that all financial institutions are exempt from …