Digital Transactions Authoritative, insightful and timely information for payments professionals
Merchants and credit and debit card issuers have controlled the bulk of the narrative, pro and con, about the proposed Credit Card Competition Act since the legislation was reintroduced last year. But now a recent poll from Independent Community Bankers of America says that most consumers feel they would not …
April, 2024
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8 April
Eye on Fraud: Oracle Puts AI to Work Against Laundering, While the UK Works to Stop Misdirected Checks
Payments fraud takes many forms, forcing banks and processors to adopt fresh tactics. But sometimes the technology to prevent fraud can be expensive enough to wipe out any near-term expectation of return. Early Monday, Oracle Corp. launched Oracle Financial Services Compliance Agent, a platform it says can leverage artificial intelligence …
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8 April
Busey Enlists Corserv for Card Program and other Digital Transactions News briefs from 4/8/24
Corserv, a payments provider for banks and fintechs, said it will work with Busey Bank to launch a credit card for the bank’s commercial clients. Synchrony Financial said BRP US Inc., a powersports and marine products maker, said it will Synchrony’s installment finance service to its dealers. The big France-based processor Worldline said …
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5 April
Eye on AI: PayBlox Enlists AI for Statement Reviews; Colleen AI Tackles Rentals with Voice AI
The promise of lower credit and debit card processing fees is a big attraction for merchants to switch merchant providers. Statement reviews are a key part of that process and now PayBlox, a merchant services referral site, has enlisted artificial intelligence to help. With the debut of its Statement Spy …
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5 April
Mobile Wallets and Contactless Payments Growing in Popularity, NFC Forum Says
Consumers are not only favoring contactless payments more, they are relying more on their mobile wallets to initiate payments, according to the NFC Forum’s bi-annual Near Field Communication Usage and Adoption study. The study, conducted by ABI Research, reveals that 95% of respondents have left their physical wallets at home …
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5 April
Skipify Working with Visa’s Digital Commerce Program and other Digital Transactions News briefs from 4/5/24
Checkout fintech Skipify said it is working with Visa Inc.’s Digital Commerce Program on initiatives, among them letting Skipify users link Visa Click to Pay cards to a Skipify’s Connected Wallet. This move speeds recognition of Skipify users on e-commerce sites to more quickly show the users’ available cards. PSCU/Co-op Solutions, a …
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4 April
Klarna Launches a Web Page to Rebut the Idea That BNPL Burdens Consumers With Debt
Looking to dispel criticism that buy now, pay later loans are predatory-lending products, BNPL provider Klarna AB has launched Wikipink, a Web page that details information about its BNPL business, such as repayment rates, late fee rates, and consumer demographics. “By publishing our facts and figures with full transparency, including …
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4 April
PayPal And Ripple Launch Stablecoin Initiatives As Crypto Values Rise And Plummet
The wild—and somewhat unpredictable—swings in value that beset digital currencies have begun to lead major payments players to consider a promising alternative: stablecoins, so named precisely because their values are pegged to a national currency, such as the U.S. dollar. Early on Thursday, PayPal Holdings Inc. and Ripple Labs Inc. …
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4 April
NAB’s Visa Integration and other Digital Transactions News briefs from 4/4/24
Payments provider North American Bancard LLC said it has integrated its merchant processing platform with Visa Inc.’s Visa Acceptance Platform, allowing it to offer merchants access to Visa properties such as Cybersource, a fraud-detection platform. The Clearing House Payments Co. LLC said first-quarter volume on its RTP real-time payments network set a quarterly …
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3 April
Mastercard Plans a Network Fee Hike for Later This Month. Merchants Aren’t Happy
Mastercard merchants will see a network fee increase later this month when Mastercard increases its Acquirer Brand Volume Fee from 0.13% to 0.14%, effective April 15. The increase comes on the heels of last week’s settlement between Visa and Mastercard, on one hand, and merchants, on the other, in their …