Monday , May 16, 2022

Pricing

Interchange ‘Not Entirely’ Partisan and other Digital Transactions News briefs from 5/5/22

The Judiciary Committee of the U.S. Senate heard testimony Wednesday from witnesses both for and against regulation of credit card interchange. Speakers represented a supermarket chain, merchant groups, Mastercard and Visa, and a bank. The hearing showed that “while more Democrats than Republicans likely would support greater intervention in the …

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TCH Updates RTP Tokenization for Checking Accounts and other Digital Transactions News briefs from 5/2/22

The Clearing House Payments Co. LLC announced it will soon introduce tokenization for checking account and routing numbers on transactions financial institutions run over TCH’s RTP real-time payments and EPN automated clearing house networks.Of 80 mid-tier U.S. financial institutions surveyed by Volante Technologies, 37% of these not already connected to The Clearing …

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Interchange Increases Will Exacerbate Inflation, a Growing List of Merchant Groups Contend

One of the country’s biggest merchant associations on Monday joined a growing chorus of voices arguing fee increases planned by the major card networks for this month will exacerbate inflation. “American consumers are struggling under the worst inflation in four decades, and these increases would only make the situation worse,” …

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Working With Cross River Bank, Revolut Expands Its Footprint in the U.S. Market

Revolut Ltd. continues its expansion in the United States, announcing on Friday it is partnering with technology infrastructure provider Cross River Bank to expand access to financial services to Revolut customers in the U.S. and enable Revolut to scale and expand across business verticals in the country, including credit.  As …

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There Are No Signs the Chip Shortage Is Easing, the U.S. Payments Forum Says

The microchip shortage that has plagued point-of-sale terminal makers since the onset of the Covid-19 pandemic shows no signs of abating. Despite forecasts that chip supply would not begin to start catching up to demand until mid-2022, terminal makers should continue to plan for shortages at least through 2023, according …

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Often Overlooked, Checkout Is Assuming New Significance in Payments, Experts Say

Customer checkout, whether online or at a store, can be taken for granted by merchants and payments firms alike. That’s a big mistake, according to a panel of experts who spoke Wednesday about new opportunities—and threats—lurking in checkout buttons.  For one thing, checkouts can represent a battleground in which players …

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Block’s Square Unveils a Revamped Square Stand As Merchant Needs Evolve Fast

To help merchants manage their business through a single device in a rapidly changing payments landscape, Block Inc. on Monday introduced the next generation of Square Stand, the countertop device that converts an iPad into a point-of-sale system. It is the first redesign of Square Stand since its launch in …

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With Its In-House Move, Apple Once Again Could Shake Up Payments

Almost eight years after it launched the Apple Pay mobile-payment service, Apple Inc.’s purported move to bring some of its payment-processing and financial-services operations in-house once again could shake up the payments industry. Just how, though, is a big unknown at the moment. Cupertino, Calif.-based Apple is not commenting on …

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Eye on Security: Panini Meets FBI Standards, And VGS Gets Set to Launch Card Tokens

Panini S.p.A., which has been expanding beyond its base in devices for image processing, said early Tuesday the Federal Bureau of Investigation has certified its fingerprint-authentication technology, called BioCred. The scanning technology meets image-quality specifications set by the FBI’s Appendix F standard, said to be the law-enforcement agency’s highest standard …

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A $1-Million Same-Day Cap Takes Effect As the ACH’s Latest Move in the Faster Payments Derby

A new, $1-million limit takes effect on Friday for same-day processing of automated clearing house transactions. The new cap, 10 times higher than the former one, is expected to open the ACH for faster processing of more large-value transfers and is seen as a landmark move toward faster payments as …

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Digital Transactions