Transaction Processing

The Federal Reserve is now required to rewrite the key interchange limits included in a controversial 15-year-old debit card rule following a federal appeals court decision Monday striking down an interchange cap the Fed established in 2011. The Fed could still appeal the ruling to the U.S. Supreme Court. Interchange, …

PayPal Holdings Inc. reported a 2% rise year-over-year in third-quarter net revenue, to $8.58 billion, on a 6% increase in total payment volume, to $487.1 billion. Payment transactions rose 7% to 6.796 billion, while active accounts, at 440 million, were virtually flat, rising 0.6%. GAAP net income fell 14%, to $1.07 …

The allure of financial accounts continues to attract bad actors, and now they are using AI and deepfakes to impersonate legitimate consumers, making it tougher for companies to protect these accounts. That’s one takeaway from Microblink’s latest review of account-takeover fraud data. Microblink, a fraud-prevention firm based in Brooklyn, N.Y., …

The U.S. Faster Payments Council on Friday released guidelines for messages that financial institutions use in association with real-time payments or other transfers processed within a matter of hours or minutes. Such messaging can cover matters related to payment requests, return of money, payment status reports, and exchange of other …

Payments provider Viewpost has agreed to work with Birchstreet, a provider of hospitality-industry technology, to include AI-enabled embedded payments for hospitality customers. Oak View Group, operator of a network of live-entertainment venues, will offer its employees earned-wage access service through Payactiv throughout Oak View’s U.S. operations, involving more than 40 …

For some restaurant chains, innovation is coming in force to the common drive-through, with the latest example emerging early Thursday with the chicken-sandwich operator Bojangles’ announcement that it is extending an agreement to deploy an AI-based drive-through ordering technology from Tel Aviv-based Hi Auto Ltd. Charlotte, N.C.-based Bojangles, which operates …

In the “In Other News” section of Wednesday’s issue of Digital Transactions News, Boost Payment Solutions was misidentified as Boost Payments. Digital Transactions regrets the error. Fresha, a booking and payments platform for beauty and wellness businesses, said its Fresha Capital offering for shops has lent more than $20 million …

With headquarters in Sweden and operations in 26 countries, Klarna AB is dropping the e-commerce border constraints, at least within its app with a new service called Consumer FX. On Wednesday, Klarna says app users will be able to shop at any participating Klarna merchant in the world and pay …

A new classification of criminal has quickly emerged. One that identity verification and fraud prevention firm Socure Inc. labels the AI-Fluent Fraudster. In a new report, “From the Frontline: Fraud’s Napster Moment,” Socure explains why this new classification reflects the burgeoning impact of artificial intelligence. Not only is AI making …