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Chargebacks911 in FTC Settlement And Other Digital Transactions News briefs from 11/8/23

  • The Federal Trade Commission and the state of Florida reached a settlement with Chargebacks911 in a lawsuit they filed in April alleging the company and its owners use multiple unfair techniques to prevent consumers from winning chargeback disputes. The settlement would prohibit them from providing chargeback mitigation services to high-risk clients that use affiliate marketing and negative option plans. They also would not be able to knowingly use deceptive or misleading information on behalf of their clients and would prevent them from using techniques like value-added promotions to help clients evade fraud-monitoring programs, the FTC said. They also would pay a civil penalty of $100,000 and $50,000 in legal costs to Florida. “While an agreement has been reached between all parties, the company maintains it has and will continue to uphold its commitment to transparency and compliant business practices,” Chargebacks911 said in a statement. “We want to emphasize that this settlement is not an admission of wrongdoing but rather a resolution that reaffirms our dedication to serving as responsible participants in the industry.”
  • Processor Nuvei Corp. posted third quarter revenue of $304.9 million, a 54.7% increase from $197.1 million in the 2022 third quarter. It had a quarterly loss of $18.1 million compared with a year-ago profit of $13 million. Nuvei cited an increase in financing costs and an unfavorable change in the foreign currency exchange as contributing factors.
  • Jack Henry & Associates Inc. fiscal first quarter revenue of $571.4 million increased 8% from $529.2 million in the year-ago quarter that ended Sept. 30. The processor and core banking services provider had net income of $101.7 million in the latest quarter, down 4.5% from a $106.5 million profit a year ago.
  • Visa Inc. launched an advisory practice in artificial intelligence through its Visa Consulting & Analytics unit. Visa also launched its Real Time Visa Account Updater service in certain markets in the Asia-Pacific region.
  • Ripple, a provider of blockchain networks, announced it has renamed its cross-border payments platform Ripple Payments. The unit was formerly known as RippleNet.
  • A survey found that 29% of iGaming and online sports bettors had problems funding accounts or withdrawing money, said PayNearMe in its “iGaming Payment Optimization is Key to Player Retention” report, which was conducted by Betting Hero of 231 respondents in five states.
  • U.S.-based payments provider ACI Worldwide Inc. said Interswitch, an African payments network, will support ACI’s enterprise payments platform in certain African markets.
  • Global Payments Inc. named Shannon Johnston chief information officer. Johnston, who succeeds the retiring Guido Sacchi on Jan. 1, has been with Global Payments since 2016.
  • Tassat Group Inc., a provider of blockchain-based payments technology, promoted chief operating officer Zain Saidin to chief executive, replacing Kevin R. Greene, who will continue in his role as chairman.
  • BlueStar Inc., a point-of-sale equipment distributor, mourns the death of its chief executive, president, and founder Stephen G. Cuntz, who died Nov. 4.

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