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- The Federal Trade Commission has launched a probe into whether security tokens issued by Visa Inc. and Mastercard Inc. interfere with the ability of processors to route debit card transactions to alternative networks, according to The Wall Street Journal. Network choice for debit card transactions is mandated by the Durbin Amendment to the 2011 Dodd-Frank Act. Tokens mask the actual card account numbers as a security measure.
- Payments provider VizyPay said it is working with Shoreline Credit Union to bring payments services to Shoreline’s small business clients in Wisconsin.
- Payments platform Thryv Holdings Inc. is expanding the availability of its ThryvPay platform in Canada. The platform supports small businesses seeking to accept cards, digital wallets, and bank transfers.
- Fintech credit card issuer Cardless Inc. has introduced a cobranded credit card with Simon, a real-estate investment trust, on the American Express Co. network.
- Auto lender Consumer Portfolio Services Inc. has named PayNearMe as its primary payments provider for cash, debit, automated clearing house, and mobile options.
- Payments-technology provider AppTech Payments Corp. will support payments services from Chip Financial, a provider of payments and banking services.
- Payments-technology provider POSaBIT Systems Corp., a specialist in the cannabis industry, said it will post record quarterly revenue, exceeding $10 million for the first time, up from $6.3 million in the year-ago third quarter.
- FIS Inc. president Stephanie Ferris will take on the additional role of chief executive effective Jan. 1, replacing Gary Norcross, who will assume the role of executive chairman of the board. Norcross has been CEO of the big payments processor for eight years.
- First Fed Bank, a unit of First Northwest Bancorp, appointed Ana Liza Grandner senior vice president and chief payments officer. She joins the bank from Cross River Bank and has had experience with The Bancorp, Bank of America Merrill Lynch, and Citibank.
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