MoneyGram To Monitor SEC’s Ripple Lawsuit and other Digital Transactions News briefs from 12/24/20

MoneyGram International Inc. said it is will “continue to monitor for any potential impact” from a recent lawsuit against cryptocurrency payments firm Ripple Labs and two top executives by the U.S. Securities and Exchange Commission. MoneyGram has used Ripple’s foreign exchange blockchain since June 2019 to trade in four currencies, though the company said it is “not dependent on the Ripple platform to accomplish its FX trading needs.” The SEC accuses Ripple as well as chief executive Brad Garlinghouse and chairman Christian Larsen of raising more than $1.3 billion from an unregistered digital-securities offering. “The SEC is fundamentally wrong as a matter of law and fact,” Garlinghouse told CNN.
In related news, MoneyGram announced a five-year extension of its agreement with Canada Post, which allows MoneyGram users to transfer funds and pay bills at more than 5,000 Canada Post offices.
PNC Financial Services Group sued data network Plaid Inc., alleging trademark infringement and counterfeiting in using PNC’s name and logo. TD Bank in October sued Plaid on similar grounds. Visa Inc. agreed to buy Plaid in January, but the U.S. Department of Justice has sued to stop the merger.
Fiserv Inc. said businesses using its Clover point-of-sale platform can manage payroll and time and attendance through Paychex Inc.’s Paychex Flex, available on the Clover app market.

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