Digital Transactions Authoritative, insightful and timely information for payments professionals
Finance departments contain many functions that don’t always work together as well as they should. That’s especially true of Accounts Payable and Treasury. You’d think they’d work more effectively together as teams that both control the flow of funds for an organization, but in my experience, that’s rare. That lack …
November, 2019
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8 November
Final Arguments Heard in MDL 1720 Interchange Suit and other Digital Transactions News briefs from 11/8/19
U.S. District Judge Margo K. Brodie heard final arguments from lawyers Thursday on the fairness of a proposed settlement in the 14-year-old MDL 1720 credit card interchange case but, as attorneys involved in the case said was probable, did not make an immediate determination from the bench. Brodie in January gave preliminary …
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7 November
USAA Wins $200 Million RDC Lawsuit and other Digital Transactions News briefs from 11/7/19
A U.S. District Court jury in Marshall, Texas, awarded USAA $200 million in damages after finding that Wells Fargo & Co. infringed on two patents held by USAA related to mobile check deposit. USAA filed the suit in June 2018. USAA in August 2018 filed a separate suit in the same court against Wells …
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6 November
A Fast-Growing Cash App Highlights How Square Leverages Its Consumer And Merchant Sides
If Square Inc. has made one thing clear in recent months, it’s that the company is determined to tie together two worlds most payments companies see as distinct: consumers on the one hand, and merchants on the other. That strategy took another step forward last month with Square’s announcement that …
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6 November
Having Absorbed First Data, Fiserv Looks To Cut Costs While Staying Competitive
Top executives of the newly combined Fiserv Inc.-First Data Corp. say they can save more than $1.1 billion in annual costs while still developing competitive new products and markets for their bank and merchant clients. “The power of this new company has far greater reach than I imagined when we …
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6 November
Phishing Attacks Are Booming Even as They Are Getting Harder to Detect
Fueled by such scams as business email compromise, phishing frauds are staging a dramatic comeback. The total number of attacks reached 266,387 in the third quarter, according to the latest report from the Anti-Phishing Working Group, a security-industry organization that tracks the crime. That’s the highest level of phishing activity …
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6 November
20 European Banks Challenging Card Networks and other Digital Transactions News briefs from 11/6/19
Twenty European banks are working on setting up a pan-European payment system to challenge Visa, Mastercard and technology companies such as Google and PayPal, according to press reports. The project is code-named PEPSI, for Pan European Payment System Initiative.In a development that signals an opening in China’s long-protected payments environment, Chinese mobile-payment giants …
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5 November
Grocer Save A Lot Adds In-Store Cash Acceptance for Amazon PayCode Purchases
Consumers that want to pay cash for their Amazon.com Inc. purchases now have another option in the St. Louis area. Save A Lot launched the ability for consumers to use Amazon PayCode, the e-retailer’s cash-payment service, at several Save A Lot locations in the grocer’s hometown. It expects to expand …
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5 November
With A Big Worldpay Integration on Its Plate, FIS Is Likely to Look to ‘Tuck-in’ Deals, CEO Says
Having just swallowed the massive processor Worldpay Inc., Fidelity National Information Services Inc. will stay on the sidelines for a while when it comes to any more major acquisitions, its chief executive said Tuesday. Meanwhile, the combined company’s update indicated it is now on track to deliver more than $1 …
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5 November
Fairness Hearing Coming Up in the Massive Credit Card Interchange Court Case
A federal judge is scheduled to hear arguments Thursday on whether a proposed settlement worth up to $6.24 billion in damages to card-accepting merchants is fair. The hearing in U.S. District Court in Brooklyn, N.Y., is expected to draw a roomful of lawyers for defendants Visa Inc., Mastercard Inc. and …