Digital Transactions Authoritative, insightful and timely information for payments professionals

August, 2018

• 17 August

  Dual-Message Interchange for Regulated Debit Card Issuers Declined in 2017, the Fed Reports

  

  Interchange on debit card transactions has changed relatively little in the nearly seven years since the Durbin Amendment to the 2010 Dodd-Frank Act took effect, but a Federal Reserve report notes one small but interesting recent change. The average interchange fee in 2017 for dual-message transactions on debit cards regulated …
• 17 August

  Ripple Signs Three Exchanges to Support Cross-Border Payments As Pilots Near Completion

  

  Distributed-ledger payments provider Ripple Labs on Thursday announced three cryptocurrency exchanges that will work with its xRapid cross-border payments product. XRapid uses Ripple’s XRP digital currency and depends on exchanges to translate transactions into local fiat currencies. San Francisco-based Ripple said it is partnering with Bittrex for exchanges to U.S. …
• 17 August

  U.K. Banks Report Incidents and other Digital Transactions News briefs from 8/17/18

  

  In the wake of a major European outage for Visa Inc. this spring, major U.K. banks reported they had sustained a total of 80 “operational and security incidents” within their payments systems during the second quarter of 2018. British regulators this week began requiring banks to publicly disclose major incidents …
• 16 August

  First Data Extends Critical Wells Fargo Merchant Joint Venture Through 2024

  

  Payment processor First Data Corp. reported late Wednesday that it has extended its joint venture with Wells Fargo & Co.’s Wells Fargo Bank, which is one of the nation’s largest merchant acquirers and an important contributor to First Data’s payment volume and profits, until the end of 2024. Wells Fargo …
• 16 August

  With Fast-Growing Fintechs Taking a Toll, Banks Will Soon Claim Less Than 50% of Payments Revenue

  

  Financial institutions have been battling fast-growing fintechs and other nonbanks for payments share and revenue for years, but now new research indicates banks, which have historically controlled this crucial business, are on the cusp of slipping from that dominant perch. In 2017, U.S. banks’ total payments revenue netted out to …
• 16 August

  VeriFone Notes Australia Post Deal and other Digital Transactions News briefs from 8/16/18

  

  Shell Oil Co. and General Motors Inc. announced Shell stations across the United States now accept in-dash fuel payments following tests earlier this year. Shell Pay & Save, available within the GM Marketplace on certain Chevrolet, Buick, GMC, and Cadillac vehicles, enables consumers to pay for fuel and earn and …
• 15 August

  Change at Payment Alliance International As Three Top Execs, Including Two Cofounders, Exit

  

  Payment Alliance International, the Louisville, Ky.-based ATM operator, is in the midst of a strategic shift, one that has seen three top executives resign from the firm. John J. Leehy III, president and chief executive, Greg Sahrmann, executive vice president and chief operating officer, and Donna Embry, chief payments advisor, …
• 15 August

  Cardlytics’s Revenue Increases 21% and other Digital Transactions News briefs from 8/15/18

  

  Paysafe Group said it is rebranding merchant acquirer iPayment Holdings Inc. as Paysafe “with immediate effect.” Paysafe acquired iPayment this spring for undisclosed terms. Rewards platform provider Cardlytics Inc. said revenue from Cardlytics Direct, the company’s primary product, hit $35.1 million in the second quarter, up 21% from a year …
• 14 August

  Proposed Tariffs on Chinese Goods Draw More Opposition From the Payments Industry

  

  The escalating U.S.-China trade war is generating calls for a truce from the payments industry. Most recently, the ATM Industry Association announced its opposition to planned U.S. tariffs on Chinese goods, calling them a “threat to business.” ATMIA members are expected to testify at a tariff hearing next week in …
• 14 August

  Poll: Most Financial-Services Professionals Expect Little Relief From Payments Fraud

  

  Don’t look for many optimists in the payments industry when it comes to a future with less fraud. Fully 84% of those surveyed by TD Bank say payments fraud will become a bigger threat over the next one to two years. Released Tuesday, the survey, conducted this spring at the …