Digital Transactions Authoritative, insightful and timely information for payments professionals

July, 2018

• 9 July

  The ICBA Notches a ‘Victory’ Against Square, But Looks to Quash the ILC ‘Loophole’ for Good

  

  Square Inc. may be planning to re-file its application for deposit insurance with the Federal Deposit Insurance Corp., but that isn’t stopping its main opponent from celebrating the fact that the company has withdrawn its original application—at least for now. “We can call it a victory,” Chris Cole, executive vice …
• 6 July

  COMMENTARY: Success in Payments Is Now Just About Impossible Without Software Integration

  

  In the blink of an eye, technology has infiltrated the lives of consumers and businesses everywhere. And the evolution of computing technologies continues to impact economic growth and development, moving the world forward. The significant decrease in the cost of computing over the past decade has also made connectivity ubiquitous, …
• 6 July

  The Fed Seeks Comments on Adopting the ISO 20022 Messaging Format for the Fedwire

  

  The Federal Reserve Board said Thursday that it is seeking comments about its proposal to adopt the ISO 20022 messaging format for the Fedwire Funds Service. If approved, the format would replace the Fedwire’s current, proprietary messaging system. ISO 20022 enables payment providers to add more detailed instructions and other …
• 6 July

  Square Withdraws Bank Charter App and other Digital Transactions News briefs from 7/6/18

  

  Square Inc. has withdrawn a banking-charter application it made in September with the Federal Deposit Insurance Corp., saying it will re-file the application later after reviewing and strengthening it. A related application with the Utah Department of Financial Institutions remains active. Both applications are for an industrial-loan corporation, which is …
• 5 July

  The Problem of Stolen Crypto Is Getting Worse Fast, Spurring a Possible Regulatory Crackdown

  

  Enthusiasts of Bitcoin and other cryptocurrencies are trying to position the digital currencies as legitimate means of exchange, but crypto’s tendency to be stolen and then laundered by thieves is not only well-known, it’s growing worse. The total estimated value of cryptocurrency pilfered from exchanges worldwide came to almost $800 …
• 5 July

  Century Business Solutions Debuts Agent Program and other Digital Transactions News briefs from 7/5/18

  

  In a finding that resolves differing decisions by lower courts, the United Kingdom Court of Appeal ruled in favor of retailers challenging interchange fees set by Visa Inc. and Mastercard Inc. as anti-competitive, Bloomberg reported. The case, however, now goes to a tribunal that reviews business-competition disputes. Payments provider Century Business …
• 3 July

  Strong Profit Predictions Propel Payment-Processor Stocks in 2018’s First Half

  

  Shares of publicly traded electronic transaction processors handily beat the leading stock-market indexes in June, the second quarter, and 2018’s first half, according to an analysis from Barrington Research. In the first half, 28 payments-industry stocks posted a mean return of 15.62%, handily beating the Nasdaq Composite Index’s return of …
• 3 July

  Many Merchants Still Lag in Meeting a Critical PCI Data-Protection Requirement

  

  Now that the PCI Security Standards Council’s July 1 deadline has passed for implementing newer versions of Transport Layer Security technology to protect payment data, some experts believe nearly a third of small brick-and-mortar and e-commerce merchants don’t meet the new requirements. As a result, expect merchant acquirers, processors, and …
• 3 July

  COMMENTARY: Consumers Want Less Friction AND More Security. Can You Do That?

  

  The new era of data breaches and privacy failures has had far-reaching effects. Personal information is packaged, sold, and distributed on the dark Web, leaving consumers feeling uneasy. Americans want to be protected, but also want convenience, and are holding businesses to high standards, even higher than what they hold …
• 3 July

  PayPal Completes Synchrony Deal and other Digital Transactions News briefs from 7/3/18

  

  Token, a provider of contactless payment terminals tailored for events, launched its Mini-Serve EFTPOS system, which allows attendees at events or venues to top up their wristbands or badges with payment cards or mobile wallets. In an expansion of a relationship that dates back to 2004, PayPal Holdings Inc. has …