Digital Transactions Authoritative, insightful and timely information for payments professionals
The Securities and Exchange Commission filed a federal civil lawsuit Tuesday accusing former Heartland Payment Systems Inc. CEO Robert O. Carr and his girlfriend, Katherine M. Hanratty, with insider trading. Carr allegedly tipped Hanratty ahead of the December 2015 public announcement that Global Payments Inc. planned to acquire Heartland, and …
July, 2018
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9 July
Leadership Change in the Offing as VeriFone’s Buyout Approaches
Former Pace plc chief executive Michael Pulli will replace Paul Galant as CEO of VeriFone Systems Inc. when the leading U.S.-based point-of-sale terminal manufacturer and payment services provider is acquired by private-equity firm Francisco Partners, VeriFone announced Monday. Galant, a former Citigroup Inc. senior executive who became VeriFone’s CEO in …
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9 July
BJ’s Wholesale Club Now Accepts PayPal and other Digital Transactions News briefs from 7/9/18
Macy’s Inc. disclosed that criminals were able to breach sensitive data on Macys.com, the Detroit Free Press reported. Citing a letter sent to customers, the newspaper said Macy’s detected suspicious activity on June 11. The retailer then blocked customer profiles that appeared to be breached. Hackers were able to get …
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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Deposit Insurance Corp., but that isn’t stopping its main opponent from celebrating the fact that the company has withdrawn its original application—at least for now.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 …
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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, …
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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 …
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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 …
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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 …
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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 …
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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 …