Friday , February 26, 2021

Regulators Balk at Facebook’s Libra and other Digital Transactions News briefs from 6/19/19

  • The Facebook-led announcement of the Libra cryptocurrency is evoking blowback both in the United States and overseas. House Financial Services Committee chairwoman Maxine Waters (D-Calif.) called for Facebook to halt the planned launch of Libra until Congress has had a chance to hold hearings on the cryptocurrency. Elsewhere, the governor of the Bank of England, Mark Carney, said the digital token will be “subject to the highest standards of regulations” and Bruno Le Maire, France’s finance minister, said it is “out of the question” that Libra would become a “sovereign currency.”
  • Retrieval-Masters Creditors Bureau Inc., the parent company of a medical-collections firm hit by a data breach that compromised payment card and other data, has filed for Chapter 11 bankruptcy protection as a result of the breach, Bloomberg reported. The company said it plans to liquidate.
  • The Electronic Transactions Association filed comments opposing the Trump Administration’s latest planned tariffs on Chinese-made cash registers and point-of-sale devices.
  • Xero Inc., provider of software for small businesses, said it is working with payments provider Stripe Inc. to develop a Stripe feed that will flow Stripe payment data into Xero, as well as a service called auto pay that will allow businesses to set up and receive recurring payments directly through Xero.
  • Point-of-sale finance provider Splitit Payments Ltd. released its “Affording Summer Travel” report that found 56% of consumers, if given the option, would pay for airfare in monthly installment payments.
  • Elastic Path, an e-commerce technology provider, found in its “The Sci-Fi Shopper: How to Future Proof Your Brand for the New Consumer” report that 67% of consumers want to use checkout-less payments and 57% want to use voice commerce.
  • Switch Inc. said it has started a pilot with CUNA Strategic Services for its Card Updatr app, which enables updating of information tied to cards on file. CUNA Strategic Services is jointly owned by Credit Union National Association and state credit-union leagues.
  • Software-development firm Reflexions, which worked with Cubic Transportation Systems to develop the OMNY system for mass-transit fare payment in New York City on general-purpose contactless cards, said it is also working with Cubic on an OMNY mobile app, set for release next year, and on new OMNY vending machines, expected in 2022.
  • The Western Union Co. said its Business Solutions unit has begun offering its WU GlobalPay for FI technology in Colombia.
  • Digital-check provider Deluxe Corp. appointed Amanda Parrilli, formerly an executive with First Data Corp., to the newly created role of chief strategy officer and Jane Elliott, a former Global Payments Inc. and First Data executive, to the position of chief human resources officer.

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