Tuesday , November 28, 2023

The Fed on Request for Payment And Other Digital Transactions News briefs from 9/27/23

    • The Federal Reserve issued a set of market practices, or a kind of blueprint, as part of an effort to introduce standards for a request for payment function for bill pay on the regulator’s FedNow real-time payments service, which launched nationwide in July.
    • Block Inc.’s Square point-of-sale unit launched Tap to Pay on Android technology in Canada, allowing merchants to accept contactless card payments using off-the-shelf mobile phones with no dongles or other attachments. Square launched the technology in April in the United States, Australia, Ireland, France, Spain, and the United Kingdom.
    • ThetaRay, a provider of transaction-monitoring technology, agreed to guard transactions on TangoPay, a global payments provider, from fraud.
    • Some 25% of merchants are losing $5 million or more per year due to chargebacks, according to the Justt 2023 Chargeback Pulse report, released by chargeback-management firm Justt.
    • NCR Corp. said it has invested in Clip Money Inc., a developer of business-cash deposit software. Terms of the investment were not announced.
    • Canada’s Interac electronic funds transfer network announced it has broadened access to its 20-year-old e-Transfer network beyond banks and credit unions with the addition of regulated money-transfer services and investment dealers. Wealthsimple, a fintech providing digital financial services, is expected to be the first new participant on the network under the new rules.
    • RentRedi, a mobile app for rent payments, has added a discounts and offers feature from the Paylode platform.
    • Bit Builders Inc., a developer of digital-banking platforms, said it is working with check-processing provider Orbograph to offer a service that allows financial institutions to detect check fraud at the paying bank as well as at the depository institution.
    • Visa Inc. said Canada-based businesses Air Transat and London Drugs have adopted its Visa Installments service, which allows cardholders to split payments into equal installments over time when using a Visa credit card.

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