PAYMENTS NEWS
Illinois’s Interchange Lawsuit Wins National Prominence As More Retail Organizations Voice Support
Oct 4, 2024
The national legal battle over an Illinois interchange law continues to broaden in scope.
The Backward Reasoning Behind Debit Card Fees
Oct 4, 2024
In a sweeping complaint, the Justice Department has made clear that Visa has bent the antitrust laws beyond recognition to monopolize the debit card network market. Visa’s actions are not only illegal, but the complaint gives a glimpse of just how ready the market is for the networks to be disintermediated.
Stopping Repeat Payment Fraud With Accurate Device Recognition
Oct 4, 2024
Online payment fraud isn’t just a growing problem; it’s a crafty, shape-shifting challenge for businesses of all sizes. From stolen credit cards to chargeback abuse, criminals have developed countless tactics to exploit online payments, and many of them keep coming back for more.
AI Explained: Edge AI Computing Brings Tech to Devices
Oct 4, 2024
Edge AI computing brings the brain of artificial intelligence (AI) directly to your devices, making them smarter, faster and more private.
Scientists Develop AI They Say Defeats Widespread eCommerce Authentication Method
Oct 3, 2024
Artificial intelligence can now solve Google’s reCAPTCHAv2 with 100% accuracy, according to new research, possibly rendering a critical online security measure obsolete and forcing eCommerce platforms to rethink user authentication.
Why banks aren't ready for ISO 20022
Oct 2, 2024
Less than 40% of banks in North America and Europe are highly confident in being ISO 20022 compliant in major use cases by the "go live" date of March 2025, and in the United States, more than one-third of banks say they will miss the deadline.
New Illinois law to ban 'swipe fees' on taxes and tips has strong support
Sep 26, 2024
A new Illinois state law preventing banks and credit card companies from charging "swipe fees" on taxes and tips has a lot of support, according to a recent poll.
Justice Department Sues Visa, Alleges Illegal Monopoly in Debit-Card Payments
Sep 25, 2024
The Justice Department sued Visa on Tuesday on allegations that it illegally monopolized the market for consumers’ payments worth trillions of dollars every year, a sweeping antitrust complaint that seeks to open the debit-card market to new competition.
Payments Rank High on Community Banks’ To-Do Lists
Sep 23, 2024
Against a backdrop of continuing industry consolidation, community banks see digital payments as a key competitive weapon, according to newly released survey data from Bank of New York Mellon Corp.
Credit Card Competition bill backers keep pressure on Sen. Roger Marshall
Sep 23, 2024
Sen. Roger Marshall (R-Kansas) gave a new plug for passage of the Credit Card Competition Act last week with an ad that ran during former Fox News host Tucker Carlson’s podcast.
Adyen Rolls Out ‘Intelligent Routing’ in Response to Debit Network Choice
Sep 11, 2024
The service was developed primarily in response to the Federal Reserve’s 2023 statement reinforcing the mandate that all debit cards issued in the United States carry the brands of at least two unaffiliated networks.
Merchants urge CFPB to address bank-driven cash-back fees in small towns
Sep 6, 2024
A recent CFPB report revealed that while most merchants offer cash-back at no charge, some charge fees due to the exorbitant costs imposed by credit card companies and unregulated small banks.
FedNow advances toward making real-time payments mainstream
Sep 6, 2024
Real-time payments are moving beyond early adopters to a new phase as a number of banks and credit unions take up the government-backed FedNow network as it enters its second year. There are now more than 900 financial institutions offering FedNow, the Federal Reserve said in August. That's up from 450 in February and 35 at the real-time payment network's launch in July 2023.
Visa, Mastercard and Google go big in India; U.K. interchange suit moves forward
Sep 5, 2024
Visa, Mastercard and Google go big in India; U.K. interchange suit moves forward
Abolish the Penny?
Sep 3, 2024
Why are we still making tons (many thousands of tons) of pennies if no one uses them?
Blame High Swipe Fees for Stores’ Cash-Back Charges, a Merchant Group Says
Aug 30, 2024
High card-acceptance fees are the root cause for why some merchants are charging consumers for cash back at the point-of-sale, a service merchants have historically provided consumers even though customers can make purchases with their debit cards at no charge, says the Merchants Payment Coalition.
CFPB Seeks Developers’ Comments on Apple’s Rules on Tap-to-Pay Access
Aug 30, 2024
The Consumer Financial Protection Bureau (CFPB) is seeking public comment on Apple’s recently announced rules governing how financial companies and app developers offer tap-to-pay functionality on its devices.
Fed’s Waller eggs on payments research
Aug 27, 2024
Federal Reserve Governor Christopher Waller encouraged attendees at a summer research workshop to keep exploring payments systems, and innovations to overcome frictions in financial markets.
Dollar General, Dollar Tree and Kroger customers pay over $90 million a year in cash-back fees, federal agency finds
Aug 27, 2024
Three of the nation’s largest retailers — Dollar General, Dollar Tree and Kroger — charge fees to customers who ask for “cash back” at check-out, amounting to more than $90 million a year, according to the Consumer Financial Protection Bureau.