PAYMENTS NEWS
Facebook Adds QR Codes, Payments Link To Messenger
Jun 10, 2021
SHARE TWEET SHARE SHARE EMAIL Facebook announced a host of new chat and messenger features Thursday (June 10). And while we have nothing against Olivia Rodrigo or the Fast and Furious movies — both of which you can now choose as themes for your chat messages — one new feature was particularly interesting from our perspective: the addition of QR codes and payment links to Messenger.
The ugly truth behind your fancy rewards credit card
Jun 3, 2021
America’s poor foot much of the bill for credit card points, miles, and cash back.
Why U.S. is getting on board with global standard for payments
May 28, 2021
Clean data is key to instant payments, real-time settlement, open banking initiatives and blockchain technology — but such details are often lost or garbled when sent between parties. To better preserve this data, the U.S. financial services industry is turning to the ISO 20022 messaging standard.
Fed’s Brainard Offers Warning on Risks Created by Private Digital Money
May 24, 2021
Federal Reserve governor Lael Brainard warned Monday that even private money that explicitly seeks stability relative to government money carries notable risks for the financial system, in remarks that reiterated her view that any rise in inflation is unlikely to be enduring.
Federal Reserve Chair Jerome H. Powell outlines the Federal Reserve's response to technological advances driving rapid change in the global payments landscape
May 21, 2021
Technological advances are driving rapid change in the global payments landscape. The Federal Reserve is studying these developments and exploring ways that it might refine its role as a core payment services provider and as the issuing authority for U.S. currency.
FCA extends SCA deadline by a further six months
May 20, 2021
The UK's Financial Conduct Authority is to delay the implementation of strong customer authentication rules by a further six months in an effort to minimise disruption to consumers and merchants.
European Central Bank warns of pricing pressure from U.S. payment firms
May 20, 2021
The European Central Bank made a veiled threat to commercial banks that are extracting fees from real-time payments, stating the levies stand in the way of progress.
Square and Plaid partner to provide ACH payments to merchants
May 20, 2021
Square, a payments company, is partnering with Plaid, a financial data aggregator, to provide Automated Clearing House (ACH) payment options to merchants. ACH payments are debited directly from bank accounts and are lower cost for merchants compared to credit cards.
Major payments trade group weighs in on CBDC development
May 20, 2021
The Electronic Transactions Association is taking a keen interest in the Federal Reserve’s consideration of a central bank digital currency (CBDC), so much so it’s regularly engaging with the government on the topic, and recently published a list of seven principles it believes should guide any development of such a new sovereign payment system.
Fed proposes review of debit transaction routing, but leaves fee alone
May 13, 2021
The Fed will review whether a rule requiring options in routing debit transactions is being followed, but angered merchants when it kept the cost basis for a national debit fee cap unchanged.
Federal Reserve Board to hear public comment on fintech proposal
May 7, 2021
The Federal Reserve Board is seeking public comment on proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks from non-bank organizations or financial technology companies, or fintechs.
Federal Reserve Board invites public comment on proposed changes to Regulation II regarding network availability for card-not-present debit card transactions and publishes a biennial report containing summary information on debit card transactions
May 7, 2021
The Federal Reserve Board on Friday invited public comment on proposed changes to Regulation II (Debit Card Interchange Fees and Routing) to clarify that debit card issuers should enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present debit card transactions, such as online purchases. The Board views these clarifications of Regulation II's existing requirements as necessary in light of information indicating that often only one network is enabled for such transactions.
Mastercard New Payments Index: Consumer Appetite for Digital Payments Takes Off
May 4, 2021
As the world went into pandemic lockdown in 2020, consumers shifted their spending habits to embrace contactless tap-and-go payments and online shopping. As stores closed and social distancing took hold, retailers worldwide moved their businesses online, embraced e-commerce and explored the potential of new ways to pay. More than a year later, research from Mastercard shows that the adoption of new payment technologies is rising, and consumer appetite for new, fast and flexible digital experiences continues to grow.
European Payments Initiative Looking To Topple US FinTechs
May 3, 2021
The European Payments Initiative (EPI) is looking to create a payments firm that can take on some of the biggest U.S. FinTechs and payments companies, Financial Times (FT) reported on Monday (May 3).
FIS Unveils RealNet, a Network-of-Networks Approach to Real Time Payments
Apr 29, 2021
The real-time payments movement continues to build momentum in the United States with FIS Inc.’s announcement Wednesday of RealNet, a cloud-based, software-as-a-service platform that enables businesses, consumers, and governments to initiate account-to-account transactions. RealNet, which FIS describes as a network of networks, will leverage The Clearing House Payment Co. LLC’s real-time payment network, in addition to the automated clearing house’s same-day network, to speed up the processing, clearing, and settlement of payments.
Restaurants Plan for Post-COVID Renewal: Smaller Menus, Merch Stores, Healthcare for Workers
May 6, 2021
The pandemic provided a window of experimentation. Here’s what chefs, restaurateurs and industry experts think will stick.
FIS and TCH Aim to Bring Real-Time Payments to Minority Communities
May 4, 2021
In an effort to bring the benefits of real-time payments to all Americans, especially those in communities served by minority-owned depository institutions (MDIs), financial technology leader FIS and The Clearing House are jointly funding the onboarding fees for MDIs joining the RTP® network, the real-time payments network operated by The Clearing House, through FIS.
Merchants Can Offer More Touch-free Ways to Pay as Fiserv Brings PayPal and Venmo QR Code Payments to the Point of Sale
Apr 27, 2021
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, is enabling businesses of all sizes across a range of industries to support in-demand digital payment options and expand their touch-free payment capabilities via a new relationship with PayPal.
Amex sees China as launchpad for global debit growth
Apr 23, 2021
American Express' payment processing operations in China are giving it a foundation upon which to expand its debit offering to new countries.
Merchants sue Federal Reserve over fees for debit cards
May 3, 2021
Two trade groups representing businesses in North Dakota filed a lawsuit Thursday against the Federal Reserve, asking the agency to lower its 10-year-old cap on “swipe” fee banks charge to process debit card transactions.