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November 21, 2024
On the web
Intuit Launches AI-Powered Intuit Assist for QuickBooks, Giving Millions of Businesses a Competitive Edge
Intuit
"Intuit Inc. announced the launch of Intuit Assist for QuickBooks, a generative AI (GenAI)-powered financial assistant that transforms how businesses run and grow their business."
Russia’s Digital Assets Challenge Western Sanctions
GIS Reports
"The Kremlin has introduced new laws establishing a regulatory framework for cryptocurrency mining (crypto mining), allowing it to validate blockchain transactions and thus to make and receive international payments in digital assets. The experimental legislation effectively reverses a 2020 Russian law which legalized cryptocurrencies yet prevented their use for payment of goods and services, including for international trade."
Is Rupay Set to Break the Duopoly of Visa & Mastercard?
Trade Brains
"Third-party transaction facilitators like VISA and Mastercard play a crucial role in the global payment ecosystem, enabling secure and seamless transactions between consumers, merchants, and financial institutions...RuPay, India’s domestic payment network, is gaining significant momentum as an alternative transaction facilitator to global giants like Visa and Mastercard."
Retailers Tell Senate Credit Card ‘Swipe’ Fees are ‘Adding Inflationary Pressure to the U.S. Economy’
NRF
"Growing credit card swipe fees are driving up costs for retailers and prices for consumers but could be reined in by passage of the Credit Card Competition Act, the National Retail Federation told the Senate Judiciary Committee."
Worldline Enables GarantiBBVA International N.V. To Comply With EU Instant Payments Regulation With Cloud-Based Solution
Worldline
"Worldline has signed a contract with GarantiBBVA International N.V. to implement its cloud-based instant payments solution. This multi-year agreement will empower GarantiBBVA International to seamlessly comply with the latest regulatory requirements for instant payments, and it marks a significant step in the bank’s digital transformation."
CFPB Finalizes Rule on Federal Oversight of Popular Digital Payment Apps to Protect Personal Data, Reduce Fraud, and Stop Illegal “Debanking”
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies – specifically those handling more than 50 million transactions per year – follow federal law just like large banks, credit unions, and other financial institutions already supervised by the CFPB."
On the wires
Biocatch Unveils World’s First Behavior-Based Financial Crime Intelligence-Sharing Network
PR Newswire
"BioCatch announced the launch of the BioCatch Trust™ Network, the world's first inter-bank, behavior-based, financial crime intelligence-sharing network. The BioCatch Trust™ Network initiative protects member bank customers against financial crime, scams, and fraud by assessing in real time the trustworthiness of the accounts to which they direct their transfers and payments."
November 20, 2024
On the web
New Bill Seeks to Give Central Bank of Kenya Control Over ‘Buy-Now-Pay-Later’ Firms to Curb Exploitation
The Eastleigh Voice News
"A new Bill has been introduced in Parliament to give the Central Bank of Kenya (CBK) the power to control prices charged by buy-now-pay-later (BNPL) companies. If passed, the Business Laws (Amendment) Bill, 2024, will place BNPL firms under CBK regulation to protect consumers from unfair practices."
Amazon Launches Cash EBT Payment Option in 17 States, Washington, D.C.
Chain Store Age
"Customers in select U.S. states and Washington, D.C. can now purchase a wide range of products and services beyond food with federal benefits payment. An Amazon spokesperson said the e-tail giant is now accepting federal Cash EBT benefits as a payment option on its website in 17 states and Washington, D.C."
ValidiFI Selected by PDI Technologies to Streamline Pay-by-Bank Enrollments with Consumer Choice
ValidiFI
"ValidiFI, Inc.announced a strategic technology integration with PDI Technologies, a leader in the convenience retail and petroleum wholesale ecosystem, to offer real-time bank account validation within its consumer enrollment process for the PDI Payments solutions. The integration will also include GasBuddy, a PDI company."
Unwrapping 2024 Canadian Holiday Shopping Trends
Mastercard
"This holiday season, from November 1 to December 24, Canadian total retail sales are expected to increase 2.2% year-over-year (YoY), according to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment. In-store shopping is expected to continue to outperform online sales this year, as consumers look to maximize budgets browsing through brick-and-mortar storefronts for sales."
Papa Johns UK Rolls Out Network Tokens for Payments
Retail Systems
"Papa Johns UK has seen a six per hike in card transaction acceptance rates after rolling out a new payment system that uses network tokens. The company, which has teamed up with Checkout.com, has turned card credentials into encrypted tokens that are used for payment processing with the aim of making each individual transaction more secure."
Beacon Launches Digital Wallet for Immigrants Starting New Lives in Canada
Fintech
"Toronto’s Beacon has unveiled Beacon Money, a digital wallet designed to empower immigrants as they transition to life in Canada. This addition to the MyBeacon Super App aims to simplify financial integration for newcomers, enabling them to confidently prepare for their journey and thrive upon arrival."
Gulf-To-Egypt Money Transfers to Be Enabled via Instapay Within Two Months
Zawya
"Egypt - Money transfers from Saudi Arabia and the Gulf to Egypt will be available in two months through the country’s instant payment network, Instapay. Customers outside Egypt will be able to transfer money instantly from their bank accounts or electronic wallets to Egyptian bank accounts through Instapay, with fees determined by the banks."
Central Banking of Egypt to Launch Card Tokenization System in Q1 2025
Ahram
"The Central Bank of Egypt (CBE) plans to roll out its card tokenization system in the first quarter of 2025, according to Ehab Nasr, assistant sub-governor for payment systems and services. Nasr confirmed that all banks and companies have finalized the licensing procedures for implementing the card tokenization system."
‘Big Four’ Banks Test New AI-Based Fraud Tech [Australia]
Information Age
"Executives from some of Australia’s largest banks say social media and telecommunications companies are not doing enough to fight scams and fraud on their platforms, as the country’s financial giants reveal they are testing a new layer of security billed as a world-first. ANZ, Commonwealth Bank, NAB, Westpac, and Suncorp Bank announced they had begun piloting new tech from Israeli cyber security company BioCatch as part of their intelligence-sharing network."
Project Spectrum: Using Generative AI to Enhance Inflation Nowcasting
BIS
"The Bank for International Settlements (BIS) is launching Project Spectrum to explore how generative artificial intelligence (AI) can be used to automatically categorise billions of individual product descriptions and price observations to improve inflation nowcasting. Project Spectrum is an initiative of the BIS Innovation Hub Eurosystem Centre with the European Central Bank and the Deutsche Bundesbank."
UnionPay Payments Now Accepted on Auckland Public Transport, Enhancing Travel for UnionPay Cardholders in Auckland
UnionPay Intl
"UnionPay International announced, marking a milestone in New Zealand’s public transport sector, all Auckland Transport buses, trains, and most ferries now accept UnionPay contactless card payments, offering residents and visitors a faster and more flexible way to travel."
Why Bank Cards Are Changing in France
Connexion France
"Bank cards in France are set to change with the card number, expiry date and security code no longer set to be visible, in new measures designed to fight fraud and scams. With the new style of card, you will not have to enter any numbers to confirm purchases. Instead you will enter the email address or telephone number linked to your card. You will then receive a notification from your bank's phone app. You will then have to validate your transaction using your fingerprints or facial recognition. "
Small Business Owners Are Optimistic About the Holiday Shopping Season and Say Community Support Keeps Them Thriving According to New American Express Survey
American Express
"American Express today released results from the 2024 American Express Shop Small Impact Study*, which highlights the power of supporting local businesses this Small Business Saturday (November 30) and how these business owners rely on their local communities to succeed."
On the wires
ACI Worldwide Scamscope Projects APP Scam Losses to Hit $7.6 Billion by 2028
Business Wire
"Authorized push payment (APP) scam losses are on the rise, expected to climb to $7.6 billion by 2028 across six leading real-time payment markets (U.S., U.K., India, Brazil, Australia and UAE), according to the latest Scamscope report from ACI Worldwide in partnership with GlobalData."
November 19, 2024
On the web
Visa, Mastercard Executives on Defense Over Dominance in Card Payments and High Swipe Fees
NBC
"Credit card giants Visa and Mastercard are on defense against accusations that the fees they charge retailers for processing credit cards are running up costs for businesses and consumers in an industry that is mostly dominated by two companies. Amid pressure from voters to do something to address higher prices, lawmakers are trying to figure out how they can cut costs for households. Much of the hearing was focused on the Credit Card Competition Act, sponsored by Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kan."
PayPal PYUSD To Bring Speed and Reduced Costs to Cross-Border Payments with Xoom
PayPal Newsroom
"PayPal announced it will be enabling disbursement partners to use PayPal USD (PYUSD) to settle cross-border money transfers made with Xoom. Cebuana Lhuillier and Yellow Card will be the first Xoom disbursement partners to use PYUSD to settle cross-border money transfers, allowing them to leverage the cost and speed advantages of blockchain technology."
When Synthetic Identities and Artificial Intelligence Collide
FedPayments Improvement
"Depending on what you read and who you speak with, generative artificial intelligence (Gen AI) is either a big problem or the solution to a multitude of challenges. It can be both in the case of synthetic identity fraud, as explained in a new downloadable resource of the Federal Reserve’s online Synthetic Identity Fraud Mitigation Toolkit."
1PASSWORD Chooses Stripe Billing to Power Subscriptions
Stripe
"Stripe announced that it will power over a million subscriptions for 1Password. 1Password will use Stripe Billing to manage subscriptions across its consumer and business segments and Stripe Radar, Stripe’s fraud prevention solution."
Brazil’s Central Bank Unveils Phase 2 of Its CBDC Pilot
Crypto News
"The Central Bank of Brazil has initiated the second phase of its central bank digital currency project, DREX, aiming to demonstrate trade finance as a new use case."
Fiserv and ADP Team Up to Empower Small Business Success
Fiserv, Inc.
"Fiserv, Inc. and ADP® announced a strategic partnership that brings together Fiserv’s small business solutions, including Clover® and CashFlow CentralSM, with the small business payroll and HR solution, RUN Powered by ADP®."
Afterpay’s BNPL Now Available on Google Pay, Offering Shoppers Even More Choice and Flexibility
Afterpay
Afterpay, a leading Buy Now, Pay Later (BNPL), announced its flexible payment functionality will be available for consumers checking out online through Google Pay at select merchants.
We Can’t Give Up Paper Checks, and That’s a Gold Mine for Scammers
WSJ
"Americans can’t quit paper checks. Fraudsters are cashing in. The scammers have found a particularly American security hole: our reliance on paper checks. On average, there were some 30 checks per person written in the U.S. in 2021, nearly twice as many as the French, the world’s second-biggest check users, according to the Federal Reserve. [Subscription Required]"
On the wires
Klarna to Launch on Google Pay
Cision
"Klarna will soon be available on Google Pay. Starting next year, Google Pay users in the U.S. can choose Klarna’s interest-free payment options at checkout."
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