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October 9, 2024

Top Post

FedNow® Service Achieves New Participation Milestone: 1,000-Plus Financial Institutions

FedNow

"The FedNow Service has hit a new milestone shortly after reaching its one-year anniversary — there are now more than 1,000 financial institutions, headquartered in all 50 states, participating on the service. Small and midsize financial institutions, including community banks and credit unions, make up more than 95% of the participants on the FedNow Service network."

On the web

Sam’s Club Opening Cashierless Store

Chain Store Age

"A soon-to-open Sam’s Club store will eliminate fixed checkout in favor of app-based shopping and payment. According to a CNBC confirmed by Walmart via email, Sam’s Club is opening a pilot store in Grapevine, Tex. (part of the Dallas metroplex) in mid-October that will be the Walmart-owned warehouse club retailer’s first full-time frictionless store."

October 8, 2024

Top Post

On the web

JCB to Offer Google Pay(TM) in Japan

ACN Newswire

"JCB Co., Ltd., Japan’s only international payment brand, announced that it enabled Google Pay for its customers on September 6, 2024. Android™ smartphone users can now use Google Pay in stores where JCB Contactless is accepted, by adding their credit/debit cards issued by the JCB Group in Japan to Google Pay."

Pix Limits Transfers and Payments

H2FOZ

"The limitations on transfers and payments made by individuals via Pix between 4 pm and 20 am will come into effect this Monday, the 6th, and will now be limited to a maximum of R$1 in total. This is one of the measures aimed at preventing kidnappings and nighttime robberies that use this means of financial transaction."

Bank of America Expands Its Virtual Payables Capabilities in EMEA With Launch of Virtual Payables Direct

FX News Group

"Bank of America has expanded its Virtual Payables capabilities in EMEA1 with the launch of Virtual Payables Direct. The business-to-business (B2B) payment solution provides buyers with the usual working capital advantages of a card transaction – such as extended payment terms – in addition to a new enhancement that allows suppliers to be paid via a direct bank transfer."

On the wires

Square Launches Orders Platform

Business Wire

"In the third quarter of 2024, Square completed a significant infrastructure shift, creating a best-in-class commerce platform with leading payments and ordering capabilities for sellers. The new platform fundamentally changes how the company builds products and will provide expanded commerce capabilities like Pre-Auth and Bar Tabs to sellers of all sizes across verticals in the U.S."

Trulioo Launches Global Fraud Intelligence Capability

Business Wire

"Trulioo, an industry-leading identity platform with proven global coverage for person and business verification, today announced the launch of Trulioo Fraud Intelligence, a new capability delivering best-in-class predictive risk insights across more than 195 countries."

Global Holiday Season Spending Expected to Grow by 16% in 2024, BNPL Surges While Synthetic Identity Fraud Emerges as Top Threat

Business Wire

"Global holiday spending is expected to rise 16% in value from October through December 2024 compared to the same period last year, according to analysis by ACI Worldwide. ACI's annual Unwrapping Checkout Trends report provides merchants and acquirers with essential insights on payment trends, spending and fraud predictions, and actionable ways to maximize secure and authentic conversions."

October 7, 2024

Top Post

Tensions Rise Between Banks and Tech Companies Over Online Fraud Liability in the UK

CNBC

"Tensions are escalating between banking and payment companies and social media firms in the U.K. over who should be liable for compensating people if they fall victim to fraud schemes online. Starting from Oct. 7, banks will be required to start compensating victims of so-called authorized push payment (APP) fraud a maximum £85,000 if those individuals affected were tricked or psychologically manipulated into handing over the cash."

On the web

Are You Ready for Open Banking and the Proposed CFPB Rule?

Atlanta Fed

"Consumer financial data is the foundation of payments, investments, and loans that, when used safely, can support a well-functioning and inclusive economy. Think of open banking as permissioned access to personal financial data. Consumers can authorize third parties to retrieve their information to transform it into useful services."

China’s 2024 National Day Golden Week Sees 60% Rise in Outbound Travel Transactions and 120% Surge in Inbound Spending YoY Via Alipay

Business Wire

"During the 2024 National Day Golden Week, Alipay recorded a significant increase in both China’s outbound and inbound tourism spending. In China, international travelers spent 120% more year-on-year using their international card-enabled Alipay accounts at merchants during the first four days of the National Day holiday. Alipay Tap! saw transaction volume increase by 130% during the holiday compared with the same period in September."

Gift Cards to Dominate Holiday Budgets

Chain Store Age

"Gift cards continue to rise in popularity as a holiday gift option. Consumers plan to allocate 48% of their total holiday budget to gift cards this year, up from from 39% in 2023, according to the annual holiday forecast from global branded payments provider Blackhawk Network."

Bank of England Sees Support for Extending Settlement Window

The Full FX

"With the world and payments and settlements rapidly evolving, the Bank of England says it has been “encouraged” by the level of support for extended RTGS settlement hours, noting the current hours are “unlikely to remain sufficient in an increasingly 24/7 and global world”."

Looking Ahead to the Final Open Banking Rule: Key Issues to Watch

Financial Technology Association

"This fall, the Consumer Financial Protection Bureau (CFPB) is expected to issue a final open banking rule establishing personal financial data rights, culminating more than a decade-long process under Section 1033 of the Dodd-Frank Act. The landmark open banking rule could accelerate competition and choice by empowering consumers with greater control of their personal financial data."

October 4, 2024

On the web

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