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October 24, 2024
Top Post
Criminals Reverting to Old-School Tactics with New Twists, Visa’s State of Scams Report Shows
Visa
"Ahead of Money20/20 US, Visa, published the State of Scams: Fall 2024 Biannual Threats Report. The latest edition of the report brings to light several emerging threats and scams targeting banks and consumers, including a surprising resurgence of small-scale physical crime."
On the web
Fintech Sector Investment Remains Muted While Opportunity Persists in 2024; Silicon Valley Bank Releases Fourth Edition of Future of Fintech Report
SVB
"While fintech companies face significant headwinds – from high interest rates to increasing regulatory oversight – they are also finding opportunity in 2024, according to the latest Future of Fintech Report from Silicon Valley Bank (SVB), a division of First Citizens Bank. Venture capital (VC) investment remains muted, hovering near a six-year low for the sector, as deal flow has shifted toward the early stage, with more than three seed deals for every one series A."
Ingo Payments and Sardine Launch Risk-Managed Instant Account Funding, Backed by Zero-Liability Fraud Guarantee
Ingo Payments
"Ingo Payments and Sardine announced a new partnership to offer instant, risk-managed account funding via card and ACH, backed by an optional zero-liability fraud guarantee. This, combined with Ingo’s industry-leading inbound check funding solution, provides issuers with a complete solution for fast, secure account funding across all three critical form factors: check, card, and ACH."
Credit Card Companies Now Charging Extra Fees for Paper Statements
Fox Business
"A new push to move credit card users to a digital statement will now come with a penalty for those who don’t want to comply. Credit card companies from big name retailers have been silently rolling out a fee of $1.99 if you wish to keep receiving paper statements."
Mastercard Expands Product Express Platform to Help Fintechs Accelerate the Launch of New Card Programs and Other Payment Solutions
Mastercard
"Mastercard announced the expansion of its Product Express platform in Africa and Middle East, Europe, North America, and more markets in Latin America to help fintechs launch card programs quickly and through a process that’s simple and transparent."
Worldline Partners With Visa Acceptance Solutions to Deliver Data-Driven Fraud Management Solution
Worldline
"Worldline has announced plans to collaborate with Visa Acceptance Solutions, to launch an optimized fraud management solution. The relationship leverages both companies’ extensive transactional data and expertise, augmenting Worldline’s payment services with Cybersource Decision Manager solution to provide businesses with fraud detection across industries."
Klarna Enters £7 Billion UK Gift Card Market With Launch of Gift Card Store
Klarna
"Klarna has partnered with Blackhawk Network, to launch Klarna’s Gift Card Store in the UK. This gives customers the ability to buy gift cards from an extensive selection of brands and pay for them using Klarna’s range of Buy Now, Pay Later (BNPL) products and instant debit option, Pay Now."
40% of Consumers Globally Consider Pushing the ‘Unsubscribe’ Button Says Adyen Research
Adyen
"New research published by Adyen reveals 40% of consumers have already, or are planning to, unsubscribe from services and products they’ve set up recurring payments with over the next 12 months. The data published in Adyen’s inaugural Global Digital Report, confirms that people across the 23 countries polled continue to be impacted by the high cost of living."
dLocal and Fourvenues Partner to Enable Seamless Payment Experiences in Entertainment
dLocal
"dLocal, the leading cross-border payment platform specializing in high-growth markets, announced its partnership with Fourvenues, management software designed for the entertainment industry. The partnership will help Fourvenues expand across Latin America (LATAM) and Southeast Asia, with further expansion planned for the Middle East."
October 23, 2024
Top Post
CFPB Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) took action against Apple and Goldman Sachs for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users. The CFPB found that Apple failed to send tens of thousands of consumer disputes of Apple Card transactions to Goldman Sachs, and when Apple did send disputes to Goldman Sachs, the bank did not follow numerous federal requirements for investigating the disputes."
On the web
Safaricom to Refund M-PESA Transaction Fees to Customers
MSN
"Safaricom PLC has announced an offer for all M-PESA customers as it marks its 24th anniversary in Kenya. In a statement, the telecommunication company said customers will get a refund of transaction fees for their first send-money transaction on Wednesday, October 23."
US Payments Forum Explores Digital Transaction Data Elements and Impacts on Security and Fraud Prevention
GlobeNewswire News Room
"The payments industry has shifted toward mobile experiences, with digital payments projected to be worth more than $15 trillion by 2027. Transactions contain a wealth of information not available in traditional payments. The U.S. Payments Forum has released a white paper, “Exploring Data Elements in Mobile Payment Transactions.”"
Spreedly and Forter Expand Partnership to Drive Better Outcomes for Open Payment Customers
Spreedly
"Spreedly and Forter have expanded their partnership to offer customers powerful, predictive modeling solutions to drive better payment outcomes. This partnership is intended to drive higher authorization rates, enhance customer experiences and provide actionable insights for merchants."
Mena E-Commerce Grew by 80% Since 2020, Checkout.com's Report Suggests
Wamda
"Leading payment solutions provider Checkout.com has released phase two of its fourth annual report on digital commerce in the region, titled “The State of Digital Commerce in MENA 2024: Perspectives from the Leading Edge”."
AI Patents at BofA Increase 94% Since 2022
Bank of America
"Bank of America's commitment to innovation has led to a 94% increase in artificial intelligence (AI) and machine learning (ML) granted patents and pending patent applications since 2022. Today, the company has nearly 1,100 AI and ML patents and pending applications in its portfolio, with more than half having already been granted."
Trustly to Process $100 Billion Annually, Leading the Pay by Bank Surge
Trustly
"Trustly, the global leader in Open Banking Payments, is on track towards processing $100 billion in Total Payments Value in 2024, underscoring a shift in the payments industry as merchants continue to explore card alternatives. To date, over 112 million consumers have used Trustly’s products globally, showcasing the appeal of Pay by Bank options at checkout."
Metallicus Supports the FedNow® Service, Advancing U.S. Payment System
Newswire
"Metallicus announced it is now supporting live transactions on Federal Reserve Financial Services’ instant payment rail, the FedNow Service. Metallicus leverages blockchain technology, through its Digital Banking Network including interoperable Layer 0, Layer 1, and Layer 2 blockchains, enabling instant transactions with on-chain identity (DID/KYC) for compliant digital asset interactions."
Nacha Announces LexisNexis® Risk Solutions as Preferred Partner for Official Registrar of Routing Numbers
Nacha
"Nacha announced LexisNexis® Risk Solutions as the exclusive Preferred Partner in the category of Official Registrar of Routing Numbers."
Temenos Launches Enterprise Service to Power Faster, Lower-Cost Cross Border Payments
Temenos
"Temenos launched a SaaS enterprise service for cross border payments, empowering Payment Service Providers (PSPs), including banks, electronic money institutions (EMIs) and fintechs, to swiftly launch and lower the cost of cross border payment services."
Amazon Announces New Fuel Savings Offer for Prime Members
Amazon Press Center
"Amazon announced that Prime members can now save $0.10 per gallon at approximately 7,000 bp, Amoco, and ampm gas stations across the U.S. Additionally, Prime members can expect more savings —in 2025, Amazon plans to add an electric vehicle charging offers with bp pulse, bp’s electric vehicle charging business, with details to be revealed next year."
Mastercard Pilots New Open Banking ‘Data Command Centre’
Open Banking Expo
"Mastercard has introduced a new data command centre, ‘Mastercard Connect Plus’, that will give consumers control of where, how and with whom their financial data is shared. The new tool will enable individuals to search for and link their bank accounts, view which third-parties have consent to access that account’s data, and grant and revoke consent in real time, within one digital web application."
On the wires
Dwolla Partners with Plaid to Future-Proof Pay by Bank Payments
PR Newswire
"Dwolla, a leading U.S.-based account-to-account (A2A) payment solution provider, announced an expanded partnership with Plaid, a data network powering the digital financial ecosystem."
PayPal and Global Payments Join Forces to Simplify Checkout with Fastlane
PR Newswire
"PayPal Holdings Inc. announced an expanded collaboration with Global Payments Inc. aimed at transforming checkout experiences. This partnership will see Global Payments offer their U.S. merchants enhanced PayPal and Venmo branded checkout solutions and accelerated guest checkout through Fastlane by PayPal."
October 22, 2024
Top Post
Payments Post #17: Cutting Costs
Glenbrook Partners, LLC
"In this Payments Post, we discuss the DOJ bringing a lawsuit against Visa that alleges the company operates an illegal monopoly in the debit card space. Does the argument have merit in our non-legal minds? And if so, what could the DOJ’s move mean for an evolving payments landscape?"
On the web
Payments Landscape Series: Frictions in B2B Payments
FedPayments Improvement
"Enhancing business payment efficiency and promoting electronic payment adoption are two ongoing priorities within the payment system. While industry stakeholders have been working to help ease frictions in B2B payments, underlying challenges need to be addressed before most businesses can fully adopt electronic payments."
Apple Says Support for Redeeming Rewards With More Partners Is Coming to Apple Pay
TechCrunch
"Apple recently celebrated 10 years with Apple Pay and announced how the service will evolve in the future, including features like redeeming rewards and expanding installment loan options. In addition to Apple Pay’s newly added support for loan options from Affirm in the U.S., and Monzo Flex in the U.K., the iPhone maker shared that support for Klarna will go live in the two countries, including both at checkout online and in-app with Apple Pay."
Marqeta Announces Enhancements to Its Program Management Capabilities
Marqeta
"Marqeta introduced two new products – UX Toolkit and Portfolio Migrations – to its card program management tools. UX Toolkit creates modern payment experiences from scratch with fewer development resources required, while its Portfolio Migration service reduces complexity for customers upgrading existing card programs onto the Marqeta platform."
EMVCo Launches the EMV® Contactless Kernel Testing Process
EMVCo
"Global technical body EMVCo has confirmed the testing process for the new EMV® Contactless Kernel Specification (EMV® Contactless Specifications for Payment Systems: Book C-8 – Kernel 8 Specification) is now available."
Santander Launches Openbank in the US, Expanding Its Consumer Banking Business Nationwide
Santander
"Today, Santander is launching Openbank in the United States, enabling the group to serve individual consumers nationwide for the first time, expanding beyond its established branch network in the Northeast. Through the Openbank brand, Santander will offer U.S. customers a competitive high yield savings product, as well as an intuitive, secure, and seamless customer experience."
Tenpay Global & TerraPay to Enable International Money Transfers to more than one billion Weixin and WeChat Users
PR Newswire
"TerraPay, a global leader in cross-border money movement, has announced a strategic partnership with Tenpay Global, Tencent's cross-border payment platform renowned for its innovative financial services through the Weixin ecosystem."
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