"In a few years, comically oversized foam-board novelty checks will be the last remaining evidence of a 20th-century icon, as the paper check goes the way of the landline phone and the floppy disk... See where checks are still predominantly being used"
Financial Stability Board
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have advanced policy and regulatory recommendations to identify and respond to macroeconomic and financial stability risks associated with crypto-assets.
Consumer Financial Protection Bureau
"In October, millions of federal student loan borrowers will have a payment due on their loans for the first time since March 2020. Many borrowers may be able to reduce their payments or even get their loans cancelled, and they should explore their options before making payments."
"Hyundai Motor America is bringing in-vehicle payments to customers with the introduction of Hyundai Payi. The Hyundai Pay system allows customers to find and pay for things with their vehicle's touchscreen using securely stored credit card information."
"Major phone and internet companies are pushing away from credit card payments, leading to higher monthly bills for some customers. Ted Rossman, senior industry analyst at Bankrate, joined CBS News to discuss why companies don't want you to pay by credit card."
"Senators are urging credit card giants Visa Inc. and Mastercard Inc. to cancel plans to raise their swipe fees charged to retailers and used reports on the plans to champion their bill to force competition in the industry."
"Americans are lonelier than ever, and self checkout could be part of the problem. Retailers are increasingly relying on self-checkout kiosks. The technology may save on labor, but it's also cutting down on what social scientists call "weak ties," or casual relationships like those between customers and cashiers, the Los Angeles Times reported on Monday."
"Wireless carriers want to give you a monthly discount. You just have to pay them with your bank account. Some already offered $5 or $10 monthly discounts for setting up automatic payments. Over the past few months, these companies have shifted their offers to require customers to link a debit card or bank account—specifically not a credit card—to get the discount." [Subscription Required]
"The average fee for out-of-network ATMs reached an all time high this year of $4.73, surpassing the previous high of $4.72, according to a report by Bankrate."
"The recently developed ability to accept card payments on an ordinary smart phone, with no additional hardware, has electrified the payments industry. But the technology, known as SoftPOS, comes with complications that could slow progress, a panel of experts warned Thursday."
"The buy now, pay later craze, which took flight during the Covid pandemic, has turned into a $70-billion-plus segment of the payments industry. But that doesn’t mean it hasn’t stirred controversy among acquiring-industry executives, some of whom manage versions of the point-of-sale credit product."
GlobeNewswire News Room
"The global financial system has undergone multiple changes throughout its lifetime. First, with the introduction of the gold standard, then with advancements in banking communications, digitized international trade and investment, and remittances....World Pay (WPAY) is the newest creation that seeks to build on the P2P and blockchain revolution to make finance more direct and transparent.
"The generative AI revolution is here. With its ability to augment human intelligence and effort in a wide variety of fields including healthcare, robotics and creative endeavors, it is no wonder that the global market for generative AI is predicted to be $110 billion by 2030. However, this rapidly advancing technology also starts to seriously question whether the image, audio or video that you just experienced is real or an AI-generated deepfake."
"What are ISO 20022 Coins? An ISO 20022 coin is a digital currency that adheres to the international standard ISO 20022 for electronic data interchange between financial institutions."
"PULSE, a Discover® Financial Services company and operator of the PULSE debit network, has agreed to an extension of its partnership with global analytics software provider FICO. PULSE and FICO collaborate to deliver market-leading fraud-detection technology that reduces losses and risk exposure for financial institutions, merchants and consumers worldwide."
"Biometrics can help make multi-factor authentication used in payments resistant to attacks, but can also do the opposite if the wrong technology or architecture is chosen, according to a new paper from EMVCo."
"State banks that are a member of the U.S. Federal Reserve system should obtain a written supervisory nonobjection from the Fed before issuing, holding or transacting in dollar tokens used to facilitate payments, such as stablecoins, the central bank said in a new supervisory letter Tuesday."
"The D.C. Circuit Court of Appeals approved a class action lawsuit made by independent ATM operators against Visa and Mastercard for allegedly violating antitrust laws. MoginRubin LLP will represent the ATM operators in court, according to a press release."
"The Massachusetts Institute of Technology Digital Currency Initiative has introduced the experimental PArSEC platform. PArSEC — short for "parallelized architecture for scalably executing smart contracts" — is open source and developed with central bank digital currency (CBDC) in mind."
"The Digital Dollar Project today announced the completion of a pilot study conducted in collaboration with The Western Union Company, BDO Unibank, Inc. in the Philippines, and support from Accenture. This collaboration represents the Digital Dollar Project's latest private sector efforts in support of the exploration and experimentation of a central bank digital currency (CBDC) in the United States."
"Money is undergoing its biggest reinvention in centuries. With many consumers abandoning physical cash and cryptocurrencies evolving fast, central banks are on the move to ensure they don’t fall behind on innovation. The goal is a digital form of legal tender that can compete with private-sector alternatives by being safer and cheaper to use."
"While scrolling social media, you may find a video of President Joe Biden urging you to sign up for extra Social Security benefits for which you are eligible. While the hypothetical video may seem real, the promise of extra benefits is not."
Electronic Payments International
"PSD3 has long been touted as all encapsulating replacement to PSD2. Galit Shani Michel discusses the first draft proposal of the regulation and asks if it covers all that it should"
"The Credit Union National Association (CUNA) and the National Association of Federally-Insured Credit Unions (NAFCU), the nation’s two leading credit union associations, officially announced their intent to merge and form a new organization, America’s Credit Unions."
"Palm payments are fast gaining traction with retailers and payment solution providers globally. It is no secret that retail innovation gains mainstream uptake by consumers when there is value and convenience."
MIT Technology Review
"Prominent politicians want to make sure a central bank digital currency never happens in the US—just as we’ve learned the basics of how one might work."
"The mood at Money 20/20 Europe was buoyant despite a challenging first half of 2023 for the European fintech industry. The halls were packed, and embedded finance companies jostled for space."
"The FinTech industry is picking up speed, and is changing our understanding about financial services and their uses in many fields. One of the reasons for this change is embedded finance."
"Verde Payments is announcing a suite of tools to aid merchants with chargeback problems. This ala carte service is now available through the FraudDeflect Product Suite. Of particular note is the new Visa Compelling Evidence 3.0 service tool that can erase chargebacks and stop chargebacks for existing subscription customers."
"Justt, the chargeback mitigation pioneer, has unveiled a new study pinpointing a worrying trend in consumer chargeback behaviors impacting merchants in the United Kingdom and the United States. The research shows that over 75% of respondents in both countries lodged at least one credit card payment dispute in the period from May 2022 to May 2023."