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May 25, 2021

On the wires

10 Billion and Counting: What the Latest EMV® Chip Data Means for Global Payments – EMVCo

“Data published by EMVCo shows that at the end of 2020, 10.8 billion EMV® chip cards were in global circulation – an increase of nearly 1 billion compared to the previous twelve months. In addition, EMVCo reports that 66% of issued cards are EMV, with over 86% of all card-present transactions conducted globally using EMV chip technology. In this Q&A post, Junya Tanaka, EMVCo Executive Committee Chair, explains the role of EMV chip in supporting the delivery of reliable and convenient payments globally.”

May 19, 2021

On the wires

Financial Data Exchange Releases FDX API 4.6

“The Financial Data Exchange (FDX) has announced its Spring release of FDX API 4.6 including enhanced payment services, coverage of over 600 unique financial data elements, and a new Credit Management use case that will allow consumers to share and use their own financial data through the FDX API with applications covering lending and credit scoring.”

May 14, 2021

On the wires

How EMVCo Is Supporting the Rising Use of QR Codes for Payments – EMVCo

“Advances in technology are making secure card payments possible in new ways – whether online or face-to-face. EMV® Specifications have evolved beyond the original EMV Chip Specification to support a wide range of technologies for card-based payments, including contactless, mobile, tokenisation and QR Codes™. Increasingly, QR Codes are used to initiate mobile payments at the point-of-sale. They are rising in popularity as they are one emerging solution that can enable contact-free payments.”

May 4, 2021

On the wires

Financial Data Exchange (FDX) Adds 18 New Members

The Financial Data Exchange (FDX) has welcomed 18 new members since the beginning of 2021, bringing its total membership to 186 organizations. FDX members include financial institutions, financial data aggregators, fintechs, payment networks, consumer groups, financial industry groups and utilities and other stakeholders. FDX works through its members to define and promote adoption of common, interoperable, and royalty-free standards for financial data sharing that are the foundation of open banking and open finance.”

April 21, 2021

On the wires

Financial Data Exchange Reports 16 Million Consumers Now Using FDX API for Financial Data Sharing

“The Financial Data Exchange (FDX) today reported that 16 million North American consumers are now using its FDX API for open banking and open finance data sharing. This milestone solidifies the U.S. and Canada as the global leaders in open banking and open finance API adoption. Today’s updated adoption metrics represent growth of an additional 4 million consumers that have been transitioned from credential-based data sharing and screen scraping to the industry-led FDX API standards since FDX’s most recent adoption survey in late 2020.”

April 19, 2021

On the wires

Less Than Half of Major Fuel Merchants Meet Extended EMV Deadline, According to New ACI Worldwide Data

“New data from ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software and solutions , shows that as of April 17, 2021 — the extended EMV liability shift deadline — less than half (48%) of fuel merchants will meet EMV automated fuel dispenser (AFD) compliance mandates. As of the extended deadline, the liability for fraud will now shift from card issuers to fuel merchants. ACI surveyed fuel merchants that collectively represent 45,000 gas stations nationwide — including major oil companies, grocers and convenience stores. The data showed that only 50 percent of fuel merchants who were not fully implemented expect to be EMV compliant by the end of 2021.”

April 8, 2021

On the wires

Financial Data Exchange (FDX) Announces Results of Annual Strategic Survey

The Financial Data Exchange (FDX) today announced results from its 2021 annual strategic survey of its members. The FDX strategic survey provides an inside look at where leading financial firms are prioritizing technical standards work for consumer-permissioned data sharing and how the marketplace is maturing. Specific to the 2021 survey, FDX members indicated a desire to prioritize work on consent and sensitive data across the organization’s many work streams including the FDX API, data use cases, user experience and security.”

April 5, 2021

On the wires

February 11, 2021

On the wires

ASC X9 Launches ISO 20022 Best Practices Forum

“The Accredited Standards Committee X9 Inc. ( X9 ) announced the formation of the U.S. ISO 20022 Market Practice Industry Forum, which will work to research and document best practice recommendations in order to catalyze ISO 20022 usage in the United States. ISO 20022 is a multi-part international standard that defines a common platform for the development of financial messages. Its use is less prevalent in the U.S. financial industry than in other regions of the world, especially among smaller entities, and the Market Practice Industry Forum will identify issues and provide guidance designed to increase adoption. Meetings will start in mid-February 2021.”

February 3, 2021

On the wires

Financial Data Exchange Adds 33 New Members

“The Financial Data Exchange (FDX) welcomed 33 new members in the past 4 months, bringing the total membership to 168 organizations. The group is collectively working to transition the financial services ecosystem to a modern, transparent, and secure API-based financial data sharing approach. Since its launch in 2018 with 21 founding members, FDX experienced an eightfold increase in members. The growing membership is also reflected in the rapid adoption of the FDX API, as data providers, such as financial institutions, data access platforms, like financial data aggregators, and data recipients such as fintech apps, are collectively transitioning to the standard.”

January 19, 2021

On the wires

Volante Extends Collaboration With Citi for Global ISO 20022 Migration

Volante Technologies , the global leader in cloud payments and financial messaging, and Citi Treasury and Trade Solutions (Citi) are deepening their longstanding relationship to accelerate the bank’s adoption of the ISO 20022 financial messaging standard across its global payments operations. As a result of this collaboration, Citi will be the first Volante customer to offer a unified approach to ISO 20022 migration across the globe.”

December 16, 2020

On the wires

ASC X9 Issues First Blockchain Terminology Standard

“Today the Accredited Standards Committee X9 Inc. ( X9 ) announced the publication of X9.138 — Distributed Ledger Technologies Terminology, a much-needed standardized glossary of the most important common terms and definitions used with distributed ledger technology (DLT). The highest-profile example of DLT is bitcoin. The new standard is available for download at no charge.”

December 8, 2020

On the wires

December 3, 2020

On the wires

ASC X9 Forms Real-time Payments Study Group; Participants Sought

“Today the Accredited Standards Committee X9 Inc. ( X9 ) announced the formation of a new study group focused on faster/real-time payments. The study group will review real-time and faster payments activity in the financial industry, with the intent to become X9’s central point of contact for all related and supporting X9 technical standards and to coordinate related work within X9. People with interest in real-time payments are invited to join the X9 Real-time Payments Study Group.”

October 13, 2020

On the web

As a Deadline Nears, TNS Offers Deferred Payments for Installing EMV at the Pump

Digital Transactions

“With gas stations and convenience stores feeling the economic pinch from the slowdown in sales caused by the Covid-19 pandemic and uncertainty over the economy, Transaction Network Services Inc. announced a new pricing structure to help cut station owners’ telecom-network installation costs for EMV at the pump. Transaction Networks Services (TNS) will defer monthly payments at the start of a multiyear contract for the installation of telecom systems that enable the point-of-sale system to communicate with in-pump EMV card readers .”

On the wires

PCI Pal® Announces Strategic Alliance with Stripe to Rapidly Deploy Payment Security Deployments

PCI Pal ®, the global provider of cloud-based secure payment solutions, has today announced an alliance with the global payment services provider, Stripe. For organizations already using Stripe’s range of payment infrastructure services for web-based businesses, they can now quickly deploy PCI Pal’s security solutions to ensure payment collections are handled in accordance with the very latest PCI DSS rules.”

October 6, 2020

On the web

Payment Card Security Remains Lax, Says Verizon Business Report


“Payment security is getting weaker as 27.9% of global organizations were in full compliance with the Payment Card Industry Data Security Standard (PCI DSS), according to Verizon. The Verizon Business 2020 Payment Security Report highlights that PCI DSS compliance is down 27.5% from 2016. Full PCI DSS compliance meets 12 requirements.”

September 14, 2020

On the wires

Financial Data Exchange Adds 39 New Members with Expanding International Footprint

“The Financial Data Exchange (FDX) has welcomed 39 new members since April 1, 2020, bringing the total membership to over 140 organizations that are working to collectively transition the financial services ecosystem to a modern, transparent and secure API-based data sharing approach.Since its launch in October 2018 with 21 founding members, FDX has seen an over sixfold increase in members and recently announced the formation of the FDX Canada Working Group.”

August 25, 2020

On the wires

New ACI Worldwide Data Shows Nearly 50 Percent of Major Fuel Merchants are Currently Unprepared to Meet Extended EMV Deadline

“New data from ACI Worldwide, a leading global provider of real-time digital payment software and solutions, highlights that as of July 2020, nearly 50 percent (47%) of major fuel merchants are unprepared to meet EMV automated fuel dispenser (AFD) compliance by the new April 2021 deadline (extended from October 2020) with less than half their stores fully upgraded. The survey indicated that 33 percent are unlikely to meet the April 2021 deadline, at which point fraud liability is expected to shift from card issuers to fuel merchants.”

August 19, 2020

On the wires

ASC X9 Seeks Participants for Development of New Mobile Payments Standards

“The Accredited Standards Committee X9 Inc. ( X9 ) today announced that it is seeking expert participants for two important projects. Two new mobile financial services standards, the third and fourth parts of a suite of standards (X9.134) for mobile banking and payments, will continue the process to adapt and augment ISO 12812 as a U.S. national standard. Additional participants who have interest in this area are invited to join the effort.”

July 30, 2020

On the web

Is Your Chip Card Secure? Much Depends on Where You Bank

Krebs on Security

“Chip-based credit and debit cards are designed to make it infeasible for skimming devices or malware to clone your card when you pay for something by dipping the chip instead of swiping the stripe. But a recent series of malware attacks on U.S.-based merchants suggest thieves are exploiting weaknesses in how certain financial institutions have implemented the technology to sidestep key chip card security features and effectively create usable, counterfeit cards.”

On the wires

Leading Canadian Financial Services Firms Launch FDX Canada

“Financial Data Exchange, LLC (FDX) has officially launched in Canada, with 31 organizations leading the country’s financial services ecosystem in joining FDX and taking part in its mission to develop a secure, common, interoperable, flexible and royalty-free industry standard for financial data sharing. “The launch of FDX Canada proves the success of this industry-led initiative to bring leading organizations in the Canadian financial services ecosystem together around a common financial data sharing standard that will protect consumers and business and simplify their banking experiences” said Don Cardinal, Managing Director of Financial Data Exchange.”

July 21, 2020

On the wires

ASC X9 Expands Mission of Corporate Banking Committee To Become an Industry Focal Point for Faster/Real-time Payments Initiatives

“The Accredited Standards Committee X9 Inc. ( X9 ) today announced that it has expanded the scope of its X9C Corporate Banking Committee to add focus on faster/real-time payments. The group is newly empowered to track all faster payments activity in the financial industry, and the intent is for it to become X9’s central point of contact for industry standards related to this area. Additional participants who have interest in this area are invited to join the effort .”

July 16, 2020

On the wires

July 8, 2020

On the wires

American Express, Discover, Mastercard and Visa to Power Global Expansion of Simple, Consistent Digital Checkout Experience

“E-commerce has reached new heights around the world, as more consumers are going online to make secure, touch-free purchases across various merchants and platforms. Now, it’s more important than ever that the online checkout experience is seamless and consistent across all types of digital channels and cards. Today, American Express, Discover, Mastercard and Visa announced they are each beginning technical preparations for global expansion of the Click to Pay online checkout – based on the EMV® Secure Remote Commerce industry standard – in additional geographies including Australia, Brazil, Canada, Hong Kong, Ireland, Kuwait, Malaysia, Mexico, New Zealand, Qatar, Saudi Arabia, Singapore, United Arab Emirates and the United Kingdom, with others to follow.”

June 17, 2020

On the wires

EMVCo Publishes Updated Guidelines for Using EMV® Secure Remote Commerce Specifications and Icon

“Technical body EMVCo has confirmed that consumer-facing solutions and programmes based on the EMV® Secure Remote Commerce (SRC) Specifications are to be known as Click to Pay. This universal description enables ease of recognition for consumers, and signals that a consumer can confidently transact through an easy e-checkout, regardless of the payment card, digital channel or device they use.”

June 15, 2020

On the wires

Payments Canada Publishes ISO 20022 Messages for Lynx, Canada’s New High-value Payments System

“Payments Canada today announced the availability of ISO 20022 messages for Lynx, Canada’s new high-value payments system.  With the publication of ISO 20022 messages for Lynx, system participants can start preparing their existing applications to leverage the value of ISO 20022. Likewise, vendors who support Canada’s payments ecosystem can use the published messages to update their applications and develop new services for Lynx participants and the wider ecosystem. The ISO 20022 messages for Lynx also support Canadian financial institutions preparing to meet SWIFT’s ISO 20022 migration date for cross-border payments, expected to roll out at the end of 2022.”

June 10, 2020

On the wires

US Payments Forum Publishes Best Practices for EMV Chip Fallback Transactions at the Fuel Pump

“The U.S. Payments Forum is continuing to provide the U.S. with essential guidance on the migration to EMV chip with a new white paper on options for supporting fallback transactions in the petroleum environment. The resource released today defines fallback and covers processing magnetic stripe transactions for card programs that are not supported on the contact EMV interface of automatic fuel dispenser (AFD) terminals.”

May 29, 2020

On the wires

May 28, 2020

On the web

The US EMV Chip Card Count Surpasses 1 Billion

Digital Transactions

“Four years after the EMV chip card standard became the law of the U.S. payments land, the number of credit and debit cards with an EMV chip now exceeds 1 billion, and 63% of U.S. card-present transactions in 2019 involved an EMV card being read by an EMV-capable terminal, up from 53.5% in 2018. Those numbers are some of the highlights in a report released Thursday by EMVCo, the standards body owned by the global card networks. The U.S. EMV credit and debit card count was 1.07 billion as of 2019’s fourth quarter, an increase of 232 million, or nearly 28%, from 842 million in late 2018.”

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