Companies

Project Mandala: Shaping the Future of Cross-Border Payments Compliance

BIS

“Project Mandala explores the feasibility of encoding jurisdiction-specific policy and regulatory requirements into a common protocol for cross-border transactions such as borrowing, foreign direct investment, or payments.”

Tags: Bank for International Settlements

Industry

Uptake, Use, and Inclusion Gains from Fast Payment Systems: Early Comparative Data

CSIS

“The purpose of this brief is to promote data-driven, policy-relevant discussion on the role of different types of Faster Payment Systems and other payment systems in inclusive development.”

Global

RBI To Enable Users To Deposit Cash At ATMs Using UPI; Here’s How

MSN

“During the RBI’s Monetary Policy meeting, Reserve Bank Of India Governor Shaktikanta Das announced that users can now deposit cash via UPI facility at bank ATMs.”

Tags: India

Companies

For the First Time in 25 Years Merchants Have Identified Refund/Policy Abuse and First-Party Misuse as the Leading Threats, Surpassing Phishing in North America and Europe

Merchant Risk Council

“The Merchant Risk Council (MRC) today announced the release of their 2024 Global eCommerce Payments and Fraud Report in partnership with Visa Acceptance Solutions and Verifi.”

Tags: Merchant Risk Council Verifi Visa

Global

Google vs Indian Apps: Payments Industry Seeks Legal Changes Against Google’s App Billing Policy

The Economic Times

“Payments Council of India urges the government to amend laws and protect startups and payment aggregators from Google’s monopolistic policies.”

Tags: India

Companies

The Next Generation of Policy Abuse Prevention

Forter

“Forter announced the launch of their next-generation Abuse Prevention solution, leveraging their identity-based decisioning and the largest global network of identities to detect, flag and block repeat abusers at both points of checkout and post-purchase.”

Tags: Forter

Regulation

Bank Policy Institute and TCH Call for Stronger Consumer Financial Data Rules

bankingexchange

“The Bank Policy Institute (BPI) and The Clearing House Association (TCH) have called for the Consumer Financial Protection Bureau (CFPB) to strengthen its proposed data protection rules arguing the proposed rules do “not go far enough in protecting sensitive consumer financial data or requiring data recipients to comply with these rules”.”

Industry

Restaurant Chain Institutes New Policy Deducting Credit Card Fees From Servers' Tips & Threatens To Fire Them If They Complain

YourTango

“A pair of restaurateurs is under fire for a new policy they implemented in their Kansas City and Wichita-area franchises of the restaurant chain Twin Peaks. Restaurant owners Brad and Brent Steven have announced they will begin deducting credit card fees from servers’ tips.”

Companies

BPI and TCH Call for Stronger Consumer Financial Data Rules for Aggregators and Big Tech

The Clearinghouse

“The Clearing House Association and Bank Policy Institute (BPI) and submitted recommendations to the Consumer Financial Protection Bureau (CFPB) in response to a proposed rule establishing how banks, data aggregators and other third parties can safely share consumer financial data.”

Tags: Bank Policy Institute The Clearing House (TCH)

Users

Users of Venmo, Cash App and Other Digital Wallets Get a Tax Reprieve

The New York Times

“For the second time in a year, the Internal Revenue Service is delaying enforcement of a contentious tax policy that would require users of digital wallets and e-commerce platforms to start reporting small transactions to the tax collection agency.”

Tags: Consumers Small and Medium Business

Companies

Payments-App War Drags Banks Into Discomfort Zone

Reuters

“Zelle, the payment service owned jointly by seven of the biggest names in household finance, has tweaked its policy and started compensating casualties of some fraud.”

Tags: Early Warning

Companies

Payments App Zelle Begins Refunds for Imposter Scams after Washington Pressure

Reuters

“Banks on the payment app Zelle have begun refunding victims of imposter scams to address consumer protection concerns raised by U.S. lawmakers and the federal consumer watchdog, in a major policy change.”

Tags: Early Warning

Companies

BIS and Central Bank Partners to Explore Protocols for Embedding Policy and Regulatory Compliance in Cross-border Transactions

Reserve Bank of Australia

“Project Mandala looks to automate compliance procedures, provide real-time transaction monitoring and increase transparency and visibility around country-specific policies.”

Tags: Bank of International Settlement

Industry

Los Angeles City Council Moves Forward With Proposal to Ban Cashless Businesses

California Globe

“The Los Angeles City Council voted 13-0 on Tuesday to move forward with a motion that would ban all cashless stores in the city, with the chief legislative analyst now being instructed to work with the city attorney on the proposed policy.”

Global

PSR Consults on How It Will Require Firms to Reimburse APP Fraud Victims [UK]

Payment System Regulator

“In June 2023, we published our policy statement outlining our new authorised push payment (APP) fraud reimbursement requirement…We have published our consultation on the proposed specific direction on PSPs who participate in Faster Payments. The specific direction will underpin the faster payments reimbursement rules.”

Tags: UK