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- Fortis Payment Systems LLC acquired the NetSuite payments division of MerchantE Solutions Inc. Fortis said the acquisition will boost its position in embedded enterprise resource planning payments. Terms were not disclosed.
- Mastercard Inc. and JPMorgan Chase are two of eight companies the Federal Trade Commission issued orders to seek information about products that incorporate data about consumers’ characteristics and behavior. The FTC said it wants to better understand the market for products by third-party intermediaries that claim to use advanced algorithms, artificial intelligence, and similar technologies along with consumer data, such as location, demographics, credit history, and shopping history.
- The Merchants Payments Coalition released a survey that found 55% of likely voters in this fall’s general election support the Credit Card Competition Act while only 7% oppose it, and 38% are unsure. The survey also found 42% of voters are more likely to support a Senate candidate who supports the bill, with only 7% less likely to do so, a margin of 35 percentage points. Among Democrats, 46% favor a candidate who supports the bill while only 6% would more likely oppose the candidate. Among Republicans, 41% favor a CCCA supporter while only 7% would lean against them based on the CCCA. In response, The Electronic Payments Coalition, which represents financial institutions and payments networks, released a statement that said the MPC’s survey is loaded with questions designed to give a pre-determined outcome. It also pointed to its survey that shows 64% of opinion leaders do not want to see change to the current system, while just 26% want to see the CCCA passed and 9.7% are unsure.
- Payments provider VizyPay said it has invested more than $800,000 in Clover point-of-sale terminals and hardware in the first six months of 2024. It intends to add a subscription model for merchants purchasing Clover devices beginning in August. VizyPay said it is on track to process $2 billion in transactions by the end of 2024.
- The Secure Technology Alliance and the Secure Payments Academy, which provides payments training workshops, will offer a series of workshops that cover the basics of payments, such as tokenization, open banking, and fraud detection and mitigation.
- Red Maple, a provider of payment-security products, said its Microsoft Dynamics 365 payments technologies have received validation under the Payment Card Industry data-security standard 4.0.
- Payments provider Electronic Merchant Systems named Dan Stanbridge chief risk and compliance officer. Stanbridge comes to the company with experience at Flexfactor and Paysafe.
- Payments platform ConnexPay appointed Matt Peterson chief financial officer. Peterson comes to the company from Payzer, where he was vice president of finance. ConnexPay also said chief operating officer Blair Jeffery has added the title of president.
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