Digital Transactions Authoritative, insightful and timely information for payments professionals
• Early Warning Services LLC said the three latest banks to start offering real-time person-to-person payments on its clearXchange network are Capital One, Chase, and Wells Fargo. ClearXchange members Bank of America and U.S. Bank had already introduced the service. As things stand, Chase customers can send and receive payments in real time. Capital One checking customers and Wells customers can receive real-time payments, with real-time send capability coming later in the summer for both banks. More than 100 million online-banking customers, and 70 million mobile-banking customers, can now make P2P payments on clearXchange, which in the first quarter handled more than 46 million transactions worth more than $16 billion.
• Swedish mobile-payments provider Seamless Distribution AB said its SEQR solution now supports contactless payments using near-field communication. The service will enable NFC payments first in Sweden and then roll out the technology to frequent users elsewhere, ultimately making the service usable at 30 million contactless terminals worldwide. Up to now, SEQR has relied on quick-response codes.
• On Track Innovations Ltd. said its NFC-based card reader, the Saturn 8700, has received FeliCa certification. FeliCa is a smart card standard used in Japan, which is preparing for an influx of some 20 million foreign travelers for the Rugby World Cup in 2019 and the Tokyo Olympic Games in 2020. The Saturn 8700 is used in unattended retail environments such as vending machines, ATMs, and kiosks.
• Consumer revolving credit increased 3% in May on a seasonally adjusted annualized basis following April’s revised 1.7% increase, the Federal Reserve reported. Estimated revolving credit outstandings of $953.3 billion in May were up 5.4% from $904.5 billion a year earlier.
• Content producer and video-game distributor WRIT Media Group Inc. announced plans to integrate its Pelecoin blockchain technology into applications to make it easier to spend digital currencies.
• Payments consultancy Mercator Advisory Group Inc. said Ted Iacobuzio joined the firm as managing director of custom research and consulting services, replacing Patricia Hewitt, who becomes director emeritus. Iacobuzio previously worked at advisory firm TowerGroup.
• Payments provider Payscout Inc. said Fran Fischer, who is the strategic sales and business development manager for Payscout subsidiary APS, was named to the ACA International Council of Delegates. ACA International is a trade group for credit and collection professionals.
