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With financial institutions, merchants, and software application developers all looking for better online security than that afforded by the traditional, static user name and password, the Fast IDentity Online (FIDO) Alliance’s brand of authentication products is starting to get traction. The Mountain View, Calif.-based industry consortium reported Monday that 150 …
Read More »NACHA: Most Top Financial Institutions Are on Track To Offer Same-Day ACH This Year
Automated clearing house governing body NACHA says nearly all of the nation’s biggest financial institutions plan to originate same-day ACH payments this year. The January-February telephone survey of executives at 22 of the nation’s top 25 ACH originators found that 95%, which works out to all but one of the …
Read More »Lots of Headaches From Data Breaches, but Few Lawsuits, a Law Firm’s Study Finds
A new report about data breaches from a law firm that analyzed compromises affecting more than 300 of its clients in 2015 has some unique perspectives that supplement findings from data-security technology firms such as Mandiant and Trustwave or telecommunications giant Verizon, all of which have produced widely read summaries …
Read More »Despite Its Recent Troubles, Ignoring Square Is a Risky Move for Rivals, Experts Argue
Do competing acquirers run a significant risk if they ignore the way Square Inc. operates? Some experts are now saying they do, though you wouldn’t think so in the light of recent events. When 6-year-old Square went public in November, the result was bloody. On the first day of trading, …
Read More »EMVCo Rolls Out Its PAR Data Element To Reduce Security Threats to Card Numbers
EMVCo, the chip card standards body owned by the world’s largest payment card networks, on Tuesday formally updated its tokenization specification to include the new Payment Account Reference data element. The purpose of PAR is to match tokens to the underlying primary account number of a credit or debit card …
Read More »Report: PayPal Likely To Deflect New Competition From a Browser-Based Apple Pay
PayPal Holdings Inc.’s shares took a hit last week when a media report said Apple Inc. plans to launch a mobile-browser version of its Apple Pay service, potentially making Apple Pay a stronger competitor to the online and mobile-payments leader. But a payments analyst says any new competition from Apple …
Read More »PayPal, Card Brands Gain More Than Banks in Consumer Mobile-Wallet Preferences
If consumers wanted a mobile wallet in 2013 and 2014, they wanted it from their primary financial institution. But things changed in 2015, when PayPal and Visa surpassed banks and credit unions as preferred wallet providers. That’s the bad news for financial institutions in a new report about mobile wallets …
Read More »Squeezed by Competitors And Finances, Jumio Sees a Savior in Facebook’s Co-Founder
Online and mobile-authentication technology provider Jumio Inc. filed for bankruptcy protection and put itself up for sale Monday, but the Palo Alto, Calif.-based firm expects to live on thanks to support from Facebook co-founder Eduardo Saverin. Saverin, an early equity investor who has injected at least $23 million into Jumio …
Read More »Eye on Cuba: Stripe, PayPal and Western Union Eye a New Growth Market
With President Obama in the midst of a historic trip to Cuba Monday, payments companies ranging from Stripe to PayPal to Western Union are eyeing new transaction growth as relations thaw between the U.S. and the island nation just 105 miles from Florida. Online payments provider Stripe Inc. announced that …
Read More »Sen. Durbin Suggests That the Big Networks Have Too Much Power Over Chip Cards
U.S. Sen. Richard Durbin, author of 2010’s controversial Durbin Amendment, wants to know about the inner workings of EMVCo, the chip card standards body owned by the six largest global payment card networks. A statement Thursday from the Illinois Democrat says Durbin is “seeking information on whether the deployment of …
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