Automated Clearing House

USA Technologies Inc. issued a statement opposing a move by Hudson Executive Capital LP, the vending-machine payments provider’s largest shareholder, to gain control of the company in the wake of long-running accounting problems that were recently resolved. Hudson’s plan includes the nomination of eight director candidates for election at the company’s next annual meeting. …

Two senior Federal Reserve officials said Tuesday they are committed to rolling out the proposed FedNow real-time payments service as quickly as possible, but they didn’t say the original schedule calling for a launch in 2023 or even 2024 will be shortened. “We will be making every effort, I think, to …

With same-day transaction growth sizzling, the automated clearing house network overall notched another quarter of robust growth. The system logged 6.2 billion transactions in the quarter ended Sept. 30, up 9.5% over the third quarter of 2018, according to figures released Tuesday by Nacha, the network’s governing body. Total payment …

AeroPay, the mobile-payments service from Aero Payments LLC, debuted a 1% cash-back rewards program for its users. AeroPay, which uses a connection to the automated clearing house network for its transactions via Dwolla Inc., says consumers using its iOS or Android app can earn unlimited 1% cash-back rewards. The payout …

The Federal Reserve, which is taking industry comments on its upcoming FedNow real-time payments network until Nov. 7, said common questions so far involve pricing and the scope of the service. The first question can’t be answered yet, and the second touches on services that will be designed by financial institutions building on top …

With The Clearing House Payments Co. operating a real-time payments network and the Federal Reserve planning one for no later than 2024, payments companies are looking at slices of the market for opportunities in instant money movement. And these niche plays aren’t just the province of the country’s biggest banks. …

Tech behemoths Google, Amazon, and Apple, goliath retailers Walmart and Target, and PayPal, all support the Federal Reserve providing faster payments via its FedNow service, slated for introduction by 2024. Each of them, however, would howl in protest if Washington proposed competing with their business or helping would-be competitors. Fearing The Clearing …

The Fed has amassed enormous—in practice, unaccountable—power, and taken roles natural to government and to the private sector. It’s the central bank, paramount financial-system regulator, and a payments operator. It shouldn’t, however, undertake activities better and naturally performed in the private sphere.  The latest example: On its own prerogative, the …

Global Payments Inc. completed its $21.5 billion all-stock merger with payment processor Total System Services Inc. (TSYS). The deal cleared its last major hurdle when European Union antitrust regulators said they had no competition concerns, Reuters reported Tuesday. The merged company serves 3.5 million merchant locations and 1,300 financial institutions in more than 100 …

Digital payments, combined with competition from nonbanks in payments, may cost banks as much as 15% of their global payments revenue, or $280 billion, says Accenture in its “2019 Global Payments Survey.” Released Monday, the survey of 240 retail and corporate payments executives across multiple countries suggests that global-payments revenue …