Competitive Strategies

The top 50 originating financial institutions on the automated clearing house network hit nearly 27.7 billion in payments in 2023, a 5.7% increase over 2022, Nacha says. Volume for the top 50 receiving FIs was almost 20 billion payments in 2023, a 6.4% increase from 2022. Herndon, Va.-based Nacha says …

Synthetic identity fraud has become the fastest growing form of digital fraud, totaling $3.1 billion in 2023, up from $1.9 million in 2020, a 63% increase, according to TransUnion LLC’s 2024 State of Omnichannel Fraud Report. Criminals are using synthetic identities, which are created from a combination of real and …

Digital wallets accounted for $13.9 trillion in payments volume last year, or 50% of e-commerce and 30% of point-of-sale spending, according to Worldpay’s Global Payments Report 2024. This will grow to more than $25 trillion by 2027, or 49% of combined point-of-sale and online volume, the report forecasts. Automated clearing house …

TSG’s yearly review of more than 300 U.S. merchant acquirers is out, and there is little surprise that JPMorgan Chase & Co. retains the top spot with an estimated 2023 U.S. processing volume of $2.4 trillion. While the top three slots in the annual TSG Directory of U.S. Merchant Acquirers …

Chargebacks are always an issue for merchants. While there are numerous programs and indicators to identify fraudulent ones, detecting and managing first-party fraud—that committed by legitimate customers—can be tougher to root out. In response, Mastercard Inc. is pushing its First Party Trust Program, an artificial intelligence-based service that enables merchants …

Montreal-based Nuvei Corp. early Monday issued a statement confirming it has received interest from potential investors and has created a “special committee” of independent directors to review “expressions of interest” regarding offers to take the company private, as well as other “strategic alternatives.” Private-equity firm Advent International Corp. is making …

FIS Inc. said its SecurLock service, working with artificial-intelligence technology from the fintech Stratyfy, is set to increase the volume of card transactions accurately identified as fraudulent, allowing clients to stop the transactions before they are consummated. FIS said the technology “was able to deliver a significant improvement of accurately identified …

The Consumer Financial Protection Bureau released its proposed rule on mobile wallets back in November, and comments on it closed Jan. 8, but that doesn’t mean the proposal isn’t still stirring up discussion as lawmakers, payments experts, and technology firms wrestle with its implications. The rule, which would define so-called …

Digital wallets such as PayPal, Venmo, Apple Pay, and Google Pay are ubiquitous components of everyday financial activity for millions of people. With users increasingly using and maintaining cash balances on digital wallets, they are starting to demand 24/7 access to their money. They also expect faster and more visible …

The Federal Reserve launched a user group for the 607 financial institutions that have signed on so far to participate in FedNow, the real-time payments network the regulator launched last summer with 35 participants, a count that had reached 400 by January. All live financial institutions and certified service providers are eligible …