Law and Regulation

ACI Worldwide Inc. has launched its Instant Pay real-time payment solution in Europe and the United Kingdom. The move comes against the backdrop of a regulatory push in Europe mandating that financial institutions across the Single Euro Payments Area (SEPA) countries in Europe offer instant payments under the SEPA Instant …

For decades, payments providers have sought to displace cash by attempting to move merchants toward card-based and digital payments, arguing that they are faster, more convenient, and more secure to accept than cash. Now they are finding that proponents of cash acceptance are pushing back. Late Thursday, legislation was reintroduced …

Cash App and Venmo, peer-to-peer payment services from Block Inc. and PayPal Holdings Inc., respectively, are under scrutiny from four U.S. senators over their fraud-protection efforts. In letters dated June 15 and sent to each company, the senators requested data on the volume of fraud reports the networks have received …

U.S. Senators Sherrod Brown (D-Ohio), Jack Reed (D-R.I.), Bob Menendez (D-N.J.), and Elizabeth Warren (D-Mass.) on Thursday sent letters to Block Inc.’s Cash App and to PayPal pointing to “reports of widespread fraud and scams” on Cash App and Venmo and requesting data on the volume of reports of fraud …

Although the Consumer Financial Protection Bureau plans to develop a federal regulation governing the protection of consumer financial data shared through open banking, the agency says that open banking will be best served if it does not “micromanage” open banking itself. In October, the CFPB announced its intention to develop regulation …

As proponents and adversaries wrangle over the newly resurrected Credit Card Competition Act, a market-research firm has raised by more than one-third its estimate of how much the bill could save U.S. merchants. A year ago, the firm, Atlanta-based CMS Payments Intelligence Inc., calculated the bill would result in $11 …

Apple Cash users will be able to set up weekly, biweekly, or monthly Apple Cash payments in the iOS 17 iPhone software coming this fall, Apple Inc. announced. Users also will be able to present digital IDs stored in Apple Wallet to businesses, such as for age verification. More than 96% …

The Credit Card Competition Act is making a comeback, this time with more bipartisan support. The bill, originally launched last summer by Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan,), is expected to be reintroduced in the Senate, apparently with few changes, as early as this week, according to an …

So-called friendly fraud is a growing problem for many merchants. A report from chargeback-management firm Chargebacks911 reveals that nearly three quarters of the 300 merchants surveyed have seen a 19% increase in illegitimate chargebacks on average so far in 2023 compared to the same period last year. At the same …

Despite the increasing popularity of buy now, pay later loans, some BNPL providers could do a better job when it comes to providing consumer protections, such as disclosing fees and enabling consumers to manage their data and privacy settings, a study by Consumer Reports found. When it comes to the …