Thursday , March 20, 2025

Law and Regulation

BNY Mellon Launches Vaia, a Multi-Faceted Platform That Includes Real-Time Payments

BNY Mellon announced early Monday it has launched a payments platform called Vaia, which allows clients to offer real-time payments, same-day automated clearing house transfers, tokenized payments, debit cards, and payments through the Zelle peer-to-peer payments network. The nation’s 10th-largest bank by assets said the panoply of payments capabilities can …

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How a Federal Appeals Court Ruling Could Impact the Question of Oversight for the CFPB

A federal court ruling that emerged Thursday invalidated a 5-year-old rule from the Consumer Financial Protection Bureau but also has the potential to strike at the roots of the agency itself, observers say. The ruling also comes as the CFPB is growing more active in examining the payments industry. The …

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In the Wake of a Senate Probe of Zelle Fraud, the Network’s Parent Issues a Pointed Defense

The controversy regarding fraud and scams on the Zelle peer-to-peer payment network reached a new level on Thursday with a short statement from Early Warning Services LLC, the bank-owned company that operates Zelle, referring to “misleading reports of fraud and scams” on the network and “incomplete” external analysis from outside …

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Issuers Laud Durbin Bill’s Shortfall And Other Digital Transactions News briefs from 10/13/22

Credit unions and other credit card issuers cheered as the provisions of the proposed Credit Card Competition Act fell short of becoming an amendment to a defense-authorization bill in Congress. The bill’s sponsors, including Sen. Richard Durbin, D-Ill., had attempted to attach the CCCA to the defense bill as a shortcut to making it …

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Electronic Verification Systems Launches New Front-End Card Authentication Tech

Electronic Verification Systems, a provider of identity- and age-verification solutions, early Monday announced the launch of AssurePay, a credit card-verification platform that EVS says authenticates consumer credit card information at the beginning of the payment process, instead of while the card data is being held for processing. To validate a …

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Uber Readies Its Pro Card And Other Digital Transactions News briefs from 10/6/22

The ride-share provider Uber is working with card-issuing platform Marqeta and fintech bank Branch to launch the Uber Pro Card, aimed at allowing drivers and couriers to earn cash back on gas, fees, and other costs. The card will be enabled through digital wallets.London-based International Game Technology PLC has expanded operations in the …

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OnShift And Payactive Eliminate Earned Wage Access Fees for Senior Care Workers

OnShift Inc., a provider of human-capital management software for caregivers, is dropping the fees for earned-wage access through its digital wallet. OnShift’s wallet runs on the Payactiv platform. As part of the new arrangement, senior care workers using the OnShift wallet can access a portion of their earned wages outside …

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Legislative Pressure Mounts to Curb Fraud on Zelle

Pressure from the Senate Banking Committee on Early Warning Systems LLC, operator of the Zelle peer-to-peer payment network, is rising as committee members continue to press Early Warning for information about the extent of fraud on the network. A report released by Sen. Elizabeth Warren’s office late Monday charges that …

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The Fed Makes It Final: All Issuers Must Offer a Choice of Unrelated Networks for All Debit

The Federal Reserve said late Monday it has completed work on a clarification that reinforces a more than decade-old requirement that issuers enable a choice of at least two competing networks for online debit card transactions. The release follows months of research and investigation by the Fed and will go …

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Durbin Pushes to Attach His Credit Card Routing Proposal to a Senate Defense Bill

Indications emerged late last week that Sen. Richard Durbin, D-Ill., has embarked on a strategy for his credit card routing bill that follows a path similar to one he forged a decade ago for his rules governing debit card routing. The veteran senator, along with co-sponsor Roger Marshall, R-Kan., have …

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Digital Transactions