Law and Regulation

The U.S. Senator who gave his name nearly a decade ago to a law that caps debit card interchange made it plain Thursday he now has the rates merchants pay for credit card acceptance squarely in his sights. Commenting during a meeting of the Senate Judiciary Committee, which he heads, …

The warehouse-store chain BJ’s Wholesale Club said it has added electronic benefits transfer payment capability to its Web site for in-store or curbside pickup of SNAP-eligible items. The service applies to stores in Florida and North Carolina. The processor is FIS Inc.’s Worldpay. SNAP is the federal Supplemental Nutrition and Assistance Program.Independent …

With the two big payment networks set to raise by hundreds of millions of dollars the cost U.S. merchants pay for card acceptance, e-commerce merchants could see fee boosts while some segments—like travel-and-entertainment and low-ticket-value, quick-service merchants—could see some reductions.  In total, rate tweaks scheduled by Visa Inc. and Mastercard …

In an effort to move automated clearing house transactions closer to real-time, E-Complish, a New York City-based payment processor, announced Monday it has teamed with data network Plaid Inc., to validate a bank account, and the funds in it, for ACH transactions. The service makes it possible for E-Complish customers …

CardX LLC, a surcharging-services provider, can now add another state to the list of places where it can do business. A federal judge ruled Thursday surcharging cannot be prohibited in Kansas. The decision leaves just Colorado, Massachusetts, and Connecticut with outright no-surcharge rules on the books. Filed May 29, 2020, …

Lawsuits brought by merchants against Visa Inc. and Mastercard Inc. have become almost routine for the two network giants, but now they face an unusual action—a suit from Intuit Inc., which is not only a card-accepting merchant but also an independent sales organization and payment facilitator. Filed Feb. 19 in …

With the Federal Reserve’s announcement last week that more than 110 financial institutions and processors have signed up for a pilot of the FedNow real-time payments service, third-party service providers are working to smooth the way for small banks that might otherwise be left on the sidelines. “We’re filling the niche …

The firms that make payments apps work behind the scenes are facing a growing problem. As more and more consumers use the apps, more and more banks get involved, casting an ever-widening net of unique requirements on the data networks that connect the apps to users’ bank accounts.  That places …

In a wide-ranging session, American Express Co.’s top brass Tuesday expressed optimism that increasing availability of coronavirus vaccines will soon induce consumers to travel and that the new Biden Administration’s policies are unlikely to have much impact on the New York City-based company’s core business. On an early morning conference …

Nuvei Corp. said a wholly owned subsidiary has been approved to process sports-betting transactions in Tennessee, where sports wagers have been legal since 2019. Previously, Nuvei received approval to process sports betting in Colorado, Indiana, and West Virginia.Point-of-sale system provider Revel Systems said majority owner Welsh, Carson, Anderson & Stowe made another investment …