Digital Transactions Authoritative, insightful and timely information for payments professionals
Payments-technology provider Galileo Financial Technologies LLC announced an integration with data aggregator Plaid Inc. Through Plaid’s links to financial institutions, the tie-in will allow Galileo clients to more readily authorize users for automated clearing house transactions. Visa Inc. announced in January a deal to acquire Plaid for $5.3 billion. Social Finance Inc. (SoFi) agreed in April …
July, 2020
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28 July
Mastercard Agrees to Nets Concessions and other Digital Transactions News briefs from 7/28/20
Mastercard Inc. is offering some concessions in its bid to win approval from European Union competition authorities for its planned $3.2 billion acquisition of major parts of Denmark-based payment processor Nets Group, Reuters reported.California’s Department of Motor Vehicles selected payments provider Forte Payment Systems to oversee the DMV’s e-check verification process.Digital-banking technology provider Tyfone Inc. has …
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27 July
Paysafe To Buy Openbucks and other Digital Transactions News briefs from 7/27/20
Payment processor Paysafe said it has a deal to acquire the gateway Openbucks for an undisclosed price.The Missouri Department of Social Services said it now allows child-support payments via Apple Pay, Google Pay, and PayPal.Mogo Inc., a Canadian fintech, made publicly available MogoSpend, a so-called spending account that comes with a cobranded Visa Platinum prepaid …
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24 July
Repay Acquires cPayPlus and other Digital Transactions News briefs from 7/24/20
Payment processor Repay Holdings Corp. acquired cPayPlus LLC, a provider of accounts-payable automation technology. Repay paid $8 million at closing and could pay $8 million more in 2021’s third quarter depending on cPayPlus’ achievement of growth targets.After a limited release in May, a 3-year-old challenger bank called Dave announced it will issue debit cards …
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20 July
Its PayPal Deal Having Expired, eBay Acts on Its Global Ambitions for Managed Payments
Free of the restraints of a legal agreement with PayPal Holdings Inc., eBay Inc. said early Monday it will now start on a global expansion of its 2-year-old managed-payments program. The program has already delivered $4.7 billion in total payment volume in the United States and Germany, the company said, …
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20 July
COMMENTARY: How Their Open-Banking Buys Could Propel Mastercard And Visa
The global retail-payment networks Mastercard and Visa are on a tear, acquiring and investing in adjacent payment-opportunity space in networks that can leverage and reinforce their existing franchises. Their traditional payment schemes are dominant worldwide and near indestructible. While for the foreseeable future they could grow on autopilot, to their …
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9 July
Wirecard’s U.S. Unit Draws Interest and other Digital Transactions News briefs from 7/9/20
The U.S. subsidiary of failed German payment processor Wirecard AG is drawing strong interest from potential buyers, according to media reports. The Wall Street Journal also reported that the U.S. Justice Department is investigating whether Wirecard AG played a critical role in an alleged $100 million bank-fraud conspiracy connected to an online marijuana marketplace.Splitit Payments Ltd., which enables …
June, 2020
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30 June
Wirecard’s U.S. Unit Bids for a New Owner As Rivals Sense an Opportunity to Win New Business
The fallout from the Wirecard AG financial scandal has hit the U.S. market as the processor’s North American unit announced late Monday it is seeking a buyer. Wirecard North America Inc., based in Conshohocken, Pa., said it has engaged an unnamed investment bank to assist in the transaction. In the …
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25 June
Paysafe Names New Acquiring And E-Commerce Heads As Payments Veteran Rawls Retires
Paysafe Group on Thursday capped a recent restructuring of its payment-processing unit with the appointment of a chief executive for the unit’s U.S. acquiring division. Afshin Yazdian on July 1 will take over the division, one of two businesses formed with the splitting of the company’s payment-processing unit. Paysafe also …
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23 June
With an $825-Million Deal for Finicity, Mastercard Picks up Open-Banking Tech for POS Credit
Mastercard Inc.’s $825-million deal for Finicity Corp., announced Tuesday, may be aimed at ensuring a strong position in burgeoning markets like point-of-sale credit, but it could also prove handy as consumers struggle with the financial fallout of the coronavirus pandemic, observers say. The acquisition, which Mastercard says should close by …