News

July, 2023

• 25 July

  The CCCA Won’t Harm Card Issuers’ Ability to Fund Rewards Cards, MPC Says

  

  The latest battle in the war over the proposed Credit Card Competition Act has focused on the question whether the legislation would cut rewards and other benefits for cardholders. Citing research from the consulting firm CMSPI, the Merchants Payments Coalition, a lobbying group for sellers, argues that passage of the …
• 25 July

  As Instant Payments Make Headlines, Same-Day Payments Continue to Lift the ACH

  

  Growth in same-day automated clearing house volumes slowed in the second quarter, but same-day ACH is still posting impressive gains from 2022, according to the latest data from ACH governing body Nacha. Herndon, Va.-based Nacha says the second quarter saw 199.4 million same-day ACH payments, up 7.7% from 185.1 million …
• 25 July

  NCR’s New Names And Other Digital Transactions News briefs from 7/25/23

  

  NCR Corp. announced names for its two major business units once the company spins off its ATM operations, with both retaining the NCR moniker. The digital-commerce business will be called NCR Voyix, while the ATM operations will be named NCR Atleos. FIS Inc.’s Worldpay processing unit launched Revenue Boost, a service based on …
• 24 July

  The Clearing House’s RTP Network Surpasses 500 Million Payments

  

  Six years after its launch, the RTP Network surpassed 500 million real-time payments on Saturday, network operator The Clearing House Payments Co. reported Monday. The announcement at least temporarily shines the spotlight back onto the current leader in real-time payments in the wake of last week’s much-anticipated launch of the …
• 24 July

  With Its Chainwide Whole Foods Move, Amazon Signals Palm Checkout Is Ready for Prime Time

  

  The planned expansion of Amazon.com Inc.’s palm-reading point-of-sale technology to all of the company’s 515 U.S. Whole Foods stores, a move the online retailer announced late last week, could represent a major leap for an authentication method few if any other backers have tried. The technology, introduced three years ago …
• 24 July

  Mastercard And Virtual Cards And Other Digital Transactions News briefs from 7/24/23

  

  Mastercard Inc. launched Mastercard Receivables Manager, aimed at streamlining the process businesses use to accept and process transactions on virtual cards. The 20-year-old billing platform eLabs announced it has rebranded itself as Vizibill. The Bitcoin ATM network Bitcoin Depot Inc. reported it expects second-quarter revenue to total between $196 million and $198 million, up …
• 21 July

  For ISOs And Other Acquirers, Picking a Sponsor Bank Entails Understanding Banks

  

  Independent sales organizations can’t do much without a sponsor bank, also known as an acquiring bank, to get them access to the payment card networks. As with most business endeavors, the complexity of finding a sponsor bank has increased. It’s a challenge that attendees at the 2023 Midwest Acquirers Association …
• 21 July

  More Deals Like the Square Card Coming As AmEx Posts Record Quarterly Volume

  

  American Express Co. is working to sign more card deals like the one it has with merchants using Block Inc.’s Square merchant-processing unit, while cardholder spending and revenue for the company have rebounded to hit record quarterly highs, top executives for the travel-and-entertainment giant said early Friday. The good news …
• 21 July

  Finzly and Other Providers Add FedNow Support And Other Digital Transactions News briefs from 7/21/23

  

  Service provider Finzly said it supports the FedNow real-time payments service that launched Thursday. Other providers— Jack Henry & Associates Inc. and Pidgin—also support the instant payment service. Fiserv Inc. said two of its clients are live on FedNow and nearly 100 others anticipate doing so in coming months. Banking services provider CSI said it offers FedNow access and noted …
• 20 July

  Discover’s Q2 Financial Snapshot: Not as Robust as a Year Earlier

  

  Discover Financial Services late Wednesday reported net income of $901 million for the second quarter of 2023, down 18% from a year earlier. Credit card loans for the quarter totaled $94 billion, a 19% year-over-year increase. As part of its earnings statement, Discover stated that “the comparative prior quarter ended …