News

October, 2024

• 10 October

  Facing Deadlines And Volume Demands, Mid-Size And Smaller Banks Are Adopting Real-Time Payments

  

  More than a year after the launch of real-time payments by the Federal Reserve, financial institutions of all sizes are adopting the service. Some mid-size and smaller institutions are also looking ahead to related issues, including the looming ISO20022 standard for financial messaging. The latest example emerged Thursday with an …
• 10 October

  Mastercard, Citi in Cross-Border Plan and other Digital Transactions News briefs from 10/10/24

  

  Mastercard Inc. and Citi announced they are working on a service to offer cross-border payments to Mastercard debit cards in 14 markets, including the United States. Cardholders in these markets will be able to receive payments from Citi clients in near-instant transaction times. Citi is using Mastercard Move, the card brand’s …
• 9 October

  Questions Arise Over How to Comply With Illinois’s Interchange Law

  

  With the national spotlight now shining on the Illinois Interchange Fee Prohibition Act, questions are being raised regarding merchants’ ability to comply with the law. The biggest challenge facing merchants will be separating tax and tips on credit or debit card transactions submitted to their card processor so they can …
• 9 October

  Square Finishes Its New Orders Platform While Square Partner PopMenu Looks to an AI Assist

  

  Block Inc.’s Square point-of-sale technology unit announced late Tuesday it completed development work on a new platform it says offers improvements in ordering and payments. According to the brief announcement, the new technology offerings will include capabilities such as pre-authorization of transactions and bar tabs “to sellers of all sizes …
• 9 October

  BMO’s PaySmart Launches and other Digital Transactions News briefs from 10/9/24

  

  Canada-based BMO Financial Group launched PaySmart in the U.S. market. PaySmart is a credit card feature that lets users divide transactions of $100 or more into installments over three, six, or 12 months at a monthly fee. Travel payments network UATP has added buy now, pay later platform Floa as another installment payment option. …
• 8 October

  The Durbin Amendment Enters the Battle Over the Illinois Interchange Law

  

  Illinois Senator Dick Durbin is refuting claims by plaintiffs in the Illinois interchange lawsuit that federal banking laws, such as the Durbin Amendment, supersede state laws. The latest back-and-forth is part of an unfolding lawsuit challenging the Illinois Interchange Fee Prohibition Act. In an amicus brief filed late Friday, Durbin …
• 8 October

  Eye on Fraud: AI’s Looming Role This Holiday Season; Trulioo’s New Anti-Fraud Tool

  

  With just 52 days until the traditional start of the holiday shopping season post-Thanksgiving, consumers and criminals are gearing up for a busy period. A new report from ACI Worldwide Inc. forecasts that synthetic-identity fraud and artificial-intelligence use will be a big lump of coal for merchants. Meanwhile, identity platform …
• 8 October

  Plaid Collaborates with Ansa and other Digital Transactions News briefs from 10/8/24

  

  Open-banking platform Plaid is collaborating with digital-wallet provider Ansa to offer a pay-by-bank capability to restaurants and other merchants, with wallet transactions handled via the automated clearing house. Payments-technology platform Modern Treasury launched widened support for connectivity to FedNow and The Clearing House’s RTP network for real-time payments, as well as other moves to …
• 7 October

  How BP Hopes to Boost User Touch Points With Its New Loyalty App

  

  Oil and gas giant BP plc early Monday launched a loyalty app called earnify, which enables BP customers to earn rewards points for fuel and in-store purchases at BP and Amoco locations. App users earn 1 point per $1 spent on fuel and 2 points per $1 spent on other …
• 7 October

  Famous Foods Street Eats Deploys 34 Agilysys Kiosks

  

  Diners visiting the Famous Foods Street Eats food hall at Resorts World Las Vegas soon will use one of 34 kiosks to order and pay for their meals. Alpharetta, Ga.-based Agilysys Inc. announced the food hall will deploy its kiosks, which use the Agilysys InfoGenesis POS platform, for use at …