News

July, 2022

• 20 July

  So-Called Friendly Fraud on P2P Payment Systems Has Caught the Attention of the CFPB

  

  The issue of consumer losses to fraud on peer-to-peer payment apps is about to get hotter as the Consumer Financial Protection Bureau is reportedly preparing a probe of the matter. The bureau’s action will likely include new requirements for banks to reimburse consumers victimized in cases where they sent cash …
• 20 July

  Its Stock Battered, NCR Is Reportedly Mulling a Leveraged Buyout

  

  NCR Corp., a publicly traded banking and payments equipment manufacturer and software provider, could go private if rumors of a pending leveraged buyout prove true. The Wall Street Journal reported Tuesday that NCR was in exclusive talks with the private-equity firm Veritas Capital about a possible acquisition. The report noted …
• 20 July

  2.3% of Online Crime is Card Fraud And Other Digital Transactions News briefs from 7/20/22

  

  Authentication provider Veriff said an analysis of Google search data, a survey of 1,000 U.S. adults, and the FBI’s Internet Crime Report 2021 data found that credit card fraud accounted for 2.3% of all reported online crimes. Phishing and its variations had the highest rate of 44.76%.Payments provider Lightspeed Commerce Inc. said it has …
• 19 July

  MX Introduces Processor Tokens to Enhance Open Banking

  

  In a move to streamline money movement and financial account openings for consumers, open-banking network MX Technologies Inc. on Tuesday unveiled what it calls MXapi Processor Tokens. MX enables fintechs to access consumer financial data, and helps its clients turn raw data into usable form. Token-based application programming interfaces (APIs) …
• 19 July

  Zelle Volumes Climb Quickly for BofA, Surpassing Checks for the First Time

  

  Five years after its launch, the Zelle person-to-person payments service continues to boost payment volumes for one of its founders, Bank of America Corp. BofA reported Monday that its second-quarter P2P Zelle transaction volume hit 239 million, up 26% from 189 million payments a year earlier. The value of the …
• 19 July

  Apple Sued Over Apple Pay Fees And Other Digital Transactions News briefs from 7/19/22

  

  A class of card issuers is suing Apple Inc., alleging they pay $1 billion in fees annually for inclusion in the technology company’s Apple Pay mobile wallet, while Apple maintains a monopoly on contactless payments at the point of sale for iOS devices. Filed in the U.S. District Court for the …
• 18 July

  Purchase Volumes And Interchange Revenues Rise for Private-Label Card Giant Synchrony

  

  Fresh off the introduction of its buy now, pay later product, the big private-label and cobranded credit card issuer Synchrony Financial on Monday reported that strong consumer spending in the second quarter boosted its purchase volumes and interchange income. Stamford, Conn.-based Synchrony said total purchase volume hit $47.2 billion for …
• 18 July

  More Than Token Progress: Tokenized Payments Will Hit 1 Trillion by 2026, Juniper Predicts

  

  The total volume of tokenized payment transactions worldwide will exceed 1 trillion by 2026, up from 680 billion this year, according to a report released Monday by Juniper Research. The growth will come mostly from click-to-pay options that allow buyers to pay with a single click, using tokenized credentials, the …
• 18 July

  Mastercard Makes a Quantum Leap And Other Digital Transactions News briefs from 7/18/22

  

  Mastercard Inc. and D-Wave Systems Inc., a quantum computing systems firm, announced a multiyear alliance to advance the adoption of quantum computing technology in areas such as consumer loyalty and rewards, cross-border settlement, and fraud management applications.Payments provider Adyen NV said it has processed 10 million donations by buyers on the commerce platform …
• 15 July

  Synchrony Jumps Into The BNPL Game With an Assist From Fiserv’s Clover App Market

  

  Synchrony Financial is the latest entrant in the highly popular, and increasingly crowded, buy now, pay later market. The Stamford, Conn.-based provider of consumer-financing products is partnering with Fiserv Inc. to allow merchants using Fiserv’s Clover platform to offer BNPL as a consumer-financing option. Called SetPay in 4, Synchrony’s BNPL …