Digital Transactions Authoritative, insightful and timely information for payments professionals
The Consumer Financial Protection Bureau has fined Goldman Sachs “at least” $19.8 million in redress and assessed the company a $45 million civil-money penalty, while at the same time ordering Apple Inc. to pay a $25-million civil money penalty. The agency has also banned Goldman from introducing a new credit card …
October, 2024
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22 October
The CFPB Releases Its Data Privacy Rule for Open Banking
The Consumer Financial Protection Bureau has finalized its personal financial data-rights rule aimed at governing the sharing of consumer data through open banking. The new rule, released early Tuesday, will require financial institutions, credit card issuers, and other financial providers to share data at a consumer’s direction with companies offering …
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22 October
Fiserv Posts Growth As New Tech And New Initiatives Start to Kick in
Fiserv Inc., one of the nation’s biggest processors, put up some notable growth numbers in the September quarter despite its size. How long it can maintain that momentum may depend on its ability to release new services and build on recent initiatives such as its SMB Bundle and Cashflow Central, …
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22 October
Clearent’s New PayFac Service and other Digital Transactions News briefs from 10/22/24
Clearent by Xplor launched its payfac as a service product to help software companies more easily embed payment acceptance into their applications. Fiserv Inc. announced it has agreed to build financial services into the digital platform operated by DoorDash, the online delivery service. Payments provider Shift4 Payments Inc. announced it will acquire transactions for …
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21 October
Thunes And Nium Extend Swift Capability to Enable Cross Border Real-Time Payments
Real-time payments network Thunes Ltd. announced early Monday its connection to Swift, the Brussels-based international financial-messaging network, will enable financial institutions to support the sending and receiving of money to and from more than 3 million mobile wallets globally. Using Thunes’s Direct Global Network, which covers 130 countries and 80 …
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21 October
Eye on Acquiring: Square Makes Some Beauty Updates; a Software Maker Extends Its Worldpay Deal
Square, the acquiring arm of Block Inc., is diving deeper into health-and-beauty services via a partnership with business-to-business distributor SalonCentric, a unit of L’Oreal USA, and expanding options in its app marketplace. In related news, Worldpay will continue as the exclusive payments provider for The Reynolds and Reynolds Co., a …
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21 October
Mastercard’s Commercial Move and other Digital Transactions News briefs from 10/21/24
Mastercard Inc. unveiled Mastercard Move Commercial Payments, a service to allow banks to support commercial cross-border payments flowing in near real-time. Real-time payments led to more than $1 billion in savings on transaction costs for U.S. businesses and consumers last year, a number forecast to grow to $4.4 billion by 2028, …
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18 October
How Deals And Tech Are Helping AmEx Bulk up in the Hot Restaurant Market
American Express Co.’s top brass early Friday stressed the company’s technology build-up in the red-hot restaurant category while stressing a need to spur cardholder spending overall as the card company presented its third-quarter 2024 results. Revenue in the quarter hit $16.6 billion, up 8% from the September quarter last year, …
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18 October
Better Armed Cyberthieves Means Fewer Breaches, More Effective Attacks
Despite the number of data breaches during the third-quarter of 2024 declining 8% from the previous quarter, criminals are better armed than ever for carrying out these nefarious attacks, according to the Identity Theft Resource Center. One factor making it easier for criminals to initiate a data breach is the emergence …
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18 October
Visa Tweaks Visa Direct Line up and other Digital Transactions News briefs from 10/18/24
Visa Inc. has restructured its money movement services under the Visa Direct portfolio, which now includes Visa B2B Connect, Currencycloud, Yellowpepper, and Visa Direct. Cash App, the peer-to-peer payment service and wallet from Square, said Lyft ride-share users can now pay for fares with Cash App. Truist Financial Corp. launched its Electronic …