Digital Transactions Authoritative, insightful and timely information for payments professionals
The Clearing House Payments Co. LLC announced three processors—Fiserv Inc., FIS Inc., and Jack Henry & Associates—will offer its real-time payment service to minority-owned depository institutions. The processors and TCH will jointly cover the onboarding fees for these financial institutions connecting to TCH’s RTP network.Datacap Systems Inc. said it will offer the digital …
May, 2021
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4 May
PCI Council Expects a New Module to Make Testing Terminal Software Easier
The PCI Security Standards Council says its new Terminal Software Module, which is part of version 1.1 of the PCI Secure Software Standard introduced last week, offers a more flexible approach to testing the security and integrity of payment software. The Terminal Software Module is the third module to be …
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3 May
Canadian Fintech Mogo Beefs up on Cryptocurrency With a Major Purchase of Ether Coins
Financial-services technology provider Mogo Inc. on Monday announced the purchase of 146 Ether coins at an average price US$2,780. Ether is the cryptocurrency used by Ethereum, an open-source, blockchain-based, decentralized software platform. The purchase of Ether coins is part of Mogo’s asset-investment strategy, which includes investing up to 5% of …
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3 May
Merchants Put the Fed in the Crosshairs of a Lawsuit Seeking to Have Debit Costs Reduced
Merchants have complained for years that they pay too much for debit card acceptance. Late last week, they took their beef to the federal courts with a lawsuit alleging a ceiling set on debit card fees a decade ago by the Federal Reserve is too high and seeking to have …
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3 May
Flywire Readies for Possible IPO and other Digital Transactions News briefs from 5/3/21
Payments company Flywire Corp. has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering. The number of shares to be offered and their price range have not yet been determined. The action follows the company’s submission in March of a confidential draft registration statement for …
April, 2021
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30 April
COMMENTARY: Why the PLC Is Bad News for Fair Competition in Payments
The chief executives of Visa, Mastercard, American Express, and Discover last month came together to start the Payments Leadership Council, a group that also includes the heads of FIS, Fiserv, and Global Payments. Thus, we now have witnessed the final step by adding the keystone to the pyramid of power …
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30 April
QuickBooks Suffers Payroll ACH Failure and other Digital Transactions News briefs from 4/30/21
A processing failure has interfered with direct deposit of payroll for an undetermined number of businesses using Intuit Inc.’s QuickBooks payroll service. In response to numerous posts on Twitter about the incident, Intuit posted a link to the following notice: “Some payroll customers are reporting they have not received their direct deposit …
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29 April
How the Pieces of Mastercard’s ‘Multirail’ Strategy Are Starting to Fit Together
You wouldn’t always know it, listening to the top executives at Visa and Mastercard, but these two rival networks are still chiefly card networks. Thursday morning, Mastercard Inc. laid out for equity analysts an update on what it has called its “multirail strategy,” major moves into account-to-account money transfers, real-time payments, …
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29 April
Square’s New ACH Feature for Invoices Aims at Larger Sellers
To help large businesses reduce payment transaction costs and provide another option for how they receive payments, Square Inc. on Wednesday announced it will accept automated clearing house payments on Square Invoices. The addition of ACH payments could also enable Square to attract large, complex businesses—such as wholesalers, home-repair specialists, …
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29 April
FIS Unveils RealNet, a Network-of-Networks Approach to Real Time Payments
The real-time payments movement continues to build momentum in the United States with FIS Inc.’s announcement Wednesday of RealNet, a cloud-based, software-as-a-service platform that enables businesses, consumers, and governments to initiate account-to-account transactions. RealNet, which FIS describes as a network of networks, will leverage The Clearing House Payment Co. LLC’s …