News

September, 2020

• 14 September

  As FDX Brings Its Membership to 140, Momentum Builds for a Data-Exchange Standard

  

  Momentum behind a standard for the exchange of consumers’ financial data between fintech apps and banks gained strength Monday with an announcement that a trade group supporting the standard has added 39 members since April. The group, the Reston, Va.-based Financial Data Exchange LLC, now claims a membership of 140 firms, …
• 14 September

  ATM Withdrawals Decrease and other Digital Transactions News briefs from 9/14/20

  

  Cash ATM withdrawals were down 14.6% for the week ending Sept. 6 among credit unions serviced by PSCU. The credit union service organization’s weekly transaction trends report found that while down, the rate is better than the 21.8% average decrease for the past four weeks.Co-Op Financial Services said an alliance with debit …
• 11 September

  Amid a Reset, USA Technologies Added More Than 3,600 Customers for the Year

  

  Unattended-payments specialist USA Technologies Inc. said it added more than 3,600 new customers in its fiscal year ending June 30, bringing its customer count to approximately 23,000. It ended its 2019 fiscal year with 19,400 customers. The addition comes as Malvern, Pa.-based USAT finds itself with new management, a reorganized …
• 11 September

  AmEx Hires Wells Fargo’s Taylor To Lead U.S. Merchant Services and other Digital Transactions News briefs from 9/11/20

  

  American Express Co. named Colleen Taylor president of U.S. merchant services. Taylor has been executive vice president of merchant services at Wells Fargo & Co. and had worked at Mastercard Inc.The financial newspaper Barron’s is reporting that publicly held Puerto Rico-based payments processor Evertec has hired Goldman Sachs to advise on plans for a sale …
• 11 September

  COMMENTARY: What Will the Future Hold for Chargebacks in Digital Payments?

  

  The chargeback process was introduced more than four decades ago as a consumer-protection mechanism. It was meant to inspire consumer confidence in payment cards, which were still a novel concept at the time. Fast-forward to today, though, and these forced payment reversals have evolved into a significant problem for online …
• 10 September

  Why Visa And PayPal Are Bringing Real-Time Expediency to Cross-Border Payments

  

  PayPal Holdings Inc. and Visa Inc. are adding cross-border payments to an agreement to route payments made through PayPal’s Instant Transfer Service through the Visa Direct platform. The expanded agreement will allow consumers and small businesses to send or receive money to or from a Visa card account in real-time …
• 10 September

  TCH Says Its Real Time Payments Network Can Potentially Reach 70% of U.S. Accounts

  

  The years-long effort to bring real-time payments to the United States picked up steam on Thursday with an announcement from The Clearing House Payments Co. LLC that 70% of U.S. deposit accounts can now access real-time capability via agreements between TCH and third-party processors. “What we’re talking about here is …
• 10 September

  NAB Acquires Salido and other Digital Transactions News briefs from 9/10/20

  

  Salido, a vendor of technology to the hospitality industry, announced it has been acquired by payments provider North American Bancard. Terms were not announced.MagTek Inc. said PyePOS, a hospitality point-of-sale system maker, will use MagTek’s DynaDip and DynaWave hardware in its quick-serve restaurant kiosks.EBay Inc. announced it will expand its managed-payments program to France, Italy, …
• 9 September

  Online Gift Card Sales Soar As Pandemic Restrictions Send Consumers to Their Laptops

  

  The pandemic has sparked a huge lift in online gift card sales as consumers make shopping for the plastic part of their e-commerce routine. The number of cards purchased online soared 57% in the first six months of this year compared to the first half of 2019. Some 52% of …
• 9 September

  Fanatics Adds Installment Payments and other Digital Transaction News briefs from 9/9/20

  

  Fanatics, a retailer selling sports merchandise, is one of the first merchants to sign up for a point-of-sale installment payment service from Fiserv Inc. and QuadPay.Lightspeed POS Inc. made its shares available for purchase in the United States. The Canadian point-of-sale system developer also filed its application to list its shares …