News

June, 2020

• 4 June

  Varo Money Closes a $241 Million Round as It Closes in on a National Banking Charter

  

  Varo Money Inc., a 5-year-old mobile-banking and payments startup that’s closing in on a national banking charter, raised $241 million in a Series D round that closed Tuesday. The round, co-led by Gallatin Point Capital and The Rise Fund, will help the San Francisco-based Varo expand its financial-product offerings and …
• 4 June

  Huntington Adds TCH’s Real Time Payments Service and other Digital Transactions News briefs from 6/4/20

  

  Huntington Bancshares Inc. has made the Real Time Payments service from The Clearing House Payments Co. available to its consumer and business customers. Huntington has 839 branches and 1,434 ATMs in seven Midwestern states.Processor Fiserv Inc. introduced its FlexLine Advance service that enables holders of credit cards issued by Fiserv client banks and credit unions to …
• 4 June

  Eye on Parking: A Venue Manager Preps for a Contactless Reopening; ParkMobile Lands Three Cities

  

  Expectations that consumers will seek out live entertainment with some mindfulness about actually touching point-of-sale terminals is part of the reason for venue manager Spectra to strike a multiyear deal with parking specialist ParkHub Inc. Announced Wednesday, the deal will see ParkHub provide mobile point-of-sale technology that enables contactless payments. It …
• 3 June

  The FTC Announces Settlement With ISO That Processed for Fraudulent Online Marketer

  

  The Federal Trade Commission this week announced a settlement with an independent sales organization that processed $80 million in payments for “My Online Business Education,” or MOBE, a business-coaching and investment opportunity the FTC deemed fraudulent and shut down in 2018. Under an order and permanent injunction in U.S. District Court …
• 3 June

  Worldpay Enlists Forter to Arm for a Potential Surge in Online Crypto Trading Fraud

  

  Online trading of cryptocurrencies has become a hot market, and the recent online activity driven by Covid-19 fears has only added fuel to that trend. In response, the big merchant processor Worldpay, along with Forter Inc., a provider of fraud-prevention technology, on Wednesday introduced a service that will cover crypto …
• 3 June

  Repay Partners With Inovatec and other Digital Transactions News briefs from 6/3/20

  

  Payments provider Repay Holdings Corp. said it will work with Inovatec Systems Corp., a software vendor to financial institutions, to allow lenders to accept debit and credit cards as well as automated clearing house transactions via such channels as text-to-pay, interactive voice response, online, and the Repay mobile app.Maverick Payments released application programming …
• 2 June

  How PayPal’s Case Against the CFPB Could Spawn ‘Uncomfortable’ Results for Payments Players

  

  It was easy to lose track of it in the midst of all the impacts of the novel coronavirus, but a crucial federal lawsuit filed six months ago still hangs over the payments industry, carrying far-reaching implications for nearly all players. It’s PayPal Holdings Inc.’s  action against the Consumer Financial Protection …
• 2 June

  Visa Reports Improving Volume Trends in May

  

  U.S. payment volume growth was still in negative territory in May thanks to the Covid-19 pandemic, but the picture was brighter than it was in April, Visa Inc. reported late Monday. “In May, total U.S. payments volume declined 5% year-over-year, a 13 percentage point (ppt) improvement over April,” Visa said …
• 2 June

  Konnect’s M-Payments Restaurant Service Debuts and other Digital Transactions News briefs from 6/2/20

  

  Konnect Solutions Inc. introduced a mobile-payments service for restaurants that allows customers to pay inside or in drive-throughs by choosing the restaurant’s local WiFi wireless access point to view a menu, place an order, and access the restaurant’s point-of-sale system. They can pay on their phone or use options offered by …
• 1 June

  Following The Third Halving in Its History, Is Bitcoin in for Yet Another Wild Ride?

  

  Three weeks after an automated slashing of the reward cryptocurrency miners collect to process Bitcoin transactions, average prices are up while transaction fees have slipped. With respect to the price of Bitcoin, at least, this result follows an historical pattern. On May 10, the Bitcoin miner’s reward was cut in …