News

August, 2019

• 6 August

  Mastercard Paying $3.2 Billion To Nets To Enhance Its Real-Time Payment Services

  

  As the Federal Reserve embarks upon its journey to becoming a real-time payments provider with its planned FedNow service, Mastercard Inc. on Tuesday announced the biggest acquisition in its history, one the network says will strengthen its real-time, bill-payment, and related services. Mastercard said it has a deal to buy …
• 6 August

  Apple Card in Limited Release and other Digital Transactions News briefs from 8/6/19

  

  Apple Inc. made its upcoming Apple Card available to the public on a limited basis. The full rollout of the card—which was unveiled in March, is issued by Goldman Sachs Group Inc., and runs on the Mastercard network—is expected later in the month.Automated clearing house network administrator Nacha said it is “committed to working cooperatively …
• 5 August

  It’s Official: The Fed Is Jumping Into Real-Time Payments With FedNow

  

  Ending months of speculation, the Federal Reserve confirmed Monday it will launch a real-time payments service by 2023 or 2024. The banking regulator, which also published Monday a notice in the Federal Register outlining its plan and requesting comment, will thus take what it says is its biggest move in …
• 5 August

  Will It Or Won’t It? The Fed May Announce Its Decision on Real-Time Payments Monday

  

  The Federal Reserve is widely expected to announce Monday whether it will enter the business of real-time payments as an operator competing with existing private-sector players.  A so-called public option from the national banking regulator could please retailers and small financial institutions concerned about whether the nascent real-time payments market …
• 5 August

  Clark Adds ControlScan Services and other Digital Transactions New briefs from 8/5/19

  

  ControlScan expanded its agreement with Clark Brands LLC to offer managed firewall and PCI-compliance services to the petroleum retailer.Installment-payments specialist Klarna, which has processed payments for fashion retailer ASOS in the United Kingdom, extended that relationship to the U.S. market, the companies said.In related news, installment-payment processor Splitit said a survey of more than …
• 2 August

  Risks in Credit-Push Transactions Lurk as Faster-Payment Systems Grow

  

  With faster-payment services growing in the U.S. and the Federal Reserve expected to announce Monday whether it will assume a direct operating role in a real-time gross settlement system, banks and payment processors have not yet considered all the risks associated with the new services, according to a new report. …
• 2 August

  Western Union Plans Layoffs As the Money-Transfer Giants Struggle With a Fast-Changing Market

  

  Under pressure from changing market conditions and challenges from digital-based competitors, money-transfer giants The Western Union Co. and MoneyGram International Inc. both reported disappointing second-quarter results. In addition, Denver-based Western Union said it will chop its workforce by 10% over the coming months as part of a cost-reduction campaign it …
• 2 August

  A Talk with Paysafe

  

  The following is an interview conducted by Bob Jenisch Publisher of Digital Transactions with Denise Tahali of Paysafe. While Paysafe has roots dating over 20 years, particularly in Canada and Europe, can you describe Paysafe’s strategy in the U.S.? Over the past five years, we have significantly expanded our footprint …
• 2 August

  Square Selling Caviar to DoorDash and other Digital Transactions News briefs from 8/2/19

  

  Square Inc. agreed to sell its Caviar food-delivery service to DoorDash for $410 million in cash and DoorDash preferred stock. Square acquired Caviar in 2014 for a reported $90 million.Montreal-based payment firm Nuvei Technologies completed its acquisition of U.S.-based SafeCharge International Group Ltd. for $889 million; the deal brings to Nuvei technology assets and merchant …
• 1 August

  Fueled by Cash App, Square’s Consumer Business Takes a Star Turn

  

  As Square Inc. enters its 11th year in business, observers have noted how it is depending increasingly on sales to larger sellers. But its financial results for the second quarter, released Thursday, indicate how the San Francisco-based company is also depending more and more on its rapidly growing consumer business, …