News

March, 2019

• 13 March

  Can Square Succeed Where Walmart Fell Short? Bankers Are Set on Ensuring It Doesn’t

  

  While the nation’s banking industry may not welcome the development, experts say Square Inc.’s recent efforts to establish an industrial loan corporation, a form of bank, could well succeed where others have failed. “Fighting the ILC designation is a good way for the banks to slow a dangerous competitor, but …
• 13 March

  EVO Plans To Pump Up U.S. Growth While Eyeing Further Foreign Expansion

  

  Merchant acquirer EVO Payments Inc. plans to reinvigorate its lagging U.S. e-commerce business while still pursuing expansion opportunities abroad, its chief executive said Wednesday. Atlanta-based EVO is one of the smaller publicly traded payment processors, and it has a unique business model. Its roots are in the U.S., but today …
• 13 March

  Cybersecurity Risk Concerns Few Small-Business Owners, a Survey Finds

  

  Those who work in electronic payments know the risks from criminals constantly trying to steal sensitive payment data. Small-business owners, however, may not. Eighty-nine percent of them say there is low to no risk of their businesses facing a data compromise. That startling stat comes from the recently released 2019 …
• 13 March

  EVO Payments Volume Up 16% and other Digital Transactions News briefs from 3/13/19

  

  Merchant acquirer EVO Payments Inc. processed 821.6 million transactions in 2018’s fourth quarter, up 16% from 705.5 million a year earlier. European transactions grew 22% to 575.1 million while North American transactions rose 5% to 246.5 million. Fourth-quarter revenues increased 9% year-over-year to $150.8 million; the company posted a net …
• 12 March

  Fed Delay Causes NACHA To Postpone a Third Processing Window for ACH Transactions for Six Months

  

  Automated clearing house governing body NACHA reported Tuesday that a third daily processing window for ACH transactions will be delayed by six months. The window, a component of NACHA’s years-long, multipronged effort to facilitate same-day clearing and settlement of ACH transactions, is now set to go live March 19, 2021, instead …
• 12 March

  PayPal Extends Faster-Funds Availability With Instant Transfers to Users’ Bank Accounts

  

  As money movement gets faster, consumer expectations are increasingly pushing payments providers to make funds available sooner. PayPal Holdings Inc. on Tuesday bowed to that reality with the latest in a series of faster-payment services. The new service, called Instant Transfer to bank, relies on connections to real-time payments pioneer …
• 12 March

  Mastercard To Acquire Ethoca and other Digital Transactions News briefs from 3/12/19

  

  Mastercard Inc. said it is purchasing Ethoca Inc., a fraud-mitigation firm, for an undisclosed amount. The deal is expected to close in the second quarter. Ethoca works with more than 5,000 merchants and 4,000 financial institutions. Mastercard intends to expand Ethoca’s capabilities and combine the company with its current security …
• 12 March

  Lyft Eyes Ways To Lower Payment-Processing Costs as It Preps for an IPO

  

  With $2.28 billion in losses over the past three years, ride-share provider Lyft Inc. is looking to cut costs—and payment-card acceptance expenses won’t be spared. San Francisco-based Lyft outlined several initiatives it already has started or is planning in a filing earlier this month with the Securities and Exchange Commission …
• 11 March

  Mastercard Bails on Bidding War With Visa for Earthport, Plans To Buy Transfast Instead

  

  Mastercard Inc. has called a halt to its bidding war with Visa Inc. over cross-border business-to-business payments processor Earthport PLC and instead plans to acquire another company in the space, Transfast Remittance LLC. Mastercard announced a tentative deal to buy New York City-based money-transfer provider Transfast Friday. Transfast is a …
• 11 March

  EVO Payments Adds Another European Payment Company

  

  EVO Payments Inc. continues its European expansion with the acquisition of Way2Pay, an Ireland-based payment gateway. Announced Monday, the deal gives the Melville, N.Y.-based company entry to integrated payments for schools and clubs in Ireland and the United Kingdom. Terms were not disclosed. “We see significant value in expanding Way2Pay …