News

July, 2019

• 22 July

  Equifax’s Tab for Its Big 2017 Data Breach Will Total at Least $671 Million

  

  Equifax Inc., which in 2017 sustained a data breach that potentially exposed sensitive information related to 148 million files, on Monday announced what that massive intrusion will cost the company. The Atlanta-based credit-reporting agency said it will pay $671 million as part of an agreement to settle multidistrict class-action litigation …
• 22 July

  Digital Wallet Volume To Grow 40% and other Digital Transactions News briefs from 7/22/19

  

  Juniper Research Ltd. released a report on digital wallets in North America and Europe that says purchase volume with them will increase 40% in 2019.The United States is the country from which the most people are traveling overseas, followed by Mainland China and Germany, according to Mastercard Inc.’s Global Destination Cities Index.MoneyGram International …
• 19 July

  AmEx Posts a 6% Jump in Global Discount Revenue As Overall Revenue Rises 8%

  

  American Express Co. on Friday reported worldwide discount revenue of $6.58 billion for the quarter ended June 30, up 6% year-over-year. Discount revenue accounted for fully 61% of total revenue net of interest expense, which came to $10.84 billion, up 8%, the New York City-based card network reported. AmEx’s worldwide …
• 19 July

  Allied Wallet Settles With the FTC and other Digital Transactions News briefs from 7/19/19

  

  The Federal Trade Commission said payment processor Allied Wallet, its CEO and owner Ahmad “Andy” Khawaja, and two company officers agreed to settle FTC charges that they assisted numerous scams by knowingly processing fraudulent transactions that took more than $110 million from consumers’ account.The two-day Amazon Prime Day event this week sold more than 175 …
• 18 July

  Despite Lawmakers’ Hostility, Patience Could Pay off for Facebook And Libra

  

  Facebook Inc. and its proposed Libra cryptocurrency took a beating this week on Capitol Hill, but the outlook for the new coin—and its Calibra wallet—may be more nuanced than that reception would seem to indicate. The skepticism toward Libra was bipartisan, with Senators and Representatives of both major parties raking …
• 18 July

  Urban FT’s Deal for CFC Technology Is a Bid To Reach Smaller Banks

  

  Urban FT Group Inc. announced the acquisition of CFC Technology Group LLC, a remote deposit capture provider, a move Urban FT says will boost its presence among smaller financial institutions. Terms were not disclosed. New York City-based Urban FT says CFC works with more than 800 institutions and thousands of …
• 18 July

  Volume on eBay’s New Managed-Payments Platform Grows

  

  Online marketplace eBay Inc. saw further growth on its new, post-PayPal managed-payments platform in the second quarter despite a decline in gross merchandise volume. San Jose, Calif.-based eBay on Wednesday said the platform accounted for more than $270 million in GMV in the June-ending quarter, up 24% from the first …
• 18 July

  Fiserv-FDC Deal Clears a Regulatory Review and other Digital Transactions News briefs from 7/18/19

  

  Fiserv Inc.’s $22 billion acquisition of First Data Corp. cleared a U.S. Department of Justice review, the company said Thursday. In April, the Justice Department asked for more information and documents related to the deal, but, according to a Fiserv filing with the Securities and Exchange Commission, the DoJ attached no conditions …
• 17 July

  UPDATED: As LG Pay Makes Its (Belated) U.S. Debut, Observers Question Its Likely Impact

  

  Add LG Pay to the multitude of U.S. mobile-payment options. LG Electronics USA announced Tuesday the mobile-payment service is available on select LG smart phones. The move comes a year later than LG initially said it would. LG Electronics Inc., the parent company of LG Electronics USA, introduced LG Pay …
• 17 July

  Eye On the Point of Sale: Visa Agrees to Buy Payworks; ACI Signs up Worldpay

  

  Visa Inc. said Wednesday it has acquired Payworks GmbH, a Munich-based developer of cloud-based point-of-sale payment-gateway software. Visa intends to integrate Payworks’ technology with that of another Visa property, CyberSource, and offer the combined product to merchants and acquirers. Terms of the acquisition were not disclosed. The combined offering will …