News

October, 2017

• 16 October

  IBM Unveils a Blockchain-Based Cross-Border Payment Service

  

  International Business Machines Corp. on Monday announced a new service for financial institutions that uses blockchain technology to reduce settlement times and lower transaction costs. IBM is offering the service with Stellar.org., a Silicon Valley-based non-profit that runs the open-source Stellar blockchain network to bring low-cost financial services to low-income …
• 16 October

  AmEx Anti-Steering Case Moves to Supreme Court and other Digital Transactions News Briefs from 10/16/17

  

  The Supreme Court agreed to hear a controversial antitrust case in which American Express Co. is defending its anti-steering rules for merchants against challenges from 11 states led by Ohio, Reuters reported. Payments provider TransCard Payments LLC announced a partnership with ExpenseAnywhere, an accounts-payable software developer. Travel Centers of America …
• 13 October

  Eye on Banks: BofA Posts $4 Billion in Zelle Volume; Chase’s Merchant Volume Rises 13%

  Bank of America Corp. reported Friday that it handled $4 billion in Zelle person-to-person payments in the third quarter, up 67% from $2.4 billion a year ago before the Zelle brand went live this past June. Meanwhile, JPMorgan Chase and Co., the nation’s largest bank, on Thursday reported a 13% …
• 13 October

  They May Not Like the Terms, But Issuers Will Likely Re-Up for Apple Pay

  

  The first big wave of Apple Pay contracts are expiring this month, and a big question for both Apple Inc. and the financial institutions that committed to support the computing giant’s mobile-payments app is whether to renew, and under what terms, in the face of less-than-spectacular results for mobile payments …
• 13 October

  Fed Names Faster Payments Work Group and other Digital Transactions News briefs from 10/13/17

  

  The Federal Reserve released the names of 27 payments-industry executives who will serve on a work group focused on developing a governance framework for faster payments in the United States. Fifty-five percent of U.S. credit and debit card spend is now on chip cards and 96% of the top 200 …
• 12 October

  Blackhawk Network Plans To Sell its Cardpool Gift-Card Exchange Business

  

  Prepaid card services provider Blackhawk Network Holdings Inc. disclosed Wednesday that it plans to sell its struggling Cardpool business. That news came as Pleasanton, Calif.-based Blackhawk reported a loss of $7.8 million for its third quarter ended Sept. 9, bigger than the $5.1 million loss in 2016’s third quarter. Third-quarter …
• 12 October

  Unstoppable? Shrugging off Setbacks, Bitcoin Rallies to Crash the $5,000 Price Barrier

  

  Bitcoin’s remarkable ride continued early Thursday as the world’s most valuable digital currency broke through the $5,000 level and reached an all-time high price just over $5,200, according to Coinmarketcap.com. Bitcoin had been flirting with the $5,000 barrier for weeks, and indeed briefly broke through it early in September on some …
• 12 October

  ProPay Expands to Australia and other Digital Transactions News briefs from 10/12/17

  

  American Express Co. announced its Business Loans service that will provide unsecured loans of $3,500 to $50,000 for small businesses; holders of AmEx business cards can apply online and receive a decision in as little as 60 seconds, AmEx said. ProPay, a merchant-acquiring subsidiary of processor Total System Services Inc. …
• 11 October

  Bill.com Lands $100 Million in Funding and other Digital Transactions News briefs from 10/11/17

  

  Bill.com said it secured $100 million in a funding round led by JPMorgan Chase & Co. and Singapore-based investment firm Temasek Holdings, bringing total investment in the business-payment network to more than $200 million; the company plans to use the funds for network expansion and to accelerate its distribution among …
• 11 October

  Eye on POS Terminals: Ingenico Device Available in Canada While Elavon Debuts Poynt

  

  Point-of-sale terminal maker Ingenico Group said its Telium Tetra POS terminal is now available in Canada through TD Merchant Solutions, the first Canadian acquirer to offer the device. Separately, processor Elavon, a unit of U.S. Bancorp, made the Poynt Co. POS terminal available in Canada. Ingenico said its touchscreen, countertop …