News

June, 2017

• 22 June

  More Banks Apparently Serving Marijuana Businesses, but Actual Count Could be Hazy

  

  A recent report from the U.S. Department of The Treasury’s Financial Crimes Enforcement Network (FinCEN) shows a sizable increase in the number of banks and credit unions providing financial services to legal marijuana businesses. The numbers might not tell the whole story, however. FinCEN’s latest Marijuana Banking Update, for the …
• 22 June

  Durbin Repeal Effort Could Be Complicated by Nuanced Position of Some Small Banks

  

  In the wake of a failed effort to repeal the Durbin Amendment this spring, many banks, networks, lobbying groups, and other repeal advocates are vowing to try again, as are the Congressmen who pushed the original repeal effort. But that doesn’t mean smaller banks, at least, are totally united behind …
• 22 June

  MRC Notes E-Commerce Fraud Arrests and other Digital Transactions News briefs

  • The National Retail Federation announced that senior vice president and general counsel Mallory Duncan plans to retire at the end of August. Duncan joined the trade group in 1994 as general counsel and is a staunch advocate for merchants’ interests on payments issues. He plans to consult on payments and …
• 22 June

  Outspoken Merchant Advocate Mallory Duncan of the NRF To Retire

  

  Mallory Duncan, senior vice president and general counsel of the National Retail Federation and one of the most outspoken advocates for merchants on payments issues, announced Thursday that he will retire at the end of August. “Whether you’re appealing to the Supreme Court, testifying before Congress or meeting at the …
• 21 June

  GlobalOnePay Expands UnionPay Service and other Digital Transactions News briefs

  • Payment technology provider VeriFone Systems Inc. said it has integrated with the AirportConnect Common Use Payment Service from SITA, the big information-technology and communications specialist serving the air-transport industry, to bring electronic payment acceptance for multiple airlines and ground handlers at airport check-in desks, kiosks and bag drops via a …
• 20 June

  Choke Point Figure Moves On and other Digital Transactions News briefs

  • Juniper Research released a study estimating retailers globally will sustain $71 billion in card-not-present fraud over the next five years. The firm cites the U.S. move to EMV and “delays” in the arrival of the 3D Secure 2.0 protocol among the reasons for the forecasted losses. • Michael S. Blume, …
• 20 June

  Hackers Find Fertile Ground in North America and in Stores, Trustwave Reports

  

  By Jim Daly@DTPaymentNews North America remains by far the source of most data breaches investigated by Trustwave Holdings Inc., a big security-services and technology provider that operates worldwide, and the retail industry takes the lead in breaches despite the coming of EMV chip card payments to the U.S. Those are …
• 20 June

  Eyeing Hotter P2P Competition, PayPal Enables Instant Transfers to Users’ Bank Accounts

  

  By John Stewart@DTPaymentNews PayPal Holdings Inc. on Tuesday cranked up the heat on a person-to-person payments market that’s already close to full boil. In a blog post on PayPal’s site, PayPal chief operating officer Bill Ready announced the company has started testing instant transfers from users’ PayPal wallets to their …
• 20 June

  Despite Advances, Security Woes Darken Consumer Attitudes About E-Commerce

  

  A new survey from American Express Co. finds that 37% of consumers abandoned an online purchase because they have concerns about the security of the transaction. The 2017 American Express Digital Payments Survey, released Tuesday, also finds that, despite these concerns, 47% of consumers increased their e-commerce purchasing frequency in …
• 19 June

  COMMENTARY: Is Open Banking the Beginning of the End for Payment Networks?

  

  By Rick Oglesby and Brad Margol A 2015 European Parliament regulation, EU2015/751, caps the fees that a European cardholder’s bank may charge a merchant’s bank (interchange fees) at 0.2% for debit cards and 0.3% for credit cards. Also passed in 2015, and ramping up to full effect in January of …