Digital Transactions Authoritative, insightful and timely information for payments professionals
Four years after launching a peer-to-peer payments capability using the clearXchange network, Wells Fargo & Co. is enabling a real-time function for its service. Announced Monday, the enhancement enables Wells customers to send and receive real-time payments with no fee from and to customers of any bank that participates in …
June, 2016
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28 June
Supreme Court Agrees to Appeal in ATM Lawsuit and other Digital Transactions News briefs
• Grocery store giant The Kroger Co. filed a federal lawsuit against Visa Inc. accusing the card network of trying to force it to allow customers to verify EMV debit card purchases with signatures, and thereby route transactions to the Visa network, rather than with PINs as Kroger prefers, The …
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28 June
After Deciding “To Capitulate” to Visa, Kroger Sues the Network Over EMV Transaction Routing
The Kroger Co. on Monday sued Visa Inc. over the network’s alleged efforts to force the nation’s leading grocery-store chain to route EMV chip debit card transactions over Visa’s network by having customers sign for purchases rather than enter PINs. Kroger, the largest retailer after Wal-Mart Stores Inc., according to …
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28 June
SWIFT Attracts 73 Banks Worldwide for Cross-Border Payments Initiative As Pilot Unfolds
The U.S. rollout of EMV is just one chapter—albeit a major one—in an unfolding international payments story, but another one is taking the stage that could have important implications both for faster payments and cross-border transactions. SWIFT, the Belgium-based international financial-messaging organization, announced on Tuesday that 73 financial institutions worldwide …
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27 June
Swifter EMV Certification Will Aid Chip Card Transition—And Terminal Makers
Getting point-of-sale terminals through the EMV-certification process should become a bit quicker thanks to the card brands’ efforts to “streamline” the testing process. That should bode well for POS terminal maker VeriFone Systems Inc., says Vin D’Agostino, executive vice president of VeriFone Services. MasterCard Inc. and Visa Inc. separately announced programs that …
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27 June
Payments Stocks Flattened Again as Brexit Downdraft Grows
A second day of market turmoil in the wake of the United Kingdom’s “Brexit” vote to leave the European Union once again took a big bite out of stocks of U.S.-based payments companies with large operations in the U.K. and Europe. For example, on a day when the major market indexes …
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27 June
North American Bancard EMV Tip Adjust and other Digital Transactions News briefs
• Prepaid card provider Green Dot Corp. appointed William I. Jacobs, who joined its board of directors in April, as board chairman. The chairman spot had been held by CEO Steve Streit, but the company, which recently had a proxy fight, is separating the roles. Jacobs currently is chairman of …
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24 June
Brexit Vote Bashes U.S. Payments Companies; Long-Term Effects Unclear
Shares of U.S. payments companies fell even farther than the general market Friday as the world absorbed the news from Thursday’s stunning “Brexit” vote in the United Kingdom in which British voters signaled they want to leave the European Union. Whether today’s market carnage is a sign of future long-term …
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24 June
Durbin Amendment Repeal Proposal Flare Up and other Digital Transactions News briefs
• The Merchants Payments Coalition, a Washington, D.C., lobbying group, released a new statement decrying what it calls a “poison pill” provision embedded in a bill proposed earlier this month by U.S. Rep. Jeb Hensarling, R-Texas, to reform the 2010 Dodd Frank Act. The provision would repeal the debit-interchange curbs …
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24 June
The Stop-and-Start State of Virtual-Currency Regulation
Regulation of virtual currency at the state level is proving to be a stop-and-start affair. No other state has yet followed New York with its now famous “BitLicense” to regulate virtual currencies under existing law. But in North Carolina, a bill to update the state’s money-transmitter act could become …
