News

October, 2023

• 20 October

  It’s Early, But the CFPB’s Open Banking Rule Is Getting an Industry Thumbs Up

  

  A day after the Consumer Financial Protection Bureau floated a proposed data rights rule, reaction from the payments industry has been largely positive. The rule aims at governing the practice of sharing consumer data through open banking. The proposed rule would require financial institutions to share data at a consumer’s …
• 20 October

  AmEx Puts Its Pandemic Exposure Firmly in the Past

  

  Card companies with a heavy exposure to travel and entertainment spending took a beating during the pandemic, but that’s ancient history now so far as American Express Co. is concerned. The T&E giant early Friday reported its sixth consecutive quarter of record revenue, backed by strong cardholder spending and new …
• 20 October

  J.P. Morgan Debuts Pay-by-Bank And Other Digital Transactions News briefs from 10/20/23

  

  J.P. Morgan Payments launched its pay-by-bank service, relying on open-banking technology from Mastercard Inc. The service lets customers pay bills directly from their bank accounts. Block Inc.’s Afterpay buy now, pay later platform announced a partnership with Nift Networks to offer users access to products and services offered by Nift. Point-of-sale system maker Revel …
• 19 October

  Discover Looks to a Resolution of Regulatory And Merchant Pricing Snafus

  

  The top management at Discover Financial Inc. said early Thursday its issues with regulatory compliance and merchant overcharges continue to cast a shadow over the company but could be on the way to being solved. The problems, which included misclassification of merchants resulting in overcharges for card acceptance, came to …
• 19 October

  BNPL Is Broadening Its Audience To Include Financially Strong Borrowers, J.D. Power Finds

  

  The audience for buy now, pay later loans is widening to include financially healthy consumers who don’t need the extended buying power BNPL loans provide. The reason, according to a report citing J.D. Power’s 2023 BNPL Satisfaction Study, released in August, is reasonable repayment terms. While some 28% of U.S. …
• 19 October

   Expect Real-Time Payments Bloom And Other Digital Transactions News briefs from 10/19/23

  

  Ninety-nine percent of large enterprises—those with annual revenue of $1 billion to $9.9 billion—expect to send real-time payments in the next five years, found the 2023 AFP Real-Time Payments Survey released by the Association for Financial Professionals and sponsored by The Clearing House Payments Co. LLC. It also found that 77% of …
• 18 October

  The Federal Reserve Is Set to Revisit the Debit Fee Cap

  

  The Federal Reserve Board of Governors will consider revisions to its cap on debit card swipe fees at its meeting next Wednesday. The announcement was made as part of a public notice about the upcoming board meeting. While no further details were provided about the Fed’s intentions, retailers made it …
• 18 October

  On The Fly Taps BYOD for a New Hospitality POS Product

  On The Fly POS’s latest product, called Ground Control, is making it easier for hospitality merchants to use their own devices for ordering and table management. The new app, with versions for both iOS and Android mobile devices, enables merchants to use their own hardware with an integrated software app …
• 18 October

  Health iPASS’s New Service And Other Digital Transactions News briefs from 10/18/23

  

  Health iPASS launched Health iPASS Cloud Payments, a processing service for health-care providers. Fiserv Inc. said it is leveraging its merchant-acceptance and card-issuing technology to ease embedded finance for client financial institutions. Metropolitan Commercial Bank said it will deploy cloud-based technology from Finzly to support payment processing via FedNow, Fedwire, and the automated …
• 17 October

  Monetizing payments to maximize your revenue and scale your business for sustainable growth

  

  By Steven Velasquez, Senior Vice President and Head of Partner Business Development – Elavon With the convergence of payments and software technology, ISVs that integrate payments with their platform reap the benefits of increased revenue streams, stronger company valuations, and a stickier relationship with their end customers. The benefits for …