Real-time Payments

July, 2022

• 21 July

  Visa Founder Dee Hock Forged a Network Giant Out of a Collection of Squabbling Banks

  

  Dee Hock, who died Saturday at 93, may not have single-handedly founded the modern electronic payments industry, but he came closer than anyone else to claiming that mantle. He is widely credited as the force that harnessed a widely varied collection of banks to start the credit card system that …
• 20 July

  So-Called Friendly Fraud on P2P Payment Systems Has Caught the Attention of the CFPB

  

  The issue of consumer losses to fraud on peer-to-peer payment apps is about to get hotter as the Consumer Financial Protection Bureau is reportedly preparing a probe of the matter. The bureau’s action will likely include new requirements for banks to reimburse consumers victimized in cases where they sent cash …
• 19 July

  MX Introduces Processor Tokens to Enhance Open Banking

  

  In a move to streamline money movement and financial account openings for consumers, open-banking network MX Technologies Inc. on Tuesday unveiled what it calls MXapi Processor Tokens. MX enables fintechs to access consumer financial data, and helps its clients turn raw data into usable form. Token-based application programming interfaces (APIs) …
• 19 July

  Zelle Volumes Climb Quickly for BofA, Surpassing Checks for the First Time

  

  Five years after its launch, the Zelle person-to-person payments service continues to boost payment volumes for one of its founders, Bank of America Corp. BofA reported Monday that its second-quarter P2P Zelle transaction volume hit 239 million, up 26% from 189 million payments a year earlier. The value of the …
• 19 July

  Apple Sued Over Apple Pay Fees And Other Digital Transactions News briefs from 7/19/22

  

  A class of card issuers is suing Apple Inc., alleging they pay $1 billion in fees annually for inclusion in the technology company’s Apple Pay mobile wallet, while Apple maintains a monopoly on contactless payments at the point of sale for iOS devices. Filed in the U.S. District Court for the …
• 13 July

  Nayax’s Self-Checkout Kiosk And Other Digital Transactions News briefs from 7/13/22

  

  Payments platform Nayax Ltd. announced the availability of the Nova Market self-checkout kiosk in its U.S. e-commerce shop. The device is aimed at micro-merchants.Open Payment Network said its application programming interface is linking Bridge Community Bank to The Clearing House Payments Co. LLC’s real-time payments network.CGI Technologies and Solutions Inc. announced that Peoples Trust …
• 12 July

  Sionic Says Its CODE Pay Brings Real-Time Payments to the Point of Sale

  

  Sionic Mobile Corp., a provider of consumer-to-business payments technology, on Tuesday launched CODE Pay a free mobile app for merchants that facilitates bank-to-bank, real-time payments at the point-of-sale. “Merchants have been looking for ways to cut costs and to get off the card network rails,” says Sionic chief executive and …
• 11 July

  With P2P Payments Booming, U.S. Senators Spotlight Consumer Losses to Fraud

  

  Consumers’ loss of funds to fraud and other deceptive activity on peer-to-peer payment networks has drawn the attention of U.S. Senators, who are demanding answers on the matter from the big banks that own the Zelle P2P network. The senators’ actions come as P2P activity has boomed in response to …

June, 2022

• 30 June

  COMMENTARY: With Digital Payments Rising Fast, Tokenization Is More Urgent Than Ever

  

  Network tokenization is a term that’s quickly been finding its way into the fintech and payments spaces, and that’s for good reason, given consumers’ awareness regarding data breaches and security. So, what is it exactly? Tokenization is what major payment networks like Visa, MasterCard, and Discover use to replace primary …
• 28 June

  Eye on Mastercard: Paysafe Adds Send; PayPal Launches a Cashback Mastercard

  

  To provide merchants in the United Kingdom and Europe with an international and domestic payout service, Paysafe Ltd. is integrating Mastercard Send into its platform. The deal will enable businesses in those regions to send payments to cards, bank accounts, and mobile wallets. Such capabilities are expected to be highly …