Transaction Processing

The federal court handling the long-running class-action litigation between merchants on one hand and big banks and Visa Inc. and Mastercard Inc. on the other announced on Friday it has granted “preliminary approval” to a settlement that could award between $5.54 billion and $6.24 billion to merchant plaintiffs. The parties …

PayPal Holdings Inc. introduced a so-called rainbow card for users of its Venmo peer-to-peer payments service. The colorful plastic, available for a limited time, is the latest version of a debit card PayPal launched last year to allow users to pay merchants with their Venmo balance. As with the original …

Green Dot Corp.’s diversification from a pure prepaid card management company into banking and other financial-services niches is driving direct deposits into its card accounts and spurring revenue-generating payment volume, according to the company’s latest financial report. Pasadena, Calif.-based Green Dot said Wednesday that fourth-quarter purchase volume on its cards …

The use of chatbots in financial services is about to explode, if research released this week is any indication. Adoption will be such that the technology will save banks worldwide $7.3 billion in annual operating costs by 2023, compared to a projected $209 million this year, estimates Juniper Research in …

Apple Inc. and the Goldman Sachs Group Inc. will begin issuing a joint credit card this spring, The Wall Street Journal reported. The new card will tie into the Apple Wallet. Apple’s brand already is on a credit card issued by Barclaycard. It is unknown what will happen to that …

Same-day automated clearing house transactions more than doubled in 2018 and the value of those payments increased 83% in the first full year of same-day ACH debit service, NACHA reported Tuesday. The same-day volumes helped the sprawling ACH network continue its growth streak, with total payments up nearly 7% and …

Sonarax, an ultrasonic-communications company, unveiled a new protocol for enabling devices, including ATMs and those capable of mobile payments, to communicate with one another. Israel-based Sonarax says its technology enables pairing of devices and data transfer on both encrypted and open channels using frequencies that are beyond human hearing capabilities. …

Payments provider North American Bancard Holdings LLC said it is integrating its capabilities with retail-management and point-of-sale software provider Vend. The joint service will be available to retailers through NAB’s resellers. Digital Debit Group, a unit of Qondado LLC, released a Quick Response code-based app for iOS and Android devices …

Apple Pay adoption show no signs of abating, with an estimated 43% of iPhone users across the globe enabling the mobile-payments service, says Loup Ventures LLC in a research note released Tuesday. That’s up from 36% in September and 20% in December 2017. Other estimates from the Minneapolis-based venture-capital firm …

ATM and payment-services provider Paramount Management Group LLC acquired CAI—The ATM Company, an independent deployer with thousands of ATMs in New Jersey, New York, Connecticut and other states. Terms of the acquisition were not disclosed. A partnership between Transaction Network Services and P97 Networks has processed in-dash fuel payments for …