Digital Transactions Authoritative, insightful and timely information for payments professionals
[Editor’s note: Originally posted Jan. 16, this article is #10 in Digital Transactions News’ countdown of 2024 posts by views.] Giant payment processor Fiserv Inc. wants to take on another aspect of the business with its application for a special bank charter in Georgia. The charter for a merchant-acquirer limited purpose bank, …
December, 2024
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26 December
After Coming ‘a Really Long Way,’ Paze Signs Sellers As It Executes a Staged Rollout
[Editor’s note: Originally posted June 24, this article is #9 in Digital Transactions News’ countdown of 2024 posts by views.] Paze, the online checkout platform backed by some of the nation’s biggest banks, is barreling through a state-by-state rollout that could culminate in nationwide coverage by late summer or early fall, according …
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26 December
FinCEN BOI Back on and other Digital Transactions News briefs from 12/26/24
The FinCEN Beneficial Ownership Information mandate is back in force with a recent court decision. That rule, part of the Corporate Transparency Act passed in 2024,had required businesses to file a Beneficial Ownership Information report by Jan. 1, which was delayed earlier in December but now makes these reports due Jan. 13. Businesses formed …
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24 December
Snapchat’s Blackhawk Gift Card Plan and other Digital Transactions News briefs from 12/24/24
Blackhawk Network will offer physical gift cards to users of Snapchat’s subscription service, Snapchat+. Snapchat is a messaging platform. The digital-payments platform Wirex has added two stablecoins, VNX Euro and VNX Swiss Franc, allowing users to spend the currency directly through their WIrex cards. Payments via QR codes will “shift from one niche …
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24 December
Merchants Hit Back at a Banking Group’s Request That the Fed Hold off on Reducing a Debit Interchange Cap
The Merchants Payments Coalition fired back late Monday at a request last week from the American Bankers Association that the Federal Reserve not act on a proposal to lower a longstanding limit on the interchange banks can earn on debit card transactions. In a letter to the Fed, the MPC …
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23 December
AI, Interchange, And Open Finance Are the Top Prospective 2025 Payments Trends
The outlook for payments in 2025 will be rife with open finance, instant payments, multi-rail payments, interchange questions, and the increasing use of artificial intelligence, observers suggest. The top three payments trends next year will be open finance, instant payments adoption, and point-of-sale innovations, says Capgemini Research Institute in its …
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23 December
An Injunction Against Illinois’s Interchange Act Leaves Both Sides Claiming Victory
United States District Court Judge Virginia Kendell granted a preliminary injunction late Friday that provides banks some relief from the pending Illinois Interchange Fee Prohibition Act, but also gives merchants reason to cheer. Kendell, who is overseeing a lawsuit filed against the IIFPA, ruled the injunction applies only to financial …
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23 December
Fiserv Snaps up Payfare for Embedded Payments; Mastercard Closes on Recorded Future
Fiserv Inc. is looking to beef up its capabilities in embedded payments with an agreement to acquire Payfare Inc., a Toronto-based company, for $201.5 million Canadian, or approximately $139 million in U.S. currency. The deal, which was announced early Monday and is subject to shareholder approval, comes as processors look …
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23 December
CFPB Sues Walmart, Branch and other Digital Transactions News briefs from 12/23/24
The Consumer Financial Protection Bureau has sued Walmart Inc. and Branch Messenger Inc. over allegations of fees for transferring earnings made by individuals in the Walmart Spark Driver program. The CFPB alleges Walmart forced delivery drivers to use Branch deposit accounts. To move funds from these accounts to another drivers faced “a …
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20 December
WooCommerce Makes Affirm Its Go-To BNPL Provider
WooCommerce is making Affirm Holdings Inc. its default buy now, pay later payment option, the e-commerce platform provider announced early Thursday. WooCommerce has offered Affirm as a payment option since 2015. In 2022, WooCommerce began offering Affirm to its merchants in Canada. As part of the deal, eligible merchants will …
