Digital Transactions Authoritative, insightful and timely information for payments professionals
Law & Regulation By Jill M. Miller and Andrew T. Hayner No, it’s not the CFPB’s proposed prepaid rules, at least not yet. Instead, issuers are increasingly grappling with a much older concern: state and federal escheat law. Recent headlines related to gift cards, gift certificates, promotional cards, stored-value cards, …
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In Confronting Cyberattacks, Preparation Is Key
For breached retailers, responding after the fact is responding too late, say Aaron P. Simpson and Chris Hydak. Incident-response plans should not be static. Rather, they should be living and breathing documents that are tested and updated periodically. It’s clear that cybercriminals have zeroed in on the retail industry, primarily …
Read More »Visa Expands Checkout Availability; Says User Base Climbs to More Than 3 Million
Visa Inc. on Thursday said it is expanding the availability of its Visa Checkout online and mobile wallet to 13 more nations beyond the three original ones. Starting today, consumers in Argentina, Chile, Peru, Mexico, New Zealand, South Africa, and China can use Visa Checkout to pay for purchases on …
Read More »Bitcoin’s Achilles’ Heel: Mainstream Consumer Adoption
For all the talk about merchant adoption and wallet creation, Bitcoin hasn’t found a consumer market—and probably won’t, says Nathalie Reinelt. Bitcoin isn’t really disrupting anything until it starts pulling large volumes of assets away from traditional financial institutions. That’s not likely to happen any time soon. Only days into …
Read More »With Same-Day Clearing in Prospect, ACH Activity Simmers
Traffic on the automated clearing house network continues to climb at a steady clip as financial institutions and other users of the system mull over a proposal to speed up payments from next-day to same-day settlement. In the quarter ended Sept. 30, the latest period for which data are available, …
Read More »Doubts About Bitcoin’s Appeal May Lie Behind Its Price Dive Since New Year’s Day
No one can say for sure why the price of Bitcoin has dived sharply since the turn of the year, but that doesn’t mean market observers don’t have theories. These range from rampant short selling to the hack last week at Bitcoin exchange Bitstamp, in which crooks siphoned out $5.2 …
Read More »Obama Proposes National Breach Notification And Privacy Laws in Wake of Data Thefts
In the wake of a barrage of data thefts affecting tens of millions of U.S. citizens, President Barack Obama on Monday proposed national legislation to regulate breach notification. Other legislation proposed by Obama would ban companies from selling student data to other organizations for non-educational uses and from using information …
Read More »Latest Stats Show the ACH Growing Steadily As Players Mull Faster-Payments Proposal
Traffic on the automated clearing house network continues to climb at a steady clip as financial institutions and other users of the system mull over a proposal to speed up payments from next-day to same-day settlement. In the quarter ended Sept. 30, overall volume on the ACH grew 4.15% year …
Read More »Wire-Transfer Provider Xoom Hit by $31 Million International Fraud Scam
Online wire-transfer provider Xoom Inc. reported Monday that it will take a $30.8 million one-time charge as a result of a scam in which the same amount of its cash was transferred abroad. Xoom also said that its chief financial officer had resigned. San Francisco-based Xoom declared in a regulatory …
Read More »How To Cash in on Mobile P2P?
The advent of younger users, combined with the rise of smart phones and a much-improved user experience, is helping to drive a surge in mobile person-to-person payments. But providers still haven’t figured out how to make money on the service, which lets consumers use smart phones to pay each other …
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