Time to get serious about AI. The technology has bright promise in all sorts of applications. Given the exponential growth of adoption for artificial intelligence over the last 12 months, it’s only natural that leaders across industries are eager to map out how they might use (or continue to use) …
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Visa Revenue up 9% And Other Digital Transactions News briefs from 1/26/24
Visa Inc. reported $8.6 billion in net revenue for its December quarter, up 9% year-over-year, on $3.9 billion in credit and debit card volume, up 7.8%. Apple Inc. announced changes to iOS, Safari, and its App Store to meet European Union rules, including new options on its App Store to use payment …
Read More »Acquirers and the CCCA
The Credit Card Competition Act, if it becomes law, will likely have unintended consequences for the businesses that sign up merchants for payment processing. Not all of them are good. Introduced more than a year ago, the Credit Card Competition Act has quickly become the hottest topic in the payments …
Read More »FedNow Tally at 108, up from 35 And Other Digital Transactions News briefs from 10/3/23
The Federal Reserve said FedNow, its real-time payments service that launched in July with 35 banks and credit unions, now counts 108 participating institutions with 21 others providing liquidity and settlement services and 20 service providers. Kenneth C. Montgomery, the Federal Reserve Bank of Boston first vice president and chief operating officer who spearheaded …
Read More »Payments 3.0: How to Manage Generative AI
Juliet Capulet sent me an e-mail recently to offer me a marketing list for a conference that has nothing to do with payments. I’m no gentleman of Verona, but I definitely recognize the Capulet name. However, I don’t think Juliet is real. The e-mail’s stilted wording, the mismatch of the …
Read More »Payments 3.0: Five Questions to Ask About AI
ChatGPT has brought artificial intelligence into the mainstream, leading to predictions of everything from the end of work to the end of the world. While these predictions lead to great headlines, the reality is that financial-services providers already use AI for things like chatbots and fraud detection. But as this …
Read More »New SEC Rule Ups the Ante on Data Breach Disclosures
With the Securities and Exchange Commission mandating public companies victimized by a cyberbreach publicly disclose the breach, businesses need to be more diligent in keeping out cybercriminals, as disclosure of such information can subject them to greater scrutiny and potential liability. The rule, which the SEC passed in July, requires …
Read More »Cash App And Venmo Operators Have Two Weeks To Answer Senators’ Scam Queries
Cash App and Venmo, peer-to-peer payment services from Block Inc. and PayPal Holdings Inc., respectively, are under scrutiny from four U.S. senators over their fraud-protection efforts. In letters dated June 15 and sent to each company, the senators requested data on the volume of fraud reports the networks have received …
Read More »ACI Completes FedNow Certification And Other Digital Transactions News briefs from 5/16/23
Payments provider ACI Worldwide Inc. said it has completed testing and certification necessary to participate in the Federal Reserve’s FedNow real-time payment service, set to launch in July. Identity-verification specialist Veriff said it will provide its services through processor MassPay’s payments-orchestration platform. Warning of more fraud as peer-to-peer and real-time payments gain volume, technology firm ComplyAdvantage launched Fraud Detection, which …
Read More »Deluxe’s Payments Revenue up And Other Digital Transactions News briefs from 5/4/23
Payments provider Deluxe Corp. reported its first-quarter revenue dipped nearly 2% year-over-year to $545.4 million. Net income swooned from $9.7 million to $2.8 million owing to higher interest expense and a higher income-tax rate, according to the company. Revenue in its payments division, its second-largest unit after checks, rose 3.5% to $172 …
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