Payment fraud continued to decline in 2021 with 71% of organizations reporting they have been victims of payments fraud activity, compared to 74% in 2020 and 81% in 2019, according to the Association for Financial Professionals’ annual fraud report. The 2021 results are the lowest since 2014. The Bethesda, Md.-based …

At least a couple of banks—Bank of America Corp. and Wells Fargo & Co.—are proponents of expanding the Zelle peer-to-peer payments service to retail payments, The Wall Street Journal reported. Owned by Early Warning Services LLC, itself owned by seven of the largest U.S. banks including BofA and Wells, Zelle offers account-to-account payments. The …

Payments-technology provider MagTek Inc. on Tuesday launched the latest product on its DynaFlex platform, the DynaFlex II card reader, and also unveiled its DynaProx family of readers for transactions involving NFC mobile wallets as well as barcodes. The new technology follows a two-year span in which businesses have sought out …

After years of soliciting input from more than 200 organizations in the payments industry, the PCI Security Standards Council Thursday published version 4.0 of the PCI Data Security Standard (PCI DSS). The new standard, which provides a baseline of technical and operational requirements designed to protect account data, replaces version …

The drive towards open banking gained additional momentum Friday with the announcement Friday of a partnership between Qolo, an omnichannel platform provider to fintechs, and open-banking platform provider MX Technologies Inc. The partnership, which formalizes an existing working relationship between the two companies that has produced more than 30 joint …

The 25 biggest U.S. merchant acquirers control about 90% of payment dollar volume, even as e-commerce may be losing some of its recent momentum, according to the latest ranking of U.S. merchant acquirers by The Strawhecker Group, released this week. Overall, U.S. acquirers processed more than $9 trillion in payment …

Creative, norm-breaking advances in payments can happen in the strangest places. Just ask BIM Networks, Discover—and the ACH. Another $13 billion poured into the top 250 fintech startups last year as investors doubled down on the business potential of disrupting staid financial-services providers and the moribund card-payments infrastructure. But where’s …

It may well be, but its effects are very much with us—and are lasting. Two years after it first struck, as the Covid-19 pandemic seemingly winds down, the payments industry is adapting to changes Covid coaxed into place that will stick around a lot longer than the virus that caused …

With rate increases expected this month, it’s time for the annual confrontation over interchange. Can this issuer-retailer argument ever be resolved? In the payments business, nothing gets the attention of the entire industry as effectively as the topic of fees. And no fee wins that attention as much as the …

Here’s what to look for as businesses respond to the advantages of digital payments. Chief financial officers face a daunting list of challenges in 2022: managing cash flow and controlling overhead; getting access to capital; protecting the organization against fraud; supply-chain chaos; the Great Resignation and the talent shortage; digital …