The latest controversy about the law, which passed in June, revolves around a study from the Electronic Payments Coalition that says the largest merchants stand to see millions of dollars in interchange relief from the law, while small merchants would receive minuscule savings by comparison. Released late Wednesday, the EPC …

Talk of embedded finance, the marrying of financial services with unrelated applications for businesses, threaded through the Money 20/20 conference this week in Las Vegas, as fintechs and financial institutions devise initiatives that extend beyond simple credit and debit card acceptance. Among the latest of these is Shopify Finance, a …

Blockchain is robbing traditional banks. It’s yanking money from beyond concrete walls, metal locks, and private ledgers and putting it behind cryptographic walls, mathematical locks, and public ledgers. As legacy banks gasp for air, here comes the one-two-punch: LoanChain. Its blow may be deeper at the core level. Banks make …

While ACH fraud is persistent, so too are efforts to thwart criminals intending to disrupt legitimate payments. Imposters, account takeovers, and phishing cause a lot of payments headaches, and in this respect the automated clearing house channel is no different. Criminals even adapt familiar check-kiting schemes—which rely on float to …

The U.S. Justice Department has sued Visa—again—this time over its debit network practices. The case is far from cut-and-dried. The global financial ecosystem has become incredibly interconnected with the Lawsuits alleging anti-competitive practices are nothing new to Visa Inc. After all, the network, as well as MasterCard Inc., have been …

Plaintiffs in a lawsuit seeking to overturn the Illinois Interchange Fee Prohibition Act filed motions last month requesting the court deny a request from several merchant organizations to join the Illinois Attorney General as defendants in the suit. The case, which involves a recent Illinois law that prohibits interchange on …

Arguments over whether the U.S District Court for the Northern District of Illinois should grant a preliminary injunction to block the scheduled implementation of the Illinois Interchange Fee Prohibition Act were heard yesterday in Chicago. While the judge did not issue a ruling, she did question both plaintiffs and defendants …

Mastercard Inc.’s top management on Thursday made it plain its ambitions for the card payments company have widened dramatically in recent months as the network looks for expansion in such areas as open banking, cybersecurity, tokenization, and consulting for merchants. It’s also eyeing its opportunities in the massive China market, …

Fiserv Inc. announced enhancements to its Clover point-of-sale technology set, including new devices; integrations such as payroll; and financial functions such as cash discounting, cash advances, and same-day funds transfers. Holders of Visa Inc.’s Infinite Privilege cards can book scarce reservations at popular restaurants in several Canadian cities through the card network’s collaboration …

Despite the dark cloud the U.S. Department of Justice’s recent lawsuit over Visa Inc.’s debit business has cast over the network, Visa finished its fiscal year 2024 on a strong note. Among the highlights during Visa’s earnings call late Tuesday were growth in credentials, tokens, and merchant locations, along with …