U.S.-based payments provider ACI Worldwide Inc. said its partnership with Stet, a Paris-based clearing and settlement system, processed more than 50 million real-time cross-border payments in the past 12 months. The companies expect that volume to grow more than 50% in the current year. Cross-border payments specialist Nium Pte. Ltd. said it is working …
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CFPB Lays Out Open Banking Standard Steps and other Digital Transactions News briefs from 6/5/24
The Consumer Financial Protection Bureau said it has settled on a process by which companies can comply with an upcoming personal financial data rights rule related to open banking. Cloud-based phone-service provider Ooma Inc. announced an integration with Square, the point-of-sale unit of Block Inc., to incorporate Square transaction data into business communications …
Read More »FreedomPay Lands Big 5 and other Digital Transactions News briefs from 6/4/24
FreedomPay Inc. said Big 5 Sporting Goods has signed with the company to process payments at its 424 stores throughout the U.S. market. Canada-based identity platform Trulioo said it will work with Mastercard to offer identity-verification services in onboarding both merchants and consumers to help prevent fraud. The Consumer Financial Protection Bureau finalized a rule …
Read More »Beyond payment acceptance – Leveraging APIs and open banking to provide more value
By Steven Velasquez, Senior Vice President and Head of Partner Business Development – U.S. Bank | Elavon The emergence of open banking, financial services APIs, and banking as a service has changed the landscape of the payments ecosystem. It is no longer enough to offer integrated payments with your software …
Read More »MagTek Teams with KwikPOS on Handheld Device and other Digital Transactions News briefs from 5/17/24
Point-of-sale technology provider MagTek Inc. said it has worked with KwikPOS, a developer of POS systems for restaurants, to develop a handheld device that links to MagTek’s gateway and uses the company’s mobile card reader. Tassat Group Inc., a real-time settlement platform based on blockchain technology, announced it will work with cross-border …
Read More »Is Generative AI More Friend Than Foe?
GenAI carries risks, some not yet well-known. But its potential to transform payments is too compelling to ignore. Generative AI has been described as a Gold Rush for businesses looking to cash in on the better user experiences and operating efficiencies it is said to create. It has also been …
Read More »Apple Wallet Open in Europe? and other Digital Transactions News briefs from 4/22/24
The European Commission’s antitrust regulators are likely to approve, perhaps as early as next month, proposals from Apple Inc. that would open the iPhone’s NFC capability to wallets that rival Apple Pay, Reuters has reported. If accepted by the regulator, the proposals would end a four-year inquiry that otherwise could have led …
Read More »How Discover Looks to Reap Call-Center Efficiencies With Generative AI
The generative AI revolution received a significant boost from Discover Financial Services with the card network’s announcement early Tuesday it is deploying the artificial-intelligence technology within the Google Cloud platform in Discover’s call center. With the deployment, Discover’s nearly 10,000 customer-service agents will have access to intelligent document summarization through …
Read More »Eye on Check Fraud: 61% Still Write Checks, But Face Fraud; DataVisor Picks Mitek Check Fraud Tool
Despite a severe drop-off in check use, 61% of consumers continue to write paper checks and continue to face the threat of check fraud, says Abrigo, a financial-crime prevention and risk-management services provider. Released Tuesday, Abrigo’s survey of 1,059 U.S. consumers also found that 45% of respondents reported being a …
Read More »Eye on AI: PayBlox Enlists AI for Statement Reviews; Colleen AI Tackles Rentals with Voice AI
The promise of lower credit and debit card processing fees is a big attraction for merchants to switch merchant providers. Statement reviews are a key part of that process and now PayBlox, a merchant services referral site, has enlisted artificial intelligence to help. With the debut of its Statement Spy …
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