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- The Federal Reserve, which is taking industry comments on its upcoming FedNow real-time payments network until Nov. 7, said common questions so far involve pricing and the scope of the service. The first question can’t be answered yet, and the second touches on services that will be designed by financial institutions building on top of FedNow, the Fed says.
- Transaction failures at the time of purchase, unrelated to the cardholder account, affect about 50 million credit and debit transactions per month in the United States, amounting to $3.2 billion in lost sales, according to data from researcher The Strawhecker Group, which says it will release payments data throughout October as part of what it dubs “Payments Analytics Month.”
- Discover Network launched a business-payments service using spend-management capabilities supplied by a platform from e-procurement technology provider Jaggaer and settlement by Discover.
- Payments-technology company InComm said grocery chain Giant Eagle Inc. joined InComm Healthcare’s OTC Network, opening the chain’s 200-plus stores to more than 5 million health-plan OTC cardholders.
- Gift-card provider Stored Valued Solutions, a unit of Fleetcor Technologies Inc., said it will activate mobile functionality for The Coffee Bean & Tea Leaf gift cards that enables physical and digital gift cards to be uploaded to the retailer’s app.
- Merchant-financing firm Rapyd Ltd. announced a $100 million financing round led by Oak HC/FT. Earlier this year, Rapyd raised $40 million in a Series B funding.
- Mastercard Inc. and Square Inc. launched a two-city collaboration for Self Made, Square’s event for business leaders and entrepreneurs.
- Automated clearing house governing body Nacha said Synovus Financial Corp., which owns Synovus Bank, joined Nacha as a direct financial-institution member.
- Shopgate Inc., a provider of e-commerce tools for merchants, integrated a checkout platform from Bolt Financial Inc. that includes real-time fraud detection.
- Cryptocurrency processor BitPay Inc. said it completed the Service Organization Control 2 review conducted by Aprio, a business-advisory firm. The SOC2 designation, which is maintained by the American Institute of Certified Public Accountants, sets policies, procedures, and practices for handling customer information.
- Payments provider Clearent named Pamela Joseph, a former executive at Elavon, as its chief executive. She also is the current chair of the Clearent board of directors. Current CEO Dan Geraty will step down from that role and become chair of the board.
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