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- Bank-owned Early Warning Services LLC said its new Zelle person-to-person payment service processed 100 million transactions in 2017’s first half for payments totaling $33.6 billion. More than 50,000 consumers are enrolling daily in a network that could connect 86 million consumers through the mobile-banking apps of participating banks and credit unions, Early Warning said.
- Bank of America Corp. has agreed to participate in FitPay Inc.’s digital-wallet program, which enables wearables and other Internet of Things devices to make contactless payments. FitPay is a unit of NXT-ID Inc.
- Data-services provider Womply said it now serves more than 100,000 U.S. small businesses, which account for more than $40 billion in annualized sales revenue. U.S. consumers have used 165 million unique credit cards to make purchases at these merchants. Processor Vantiv Inc. recently announced it will use Womply’s services.
- Each dollar of fraud costs businesses $2.66 in chargebacks, fees, interest, and merchandise replacement and redistribution, according to the latest Lexis-Nexis True Cost of Fraud study. For digital-goods merchants, the cost is $3.48 per dollar of fraud, according to the study.
- The Federal Reserve Bank of Philadelphia launched its Consumer Finance Institute, an initiative for researching consumer behavior and its effect on U.S. economic growth and financial stability. The Philly Fed announced the new institute during its ninth biennial research conference about consumer credit and payments.
- E-commerce transaction processor Adyen announced it has received a direct credit card acquiring license in Singapore for Visa and Mastercard.
- Cubic Corp.’s fare-payment technology subsidiary Cubic Transportation Systems and Transport for London, operator of London’s subway and bus system, announced the launch of the TfL Mobile Ticketing App for holders of the Oyster fare card.
- Chip card standards body EMVCo released its EMV Payment Tokenization—Technical Framework version 2.0.
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