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Payments - Page 2

Federal Reserve Board Updates Regulation Governing Electronic Checks

June 5 — The Federal Reserve Board has finalized amendments to the check collection and return provisions in Regulation CC. The board also requested further public comment on an additional proposed amendment to Regulation CC’s liability provisions.

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Resolute Bank Launches ReverseWorks

May 26 – Resolute Reverse, a department of Resolute Bank, has developed and launched a new proprietary software called ReverseWorks™, offering unlimited access to the bank’s loan officers, operations and management teams. At a time when competition in the industry is increasing, this technology is a valuable tool that creates streamlined communication during the processing, underwriting and closing stages of the loan. This revolutionary software allows loan officers to focus more of their time assisting their senior clients.

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Retailers Welcome Reports That House Will Drop Efforts to Repeal Debit Card Swipe Fee Reform

May 26 – The National Retail Federation welcomes reports that House Republican leaders plan to abandon an attempt to repeal debit card swipe fee reform that has saved retailers and their customers more than $40 billion and brought badly needed competition to the payments market.

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Nasdaq and Citi Announce Blockchain and Global Banking Integration

May 22 – Nasdaq Inc. and Citi Treasury and Trade Solutions have announced a new integrated payment solution that enables straight through payment processing and automates reconciliation by using a distributed ledger to record and transmit payment instructions. A number of payment transactions have been concluded including Citi’s automated processing of cross-border payments via a link between the CitiConnect® for Blockchain connectivity platform and the Linq Platform powered by the Nasdaq Financial Framework. This collaboration has created a pioneering institutional banking solution that tightly integrates blockchain technology with Citi’s global financial network leveraging API technology.

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Mobey Forum Warns of Need for Security Precautions in Financial App Development

May 18 —  The Risk Mitigation Workgroup of Mobey Forum, the global industry association representing banks and other financial institutions to lead in the future of digital financial services, is calling for a mindset change in financial app and digital service design, following the launch of the second and final installment of its Risk Review report.  

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Masterpass by Mastercard Gives U.S. Bank Customers Freedom to Shop Across Devices and Channels

May 17 – U.S. Bank customers now have access to fast, simple and secure digital payments with Masterpass by Mastercard when shopping in-store with an Android device at participating merchants. Customers can also leverage Masterpass to make purchases in-app or online, U.S. Bank and Mastercard have announced.

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Cards to Dominate Global Contactless Transactions, Representing 80% of Total in 2019

May 15 – New data from leading fintech analysts, Juniper Research, forecasts that the global value of contactless transactions made via payment cards, mobile and wearables, will reach $1.3 trillion by 2019, more than doubling from an estimated $590 billion in 2017.

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End of the IOU: P2P Payments the New ‘Social Norm’

May 12 – It appears Americans have run out of excuses for not paying their friends back in a timely manner, whether it’s for a $5 latte or $2,500 vacation. A new survey released today finds 36 percent of adults currently use a person-to-person payments service (P2P), with millennials leading the charge at nearly double that rate (62 percent). What’s more, 45 percent of non-users say they plan to start using the service within the next year, foreshadowing exponential growth in the coming months.

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Mark Cuban Backing New Fintech Entry Seeking to Upend Overdraft Market

May 11 – A new fintech called Dave, which includes billionaire Mark Cuban among its investors, is targeting what it calls “ridiculous overdraft penalties” by making loans of up to $250 with no interest until the borrower’s next payday.

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Mobile Biometric Payment Volumes to Triple in 2017 to Nearly 2 Billion

May 8 – A new study by Juniper Research has found that the number of mobile payments authenticated by biometrics will rise to nearly 2 billion this year, up from just over 600 million in 2016.

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