The U.S. Central Bank will embark on its biggest investment in payments since becoming an ACH operator more than forty years ago. FedNow will be an interbank real-time gross settlement service (RTGS) with integrated clearing. It will support 24/7 real-time transfers of up to $25,000 between any banks in the U.S. and will be available
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Klarna, a payment company offering micro credit for online transactions like PayPal Credit, serves consumers and merchants in Europe and the United States while preparing to launch in Australia and New Zealand. They recently announced an equity funding round raising $460 million, valuing the credit terms alternative payment provider at $5.5 billion. The number of
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More than 3,800 data breaches occurred in the first half of this year, a 54 percent increase from the first half of 2018. The number of consumer records compromised in data breaches increased 52 percent over this time, with 4.1 billion records compromised in the first half of 2019 and 3.2 billion of those coming
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Unable to catch up to Apple, Samsung or Google Play, Chase Pay was used by less than 10 percent of Chase cardholders in the last 90 days, and the mobile app will be discontinued in early 2020. Chase Pay launched in November 2016 and although being discontinued most of its features have been adopted elsewhere.
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Forty-two states plus the District of Columbia have laws in place, already in effect or scheduled to take effect soon, that increase the collection of online sales tax by defining an Economic Nexus or Sales Nexus based on the number of transactions and/or the dollar value of transactions made by consumers in a given state during
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Visa announced their acquisition of Verifi on June 28th, about three months after MasterCard announced their acquisition of Ethoca. Both organizations offer issuer alert services that notify merchants of potential disputes before they become chargebacks. Visa’s acquisition comes over a year after overhauling their dispute process while MasterCard is in the process of doing the
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To maintain compliance with the European Union’s Second Payment Services Directive (PSD2), merchants in Europe will have to perform Secure Consumer Authentication on most non-recurring transactions greater than €30 within the European Economic Area (EAA) starting September 14th. Secure Consumer Authentication, or SCA, refers to consumer authentication services with two factor authentication facilitated by a
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A new white paper from The Fraud Practice titled “Identifying and Streamlining Low Risk Customers or Applicants: Techniques and Benefits” is now available. This free white paper discusses the application of technology and techniques to derive signals of low or reduced risk and the benefits of identifying such orders in terms of conversion and screening
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The National Mortgage Application Fraud Risk Index maintained by CoreLogic found a six percent increase in mortgage fraud risk in the first three months of 2019 relative to the first quarter of 2018. Applicants lying about their income have been increasingly more difficult to detect in recent years, employing tactics such as lying about employment
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Issuing banks and financial institutions lost over $1.6 billion from stolen or synthetic identities used in credit card applications plus an additional $600 million from application fraud on demand deposit accounts (DDAs) last year. These figures were reported by Aite Group, who forecast total application fraud losses to nearly reach $2.8 billion in the United
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