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Federal Reserve to Launch Real-Time Payments System called FedNow by 2024

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 Becomes Largest Private FinTech Company in Europe Following $460 Million Funding Round

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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Comments Off on Nearly Four Thousand Data Breaches, Four Billion Records Compromised in First Half of 2019.
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JP Morgan to Discontinue Chase Pay for Mobile Contactless Payments

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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More than 40 States Have Enacted Economic Nexus Legislation to Collect Online Sales Tax from Merchants without Physical Presence

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 Purchases Verifi in Second Issuer Alert Acquisition of 2019

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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Secure Consumer Authentication (SCA) Required for Intra-European eCommerce Beginning September

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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New Fraud Practice White Paper Discusses Techniques and Benefits Related to Identifying Low Risk Customers and Applicants

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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Mortgage Application Fraud Increases in First Quarter of 2019 as Fraudsters Become More Sophisticated in How They Fudge Their Income

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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