What to Expect When Nacha’s Fraud Monitoring Rules Take Effect
When a financial institution’s customer is tricked into sending a payment, there has often been little recourse for the victim. As credit push fraud becomes increasingly prevalent—amplified by sophisticated technologies—the financial services industry must strengthen its protections. This is why Nacha has developed a framework of fraud management rules that will go into effect next […]
South Korea Dials Back CBDC Testing in Favor of Stablecoins
After three months of testing, South Korea’s central bank has postponed further development of its central bank digital currency (CBDC), as both the government and local banks increase their support for stablecoins. The Bank of Korea has suspended the second round of CBDC trials, originally scheduled for later this year. Meanwhile, eight South Korean banks […]
Visa and Mastercard Interchange Fees Face UK Challenge
After lawsuits by hundreds of merchants, London’s Competition Appeal Tribunal unanimously ruled that the interchange fees charged by Visa and Mastercard are a violation of Europe’s competition law. According to Reuters, the legal team representing the merchants called the ruling a major victory for businesses that have long been burdened by what they argue are […]
Don’t Just React to What’s Next in Payments—Anticipate It
For years, many businesses proclaimed they would never transition their payments to SaaS. Even as everything else moved to the cloud, financial professionals remained adamant that payment services and data would stay in-house. The data was considered highly sensitive, and few were willing to risk storing it outside their walls. But the benefits of Payments-as-a-Service […]
IMF Study Highlights Benefits of Interoperability in Payments Innovation
Interoperability has long been a goal for payment systems, which are often siloed and operate in parallel. In addition to increasing efficiency and boosting digital payment adoption, data from the International Monetary Fund (IMF) shows that an interoperable ecosystem stimulates commerce, reduces transaction costs, and expands access to credit. The Growing Retail Digital Payments: The […]
Kraken Moves Beyond Crypto with P2P App
Kraken, one of the world’s largest crypto exchanges, is continuing its expansion into mainstream financial services with the launch of its peer-to-peer (P2P) payments app. The platform, dubbed Krak, allows users to send cross-border P2P payments in both fiat and crypto. The Krak app features an attached spend account and an earnings account that offers […]
PayPal Enters the World of College Sports
PayPal has signed agreements with two major NCAA conferences, the Big Ten and the Big 12, to allow student-athletes to receive compensation through its platform. According to CBS Sports, PayPal will pay the Big 12 nearly $100 million over five years. No comparable figure was reported for the Big Ten, but given it is a […]
Infostealer Threat Persists Despite Data Breach Questions
A recent report from Cybernews spotlighted the discovery of 30 datasets containing 16 billion login credentials from major tech platforms, including Apple, Google, and Facebook. The datasets were identified over the course of this year by Volodymyr Diachenko, co-founder of the cybersecurity consultancy Security Discovery, and were suspected to be the work of multiple parties […]
As Payment Types Proliferate, Debit Cards Still Go Strong
The debit card may be the workhorse of payment methods, but that hasn’t kept the product behind the scenes. In fact, debit has become the product du jour, with recent releases from fintech heavyweights like Venmo and Klarna. There have even been debit card launches by companies as diverse as Wyndham Hotels and Kraken crypto […]
Xero to Acquire Melio, Advancing Its U.S. Small Business Strategy
Xero, a New Zealand-based platform for small businesses, is making a major move into the U.S. market with plans to acquire Melio Limited, a bill pay platform that serves small and medium-sized businesses. The acquisition, valued at $2.5 billion, will be a mix of cash and equity. Melio currently serves 80,000 customers and processes more […]