Memorized Card Numbers Linked to Increased Spending, Debt
Whether by design or sheer repetition, many consumers have memorized their debit or credit card numbers. That may be a handy piece of knowledge, but those who know their card numbers also tend to spend more—and rack up more debt. A survey from Western & Southern Financial Group found that nearly a third of Americans […]
How Some Employees Exploit Donation Matching Programs to Commit Fraud
The pervasive threat of fraud means organizations must be cautious when sending any payment, including when matching employee contributions to charitable organizations. According to Forbes, there are increasing instances where employees are manipulating programs intended to benefit nonprofits and charities in order to funnel funds from their employers. In some cases, employees have set up […]
What Global Payments’ Acquisition of Worldpay Means for Merchant Services
Global Payments has agreed to purchase Worldpay in a deal worth over $22 billion. FIS acquired Worldpay in 2019, but then sold roughly half of its stake to private equity firm GTCR four years later. Now, FIS and GTCR will divest themselves of Worldpay in a deal which will also see Global Payments selling its […]
Swift’s New Initiative to Hasten Payment Investigations Leans on ISO 20022
Global cross-border payments system Swift is introducing an enhanced solution for managing payment investigations, aiming to significantly reduce the time needed to resolve delayed payments. Relying heavily on ISO 20022, the solution could serve as a key use case for broader adoption of the new messaging protocol. Delayed payments cost financial institutions more than $1.6 […]
As the U.S. Shrinks Back, the World Moves Forward on CDBCs
Although the United States has shown little interest in establishing a central bank digital currency (CBDC) of its own, other nations around the world continue to advance their research and pilot programs. The Bank for International Settlements (BIS), which has taken the lead in the development of CDBCs, announced six new blockchain-related projects last year. […]
Checkout.com Reaffirms Core Payments Focus via eBay Partnership
eBay is expanding its global payment platform capabilities and enhancing customer experience through a new partnership with UK-based digital payments processor Checkout.com. With more than 2.3 billion live listings, eBay is one of the world’s largest online marketplaces, serving millions of customers in 190 markets. For eBay, Checkout brings valuable expertise in fraud prevention and […]
Klarna Expands U.S. BNPL Footprint with Clover Agreement
In a year full of major moves, Klarna has signed a deal to bring its buy now, pay later products to Clover’s point-of-sale systems. Clover is one of the leading POS providers in the U.S., and this partnership will bring Klarna to over 100 of Clover’s merchants, with a broader rollout slated for early next […]
Why Generative AI’s Impact Is Still Years Away
Given the number of people having conversations with ChatGPT and creating quirky AI-generated art for social media, it’s easy to assume that artificial intelligence has already arrived as a major force in the American tech world. But in reality, its impact on the business landscape has been limited so far—and it may still be a […]
Most Organizations Experienced Fraud Last Year
Fraud is still a persistent and ubiquitous threat, as evidenced by a recent study which found that 79% of organizations surveyed experienced attempted or actual payments fraud over the past year. The study by the Association for Financial Professionals (AFP) found that while this figure was down one basis point from the previous year, it […]
Revolut Enters a Tough European Market for Rewards Credit Cards
Although it has found success with a wide range of personal finance products, UK-based fintech Revolut faces an uphill battle as it eyes entry into the rewards-based credit card market. In Europe, this segment is not only limited due to structural factors but has also long been dominated by American Express. Revolut tested the waters […]