January, 2024

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PCI DSS v3.2.1 is Retiring on 31 March 2024 – Are You Ready?

PCI Security Standards

With 31 March 2024 rapidly approaching, Lauren Holloway, Director, Data Security Standards, shares some key questions, answers, and resources to help entities successfully transition to PCI DSS v4.0.

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New York enacts surcharge law

Payments Dive

The state’s new law will force merchants to limit credit card surcharges and more clearly disclose them to consumers. If the businesses don’t, they could face a $500 penalty.

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Five reasons to get a handle on chargebacks

Payments Next

by Donna Blum of BHMIChargebacks are a significant and growing challenge in the payments industry. The rapid growth in e-commerce, rise in The post Five reasons to get a handle on chargebacks first appeared on Payments NEXT.

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European Central Bank set to Stress Test 109 Banks to Assess Cyberattack Response and Recovery

The Fintech Times

The European Central Bank (ECB) has revealed plans to carry out cyber resilience stress tests on 109 of the banks it directly supervises in 2024, to assess how they both respond to and recover from a cyberattack. Stress testing the banks will not analyse their ability to prevent it in the first place, the European Central Bank explained. Instead, in the stress test scenario, a cyberattack succeeds in disrupting a bank’s daily business operations.

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6 Innovative Strategies for Mastering Merchant Services Sales

Ready to boost your game and stand out in the competitive world of merchant services sales? Discover 6 innovative strategies that will help you rise above the crowd, from leveraging tech trends and perfecting referral programs to harnessing the power of testimonials and pop-up events. Learn how educating clients can turn you into a trusted advisor and uncover the secrets of building community ties that cement your reputation as a market leader.

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PayPal begins more layoffs

TechCrunch Fintech

PayPal has begun company-wide layoffs, according to multiple reports, including an article published by The Information. It is not yet clear how many people will be affected by the job cuts but one source told TechCrunch it was expected to be in the “thousands.” TechCrunch has reached out to PayPal and will update this story […] © 2024 TechCrunch.

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USDC issuer Circle files for IPO

Finextra

Circle Internet Financial, the issuer of the USDC stablecoin, has filed with the Securities and Exchange Commission for an initial public offering (IPO).

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More Trending

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Rivals may chase Fiserv special bank charter lead

Payments Dive

If the payments giant receives a special Georgia charter and gains access to the card networks, it could open the floodgates for other merchant acquirers, attorneys said.

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Next level AI: Quantum AI

Bank Automation

Graphics processing units on today’s computers can only hold so much capacity — and financial institutions are looking to quantum computing to process ever-growing data sets and turbocharge AI.

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Will AI Drastically Impact the Fintech Industry in 2024?

The Fintech Times

Particularly since the release of OpenAI ‘s ChatGPT at the back-end of 2022, the world has sat up and taken notice of the potential of artificial intelligence (AI) to disrupt all industries in countless ways. To kick off 2024, The Fintech Times is exploring how the world of AI may continue to impact the fintech industry and beyond throughout the coming year.

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Block becomes the latest fintech to lay off workers

TechCrunch Fintech

Block, the fintech company whose subsidiaries include Square, Cash App and Afterpay, is laying off staff at a tumultuous time for tech industry workers. That’s according to an internal memo from CEO Jack Dorsey, obtained first by Business Insider, which states that “the growth of [Block] has far outpaced the growth of … business and […] © 2024 TechCrunch.

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The Pragmatic Path to Composability: Creating Efficient Commerce Systems

Speaker: Jason Cottrell and Brian Walker

Brands used to look for a commerce platform that could do everything. But over time, one vendor was no longer enough to meet a brand’s needs, so they added, and added, and added— and now it's essential that these vendors work well together. That’s composable, and it’s important to get it right. Customers and your board expect you to be in new channels and to adapt quickly to market change.

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PayPal unveils AI-based products

Finextra

PayPal has unveiled a host of new AI-driven features for the new year but the plans failed to convince the market, with the payment giant's shares down more than four per cent in afternoon trading.

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Tune in to an Exclusive Preview of the Newest Innovations from PayPal and Venmo

PayPal

PayPal will provide an exclusive preview on January 25, 2024 at 9:30 am PT of the first innovations PayPal and Venmo are piloting and bringing to market this year.

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X plans payments launch for this year

Payments Dive

“I would be surprised if it takes longer than the middle of [2024] to roll out payments,” X owner Elon Musk said during a conversation last month with Ark Invest CEO Cathie Wood.

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Top payments trends for 2024

Bank Automation

Industry experts predict adoption of real-time payments as well as the increased use of FedNow and digital wallets in 2024 as consumer demand for instant payments continues to grow.

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Turn Payments Into Personalization: Unlock the Value of Transaction Data

Speaker: David Nisbet, Everett Zufelt, and Michaela Weber

Once upon a time, in the vast realm of online commerce, there lived a humble checkout button overlooked by many. Yet, within its humble click lay the power to transform a mere visitor into a loyal customer. 🧐 💡 Getting checkout right can mark the difference between a successful sale and an abandoned cart, yet many businesses fail to make payments a part of their commerce strategy even when it has a direct impact on revenue.

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73% SMEs Across Europe Prepare to Invest in Fintech and AI Services in 2024 Reveals Qonto

The Fintech Times

Aritificial intelligence has captured the world’s imagination throughout the last two years, and companies of all sizes are embracing – having recognised the long-term benefits the emerging technology could offer. In its latest report, financial management solution Qonto reveals how this trend translates for SMEs across Europe. In the Qonto report , European SMEs revealed their intention to massively invest in tech, such as AI, and digitisation in 2024, especially in Germany, Italy,

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Pomelo stacks $40M to scale its payments infra business in LatAm

TechCrunch Fintech

Argentinian payments infrastructure startup Pomelo has raised $40 million in a Series B round of funding. The Buenos Aires-based company started in 2021 with the goal of giving fintechs and embedded finance players a way to launch virtual accounts and issue prepaid and credit cards via compliant onboarding processes. Pomelo went live with its first customer […] © 2023 TechCrunch.

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Visa unveils Web3 customer loyalty platform

Finextra

Visa has launched a Web3 loyalty engagement offering to help firms reward customers not just for their purchases but for their engagement and interactions.

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Thai PM Announces May Launch for US$14.3 Billion Digital Wallet Stimulus

Fintech News

Thailand’s Prime Minister Srettha Thavisin announced the anticipated May commencement of a substantial economic stimulus initiative, according to a Reuters report. This plan, a centerpiece of the ruling Pheu Thai party’s election campaign, involves disbursing approximately US$14.3 billion through a ‘digital wallet’ system. Under this scheme, around 50 million Thai citizens will each receive 10,000 baht (about US$285) to spend within their local communities.

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Maximizing Success as an Independent Sales Agent: The Value of a Payment Partner

Maximize success as an independent sales agent with a supportive payment processor partner. This article reveals the challenges agents face with uncooperative processors, like slow responses and lack of support, leading to missed opportunities. Discover how a supportive partnership can transform your success, offering extensive training, marketing materials, and ongoing support.

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Visa cracks down on surcharge programs

Payments Dive

The card network company is boosting efforts to enforce surcharge rules, with non-compliance potentially resulting in fines up to $1 million, according to one card processor.

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Podcast: Gen AI can provide FIs up to 90% automation

Bank Automation

Financial institutions can look to generative AI to reach up to 90% automation, WorkFusion Chief Executive Adam Famularo tells Bank Automation News on this episode of “The Buzz” podcast.

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UK Government Unveils New Cyber Threat Guidelines as 32% of Firms Suffer Attacks in Past Year

The Fintech Times

Cyber threats should be prioritised as a key business risk like financial and legal challenges, the UK government has urged as it releases new guidelines to help directors and business leaders boost their cyber resilience. Aimed at executive and non-executive directors and other senior leaders, the new Cyber Governance Code of Practice guidelines aim to ensure that cyber threat issues are a key focus for businesses, putting them on an equal footing with other threats like financial and legal pit

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Gen Z investing app Alinea raises $3.4M, plans to launch an ‘AI copilot’

TechCrunch Fintech

Alinea Invest, a fintech app offering AI-powered wealth management aimed at Gen Z women, has $3.4 million in seed funding ahead of the launch of a virtual AI assistant that will help users with their investing needs. The fundraising comes on the heels of 225,000 downloads of Alinea’s app, leading to a revenue run-rate of […] © 2023 TechCrunch.

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How Retailers Are Transforming Customer Experiences with Data & AI

Speaker: David Azoulay, Marc Stracuzza, Román Tejada, and Guest Speaker Sucharita Kodali

Imagine a retail landscape where every interaction is personalized, every decision informed, and every opportunity maximized 🤔✨ Join us for an exploratory journey into the heart of AI-driven retail innovation. We’ll unveil the transformative potential of AI and data analytics in shaping the future of omnichannel personalization and e-commerce.

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Klarna directs users to financial management tools with revival of Money Story

Finextra

Without any trace of irony, Klarna is reviving a feature which enables customers to look back on their personal spending history over the past year and get nudges to better money management tools in the app.

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How Data Is Changing the Future of Banking

Fintech News

Banks collect and hold huge quantities of usable data, and many are already successfully applying big data and AI across various business cases. The potential to optimise data use through a data-driven banking strategy is enormous, especially for smaller banks. This is because even small projects can achieve clear added value with such a strategy. This article, a collaboration between financial software provider ti&m and Google Cloud, appeared in the ti&m special on digital banking, expl

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6 payments trends to watch in 2024

Payments Dive

Swipe fee battles, real-time payments, fraud prevention and acquisition plans will be among the hot topics pulsing through the industry this year.

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Podcast: AI, RPA, fraud detection, data sharing enhancements in 2024

Bank Automation

Technology and innovations advanced in leaps and bounds in 2023, including enhancements to AI, the introduction of generative AI and investment in data analytics.

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How Investors & Strategic Buyers Evaluate Integrated Payment Strategies

Explore how integrated payment strategies impact investor and buyer evaluations. Payments are more than a feature — they’re a key to long-term success and market differentiation. They help SaaS companies offer seamless user experiences and efficient operations. Investors and strategic buyers assess these integrated payment strategies as a measure of a company's growth potential and sustainability.

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Cybersecurity is the Number One Priority for the Financial Sector Again, Says Softcat

The Fintech Times

Over half of financial organisations (55 per cent) have prioritised cybersecurity above all else for the coming year, according to new research from IT infrastructure provider Softcat. Softcat has released its annual Business Tech Priorities Report , exploring the top tech investments the financial sector is prioritising in the year ahead. The findings form part of a report based on the views of more than 4,000 customers from 2,900 organisations in the UK and Ireland, across 27 industries in bot

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General Catalyst leads $200M investment into Bilt Rewards, doubling its valuation to $3.1B

TechCrunch Fintech

Bilt Rewards, whose platform aims to allow consumers to earn rewards on rent and daily neighborhood spend, has raised $200 million at a $3.1 valuation, the company announced today. General Catalyst led the financing, which more than doubles the New York-based company’s valuation compared to its $150 million October 2022 raise. Eldridge and existing backers […] © 2023 TechCrunch.

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Nationwide reports uptick in cash withdrawals

Finextra

New data from Nationwide shows that cash usage continues to rise as many households respond to the cost-of-living crisis by budgeting with physical money.

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NFC Forum to develop Digital Product Passport standard

NFCW

The NFC Forum has announced that it is in the process of developing a Digital Product Passport (DPP) standard that would allow electronic goods manufacturers to use NFC tags and chips to provide merchants and consumers with “reliable and robust access to information on how a product can be reused, remanufactured, or recycled throughout its lifecycle” The proposed NFC DPP standard will allow manufacturers to use NFC tags and chips to create a link between their products and in-depth D

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Mapping Digital Transformation: Retail’s Strategic Shift

Speaker: Jennifer Wright, Michael Scholz, Jasmin Guthmann, and Scott Canney

Digital transformation in retail is so much more than new technology. You need to get your whole organization, from entry-level workers to executives, on board with the new tech, new skills, and culture changes that digital transformation brings. Leading this mindset shift can be a daunting task… but that’s where this webinar comes in! Join our panel of experts as they guide you through the challenges of digital transformation, preparing you to avoid common mistakes and make the most of incredib