2024

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Just Published: PCI DSS v4.0.1

PCI Security Standards

To address stakeholder feedback and questions received since PCI DSS v4.0 was published in March 2022, the PCI Security Standards Council (PCI SSC) has published a limited revision to the standard, PCI DSS v4.0.1. It includes corrections to formatting and typographical errors and clarifies the focus and intent of some of the requirements and guidance.

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Fed seeks 8,000 financial institutions for FedNow

Payments Dive

About 700 financial institutions have connected to the Fed’s instant payment network since last July, with at least 1,000 more in the pipeline, a FedNow official said this week.

FedNow 202
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Evolve Bank says ransomware gang stole personal data on millions of customers

TechCrunch Fintech

Evolve has confirmed that the personal data of at least 7.6 million people was accessed during LockBit's ransomware attack. © 2024 TechCrunch. All rights reserved. For personal use only.

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Mastercard targets 100% e-commerce tokenisation in Europe

Finextra

Mastercard has set itself a target of hitting 100% e-commerce tokenisation in Europe by 2030, phasing out manual card entry and making online shopping safer and more accessible.

Visa 143
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Provide Real Value in Your Applications with Data and Analytics

The complexity of financial data, the need for real-time insight, and the demand for user-friendly visualizations can seem daunting when it comes to analytics - but there is an easier way. With Logi Symphony, we aim to turn these challenges into opportunities. Our platform empowers you to seamlessly integrate advanced data analytics, generative AI, data visualization, and pixel-perfect reporting into your applications, transforming raw data into actionable insights.

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Less Than 1 in 10 Firms Are Fully Prepared for MiCA With 25% Having Made No Preparations

The Fintech Times

The first stage of the European Union ‘s Markets in Crypto Assets Regulation (MiCA) will come into play on 30 June. However, a new report by Acuiti , the management intelligence platform, and conducted by Eventus , the trade surveillance software provider, has found that a move to establish market surveillance systems is underway as firms find themselves underprepared.

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Citigroup Cuts 500 Jobs in Singapore as Part of Global Strategy

Fintech News

Citigroup Inc. has laid off about 500 employees as part of a global restructuring effort, as reported by The Straits Times. The bank now has about 8,000 full-time and contract employees in Singapore, down from 8,500 in October. This reduction aligns with Citigroup ‘s broader strategy to “streamline its operations” by cutting management layers and roles concentrated in the Asia Pacific region.

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Ledger: Stripe’s system for tracking and validating money movement

Stripe

In this blog post, we’ll share technical details on how we built this state-of-the-art money movement tracking system, and describe how teams at Stripe interact with the data quality metrics that underlie our payment processing network.

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ConnectOne Bank builds data lake in-house

Bank Automation

ConnectOne Bank built its own data lake and data warehouse in-house to allow for access to insights for all departments. One of the first assignments for the $9.8 billion Englewood Cliffs, N.J.

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Jiangxi Bank of China goes under

The Paypers

Jiangxi Bank of China has gone under, as the banking sector is currently facing a full-scape crisis with financial institutions being absorbed into larger enterprises.

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ACH Network Records Strong Growth in 2023 as Same Day ACH Surpasses 3 Billion Payments Since Inception

NACHA

ACH Network Records Strong Growth in 2023 as Same Day ACH Surpasses 3 Billion Payments Since Inception mkahn@nacha.

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Residual Income Strategies: Building a Sustainable Merchant Services Portfolio

Build a sustainable merchant services portfolio with practical strategies to ensure long-term success. Diversify across industries to spread risk and stabilize income, balancing high-risk and low-risk clients for a robust mix. Combine large and small merchants to create a resilient payment portfolio, leveraging each type's strengths. Foster long-term relationships through exceptional service and personalized support.

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Card networks to implement gun code in California: report

Payments Dive

Visa, Mastercard and American Express are moving forward with use of a new gun merchant category code for credit card purchases in California, according to CBS News.

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Judge sways away from Visa-Mastercard settlement

Payments Dive

On Tuesday, Judge Margo Brodie denied a preliminary settlement proposal made by the card networks Visa and Mastercard, and merchants who sued them in federal court nearly two decades ago.

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Payments industry to use AI to detect fraud, improve efficiency

Payments Dive

Research from the investment bank Jefferies suggests generative artificial intelligence could be used in the payments industry to improve fraud detection and make transactions happen faster.

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Are digital wallets safer than debit cards?

Payments Dive

Research shows young people see digital wallets as a more secure option than debit and credit cards. Cybersecurity professionals mostly agree, despite caveats.

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How To Craft Your Perfect Retail Tech Stack

Speaker: Jason Cottrell and Brian Walker

The era of all-in-one platforms is over. Now, retail success depends on integrating a blend of diverse technologies to thrive. As customers and stakeholders expect agility and innovation, how can you meet these expectations efficiently without stumbling into complexity? Explore a customer-centric approach to navigating digital transformation in retail.

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Visa preps for US pay-by-bank services

Payments Dive

The card network is focused on “stubborn categories” where large account-to-account payments have taken hold, such as in healthcare, education and rent, a Visa executive said.

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Real-time consumer payments need standards to rise

Payments Dive

To make instant payments a reality for consumers, the payments industry must work together to develop a common framework for the transactions, top industry executives say.

Consumer 190
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Apple unveils new iPhone touch and pay feature

Payments Dive

The P2P ‘Tap to Cash’, which enables iPhone users to transfer money by holding their phones together, was unveiled along with a slate of other features Monday.

P2P 179
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Congress members egg on US payments system expansion

Payments Dive

A bipartisan group is nudging the Federal Reserve to explain why it can’t speed up a plan to extend the operational availability of the U.S. payments system.

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Secrets of a Successful Sale: Optimizing Your Checkout Process

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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Apple adds BNPL offerings from rivals

Payments Dive

The tech giant will allow installment plans from Affirm, as well from certain debit and credit cards, onto Apple Pay alongside its own BNPL service.

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Visa spends ‘billions’ battling cybersecurity threats

Payments Dive

“We are all in an arms race to protect this ecosystem, to protect the network,” Visa CEO Ryan McInerney said at an investor conference last week.

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Illinois heads toward landmark card interchange fee restrictions

Payments Dive

The state may become the first in the nation to outlaw the imposition of credit and debit card interchange fees on state excise tax and tips.

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Fed courts nonbanks for FedNow growth

Payments Dive

The Federal Reserve is stressing the importance of fintechs and core providers for the future expansion of its new instant payments system FedNow.

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Deliver Mission Critical Insights in Real Time with Data & Analytics

In the fast-moving manufacturing sector, delivering mission-critical data insights to empower your end users or customers can be a challenge. Traditional BI tools can be cumbersome and difficult to integrate - but it doesn't have to be this way. Logi Symphony offers a powerful and user-friendly solution, allowing you to seamlessly embed self-service analytics, generative AI, data visualization, and pixel-perfect reporting directly into your applications.

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Fiserv seeks special purpose bank charter

Payments Dive

The designation would allow the payment processor to own transactions from end-to-end, removing the need for a bank partner.

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Bank of America zeroes in on banking app innovation

Payments Dive

The team behind the bank’s CashPro app aims to stay a step ahead of rivals, including with payment approval features.

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Landmark Visa, Mastercard settlement in peril

Payments Dive

The judge's likely rejection would scuttle a $29.79 billion deal that was two decades in the making.

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Bank-backed DLT-based CBDC platform Project MBridge reaches MVP stage

Finextra

The Bank for International Settlements says it multi-central bank CBDC platform, Project mBrige, is ready to accept value added products and new use cases as it reaches minimum viable product stage (MVP).

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Using Data & Analytics for Improving Healthcare Innovation and Outcomes

In the rapidly evolving healthcare industry, delivering data insights to end users or customers can be a significant challenge for product managers, product owners, and application team developers. The complexity of healthcare data, the need for real-time analytics, and the demand for user-friendly interfaces can often seem overwhelming. But with Logi Symphony, these challenges become opportunities.

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Swift opens API channel for ISO 20022 corporate payment tracking

Finextra

Swift is working with 25 leading cash management banks and 20 corporates to develop a white labelled transaction tracking service for ISO 20022 messages across the entire payment chain.

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What Would it Take to See an NFT Revival?

The Fintech Times

In recent years, digital currencies have been all the rave. However, the idea that digital assets are exclusively some form of currency is slowly falling by the wayside as different use cases are emerging and being rapidly adopted. This May, The Fintech Times is looking to showcase some of these new methods and explore how the digital asset ecosystem is evolving.

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ECB conducts first DLT trials for wholesale central bank money settlement

Finextra

The Eurosystem has begun the first of a series of trials to test the use of ditributed ledger technology (DLT) for the settlement of wholesale transactions in central bank money.

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Visa and Tangem combine payment card with crypto wallet

Finextra

Crypto wallet provider Tangem is partnering with Visa on the launch of a payment card that will be integrated with the Swiss firm's self-custodial hardware wallet.

Payments 134
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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.