Month: February 2018

Tax credit unions? Iowa bill could lead the way

The tax-exempt status of credit unions has become a hot topic in Iowa. State senators are expected to vote on a sweeping tax bill soon that would impose a franchise tax on credit unions. While Iowa’s bankers are thrilled, credit unions are encouraging members to object to lawmakers. The debate comes about a month after…
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February 28, 2018 0

02.27.18 Your morning briefing

The information you need to start your day, from PaymentsSource and around the Web: PSD2’s jobs: The PSD2 “open banking” rules may not only soften Brexit’s negative impact in the U.K., but could actually stimulate the economy. The rules, which require banks to share data with third-party technology developers, could contribute more than $1.2 billion…
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February 27, 2018 0

The Biggest Thing Banks Should Be Doing: Surveys from the Latest Fintech Festival

MX recently hosted another Fintech Festival in the beautiful mountains of Sundance, Utah. These exclusive events, which are for key players in digital banking, give financial institutions the chance to learn and collaborate with some of the best minds in the industry.

February 26, 2018 0

FitPay adds Discover tokens to secure wearable payments

Discover Financial Services’ digital exchange will provide tokenized payment credentials for wearable of Internet of Things devices powered through FitPay. The network services agreement between Discover and FitPay Inc., a unit of NXT-ID, allows Discover cardholders to make contactless payment transactions through their FitPay devices operating through the FitPay Payment Platform. Users of other partner…
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February 26, 2018 0

Are banks doing enough to protect Zelle users from fraud?

In Zelle’s national advertising campaign, the bank-run P-to-P network spotlights consumers paying a personal trainer, a babysitter and a neighbor. It sets an expectation that Zelle can be used like a credit card, and scammers have figured out how to exploit this trust. Experts suggest that Early Warning, which operates Zelle, needs to sharpen its…
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February 22, 2018 0

Standards bodies unite on PIN security

In a case where two payments security heads are better than one, Accredited Standards Committee X9 Inc. and the PCI Security Standards Council have agreed to create one unified PIN security standard for payments stakeholders. Industry feedback seeking better efficiencies sparked this change for a common standard, as currently both PCI and X9 have maintained…
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February 20, 2018 0

This old-school method for foiling card fraud has stood test of time

Credit card fraud in the late 1980s was a lot less complicated than it is today. In the pre-internet era, criminals often called banks to falsely report that a specific customer’s card was lost or stolen. Then they peeked inside the targeted customer’s mailbox to see whether the new plastic had been delivered. When the…
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February 18, 2018 0

Holiday payment volume spikes are the new norm

Whether it’s finding the perfect holiday gift for that special someone or buying the missing ingredient for tonight’s dinner, more and more shoppers are putting purchases off until the last minute. In fact, despite record-breaking holiday sales in 2017, Cardlytics’ 2017 Holiday Spend report found that 25% of seasonal sales occurred during the last two…
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February 15, 2018 0

Community banks are missing the boat on cards

It may be surprising to learn that a recent American Bankers Association (ABA) survey reported that 87% of community banks do not have a payments strategy, given the key role that payments play for financial institutions in driving economic value and customer satisfaction. Banks that devote the time and energy to conduct this assessment will…
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February 14, 2018 0

Consumer demands for ‘instant gratification’ require right-now payments

If you thought the past year brought aggressive expectations from consumers, you might want to brace yourself for the next 12 months. And you can’t really blame them. That mentality isn’t greedy or unfounded or above and beyond the realm of reason. After all, in a world where social security numbers were compromised in an…
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February 12, 2018 0