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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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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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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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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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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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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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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Wells Fargo received a stern reprimand from the Federal Reserve this past week for failing to meet its obligations to consumers and the community. In short, regulators have demonstrated yet again that the bank is no longer considered well-managed. The National Diversity Coalition supports this decision, as it is in line with actions already taken…
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In a move to support its business-to-business payments platform, Visa has agreed to acquire the software provider Fraedom. Fraedom, which offers payments and transaction management software-as-a-service solutions for financial institutions and their corporate customers, has been a Visa partner for nearly 10 years. Fraedom technology currently powers the Visa IntelliLink Spend Management platform that has…
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The banks behind the Zelle network had more in mind than P-to-P payments between consumers, and BNY Mellon is beginning the network’s evolution by targeting business payments market. Zelle will help support tokenized digital payments for institutional and corporate clients in a market that is notoriously resistant to automation. BNY Mellon hopes corporates will see…
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