Payments News

On The Web

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Standards

Limited Adoption of ISO 20022 Messaging in RTGS Systems – Central Banking

“ISO 20022 is an emerging global standard for bank payments messaging. Payments services provider Swift is the registration authority.  The standard seeks to establish a common language and model for payments and transaction data to improve speed and compliance. The standard also has scope to reduce costs and the need for manual interventions due to increased […]
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Standards

How the Semiconductor Shortage Is Putting a Crimp in Chip Card Production

“The global shortage of semiconductors that has impacted myriad industries that use the chips, from automakers and electronics manufacturers to defense contractors and even soap manufacturers, is poised to affect payment card manufacturers, the Smart Payment Association announced Monday.  Bottlenecks in the chip card supply have become so acute that payment card manufacturers face increasing […]

On The Wires

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Standards

Financial Data Exchange Releases FDX API 5.0

“The Financial Data Exchange (FDX) today announced a major update of its common open finance standards via the release of FDX API version 5.0. The new version of the FDX API significantly increases market standardization of financial data sharing around consent, user control and consumer dashboards, and aligns with other global standards like the Open […]
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Standards

EMVCo Publishes EMV® 3-D Secure 2.3 to Support More Secure and Convenient E-Commerce Authentication – EMVCo

“Global technical body EMVCo has enhanced the EMV® 3-D Secure (3DS) Specifications to improve the consumer experience and fraud fighting capabilities for issuers, acquirers and merchants across e-commerce channels and devices. The latest version, EMV 3DS 2.3, has been published following approval of its release by EMVCo’s Board of Advisors. EMV 3DS 2.3 introduces enhancements to […]
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Standards

EMVCo Publishes Guidance for EMV® 3-D Secure Transactions to Utilise EMV Payment Token Data – EMVCo

“Global technical body EMVCo has published new resources to help card issuers and merchants to optimise the EMV® 3-D Secure (EMV 3DS) authentication experience for online shoppers when EMV Payment Tokens are in use, enhancing the fraud-prevention benefits that EMV 3DS provides. EMV Payment Tokens are used across the payments ecosystem to increase the security of […]
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Standards

Financial Data Exchange (FDX) Reports 22 Million Consumer Accounts on FDX API

“The Financial Data Exchange (FDX) today reports that 22 million consumer accounts are now using its FDX API for open finance data sharing. Since FDX’s last report in April 2021, over 1 million additional consumer accounts per month were transitioned to the FDX API, representing an increase of 6 million more consumer accounts using the FDX API today […]
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Standards

EMVCo Publishes EMV® 3-D Secure UI/UX Guidelines – EMVCo

“Global technical body EMVCo has published EMV® 3-D Secure (EMV 3DS) UI/UX Design Guidelines to help card issuers, banks, merchants and solution providers optimise the EMV 3DS payment authentication experience for e-commerce consumers. The guidelines are publicly available on the EMVCo website in an easy-to-use interactive format. In e-commerce purchases where EMV 3DS solutions are used, […]
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Standards

ASC X9 Launches New Public Forum to Harmonize Financial Data Terminology

“The Accredited Standards Committee X9 Inc. ( X9 ) is creating a new public forum to address issues related to disparate financial data terms, in order to effect greater financial market efficiency. The X9 Industry Forum on Financial Terms Harmonization will review and harmonize current industry-wide differences in financial data terms, meanings and definitions, with […]
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Standards

EMVCo Announces Communication Enhancement of EMV® Contactless Payment Devices – EMVCo

“EMV® contactless payment terminal requirements have been updated by global technical body EMVCo to help enable a more reliable and consistent payment experience through the addition of IQ demodulation requirements. The development reflects consumer use of an increasing range of card technologies, self-powered payment devices such as smartphones, and wearables to perform transactions. Mass transit […]