Payments News

On The Web

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Security

Keeping Merchants PCI-Compliant Is Becoming Tougher, Survey Finds

“Independent sales organizations are increasing their use of non-compliance fees for merchants that don’t adhere to PCI Security Standards Council requirements, with 23% of ISOs surveyed for the ControlScan/MAC 2020 Acquiring Trends Report saying they assess these fees. That’s up from the historic range of 17% to 18%. The report, released Tuesday, is based on […]
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Standards

EMVCo Adds Support for IoT Payments

“The IoT is creating new ways to pay, with payment functionality enabled across various industries globally,” comments Bruce Rutherford, Chair of the EMVCo Executive Committee. “This innovation needs to be balanced with functionality, usability and security. By optimising existing processes to support new IoT payment use cases, EMVCo brings efficiencies and confidence to the IoT […]
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Companies

G20 Sets Ground Rules Ahead of Facebook’s Libra Stablecoin

“The world’s leading economies need to plug gaps in their rulebooks to avoid digital currencies like Facebook’s planned Libra stablecoin from undermining financial stability, the Group of 20 Economies’ (G20) regulatory watchdog said on Tuesday.  Stablecoins are tied to a traditional currency or basket of assets, and used for payments or storing value. The G20’s […]
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Standards

New Swift ISO Will Be Delayed

“A proposed migration date for a new ISO covering cross border payments looks set to be delayed by a year. The ISO 20022, which was proposed by international financial network service provider Swift, was due to come into force in November of next year (2021). The aim of the new system was to provide a […]

On The Wires

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Standards

Ally, Discover, MassMutual, and TransUnion Among 25 New Members Joining the Financial Data Exchange

“FDX represents an industry-wide movement to enhance consumer and business controls of financial data, through its FDX API and technical standards that prioritize the group’s Five Core Principles of Financial-Data Sharing – Control, Access, Transparency, Traceability and Security.   The growing membership is also reflected in the rapid adoption of the FDX API, as data […]
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Standards

NFC Forum Specifications Improve NFC Communications Speed and Robustness For Smartphone Users Worldwide

“The NFC Forum , the global standards body and advocacy association for Near Field Communication (NFC), released four new specifications today improving the robustness and communications speed for the over two billion NFC-enabled devices, like smartphones, in use today. These specifications improve the user experience in noisy radio environments by adding recovery rules and enhanced […]
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Providers

Inlet Joins Financial Data Exchange (FDX) to Strengthen Customer Control of Financial Data

“Inlet, a secure eBill presentment and delivery platform that provides millions of bills each year to bank bill payment destinations servicing both consumers and businesses, announced it will participate in the Financial Data Exchange (FDX), a non-profit organization committed to developing and promoting a single industry standard for financial data sharing. As an FDX member, […]
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Providers

Financial Data Exchange Surpasses 100-Member Milestone – Computer Services, Inc., PAi Retirement Services, PayPal, and Sovos Among 22 New Members Joining

“The Financial Data Exchange (FDX) welcomed 22 new members between January 1 and March 31, 2020, bringing the total membership to 103 organizations that have committed to collectively transitioning to a modern, transparent and secure data sharing approach.  Since its launch in October 2018 with 21 founding members, FDX has seen a nearly fivefold increase […]
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Standards

ASC X9 Releases Standards for Secure Online Authentication, Addressing Transaction Issues Experienced During the Coronavirus Shutdown

“The Accredited Standards Committee X9 Inc. ( X9 ) today announced that it has published two standards in the area of secure online authentication. These standards address improved security for the increasing number of online transactions, such as those being made during coronavirus stay-at-home orders. X9.117-2020, “Mutual Authentication for Secure Remote Access,” is a risk-based standard […]