The information you need to start your day, from PaymentsSource and around the web:
Transaction declined
Visa and Plaid have
Even when the initial $5.3 billion transaction was announced, on Jan. 13, 2020, it fueled speculation that Visa was potentially seeking to eliminate potential competitors. As recently as last month, Visa lawyers continued to defend the company against the DOJ objections.
“We are confident we would have prevailed in court as Plaid’s capabilities are complementary to Visa’s, not competitive,” Al Kelly, Visa's chairman and CEO, said in a press release Tuesday. “We believe the combination of Visa with Plaid would have delivered significant benefits, including greater innovation for developers, financial institutions and consumers."
Thinking inside the box
Fintech Moven is adding cryptocurrency support to enable smaller banks to take advantage of the recent OCC ruling that allows banks to support stablecoin payments.
Moven has partnered with Nydig, a digital asset firm. The two firms' integration will power bitcoin investing, savings accounts and credit card rewards through Moven's bank in a box service, reports
The
Keeping tabs
Pakistan will launch a government-operated digital payment rail in an attempt to improve government revenue, since most Pakistani transactions are not recorded or tracked.
Called Raast, or "direct way," the system will launch in phases, with full deployment completed in 2022, reports
Raast will be the first payment system in Pakistan to link banks with the government. There are several private digital cash systems in Pakistan that do not require a bank account. The Financial Action Task Force has been pressuring Pakistan to improve surveillance of transactions that can be used to fund extremist groups.
Express menu
Many of the adjustments
That led restaurant commerce firm GoTab to build a contactless ordering kit to cover hardware and software to enable contactless dine-in, takeout and delivery through the same system.
The system includes a terminal, software, payment processing and customer support, linked to the restaurant's general management system. GoTab is targeting mid-sized restaurants that traditionally did not have contactless or mobile payments.
Fraud guard
Jack Henry has integrated its AlertCenter security software with its SliverLake check processing service in an attempt to ward off a wave of check and wire transfer fraud.
The technology firm reports a 35% increase in deposit hold recommendations and an 11% increase transaction deny recommendations over the past year as the pandemic created new vulnerabilities to payment crime and expanded other
Jack Henry also hopes to address stimulus check fraud by tying its AlertCenter to a U.S. Treasury API that reports on the status of government disbursements.
From the web
REUTERS | Wednesday, January 13, 2020
European Central Bank President Christine Lagarde called on Wednesday for global regulation of Bitcoin, saying the digital currency had been used for money laundering activities in some instances and that any loopholes needed to be closed.
THE NEW YORK TIMES | Tuesday, January 12, 2020
Bitcoin owners are getting rich because the cryptocurrency has soared. But what happens when you can’t tap that wealth because you forgot the password to your digital wallet?
ENGADGET | Tuesday, January 12, 2020
Rossen G. Iossifov owned RG Coins, which allegedly laundered money for Romanian scammers.
More from PaymentsSource
Visa and Plaid have agreed to terminate their merger agreement, while also agreeing with the Department of Justice to dismiss the litigation brought against them when the deal raised antitrust questions.
Cross-border payment processors are stitching together Latin America’s patchwork of local payment methods to facilitate the growth of international e-commerce marketplaces and digital content providers in the region.
Synchrony Financial wasn’t unscathed by the pandemic, which slowed consumer spending during the first half of the year — but its mix of private-label and cobranded cards for everyday items suffered far less than other issuers' cards that emphasized luxury and travel.
Worldline's $10.9 billion acquisition of terminal and payments technology provider Ingenico last February marked the most notable payments transaction in 2020, according to the annual mergers and acquisitions data of the financial technology industry report from investment bank Berkery Noyes.
Walmart's fintech venture with Ribbit Capital gives it a way to influence more technological developments in the retail industry.
PayPal Holdings Inc. and GiveSendGo have parted ways after the Christian crowdfunding site helped raise funds for people who attended last week’s violent event in Washington.
FrontStream Payments has integrated its disbursement services with the Salseforce.org Philanthropy Cloud in a move it says should help corporations drive employee engagement in giving through an easier process for making donations.
The original coronavirus stimulus program in 2020 stumbled out of the gate, delaying payments for months and exposing America's lack of universal access to the financial system. With round two, it's the digital rails that are sputtering early on.
In a bid to expand contactless card acceptance, Mastercard is testing its Cloud Tap on Phone tech with Napa, Calif.-based IT services provider Computer Engineering Group (CEG).
Affirm Holdings Inc., which provides installment loans to online shoppers, increased the price range for its initial public offering, seeking to raise as much as $1.1 billion when it goes public this week.
NCR Corp. offered to buy Cardtronics Plc for more than $1.7 billion, beating an earlier bid for the ATM operator from Apollo Global Management Inc. and a partner.
