Payment processing

As the U.S. continues to shape its faster payments options over the next few years, the connections for such systems have to be able to deliver more information and services with every payment.

Payments’ gradual shift from physical to digital channels is translating into fewer feet on the ground for Bank of America Merchant Services, which recently cut 10% of its workforce, citing changes in its marketing strategy.

International sourcing is stressing businesses that are already too reliant on paper-based payment methods, argues Hyperwallet's Tomas Likar.

The Federal Reserve task force and committees planning a faster payments system in the U.S. have had to juggle different viewpoints, philosophies and agendas, but they are laser-focused on a key aspect of the initiative: They don’t want to come back to the drawing board once a system is in place by the targeted year of 2020.

TSYS has announced the resignation of Pam Joseph, less than 17 months after she joined the company as president and chief operating officer.

SourceMedia's PayThink conference is an annual gathering of key decision-makers in the financial services and payments industries. This year's event, which took place in Phoenix this September, brought several key ideas to light.

Faster processing can accommodate digital payment options in line with upcoming regulations and advancements in neighboring countries.

The Cincinnati bank says its investment unit is taking an equity stake in NRT Sightline to provide a wide range of banking and payments services to casino operators.

Same-day and real-time payment products are designed for basic transfers that don't meet the more complex needs of Lyft's ride-sharing service, contends Ashwin Raj, Lyft's vice president of payments.

TSYS has expanded its relationships with ISOs or entered into joint ventures with companies such as super ISO Central Payment. TSYS has been gradually increasing its stakeholder share in Central Payment as part of the collaboration.

A year after launching the same-day Automated Clearing House process for credit payments, Nacha says same-day ACH for debit payments began Friday.

Interswitch Ltd., a Nigeria-based payments-processing company, expects to complete its delayed dual listing in London and Lagos before the end of 2019.

Rather than waiting one to three days for funds through the Automated Clearing House system, merchants will be able to receive settlement payments straight to their debit cards within minutes through a partnership between Visa and the processor Vantiv.

The U.K.’s Payment Systems Regulator and the Bank of England have officially formed the New Payments Systems Operator (NPSO), a regulatory body that will soon replace three existing payment systems.

Shanghai-based Allinpay has become an acquirer for the Discover Global Network, enabling Allinpay merchants to accept all Discover and Diners Club cards in Hong Kong, Diners Club International announced this week.

The open tech that powers added data sharing has already resulted in security events, writes Stephen Singham, managing director of security research at Distil Networks.

While the EMV fraud liability shift for most companies passed nearly two years ago, there are still pockets of stores that haven't switched over — and they can be particularly prone to the kind of fraud chip cards are designed to thwart.

First Data is one of many payments companies working to get its customers back up and running in the wake of the severe storms, but it's also a victim — its center in Sugar Land, Texas, suffered flooding, causing the Atlanta-based company to set up operations at a hotel in Houston for 400 staff.

Fifth Third's Melissa Stevens targets millennials with new app. Meanwhile, regulators are accused of ignoring millennials. Plus, a Goldman Sachs wealth manager sues for discrimination.

As the next step of Nacha's faster payments initiative nears, technology and management adjustments may be required to handle increased overdraft risk.