Retailers

The approach of many payment and financial services companies to security is still stuck in the 20th century. But luckily, firms of all sizes can choose to travel in time to 2016.

First Data has secured a partnership with Silicon Valley Bank, giving the payments technology provider and processor a front seat to take notes on all of the technology development taking place among the bank's clients.

People and businesses expect access to their money and payments in real-time, and electronic funds transfers such as Fedwire and Swift transfers offer a convenient way to send payments to vendors, clients and partners rapidly.

Since consumers find EMV cards frustrating and difficult to use, EMV may do more to promote NFC as the preferred payment method among consumers and business owners.

Big banks like Canada’s RBC, Capital One and Wells Fargo are pouring resources into proprietary NFC-based digital wallets to outflank third parties like Apple, Samsung and Android and regain top-of-wallet status.

Kroger is suing Visa, alleging the network threatened to raise fees and cut off the supermarket chain from accepting its debit cards.

The major card networks are losing value along with the rest of the stock market in the wake of Britain's historic vote to leave the European Union, but Visa and MasterCard may not face the type of doom and gloom that others endure in the current shaky political and financial situation in the U.K.

While the most common early use case for Internet of Things involves a smart refrigerator detecting its owner is out of milk and then automatically debiting a bank account to order more, the technology opens a vast trove of data that can have a major impact for both cross-selling and risk.

Avoiding fraud committed by large-scale criminal organizations using stolen credit cards and botnets or proxy servers can be particularly difficult.

WASHINGTON – More than fifty state bankers associations have rallied behind legislation from Rep. Randy Neugebauer, R-Texas, to repeal caps on debit interchange fees.