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Breaking News articles for May 2016

EPC study takes aim at Durbin supporters

Friday, May 27, 2016

The Electronic Payments Coalition released an analysis of the impact of the Durbin Amendment to the 2010 Dodd-Frank Act on May 24, 2016, that differs sharply from prior positive reports on the amendment's impact on consumers. Citing independent research by the Federal Reserve, the new analysis dispels claims that the amendment's mandated cap on debit card interchange rates has led to job creation and consumer savings, according to the EPC. The study, titled Durbin Amendment Has Not Led to Consumer Savings or Employment Gains, Contrary to Retailer Claims, is critical of Durbin Amendment supporters who maintain the amendment has generated an estimated $8 billion in annual interchange fee savings in the form of lower consumer prices and added payrolls. Many Durbin supporters have cited a 2013 study by economist Robert J. Shapiro that contains numerous inconsistencies, the EPC stated.

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Whitescope wins DHS S&T contest, grant

Tuesday, May 24, 2016

Whitescope LLC, a security research, solutions and advisory services company based in Half Moon Bay, Calif., won the Department of Homeland Security Science and Technology’s Silicon Valley Innovation Program, organized under the department’s Other Transaction Solicitation (OTS) umbrella. The program is designed to fast track security innovation in a time of great need.

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Visa Checkout gains 12 million consumers worldwide

Friday, May 20, 2016

Visa Inc. stated May 17, 2016, that Visa Checkout is rapidly achieving global scale. The ecommerce solution was initially launched in 2014 in the United States, Canada and Australia. Visa Checkout is designed to accelerate the online checkout process. Enrolled consumers need only a user name and password to complete the payment process on their connected devices or within mobile apps. The solution enables consumers to store multiple credit and debit products from Visa and other payment card brands.

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Wal-Mart sues Visa over right to mandate PIN with EMV

Friday, May 13, 2016

Wal-Mart Stores Inc. filed a civil complaint against Visa Inc. on May 10, 2016, in New York state court. The Bentonville, Ark.-based retailer asserts it has a right to mandate PIN as the only authentication method for Europay, MasterCard and Visa (EMV) debit cards at the POS. Current Visa guidelines allow consumers to use PIN or signature when using chip-enabled cards, a less secure and costlier practice, Wal-Mart representatives stated.

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Innovators chip away at EMV transaction speed

Tuesday, May 10, 2016

The uneven rollout of Europay, MasterCard and Visa (EMV) solutions in the United States has triggered an array of initiatives designed to accelerate EMV adoption and transaction speeds. Challenges associated with early implementation, combined with high costs of equipment upgrades, have discouraged many small to midsize retailers from installing chip card readers. Payments analysts have recommended harmonizing processing hardware, software and back-end systems to remedy inefficiencies in POS systems and processing hosts.

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Regulatory moves trouble U.S. fintech sector

Friday, May 6, 2016

Regulators on both sides of the Atlantic are proposing guidelines that may negatively impact the global sharing economy, financial analysts warned. Framed as protecting the rights of individuals and small business owners, these far-reaching statutes, if enacted, would restrict U.S. fintech firms from freely trading in select markets where they currently operate at scale. The European Union and the U.S. Consumer Financial Protection Bureau are reviewing proposals that some fintech companies view as unfriendly to business; legal analysts cited recent developments with Uber and payday lenders as examples of how rapidly regulatory agencies can transform ideas into law.

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Federal focus on mobile for financially underserved

Thursday, May 5, 2016

The federal government wants to financially mainstream more unbanked and underbanked Americans. Both the Federal Deposit Insurance Corp. and the U.S. Department of the Treasury have new plans to encourage these individuals (collectively known as the financially underserved) to embrace mobile banking and payments.

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PCI road map to bypass SSL

Tuesday, May 3, 2016

The PCI Security Standards Council (PCI SSC) released an updated security standard on April 28, 2016, designed to protect merchants and consumers from increasing attacks against payments infrastructures. Merchants will have six months to comply with new guidelines, which may require up to two years to fully implement, security analysts have said. The Payment Card Industry (PCI) Data Security Standard (DSS) Version 3.2, which becomes effective Oct. 31, 2016, was based on council member feedback and data breach trend analysis. The new standard has performed well in preliminary testing. "PCI DSS 3.2 includes a number of updates to help these entities demonstrate that good security practices are active and effective," said PCI SSC Chief Technology Officer Troy Leach.

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