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Breaking News articles for July 2016

EMVCo, FIDO seeking stronger authentication

Thursday, July 28, 2016

Payments industry leaders are optimistic that a new collaboration between EMVCo and the Fast IDentity Online (FIDO) Alliance, disclosed in July 2016, will help facilitate widespread adoption of biometric authentication schemes. The two global bodies entered into a memorandum of understanding designed to help simplify mobile payments authentication methods to mitigate online fraud without complicating the user experience.

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Visa gets chummy with PayPal

Tuesday, July 26, 2016

After years of intense competition, Visa Inc. and PayPal Inc., are burying the hatchet. The two companies disclosed they are on "a new path," the upshot of which is that Visa cards gain parity with the automated clearing house (ACH) system in terms of PayPal payment options. Founded as Confinity in 1998, the company launched PayPal, its money transfer service, in 1999. Confinity merged with online banking company X.com in 2000, was subsequently renamed PayPal and went public in 2002. Soon thereafter, PayPal was acquired by eBay Inc., where it charted phenomenal growth as a low-cost, ACH alternative to credit and debit card acceptance by online merchants. PayPal was spun off from eBay and became a publicly traded company in 2015.

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Cardless ATMs address EMV, security concerns

Friday, July 22, 2016

With deadlines for the next wave of the EMV (Europay, Mastercard and Visa) chip card liability shift set to take effect for ATM network operators on Oct. 1, 2016, for Mastercard branded card ATM transactions, and Oct. 1, 2017, for Visa-branded cards; the race to adapt ATM equipment is on. However, a number of innovative financial industry players are finding ways to navigate beyond EMV's limitations. In a mid-July 2016 agreement with Payment Alliance International, FIS NYCE Payments Network became the first national payment network to support mobile phone-to-ATM transactions, according to FIS.

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ETA expands focus to underserved sectors

Thursday, July 21, 2016

Growing adoption of mobile and web-based technologies to deliver services has highlighted the need for worldwide access to digital technologies. This is particularly true in developing countries lacking adequate connectivity and infrastructure. How Fintech is Addressing the Needs of the Underserved, published July 21, 2016 by The Electronic Transactions Association shares solutions designed by member companies to address the needs of underserved populations. The global trade association’s white paper details how technical advancements can potentially benefit underserved consumers and their communities through a range of “safe, convenient, and rewarding payment solutions and lending alternatives.”

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UK joins global backlash against interchange

Tuesday, July 19, 2016

British consumers filed a class action lawsuit against MasterCard Worldwide July 6, 2016, seeking relief from what they describe as "illegal card charges" that violate terms and conditions of the Consumer Rights Act that became effective in October 2015. Visa Inc. was excluded from the case, due to legal counsel's contention that Visa has set its rates at a "reasonable level." Grievances highlight growing dissatisfaction with credit card pricing models that led to actions by the European Union and U.S. retailers against payment card brands.

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New tools for small, midsize merchants from PCI SSC

Wednesday, July 13, 2016

The PCI Security Standards Council (PCI SSC) launched a new set of resources July 7, 2016, specifically designed for small business owners. The global forum, based in Wakefield, Mass., best known for establishing the PCI Data Security Standard (PCI DSS), is also responsible for the developing, managing and broadening awareness of PCI DSS and payment data security best practices. To stem the growing tide of cyberattacks against small and midsize merchants, the council formed a Small Merchant Taskforce to identify vulnerabilities in small business payment systems and create targeted solutions to help business owners protect and secure cardholder data.

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Denmark's Nets, BOKIS piloting digital wallet

Thursday, July 7, 2016

Nets, a payment service company established in 1968, is innovating in the emerging technology space. The company disclosed Jun. 30, 2016, that its new digital wallet, built on Nets' host card emulation (HCE) and tokenization platform, will be widely deployed by BOKIS, a Danish banking collective. BOKIS, comprising 62 member banks, chose the mobile wallet for security and ease of use, representatives stated. BOKIS members include small to midsize local banks and five regional banks: Jyske Bank, Sydbank, Spar Nord Bank, Arbejdernes Landsbank and Nykredit Bank. All members plan to roll out the mobile wallet solution to their customers in the near term, according to the association.

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Major Visa, MasterCard settlement voided: Now what?

Tuesday, July 5, 2016

The unraveling of the multi-billion-dollar class action lawsuit filed by 12 million retailers against Visa Inc., MasterCard Worldwide and their issuing banks, has created a new kind of cashless experience for retailers, leaving millions of claimants with nothing to show after a decade of litigious activities. In a unanimous decision issued Jun. 29, 2016, a three-judge panel in New York's 2nd U.S. Circuit Court of Appeals declared the 2013 settlement null and void. The settlement was hammered out to resolve disputes over interchange fees and card brand rules. It was reduced from $7.25 billion to $5.7 billion after several major retailers opted to pursue their own claims against the card brands.

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