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Breaking News articles for August 2022

Payment leaders return to ETA's SLF

Tuesday, August 30, 2022

The Electronic Transactions Association's Strategic Leadership Forum will take place at the luxurious Eau Palm Beach Resort and Spa, Sept. 14 to 16, 2022. The annual executive-level retreat brings together payments and fintech thought leaders and disruptors for networking, engagement and collaboration, stated Jodie Kelley, CEO of the ETA.

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Block sued over 2021 breach

Monday, August 29, 2022

Block Inc., the parent of Square, is being sued for negligence leading to a December 2021 breach of its Cash App Investing service. The breach resulted in the unauthorized release of personal information on 8.2 million users to an ex-employee.

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Cannabis stakeholders, regulators reassess cashless ATMs

Friday, August 26, 2022

Card brands and cannabis industry regulators are warning cannabis, CBD and hemp industry stakeholders to cease and desist cashless ATM usage. The practice, also known as point of banking (POB), involves repurposing countertop POS terminals into makeshift ATMs to disguise cannabis-related transactions as ATM withdrawals, according to industry experts.

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Visa tokens reach milestone

Thursday, August 25, 2022

Tokenization has hit its stride in retail payments. Visa just announced that it has now issued more than 4 billion network tokens worldwide through its Visa Token Services, nearly doubling the total count in one year and exceeding the total number of plastic Visa cards in circulation.

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Zero trust adoption at tipping point, study finds

Monday, August 22, 2022

A new research study by Okta, an independent identity service provider, found consumers and businesses are adopting zero trust policies to protect identities and data. The 2022 State of Zero Trust report, published in August 2022 represents a global cohort of security leaders, noted Ryan Terry, senior solutions product marketing manager at Okta. Zero trust, according to the National Institute of Standards and Technology, is the term for an evolving set of cybersecurity paradigms that move defenses from static, network-based perimeters to focus on users, assets and resources.

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Credit card satisfaction up; card spend down

Friday, August 19, 2022

Credit card issuers are seeing sizeable gains in customer satisfaction, according to J.D. Power’s 2022 U.S. Credit Card Satisfaction Survey. However, cardholders are placing fewer purchases on their primary cards, opting instead for alternatives like buy now pay later. Most BNPL schemes feature low/no interest, with purchases paid off in installments, typically over a span of two to three months. BNPL is most popular among online shoppers, and saw a huge uptick in usage when ecommerce sales surged at the height of the Covid-19 pandemic.

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Fed expands cryptocurrency oversight

Wednesday, August 17, 2022

The Board of Governors of the Federal Reserve System advised banks within its jurisdiction to notify their Federal Reserve supervisors before engaging in any crypto-asset-related activity to "ensure such activity is legally permissible and determine whether any filings are required under applicable federal or state laws."

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Green Sheet interviews Brad Brodigan, Chase Payment Solutions

Friday, August 12, 2022

Brad Brodigan, global head of SMB for Chase Payment Solutions, has seen rapid growth in the fintech sector. He is now leading Chase Payment Solutions as a complete financial services provider for micro-merchants and small and midsize businesses (SMBs), focusing on easing payments challenges and helping business owners stay competitive. In a recent interview with The Green Sheet, Brodigan shared how Chase is innovating and fostering financial inclusion. Following are interview highlights:

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In memoriam: Visa visionary Dee Hock

Thursday, August 11, 2022

Dee Hock, the banker who built Visa into a global payments behemoth, died last month at the age of 93. The credit card industry was nascent, and circling the drain when Hock was tapped in 1968 to devise to salvage what was then known as BankAmericard. At the time, the business was awash in red ink, due to bad debts and fraud, and was owned by Bank of America which licensed other banks to issue cards.

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Employees to take helm at DigiPay

Tuesday, August 9, 2022

On Aug. 1, 2022, DigiPay Solutions Inc., an independent payment provider, stated it will transfer company ownership to present and future employees. The company's co-founders, Mike Ackerman, CEO, and Sandy Travers, COO, said the time is right for new leaders to drive the company's deep relationships and technology suite of next-generation solutions.

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Stronger, streamlined STA enters fourth decade

Friday, August 5, 2022

The Secure Technology Alliance is once again retooling and restructuring in response to changing paradigms in identity management and security protocols. STA representatives disclosed Aug. 3, 2022, that the organization that pioneered U.S. smart card adoption continues to expand affiliate networks while sharing knowledge and information with payments industry stakeholders.

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Study promotes inclusive faster payment strategies

Tuesday, August 2, 2022

A white paper titled Faster Payments and Financial Inclusion, published July 29, 2022, by the U.S. Faster Payments Council, urges payments industry stakeholders to tailor faster payment schemes to the needs of marginalized communities.

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20 years on, MWAA envisions future, honors Kate Gillespie

Monday, August 1, 2022

The year was 2003. The Green Sheet was reporting how "Online sales really clicked in second quarter," when consumers made $10.3 billion in purchases, and the Midwest Acquirers Association held its first-ever conference in Chicago. Fast forward to 2022. Online sales topped $216 billion in the first quarter, and MWAA held its 20th conference, in Chicago, where The Green Sheet Inc.'s Kate Gillespie was honored with the prestigious Industry Achievement Award.

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