Today, we've highlighted the U.S. Treasury Department's urging for a federal framework for nonbank payment service providers to simplify simplify the existing regulatory patchwork, promote innovation and protect consumers; a new marketing resource specifically designed for ISOs, a significant cyberattack on global money transfer service MoneyGram; and reaction to UK's plan to grant banks powers to delay payments by up to 72 hours to investigate suspected fraud or scams.
Toast’s price hike sparks mixed reactions among restaurateurs
Thursday, October 10, 2024
Restaurant POS and management system provider Toast raised its processing fees for small and midsize clients, stating it marked the first such increase in the company’s 12-year history. The adjustment, which took effect in September 2024, increased fees by between 0.05 percent and 0.23 percent for a limited number of clients, translating to less than a penny per $1 transaction.
Sen. Durbin enters the fray over Illinois interchange law
Wednesday, October 9, 2024
Senator Richard Durbin, D-Ill., is rejecting claims that an Illinois law exempting sales tax and gratuities from interchange assessments conflicts with the Durbin Amendment, a provision of the Dodd Frank Act that he authored back in 2010. The Durbin Amendment, among other things, empowered the Federal Reserve to cap debit card interchange assessments by the largest banks (those with $10 billion or more in assets).
Regulator, trade groups vie over Illinois interchange law
Tuesday, October 8, 2024
The battle lines are firming up over an Illinois law that would exempt sales tax and tips from interchange assessments. The latest entity to join in the fight is the Office of the Comptroller of the Currency, which filed an amicus brief backing financial institutions that want to block the new law.
GS interviews LexisNexis Risk Solutions' Vincent Gaudel
Monday, October 7, 2024
Vincent Gaudel, financial crime compliance expert for LexisNexis Risk Solutions recently shared his views on thematic sanctions with The Green Sheet. Following is the resulting Q&A covering the distinction between thematic sanctions and traditional country-based sanctions, what types of financial crimes that typically lead to imposition of thematic sanctions, how thematic sanctions affect financial institutions' compliance obligations, and more:
Highlights from this week range from a study on SMB perspectives on integrated payments and embedded finance to a new voice AI productivity tool designed to eliminate keyboards to a free guide to help online retailers prepare for the coming holidays, and changes at Amazon affecting thousands of SMBs.
Fraud related to digital payments is running amok, resulting in many consumers rethinking their trust in digital payments. Two recent surveys illustrate this phenomenon. Among consumers surveyed by the insurance company Chubb, 61 percent had changed their behavior or reduced their use of payment platforms due to fears about cyber scams.
Merchants are cheering the Department of Justice civil lawsuit alleging Visa monopolizes the debit card network business in violation of federal antitrust laws. The lawsuit also includes allegations that Visa entered into agreements that hindered the expansion of competing networks and also blocked technology companies from entering the market.
AU10TIX's Ofer Friedman debunks ID fraud prevention myths
Tuesday, October 1, 2024
Ofer Friedman, chief business development officer at AU10TIX, recently contacted The Green Sheet to share common myths and misperceptions associated with ID fraud prevention. Following is a Q&A that resulted.
