It's the use of paper that will fade away, not checks, thanks to the Check 21 Act and technological innovations, including remote deposit capture, that have breathed new life into checks and saved financial institutions money in the process. That's one point brought out in this issue's lead article, which is also chock full of relevant research, perspectives and history related to check clearing.
In the news, we've covered First Data Corp.'s July 2015 registration statement filed with the U.S. Securities and Exchange Commission, which paves the way for an initial public offering of common stock; a report by the Financial Services Information Sharing and Analysis Center, the Retail Cyber Intelligence Sharing Center and the United States Secret Service, with the support of Visa Inc., that highlights malware as an immediate danger to POS systems; and two U.S. appeals court rulings that reversed lower-court rulings. One reinstated a lawsuit alleging MasterCard Worldwide, Visa and three large banks conspired to fix ATM charges. The other overturned a ruling that a Texas bank lacked legal standing to challenge the constitutionality of the CFPB's governance.
Industry-experts contributing to this issue have explored the power of residual income, how to choose a lawyer for your payment business, who wins with the new American Express Co. acquiring program, and the rampant lack of payment card data protection in retail stores.
Other features include an examination of just how wide the gap is between large and small to midsize retailers (SMBs) when it comes to Europay, MasterCard and Visa (EMV) readiness, and what will motivate SMBs to realize the importance of upgrading to EMV; how to use a massively transformative statement to harness innovation; a report on the impact of scale on cost and margin for U.S. acquirers; and a look at what restaurant patrons want from technology before, during and after the dining experience.
Of course, we need to mention the news you, our readers, have shared with us pertaining to new products, services and business models; research; awards and achievements; business expansion; acquisitions; appointments, and other milestones.
Soon many summer-season businesses will close up shop, children will return to school and merchants will be focusing on the coming year-end holiday season. Are you ready for autumn? Please send your comments and questions to email@example.com or 800-757-4441. And keep your press releases coming to firstname.lastname@example.org.
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