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The National Retail Federation urged members of the U.S. House Financial Services Committee to rewrite proposed legislation pertaining to data breach notifications. The NRF, which has long pushed for uniform data breach legislation, called the bill a good effort that falls short of protecting retailers.
While the U.S. Department of Justice officially terminated Operation Choke Point in August 2017, it appears numerous financial institutions have not received the memo. Opponents claim the Obama-era initiative designed to combat criminal activities has inadvertently harmed millions of legitimate business owners. Critics maintain that OCP measures have led to stringent "de-risk" policies that inhibit high-risk merchants from opening and maintaining bank accounts and lines of credit.
Over the next four years, midmarket companies are expected to drive 70 percent of global investment in cybersecurity solutions, which could reach $134 billion in total combined global annual spending by 2022, according to Juniper Research Ltd.
NACHA – The Electronic Payments Association took action to encourage businesses to use more electronic data exchanges in cash management operations. The ACH rules group approved a new Request for Payment program that leverages electronic data interchange standards to support electronic invoicing and collections. The program, which is voluntary, aims to nudge businesses closer to faster, more integrated handling of business-to-business billings and payments.
Amazon.com Inc. may partner with a U.S. bank to build a checking account product, according to recent media reports. Early-stage discussions began after Amazon sent a request for proposal for a hybrid checking account product to several major banks in the fourth quarter of 2017.
An online ecommerce survey conducted by Klarna Inc. revealed that 64 percent of U.S. retailers polled consider online financing through their stores an important component for driving new and increased sales online. Forty-six percent indicated this option would decrease cart abandonment, which remains a major challenge for online merchants today.
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