In a meeting with Georgia Governor Brian P. Kemp, Deluxe executives disclosed plans to open two fintech centers in Sandy Springs in 2021. The FinTech Innovation Center and Customer Experience Center will bring a diverse cohort of payments and financial technology stakeholders to Atlanta's Transaction Alley, stated Barry C. McCarthy, Deluxe president and CEO.
Noting that Deluxe has invested more than $12.6 million in the 172,000 square foot facility, McCarthy said he plans a grand opening with public tours of both centers in the spring of 2021. "Our centers will be true, collaborative, interactive spaces where we will bring together not only our experts, but customers, partners, entrepreneurs and university students to ideate and create breakthroughs for our customers in the digital economy," he stated.
More than 1,800 participants convened virtually for the PCI Security Standards Council's recent North America Community Meeting. Moderated by BBC America anchor Katherine "Katty" Kay, the conference covered development of Payment Card Industry Data Security Standard (PCI DSS) v4.0, security challenges stemming from COVID-19, and emerging threats to software security and payment card data. PCI SSC executive director Lance Johnson noted that recent challenges deepened the council's resolve to support the industry.
Retailers in the United Kingdom are calling for government intervention to curb rising interchange. Five trade associations representing businesses there have called for "decisive action" by the UK's Competition and Markets Authority to curb rising interchange. The move comes as the UK government wraps up the first stage of a payments landscape review. Regulators have been soliciting comments on challenges, opportunities and risks posed by current trends in payments and payment networks. It also follows a June 2020 decision by the UK Supreme Court upholding a lower court ruling that Visa and Mastercard interchange fees restrict competition. The ruling means card-accepting merchants could be due tens of billions of dollars in refunds on interchange assessments dating back to 2013.
New research from Paysafe revealed that 39 percent of small and midsize business (SMB) owners have increased sales revenue during the COVID-19 pandemic. Lost in Transaction: How COVID has reshaped the SMB checkout is based on a survey of U.S. and Canadian business owners across numerous card-present sectors, including retail, hospitality, healthcare and salon services, according to Afshin Yazdian, CEO of U.S. acquiring at Paysafe. Noting the pandemic's impact on North American merchants, Yazdian emphasized the need for diverse, secure, and frictionless payment solutions. "Our research shows that having an online checkout, as well as diverse payments infrastructure, is crucial to allowing in-store SMBs to thrive amidst the pandemic and actually grow in this unprecedented environment," he said.
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