Fintechs and financial service organizations petitioned the Federal Reserve to participate in its FedNow pilot, which went live Jan. 25, 2021. Designed to make payments faster, safer and more convenient, the initiative and its pilot program will support development, testing and adoption of the FedNow Service. Esther George, president and CEO of the Federal Reserve Bank of Kansas City, noted that 110 pilot program participants met the Fed's objective of representing diverse facets of the payments ecosystem.
As companies implement stronger security measures, hackers get craftier, targeting cloud-based and managed service providers to snag more data and more victims. Now comes news that the SolarWinds breach, allegedly a state-sponsored attack, which sparked headlines late last year, could have far-reaching implications for payments firms and merchants.
J.D. Power's 2021 U.S. Merchant Services Satisfaction Study found payment processors could do more to meet their merchant customers' needs. Findings were based on 3,253 small business customers of merchant services providers surveyed between September and November 2020. They rated processors according to 12 key performance indicators. Several KPIs had below 50 percent meet rates, which spotlights opportunities for improvement.
Playing in the Super Bowl is the pinnacle of success in football, and the event has become a platform for advertisers to showcase new products and ad campaigns. This year, one ad featured an out-of-this-world offer from Shift4 Payments: a chance to win a seat on the first all-civilian mission to space. The mission will be commanded by Jared Isaacman, founder and CEO of Shift4, who is also footing the bill for the mission, dubbed Inspiration4.
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