Visa wants to bring interoperability to the person-to-person payments space. The company will begin testing Visa+, a service designed so folks can send money seamlessly across platforms without the need for personally identifiable information. With Visa+, users create personalized payment addresses linked to their P2P payment accounts. First to test Visa+ later this year will be PayPal and Venmo.
While Venmo is owned by PayPal, there is no interoperability between the two platforms. With Visa+, someone will be able to initiate a payment on PayPal for instant delivery to a registered Venmo user. General availability of Visa+ is slated for mid-2024.
"Consumers continue to seek simple and seamless ways to digitally move money between friends and family, including the ability to send money between different payment platforms," said Chris Newkirk, global head of new payment flows at Visa.
"Through this collaboration, Visa+ can help break down barriers for payment app users as they connect, engage and move money."
Multinational payment processing company Nexway is on the hook for $650,000. The money is slated to be paid to U.S. consumers defrauded by off-shore tech support scammers that used Nexway to gain entry to the credit card networks.
Nexway, its subsidiaries and two officers could have been on the hook for more—altogether $49.5 million—but most of that court-ordered monetary judgment was suspended, "based on the defendants' inability to pay the full amount," the Federal Trade Commission said in an April 17, 2023, statement.
A complaint filed in U.S. District Court for the District of Columbia, by the Department of Justice on behalf of the FTC, alleges Nexway and its subsidiaries, along with CEO Victor Iezuitov, and Casey Potenzone, chief strategy officer, were at the center of several offshore tech support scams. Those scams netted tens of millions of dollars in credit and debit card payments for bogus computer repairs.
Lenders have seen an uptick in SMB lending fraud, according to a LexisNexis Risk Solutions study. Based on a survey of 147 bank, credit union, fintech lenders and payment processing risk managers between September and October 2022, researchers found an average year-over-year increase of 14.5 percent in SMB lending fraud, up from 6.9 percent the previous year.
Tom Hunt, director of business risk strategy at LexisNexis Risk Solutions, noted the study attempted to identify different types of SMB lending fraud and various approaches to identifying, tracking and combating malicious activities.
"The study shows that lenders using a multi-layered anti-fraud approach that integrates anti-fraud measures with digital channel operations can be more effective at detecting and mitigating fraud and its costs early," he said "This also includes solutions that assess both the physical and digital identity attributes, as well as the risk of the transaction itself.
Best practice fraud detection and mitigation involves a layering of complementary solutions to address unique risks from different channels, payment methods and products to address every touchpoint across the customer journey."
Whether you're solving financial crime or searching for the right marketing lingo, AI-powered solutions support a range of payments industry sectors. And some payments industry leaders are suggesting that OpenAI will fully inhabit the workplace in the near future, coexisting with Microsoft Office, email servers and business management software.
SymphonyAI, an enterprise AI SaaS provider, disclosed that it will partner with Microsoft to enhance its suite of vertically focused AI software solutions by leveraging the Microsoft Azure OpenAI service.
The companies jointly shared near-term plans with media, stating the partnership will expand capabilities while offering advanced protection, security and a seamless user experience. Sanjay Dhawan, CEO of SymphonyAI, pointed out that augmenting applications with generative AI will streamline workflows and reduce menial labor, allowing workers to focus on high-value tasks. 
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