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The Green SheetGreen Sheet

The Green Sheet Online Edition

May 27, 2024 • Issue 24:05:02

Letter from the editor

The speed at which payments technology evolves can be mind-boggling, particularly for folks who aren't digital natives. Yet in the near future, it's likely most consumers will embrace the notion of multiple accounts associated with one card, for example, or nonbanks handling numerous functions traditionally reserved exclusively for banks.

Speed, however, is not a hallmark of lawsuits in our realm. Take, for instance, the recently proposed settlement in an antitrust lawsuit filed in 2005 against Visa and Mastercard. Part of the lawsuit was settled in 2018, resulting, after much grumbling and consternation, in payouts of about $6 billion to merchants. The new proposal addresses allegations not settled in 2018. Sheer complexity is one factor slowing things down. Another is disputes among the parties to the suit regarding what constitutes a fair settlement. With their disagreements on full display following the new proposal, this issue's lead article takes a look at the new settlement's pros and cons, as seen by people in the know.

Along with staying abreast of new technology and potential ramifications of lawsuits and regs, it's essential to know how to sell if you want to make your mark in acquiring. One contributor to this magazine who created a series on best-selling business strategies, addresses online sales in this issue's installment. Other contributors detail why the FTC's new noncompete ban is a game-changer for businesses and workers; how the ongoing digital revolution is going to reshape cross-border payments; and why all business types, including mortgage lenders, need guidance when incorporating a full range of digital payment acceptance methods to satisfy a new generation of borrowers.

In news briefs we've highlighted stories on the ongoing, pressing need to fix security vulnerabilities highlighted by Verizon Business's 2024 Data Breach Investigations Report, which found a significant increase in cyberattacks in 2023, with 30,458 security incidents and 10,626 confirmed breaches, double that of 2022; resolution of an FTC action against BlueSnap and two top executives for allegedly facilitating fraudulent transactions; a new report by the U.S. Faster Payments Council, sponsored by BNY Mellon, that explores the implementation of instant recurring payments; and the heating up of rhetoric for an against the proposed Credit Card Competition Act, a brainchild of Senator Richard Durbin.

You'll also find herein profiles and updates on industry milestones. Please send your company's news to press@greensheet.com, and send your comments and questions to greensheet@greensheet.com. end of article

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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