A Thing
The Green SheetGreen Sheet

The Green Sheet Online Edition

August 22, 2022 • Issue 22:08:02

News Briefs

FIS takes on ecommerce fraud <- click to read full story

FIS introduced a new fraud detection tool that aims to boost approval rates and reduce fraud liability for ecommerce merchants. The financial technology parent of leading acquirer Worldpay said its new "guaranteed payments" solution makes it the only payments processor to offer a fully integrated solution that guarantees ecommerce merchants better transaction approval rates and eliminates the financial liability of chargebacks due to fraudulent purchases.

The new offering comes at a time when the global ecommerce market is booming and so, too, are fraud rates. According to Woldpay's Global Payments Report, the ecommerce market is expected to grow 50 percent by 2024. A recent survey by Stripe, meanwhile, revealed that 64 percent of global business leaders have found it harder to combat fraud since the onset of the COVID-19 pandemic, which, coincidentally, triggered the global surge of ecommerce traffic.

Antitrust action challenges Apple Pay <- click to read full story

A small Des Moines, Iowa credit union is taking Apple to court, claiming the technology giant violates federal antitrust law by compelling iPhone customers to use its Apple Pay mobile wallet exclusively, thus barring competing iOS tap-and-pay solutions from iPhones. Plus, unlike other mobile wallet providers, Apple charges card issuers per-transaction fees. Issuers pay 15 basis points on credit card payments and five cents on debit card payments, and they're not allowed to pass on those costs to cardholders.

In 2019, alone, Apple collected $1 billion in Apple Pay transaction fees, according to the lawsuit filed by Affinity Credit Union in U.S. District Court for the Northern District of California. The lawsuit claims the yearly tab will swell to $4 billion in 2023. Apple also bundles its tap-and-pay and ecommerce services, "which compounds the injury card issuers suffer," the lawsuit states. Unlike Apple iPhones and tablets, Android devices can support multiple mobile wallets and there are no issuer fees.

Durbin's second act threatens credit card rails <- click to read full story

A new proposal, sponsored by Sen. Dick Durbin, D-Ill., and Rep. Roger Marshall, R-Kan., aims to derail existing credit card networks. While the proposed bill purports to expand merchant choice, opponents claim it reflects a lack of understanding of credit card processing architecture, functionality and interchange pricing. In her July 27, 2022 post, "Senate Bill Takes Aim at Visa, Mastercard Credit-Card Fees," Wall Street Journal reporter AnnaMaria Andriotis stated the expected bill reflects growing congressional scrutiny of the credit card industry.

"Most shoppers don't think twice about how their payments are processed when they buy something with a credit card. But the underlying plumbing and its associated fees represent a fierce source of contention between merchants that pay the fees and big card networks and banks that set or collect them," she wrote. Allen Kopelman, co-founder and CEO of Nationwide Payment Systems, stated the bill, if passed, will put ISOs and merchant level salespeople (MLSs) out of business

Stronger, streamlined STA enters fourth decade <- click to read full story

The Secure Technology Alliance is once again retooling and restructuring in response to changing paradigms in identity management and security protocols. STA representatives disclosed that the organization that pioneered U.S. smart card adoption continues to expand affiliate networks while sharing knowledge and information with payments industry stakeholders. The alliance further noted that plans are underway to streamline organizational and membership structures to facilitate collaborative discussions among all participants.

Jason Bohrer, STA executive director, stated the restructuring will better position the organization for future success by serving members and their industries and clients. "As we enter our fourth decade, we celebrate our rich legacy of achievements and are gratified that the collaboration our organization enables is more important than ever," he said. The changes, already underway, are expected to improve efficiencies and make it easier for STA's self-guided affiliated groups to collaborate. end of article

This article contains excerpts from news stories recently posted under Breaking Industry News on our homepage. For links to these and other full news stories, please visit www.greensheet.com/breakingnews.php.

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.

Prev Next
A Thing