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The Green Sheet Online Edition

September 12, 2022 • Issue 22:09:01

News Briefs

Employees to take helm at DigiPay <- click to read full story

DigiPay Solutions Inc., an independent payment provider, stated it will transfer company ownership to present and future employees. The company's co-founders, Mike Ackerman, CEO, and Sandy Travers, COO, said the time is right for new leaders to drive the company's deep relationships and technology suite of next-generation solutions.

"We believe shared ownership will continue our people-first tradition, which will result in the continued success of not only our existing company, but the new one," Ackerman said. Travers agreed, stating, "At all levels of the company, customers will be working with an employee owner who is invested in the success of the company and the quality of service DigiPay Solutions has been built on and known to deliver."

Fed expands cryptocurrency oversight <- click to read full story

The Board of Governors of the Federal Reserve System advised banks within its jurisdiction to notify their Federal Reserve supervisors before engaging in any crypto-asset-related activity to ensure such activity is legally permissible and determine whether any filings are required under applicable federal or state laws.

"The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system; however, crypto-asset-related activities may pose risks related to safety and soundness, consumer protection, and financial stability," Fed representatives wrote. Scott Talbott, senior vice president, government affairs at the Electronic Transactions Association, stated, "We applaud the Fed for providing some much-needed guidance on incorporating crypto into the existing payments landscape."

Visa tokens reach milestone <- click to read full story

Visa announced it has now issued more than 4 billion network tokens worldwide through its Visa Token Services, nearly doubling the total count in one year and exceeding the total number of plastic Visa cards in circulation.

Visa describes tokens as "the unsung heroes of ecommerce," benefiting all parties to these transactions through reduced fraud, reduced friction and ease of use across devices. Its analysis shows that across more than 8,500 card issuers and 800,000 merchants, Visa tokens have led to a 28 percent drop in fraud rates and a 3 percent increase in approval rates.

Cannabis stakeholders, regulators reassess cashless ATMs <- click to read full story

Card brands and cannabis industry regulators are warning cannabis, CBD and hemp industry stakeholders to cease and desist cashless ATM usage. The practice, also known as point of banking (POB), involves repurposing countertop POS terminals into makeshift ATMs to disguise cannabis-related transactions as ATM withdrawals, according to industry experts.

A March 4, 2022 post in FINCANN, titled "Are Cashless ATMs The Next Target of Federal Enforcement?" referenced legal action against Jim Patterson, the CEO of California-based cannabis delivery service Ease Technologies Inc., who pleaded guilty to charges of conspiracy to commit bank fraud. 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.

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