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25 Aug 2023, 7:02 am
Card VolumeAmerican Banker – August 14, 2023 (subscription required) More merchants fed up with credit card expense are showing interest in payments that pull funds directly from consumers’ bank accounts, giving fresh momentum to the so-called Pay by Bank movement. [read post]
15 Aug 2023, 7:58 am
Yes, it achieved its goal of reducing the interchange fees that merchants pay as part of the merchant discount fee. [read post]
11 Aug 2023, 9:37 am
Commodity Futures in the News Recently, the Commodity Futures Trading Commission issued orders simultaneously filing and settling charges against swap dealer and futures commission merchant (FCM), who are affiliated with four financial institutions. [read post]
10 Aug 2023, 10:36 pm
The options are the consumer, the card issuer, or the merchant's bank. [read post]
10 Aug 2023, 7:00 am
On August 8, the CFTC announced that it had settled charges against swap dealer and futures commission merchant (FCM) affiliates of four financial institutions: BNP Paribas, Société Générale, Wells Fargo, and Bank of Montreal. [read post]
28 Jul 2023, 7:34 am
It’s Official: FedNow Launches With 35 Banks and Credit Unions Signed Up for Instant PayDigital Transactions News – July 20, 2023 The Federal Reserve’s instant-payment service, FedNow, is officially live with 35 banks and credit unions participating, the nation’s banking regulator announced early Thursday. [read post]
14 Jul 2023, 10:21 am
Fraud has become a growing problem for banks and payments companies. [read post]
12 Jul 2023, 8:11 am
The transaction would be declined, but if the merchant trying to collect the money resubmitted a request for payment, the money would go through and another $35 charge would hit the customer’s account, this time as an overdraft fee, or it would be denied again, incurring a second “insufficient funds” fee. [read post]
30 Jun 2023, 8:46 am
A 2014 survey of merchants by the Federal Reserve Bank of Richmond found that 98% of respondents either did not lower prices following Durbin, or actually increased them. [read post]
28 Jun 2023, 8:42 am
The exemption of Banks in respect of financially sophisticated and high-wealth corporate clients, referred to as the Merchant Banking Exemption (BN 103 of 2004), was extended by FAIS Notice 35 of 2023 until 30 June 2025. [read post]
28 Jun 2023, 6:51 am
Allowing non-bank payment service providers (PSPs) access to all EU payment systems, with appropriate safeguards, and giving them a right to have a bank account. [read post]
27 Jun 2023, 8:27 am
”5 Further, such relationships “may exist despite a lack of a contract or remuneration” and may include “outsourced services, use of independent consultants, referral arrangements, merchant payment processing services, services provided by affiliates and subsidiaries, and joint ventures. [read post]
26 Jun 2023, 9:42 am
Although the Guidance’s applicability is limited to FDIC supervised institutions, the information provided on potential risks and mitigation practices should be taken into consideration by any financial institutions or merchants that assess multiple re-presentment NSF fees in connection with billing consumers. [read post]
20 Jun 2023, 5:21 am
§ 42.2, a futures commission merchant must comply with the applicable provision of the Bank Secrecy Act and related regulations which includes implementing a CIP, facilitating KYC diligence, and other requirements such as facilitating an anti-money laundering program. [read post]
19 Jun 2023, 9:05 pm
By the fourteenth century, Tuscan merchants had developed the system of double entry accounting that captures the distinct financial unit of an entity (i.e., for every debit there is a credit and vice versa so that profitability is tied to the claims on the business with every asset of a going concern financed through debt or equity claims so the balance sheet balances). [read post]
13 Jun 2023, 11:57 am
Payment facilitators and their associated processors and acquiring banks underwrite and track the “sub-merchants” under the payment facilitator to help prevent bad actor merchants from entering the payment system. [read post]
3 Jun 2023, 7:41 am
My rich uncle always said, “No one ever got rich unless they walked into a bank and asked for a loan. [read post]
2 Jun 2023, 7:54 am
RBA Warns Banks Over Default Routing, Mulls Debit Card RegulationDynamic Business – May 29, 2023 The Reserve Bank of Australia (RBA) has strongly warned banks about affordable debit card transaction fees for merchants. [read post]
25 May 2023, 5:31 am
The Court opined that “if aiding-and-abetting liability were taken too far, then ordinary merchants could become liable for any misuse of their goods and services, no matter how attenuated their relationship with the wrong-doer. [read post]
13 May 2023, 7:59 am
Bank National Association v. [read post]
