Payments Processing

How Platforms Are Driving Payments Innovation

To meet the demands of consumers hungry for digital payment options, a growing number of online platforms are changing the way that consumers pay for their services. They are expanding their payment choices, as, at the same time, brick-and-mortar retailers are opening up to a world of digital payments.

Read More

Banks See Payments Infrastructure Renovation as Key to Digital Strategy

Nearly two-thirds of banks believe their payments infrastructure will need a significant upgrade in the next three years as an area once confined to the back-office domain becomes a key part of firms’ digital strategy, according to a new report from Ovum.

Read More

ANZ Banks on Its Agility to Stay Relevant in the Financial Services Industry of the Future

The future of the financial services industry in Australia will be dependent on banks redefining their business model, Australia and New Zealand Banking Group (ANZ) CEO Shayne Elliott has said, but to him that means being a master of one element, rather than merely good at a few.

Read More

Payments PIN Network Mistakes That Cost Financial Institutions Big Bucks

In the ever-changing world of payments, the gritty details in vendor PIN network contracts matter – a lot. And ignoring these details or getting agreements wrong can cost financial institutions as much as six or even seven figures over the life of a contract.

Read More

Proof That Square Is Completely Disrupting Payment Processing

Square’s stock has made new all-time high after new all-time high over the past year, capped off recently with news that cumulative downloads of their peer to peer payment app, Square Cash, have surpassed those of rival PayPal’s Venmo for the first time.

Read More

Purchase Volume for U.S. Credit Card Industry Could Cross $1 Trillion in Q4

The U.S. credit card processing industry resumed its growth trajectory after a seasonally slow first quarter to reach a record 927 billion in purchase volume over Q2 2018. This represents an almost 10 jump from the figure of 844 billion in Q2 2017 and 846 billion in Q1 2018. Given that the U.S.

Read More

Square Cuts Chip Card Processing Time by 44% to 2 Seconds

Square has announced that it has cut its chip reader processing time for card transactions down to just two seconds. The news comes a little more than a year after Jack Dorsey took to Twitter to boast that Square had trimmed its processing time down from 4.2 seconds to 3.

Read More

Travel Companies Struggle With Processing Costs

The global travel industry generates approximately $1.4 trillion in revenue annually and, in doing so, spends 5.4 percent of its revenue processing payments. In fact, worldwide airlines, travel agencies and hotels spend some $75 billion per year to pay their payment service providers.

Read More

Why Banks Fear Core Systems Change

I was listening to a group of CIOs talking about legacy systems change the other day. One said that it doesnt matter how old the systems are; its all about whether they are maintainable and fit-for purpose.

Read More

Banks Unlikely to Process Payments With Distributed Ledgers for Now, Says Ripple

Banks are unlikely to use distributed ledgers to process cross-border payments for now because of scalability and privacy issues, according to Ripple, one of the most prominent startups developing the technology. I will concede, we haven’t gotten there yet, Ripple’s chief cryptographer David Schwartz said in an interview.

Read More

PayPal’s Power Play to Capture Payment Processing Industry

PayPal went to market…and made another merchant-related acquisition. That’s right, within weeks of acquiring iZettle, the European-based payment processing company that caters to small merchants, PayPal made another acquisition that augments the overall package it can offer merchants looking for its services.

Read More

Intuit Stops Processing Payments on Gun Sales

Several gun-related businesses were suddenly and without warning disrupted in recent weeks when Intuit stopped processing credit card payments because sales were gun-related, The Post has learned.

Read More