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ACH volume increases to 23 billion payments in 2014

ACH volume grew to almost 23 billion electronic payments, an increase of almost 5%, or 1 billion transactions, over 2013 volume, according to new statistics released by NACHA — The Electronic Payments Association. A total of more than $40 trillion was transferred over the ACH Network last year, increasing more than 3% compared to 2013. “The ACH Network has continually… Continue reading >>

Massive drop in number of unbanked says World Bank

From 2011 and 2014, 700 million people became account holders at banks, other financial institutions, or mobile money service providers, and the number of “unbanked” individuals dropped 20% to 2 billion adults, says a new report from the World Bank. “Access to financial services can serve as a bridge out of poverty. We have set a hugely ambitious goal –… Continue reading >>

Card fraud increases as stolen cards used once every 20 seconds

British businesses were hit by card fraud once every 20 seconds in March, with Worldpay warning that small businesses are likely to have been hackers’ biggest targets. Worldpay saw over 133,000 fraudulent transactions worth £10 million reported in March alone, leaving businesses out of pocket as fraudsters purchased goods and services using stolen card details. Over 67% of all fraudulent… Continue reading >>

TNS set to accelerate UnionPay acceptance worldwide

Transaction Network Services (TNS) has launched a new global card scheme gateway which will enable merchants and banks to quickly and easily connect with UnionPay for authorization and processing of in-store payment transactions. Banks, processors and merchants wishing to accept UnionPay cards will be able to use the TNS Scheme Gateway to access UnionPay’s processing hub in Hong Kong, removing… Continue reading >>

Retail Banks turn to IT to drive revenue in 2015

Retail bank IT investment in 2015 will be focused squarely on driving revenue growth, according to new research from Ovum, the global analyst house. Digital channels will be at the heart of this activity, particularly as the improving economy has meant reducing costs and headcount is no longer a priority. The large majority of investment made in 2015 will be… Continue reading >>

Card Fraud Report 2015 – now available

Card Fraud is the driver of major industry initiatives such as EMV implementation to combat the use of lost, stolen and counterfeit cards, while 3D-Secure authentication protects against the fraudulent use of stolen card details online. But what is the scale of card fraud losses in selected European countries, Canada and the USA and how does it vary between markets? In… Continue reading >>

BBVA Compass teams up with Dwolla for real-time payments

BBVA Compass customers is teaming up with the Dwolla digital currency platform to enable consumers to make real-time payments. BBVA Compass is bypassing the traditional routes and using Dwolla’s FiSync protocol, which enables the confirmation of good funds, secure authentication and real-time availability of money to and from the Dwolla network. Transactions over $10 will incur a flat fee of… Continue reading >>

Payment Systems Regulator takes aim at Vocalink

The Payment Systems Regulator, which launched on Wednesday, will open up access of the infrastructure underpinning financial transactions, from mobile payments to house purchases. The largest lenders, such as Lloyds, Royal Bank of Scotland, Barclays and HSBC, own and control the main systems, such as Faster Payments, which are used to make money transfers. Hannah Nixon, managing director of the… Continue reading >>

PayPal fined £5.2m over failure to block malicious users

In an embarrassing moment, PayPal has been forced to pay a £5.2 million ($7.7 million) settlement over alleged sanctions violations including allegations that it processed payments for a man involved in the black market for nuclear weapons technology. PayPal, which is owned by eBay, is alleged to have facilitated thousands of pounds worth of transactions involving goods and services going to… Continue reading >>

Google’s ‘Pony Express’ Gmail bill payment

Google is reportedly developing a new Gmail feature, Pony Express, that will allow users to receive and pay bills directly from their email inbox. According to Recode, the new project is called Pony Express, though that could be an internal code name; Google could go in a different direction with branding when Pony Express launches to consumers. (But we very… Continue reading >>