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Discover Financial sues Visa over anti-competitive PIN practices

Discover Financial Services is suing Visa Inc , alleging the largest cards company has been using anti-competitive practices in its debit card business, and sought compensation for lost profit, court documents showed. Discover, through its Pulse Network LLC unit, alleges that “in order to maintain its monopoly, Visa has undertaken a series of illegal actions that undermine competition – harming rival debit networks,… Continue reading >>

The current Bitcoin acceptance market

Bitcoin has a long road ahead before merchants widely accept the currency, but bitcoin acceptance is expanding and accelerating. Silk Road, the illicit online black market, was an infamous early adopter of bitcoin, taking advantage of the currency’s anonymity. The U.S. FBI forced Silk Road to shut down in October 2013. Since then, many legitimate online retailers began to accept… Continue reading >>

Virtual currencies set to disrupt major markets within 5 years

Virtual currencies are likely to be a major disruptive force within five years, according to a new study published by Technology Strategies International. The report titled, The Future of Virtual Currencies, recommends that organizations that are in the path of this disruptive wave starting preparing themselves now. Since the genesis block of Bitcoin appeared in January 2009, more than 1,700… Continue reading >>

Data analytics accelerates disruption in banking

Access to data and the ability to effectively manage data analytics will decide which financial institutions prosper and which will be supplanted during this wave of transformation – this was one of the key conclusions taken from a recent report titled ‘Analyse This, Predict That’, which explores the financial services sector’s data analytics capabilities, and how players may use data analytics… Continue reading >>

The state of SEPA

How is SEPA faring now that migration deadlines have passed, and could banks be doing more? Finally, after a 15-year wait, and a delayed 1 August migration deadline, the Single Euro Payments Area (SEPA) has achieved full implementation of SEPA-compliant credit transfers and direct debits in the euro area- reports Victoria Conroy. The milestone means that over 500 million consumers and 20… Continue reading >>

One Single Market needs one set of rules for card fees

This week, Europe’s politicians begin trialogue talks to decide final rules on how much payment cards will cost merchants and consumers in card fees. The end goal is more competition and innovation in our payments market. The commerce sector fears that unless MEPs make crucial changes to the Council’s text, we will fail to achieve these aims. EuroCommerce Director-General, Christian… Continue reading >>

Five ways Bitcoin could shake up finance

French bank BNP Paribas has published an article titled “Cryptomania” in the latest edition of their in-house magazine. The article, authored by Johann Palychata, a research analyst for BNP Paribas Securities Services, discusses five benefits that Bitcoin could bring to the banking and financial services industry. The five benefits discussed include: MEANS OF PAYMENT As the value of Bitcoin increases,… Continue reading >>

EMV chip transaction figures published by EMVCo

Official figures released by the global technical body EMVCo show that nearly 30% of all card-present transactions conducted globally between July 2013 and June 2014 used EMV chip technology. The data represents all EMV chip card-present transactions – both contact and contactless – as processed by EMVCo’s members, American Express, Discover, JCB, MasterCard, UnionPay and Visa. To qualify as an… Continue reading >>

MasterCard to acquire TNS payment gateway business

Transaction Network Services (TNS), a portfolio company of Siris Capital Group since February 2013, has entered into an agreement to sell its payment gateway services business to MasterCard for an undisclosed sum. MasterCard will acquire TNS’ eCommerce and card-present payment gateways, which will become part of the DataCash payment gateway suite. With the addition of TNS’ Payment Gateway Services, DataCash will be… Continue reading >>

BBVA Compass opens payments platform to Dwolla

BBVA Compass has opened up its payments platform to Dwolla, enabling customers to make real-time payments through the Iowa startup’s payments network. The deal makes BBVA Compass the largest bank to partner with Dwolla and the only major bank to open its platform to such an extent to digital developers – reports Finextra. BBVA Compass chairman and CEO Manolo Sánchez, says:… Continue reading >>