Strict new customer authentication rules are set to take effect in Europe, but not everybody is ready, leading the European Banking Authority to allow additional time for banks, financial technology firms and merchants to start toeing the line. The new rules aim to thwart online payment fraud, which has skyrocketed now that the EMV payments are the norm for card-present transactions worldwide.
As ecommerce merchants struggle to meet the European Union's revised Payment Services Directive, TSYS launched an advanced technology platform designed to validate customers and combat application, transaction and account takeover fraud. The TSYS Authentication Platform went live Sept. 12, 2019. The solution will be launched in North America in 2020, TSYS representatives stated. Four partners helped TSYS develop the platform: Featurespace, Emailage, InAuth and Payfone.
In a case that could have implications for direct deposit and payroll services providers, a payroll processing firm based in New York State ceased operations, vanishing with $35 million earmarked to pay client employees and their tax withholdings. Shortly after the FBI and regulators in New York began investigating, MyPayrollHP owner Michael Mann, the executive at the center of the malfeasance, was arrested near Albany. He was charged by federal prosecutors with a $70 million fraud scheme.
Access to voice-enabled technologies and alternative payment types are top-of-mind among consumers worldwide, according to separate studies published in September 2019 by Capgemini and Paysafe Group. Capgemini's World Payments Report 2019 assessed the impact of open banking on banks, nonbank financial service providers and corporate enterprises. Paysafe's Lost in Transaction: Gen Z expectations at the checkout surveyed 6,000 British, American, Canadian, German, Austrian and Bulgarian consumers about their shopping habits and preferences.
More than 600 payments industry professionals recently gathered at the Omni Rancho Las Palmas Resort in Rancho Mirage, Calif., for the 16th annual Western States Acquirers Association conference. Planners of the event mixed back-to-basics training with payments innovation and emerging technologies for the event. The annual conference endeavors to educate and inform acquirers, ISOs and merchant level salespeople about the ever-changing needs of the financial services industry.
The U.S. House of Representatives took aim at federal barriers to banking cannabis businesses. The Secure and Fair Enforcement (SAFE) Banking Act, which in a 321-103 vote on Sept. 25, 2019, would provide a safe harbor for financial institutions that want to serve cannabis businesses. The vote marks the first time either house of Congress has taken up cannabis reform legislation.
Following are excerpts from news stories recently posted under Breaking Industry News on our home page.
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