MasterCard has announced several changes to its Account Data Compromise program, increasing and accelerating reimbursements for costs incurred by card issuers after data breaches.
ABA this week is running ads in Capitol Hill publications and on D.C.-area talk radio stations urging Congress to let the payments industry continue to develop innovative solutions to secure payments — and not mandate static technologies such as chip-and-PIN, which is fast becoming out of date.
The Federal Reserve Banks and the Clearing House are exploring how to adopt the ISO 20022 payment messages for the U.S. wire transfer systems (i.e. Fedwire Funds Service and CHIPS, respectively), but the scope, means and timing of adoption have not yet been determined.
The Federal Reserve recently released the roster of those selected for its Secure Payments Task Force, one of two stakeholder groups helping the Fed identify approaches to creating a better, faster and safer U.S. payments system.
Only 2 percent of Americans use mobile wallets such as Apple Pay and Google, according to a recent report from Gallup.
Consumer Financial Protection Bureau Director Richard Cordray appeared before the Senate Banking Committee today and said during the question-and-answer period that the CFPB intends to revisit the income-verification standards under the Ability-to-Repay Rule.
As the effort to develop a faster payments system continues apace, the Consumer Financial Protection Bureau today added its perspective about how consumer protections might best be integrated into new payments mechanisms.
The discussion about the migration to faster payments used to feel like people talking about the weather. Everyone complained about it but no one ever did anything.
As many as three-quarters of all merchants may not have implemented EMV chip card technology before the Oct. 1 liability shift, according to a report last week from Javelin Strategy and Research.