NACHA, the electronic payments association, today announced that its members voted to finalize a rule change that will accelerate ACH settlement, introducing two extra windows during weekdays — morning and afternoon — for credit transactions. The rule provides for fees so that receiving financial institutions can recover costs associated with handling same-day ACH.
The deadline for MasterCard-issuing banks to determine whether they will accept the network’s $19 million settlement with Target related to losses from Target’s 2013 data breach is Wednesday, May 20.
ABA and several other trade groups submitted a statement for the record of today’s House Financial Services Committee hearing on data security, emphasizing the shared responsibility that all participants in the payments system have for safeguarding customer data.
ABA played a lead role in securing higher post-data breach reimbursement levels for banks of banks of all sizes.
Nearly two-thirds of consumers have not heard of chip card technology — also known as EMV — even though 80 percent are concerned about the security of their debit and credit transactions, according to a recent survey commissioned by Chase, which said it will have converted more than 70 percent of its cards to EMV by the end of 2015.
The Federal Reserve’s faster payments initiative is moving forward, and milestones have been established for the Faster Payments Task Force.
Recent actions by the Financial Crimes Enforcement Network indicate that regulatory pressure on virtual currency companies is heating up.
Reps. Randy Neugebauer (R-Texas) and John Carney (D-Del.) today introduced the bipartisan Data Security Act (H.R. 2205), which would establish a national data security and breach notification standard for financial institutions and retailers.
It’s hard to keep up with new developments in payments, says former ABA Chairman Jeff Plagge. But banks need to stay on top of changes to serve their customers.
On April 26, Romanian law enforcement authorities reported the arrest of 25 suspects believed to be members of a sophisticated international gang of cybercriminals responsible for stealing more than $15 million from banks in Puerto Rico and Muscat, Oman.