Weekly News Update

Payments News Update – June 12, 2020

Legal and Regulatory Developments SPOTLIGHT: 'Fraud' Lawsuit Slams Plaid on Eve of Historic $5.3-Billion Payday RIABiz – June 9, 2020 As Plaid nears the date when it banks a $5.3 billion dollar check from Visa, it may face a final hurdle from a class action alleging its value proposition depends on a "massive invasion" of the privacy of over 200 million bank and brokerage accounts. Filed on May 5, the...

Payments News Update – June 4, 2020

Legal and Regulatory Developments SPOTLIGHT: How PayPal’s Case Against the CFPB Could Spawn ‘Uncomfortable’ Results for Payments Players  Digital Transactions News – June 2, 2020 It was easy to lose track of it in the midst of all the impacts of the novel coronavirus, but a crucial federal lawsuit filed six months ago still hangs over the payments industry, carrying far-reaching implications for nearly...

Payments News Update – May 28, 2020

Legal and Regulatory Developments SPOTLIGHT: French Anti-Trust Watchdog Shines a Light on Fintech Finextra – May 27, 2020

France's competition authority has launched a public consultation into the fintech sector, with a focus on payment services. The payments sector is being upended by a combination of new technologies, such as mobile phones and blockchain, and new players, both fintech startups and big tech...

Payments News Update - May 21, 2020

Legal and Regulatory Developments SPOTLIGHT: Retailers and Wholesalers Call for Urgent Amendment of Card Fees Regulation Finextra – May 18, 2020 EuroCommerce Director-General Christian Verschueren today pressed the European Commission to act on the growing problems facing retailers and wholesalers resulting from the limited scope of the Interchange Fee Regulation (IFR). He asked for firm proposals to amend...

Payments News Update - May 14, 2020

Legal and Regulatory Developments SPOTLIGHT: A Third Rail for Europe: SEPA Instant Payment Card Comes Into Focus PaymentsSource – May 11, 2020 (subscription required) The potential for a new card scheme throughout Europe has been a discussion point surrounding the Single Euro Payment Area since its inception more than a decade ago. A new proposal could bring this concept into reality. The Smart Payment...

Payments News Update - May 7, 2020

Legal and Regulatory Developments SPOTLIGHT: Sabre, Farelogix Deal Called Off but U.S. Defeat Still Stands Bloomberg – May 1, 2020 Travel technology companies Sabre Corp. and Farelogix Inc. called it quits on their $360 million deal, but their recent legal victory against antitrust charges is likely to help other firms escape scrutiny. Sabre terminated its planned acquisition of Farelogix Friday, less than a...

Payments News Update - April 30, 2020

Legal and Regulatory Developments SPOTLIGHT: What Asia-Pacific Can Learn From EU’s Open Banking Initiatives PYMNTS – April 30, 2020 (click here for PYMNTS report) The COVID-19 pandemic has caused an impact on open banking developments worldwide as regulators, financial institutions (FIs) and businesses set their sights on helping their current customers rather than future innovations. Implementing any new...

Payments News Update - April 23, 2020

Legal and Regulatory Developments SPOTLIGHT: AAI Says It’s Time to Cancel Amex: Sabre-Farelogix Opinion Makes a Mockery of Market Definition American Antitrust Institute – April 21, 2020 (click here for the AAI commentary) In a new commentary addressing the Department of Justice’s recent defeat in attempting to block the merger of Sabre and Farelogix, AAI Vice President of Legal Advocacy Randy Stutz...

Payments News Update - April 16, 2020

Legal and Regulatory Developments SPOTLIGHT: Small Business Lending: Paypal, Intuit, Square to Facilitate SBA Paycheck Protection Loans International Business Times – April 14, 2020 A number of fintech firms, including PayPal Holdings Inc., Square Inc. and Intuit Inc., have retooled their lending programs and begun facilitating Small Business Administration Paycheck Protection Program loans through major U.S....

Weekly News Update -- December 19, 2019

Legal and Regulatory Developments SPOTLIGHT: Visa, Mastercard $6.3 Billion Settlement With Merchants Wins Approval MLex – December 13, 2019 (subscription required) (click here for Judge Brodie's Order) Visa and Mastercard's $6.3 billion class action settlement over their rules for merchants has won a judge's final approval. The deal is fair, reasonable and adequate, US District Judge Margo Brodie said in an...