Archives

  • Navigating Canada’s Anti-Money Laundering Laws
    Understanding regulations around Canadian payments is critical for corporate practitioners operating north of the border—and south of it as well. Because the two nations are each other’s largest tradi
  • AFP Fraudwatch: Target Breach’s Latest Victim is the CEO
    Target said Monday that it has relieved Chairman and CEO Gregg Steinhafel of his duties, following the massive holiday data breach that compromised 110 million customers, hurt Target’s fourth quarter
  • Cash: The Once, Current and Future King, Says Fed
    New data indicates that U.S. consumers still prefer to use cash over any other payment method, including debit and credit cards. The Cash Product Office (CPO) of the San Francisco Fed reported that wh
  • ANSI Approves Technical Reports on Remittance
    The Remittance Coalition, an industry group that promotes greater use of electronic business-to-business (B2B) payments and electronic data exchanges, has received approval from the American National
  • NACHA Requests Feedback from Network End Users on Same-Day ACH
    NACHA is requesting feedback from treasury and finance professionals on use cases, benefits and potential transaction volume of a ubiquitous same-day settlement capability across the ACH Network. The
  • Moving U.S. Payments Forward: What’s the Holdup?
    Treasury and finance professionals who are focused on payments are looking for ways to modernize the United States payments system, if discussions at the recent NACHA Payments conference in Orlando, F
  • AFP Fraudwatch: 3 Million Cards Hacked in Michaels Breach
    Michaels Stores has admitted that two security breaches it incurred over an eight-month period might have compromised more than 3 million customer credit and debit cards. Also, the Verizon Data Breach
  • Bitcoin Breakdown: Investors Look to Revive Mt. Gox
    A U.S. investor group is attempting to revive the now-defunct Bitcoin exchange Mt. Gox before it is liquidated by a Japanese bankruptcy court. Creditors who owned more than 70 percent of the bitcoins
  • Back to Square One: Startup Contemplating Sell-Off
    Despite high-profile financial backing, generous media coverage and a growing customer base, Square is learning the hard way what traditional third-party providers have known for years: payments is a
  • April 2014 Payments Newsletter
    This month, we begin with a look at the results of the 2014 AFP Payments Fraud and Control Survey, sponsored by J.P. Morgan. While corporate fraud decreased overall, card fraud spiked. The good news i
  • Fed Wants Treasury, Finance Pros to Partake in Fraud Survey
    Federal Reserve Banks are conducting a survey addressing payments-related fraud, and treasury and finance pros are being asked to participate. The survey aims to help the Fed better assess current cha
  • Can Regulation Save Bitcoin?
    Can virtual currencies be regulated in a manner that protects consumers, merchants, our payment systems and national security, while at the same time not “killing the golden goose” through overly burd
  • AFP Fraudwatch: How Treasury Should Respond to Heartbleed
    By now, you have probably heard about the Heartbleed bug—a serious vulnerability in recent versions of OpenSSL, software that millions of websites use to encrypt communications with users. Making matt
  • Bitcoin Breakdown: Pros and Cons of Accepting Bitcoin Payments
    As the buzz over Bitcoin has grown, corporates have taken notice and are looking at how it can apply to their businesses. Could Bitcoin eventually disrupt traditional B2B payments?
  • Mobile Payments: Why Merchants Have the Power
    Many mobile payment apps and mobile wallets fail to connect with consumers because they focus too much on the payment and not on the customer experience. However, some retailers have had success with
  • Durbin Amendment Isn’t Helping Retailers Much, Study Finds
    When Congress passed the Durbin Amendment back in 2010, their intent was to lower retailers’ interchange fees from accepting debit cards. But a new survey by the Richmond Fed found that, since the rul
  • Third Time’s a Charm: Same-Day ACH to Settle 3 Times Daily
    NACHA President and CEO Jan Estep revealed more details on her organization's new, phased-in approach to same-day ACH.
  • Industry Group Outlines New Project to Speed E-Payments

    The Remittance Coalition, a group of payments industry players that works to increase the efficiency of B2B payments made and reconciled by U.S. businesses, shared more details of its much-anticipa

  • NACHA Requests Comment on Addenda Record Expansion
    NACHA is requesting comment on the possible expansion of the number and types of addenda records available for use with ACH payments. The electronic payments association is considering expanding these
  • AFP Fraud Survey: Card Fraud Up, As Is Security Spending
    Credit card fraud increased last year despite heightened interest in reducing security risks, according to the 2014 AFP Payments Fraud and Control Survey, sponsored by J.P. Morgan. In response, compan
  • AFP Fraudwatch: FBI Takes Down ATM Skimming Gang
    The FBI has indicts 17 people for their involvement in an international ATM skimming and money laundering scheme. Also, Sally Beauty admits its recent breach was larger than anticipated, and two banks
  • Bitcoin Breakdown: IRS Declares Bitcoin a Property
    The Internal Revenue Service said last week that it will treat Bitcoin as a property for tax purposes, rather than a currency. The classification means that Bitcoin and other virtual currencies will n
  • Wal-Mart Accuses Visa, Banks of Colluding over Interchange Fees
    Wal-Mart is suing Visa for $5 billion for allegedly colluding with some of the largest U.S. banks to fix interchange fees for retailers. The suit claims that banks have agreed to not compete with each
  • RMB Payments Surge in Australia
    Renminbi payments are booming in Austrialia, according to SWIFT data. Nevertheless, the RMB fell behind the Swiss franc as payments currency in February. RMB payments have increased by 248 percent in
  • Fed Survey: POS Mobile Payments on the Rise
    Consumers using mobile phones to make purchases at the point-of-sale (POS) tripled in 2013, according to recent data from the Federal Reserve. Smartphone users making POS mobile payments jumped from 6
  • AFP Releases Second Payables Strategy Guide
    AFP has released the second installment in its two-part series on creating a payables strategy. Underwritten by Fifth Third Bank, the new guide offers an even more in-depth look at how a payab
  • AFP Fraudwatch: Sally Beauty Breach May Have Affected All Locations
    This week, research by Brian Krebs indicates that the Sally Beauty breach may be much larger than the retailer is letting on, the California Department of Motor Vehicles appears to have incurred a car
  • Strike Back: Appeals Court Overturns Interchange Fee Ruling
    Banks scored a big win last week as the D.C. Circuit Court of Appeals reversed a federal judge’s ruling last summer, which had struck down the Federal Reserve’s cap on debit interchange fees. The appe
  • March 2014 Payments Newsletter
    This month, we look at the Foreign Account Tax Compliance Act (FATCA), the Mt. Gox meltdown, the importance of having an enterprise payment strategy that works in harmony with your working capi
  • NACHA Takes Steps towards Same-Day ACH Settlement
    NACHA announced Tuesday that it is taking steps to bring ubiquitous, same-day ACH settlement to the U.S. Through a “phased approach,” NACHA plans to introduce multiple, same-day settlement options tha
  • AFP Fraudwatch: Target Ignored Malware Alerts
    This week, we look at how the Target breach was the result of the retailer's security team brushing off serious malware alerts. Also, how the Target breach has affected organizations that take recurri
  • Japanese Bank Hit with U.S., Canadian Lawsuits over Mt. Gox
    Mizuho Bank, one of the largest lenders in Japan, has been named in lawsuits in the U.S. and Canada in the aftermath of the Mt. Gox collapse. The bank has been accused of profiting from fraud.
  • Defining Your Enterprise Payment Strategy
    It is essential to develop a working capital management strategy to maximize cash flow, reduce reliance on short-term debt and pay for current liabilities and operating expenses. And one of the greate
  • Bitcoin Breakdown: CFTC, NY Move to Regulate Virtual Currency
    The Commodity Futures Trading Commission (CFTC) indicated Tuesday that it is considering regulating Bitcoin. Separately, New York’s financial services regulator also took steps toward state regulation
  • AFP Fraudwatch: ATMs Soon to Be Highly Vulnerable to Cyberattack
    This week, the PCI Security Standards Council issues a warning to banks that after April 8, 95 percent of the world’s ATMs will be susceptible to cyberattacks. Also, Target's chief information officer
  • Bitcoin Breakdown: Another Bitcoin Site Goes Belly-Up
    Less than a week after Mt. Gox admitted to losing all of its money to cybertheft, Bitcoin site Flexcoin has found itself in the same boat. Also, Japan prepares to regulate Bitcoin as a commodity, and
  • AFP Fraudwatch: AFP Treasury Advisory Group Confronts Cybersecurity
    When a group of treasury executives meet nowadays it should come as no surprise that cybersecurity tops the list of conversation topics. That’s what happened when AFP’s Treasury Advisory Group (TAG) m
  • Bitcoin Breakdown: The Demise of Mt. Gox
    This week, Mt. Gox files for bankruptcy, admitting that it has lost approximately all of its Bitcoins—or nearly half a billion dollars. Also, researchers discover 146 different types of Bitcoin malwar
  • Bitcoin Bombshell: Mt. Gox Closed After Apparent Cybertheft
    Is this the end of Bitcoin? Troubled Bitcoin exchange Mt. Gox suspended trading and was offline Tuesday amid reports that a security breach resulted in the loss of more than $350 millio
  • AFP Fraudwatch: Fraudsters Are Developing Virtual Currencies
    This week, fraudsters eschew Bitcoin for their own virtual currencies, crooks offer a discount on cards stolen in the Target breach, and a Barclays branch employee is accused of stealing milli