Transaction Insights

Banks and Tech Firms Join Forces to Combat Fraud with Digital Corporate IDs Did you know that economic crime costs businesses around the world trillions of dollars each year? A new initiative in the UK is aiming to tackle this challenge head-on through the power of technology. According to a recent article on Finextra, a group of banks and technology firms, including Amazon, Barclays, and Mastercard, as well as regulators like the FCA and PSR, have joined forces in a UK government-backed project to develop and test digital corporate IDs. This innovative solution aims to provide a standardized and verified way to identify businesses, making it easier to conduct authenticity checks and prevent fraud. The project is expected to culminate in a final report with recommendations in March 2025. The successful implementation of digital corporate IDs has the potential to revolutionize how businesses interact with each other and financial institutions. This could lead to a more secure and efficient financial system, benefiting businesses and consumers alike. Share your thoughts on the potential impact of digital corporate IDs in the comments below. Source: https://lnkd.in/enT_y2yP To learn more about how Transaction Insights can help you find signals through the noise and stay up to date with the latest developments in your industry, follow the link below 👇 🔗 Transactioninsights.com #Payments #Banks #Banking #Finance #Fintech #DigitalID #Identification #Fraud #CyberSecurity #Business #SMB

Back in early June, Illinois financial institutions and the Electronic Payments Coalition were fighting against the Illinois Interchange Fee Prohibition Act, which exempts merchants from paying interchange on sales tax. The law caps what merchants are paid for collecting sales tax at $1K per month, resulting in merchants only paying interchange on the pre-tax amount of a purchase. The Interchange Fee Prohibition Act was included in the Illinois omnibus budget bill and signed into law by Gov. JB Pritzker on June 7, with the law set to take effect in July 2025, making Illinois the first state to exempt taxes and tips from interchange fees. This law results from a long-standing dispute between retailers and banks over interchange fees, which topped $100B in 2023. While retailers hope this law will serve as a model for other states, it needs more specific details on implementation due to its strong opposition from banks and credit card companies. Over the past week, several banking and credit union trade groups have challenged the new swipe fee law in court, arguing that it could cause “chaos throughout the economy.” The groups argue that the law is preempted by national laws, including the National Bank Act and the Durbin Amendment, which directs the Federal Reserve to regulate interchange fees. They also claim that the law interferes with federally granted powers of national banks and conflicts with the Electronic Fund Transfer Act. Do you see the Illinois swipe fee bill being replicated by other states in the near term, or will the upcoming legal battle delay further adoption across the country? Source: https://lnkd.in/eqmSM_t7 To learn more about how Transaction Insights can help you find signals through the noise and stay up to date with the latest developments in your industry, follow the link below 👇 🔗 TransactionInsights.com #Payments #Banks #Banking #Finance #Fintech #Merchants #SwipeFee #CreditCard #Business #SMB #Economy #Visa #Mastercard #Amex #AmericanExpress #Discover

Regulators around the world from the US and UK to China and Japan have ramped up their critique of global card issuers, with Visa, Mastercard, American Express, and Discover Financial Services all facing mounting criticism for their rising fees and in the latter’s case, its acquisition by Capital One. If you’re looking to catch up quickly on the latest headlines surrounding regulatory and litigation action within the card-issuing space, look no further than this handy summary put together by the TI team: ► 1/10 - American Express faces class-action lawsuit on rules for merchants - https://lnkd.in/eRKpvkxs ► 3/26 - Visa and Mastercard agree to $30B settlement that will lower merchant fees - https://lnkd.in/eH84qg9y ► 4/1 - How Amex is entangled in the Visa-Mastercard settlement - https://lnkd.in/e9xXb8pT ► 4/3 - Mastercard still raising some fees after retailer settlement - https://lnkd.in/exGgEg2N ► 4/15 - US Supreme Court declines Visa, Mastercard appeal in ATM class action - https://lnkd.in/ezaaBWiU ► 5/21 - Britain seeks to rein in Mastercard and Visa fees on retailers - https://lnkd.in/ezqezMxr ► 5/29 - Visa, Mastercard to pay $197M to settle consumer ATM fee lawsuit - https://lnkd.in/egAvSFKx ► 6/16 - Discover’s Pulse Network settles antitrust suit against Visa - https://lnkd.in/ec4Q-qJV ► 6/21 - China asks Visa, Mastercard to cut card fees - https://lnkd.in/e3fEpdtw ► 6/25 - Visa, Mastercard $30B swipe fee settlement rejected by US judge - https://lnkd.in/eVAJy7S4 ► 7/4 - Discover offers $1.2B to settle merchant overcharges - https://lnkd.in/eA8eZJ9V ► 7/5 - Visa and Mastercard to extend current cap on tourist card fees - https://lnkd.in/e-tykrZS ► 7/17 - Visa's Japan unit probed over alleged unfair practice with card firms - https://lnkd.in/eSa9pVTb ► 7/23 - Capital One customers sue to block $35B Discover merger - https://lnkd.in/eed-Gd8s ► 7/23 - FTC investigating Mastercard, more for using AI to price consumer behavior - https://lnkd.in/eP4jpJGt To learn more about how Transaction Insights can help you find signals through the noise and stay up to date with the latest developments in your industry, follow the link below 👇 🔗 TransactionInsights.com #Payments #Banks #Banking #Finance #Fintech #Merchants #CreditCard #ATM #Ecommerce #Business #Economy #Visa #Mastercard #Amex #AmericanExpress #Discover

While we may only be halfway through 2024, the year has been a busy one on the automotive payments front, with in-car and out-of-car fintech developments surging throughout the year thus far. In the list below, we have gathered all the news surrounding BNPL, embedded payments, EV charging, and fleet management that have piqued our interest in 2024. Check it out: ► 1/4 - Drive now, pay later fintech Bumper UK revs up with $48M Series B - https://lnkd.in/evZX_bNd ► 2/1 - Volt.io and Bumper UK bring open banking to car dealerships - https://lnkd.in/e7H38-fc ► 2/5 - Airwallex and McLaren Racing pen partnership to modernize global payments - https://lnkd.in/eaSP7e5d ► 2/15 - Automotive marketplace mobile.de taps Mangopay for embedded payments - https://lnkd.in/e8ZPebx8 ► 3/18 - 123-Transporter Hungary selects DIMOCO Payments as a payment provider - https://lnkd.in/e79ax2iE ► 3/20 - CRIF partners with BMW Financial Services NA, LLC - https://lnkd.in/edeUehXX ► 3/21 - PayPal Ventures leads NX Technologies $22M Series B funding round - https://lnkd.in/e2K35pb2 ► 3/22 - Coast raises $92M to improve fleet management payments - https://lnkd.in/eGsJVDMi ► 3/28 - RVDA, Fiserv to deliver digital payment options to dealers - https://lnkd.in/eWXgsmFh ► 3/29 - Buy-now-pay-later on a Porsche AG? Zaver raises $30M to make it a reality - https://lnkd.in/ev8t9wcb ► 4/10 - EVgo expands Autocharge+ to more than 50 EV models - https://lnkd.in/eDd2rTJv ► 4/16 - Sheeva.AI powers in-vehicle payments for Citroën in India -https://lnkd.in/eV9saxzB ► 4/24 - Car IQ Inc. partners with Lewis & Clark Bank to offer fleet vehicle payment solution - https://lnkd.in/e_SBveaa ► 5/8 - Cox Automotive Inc. e-commerce and Canopy Connect partner on car buying - https://lnkd.in/ewBqtvnx ► 6/7 - Vyne's A2A payment solution offered to UK car dealerships - https://lnkd.in/epZfYNTR ► 7/3 - FleetUp and RoadFlex create integrated fleet expense management solution - https://lnkd.in/eJCDDASC ► 7/10 - DigniFi secures $175M to expand auto repair financing solutions - https://lnkd.in/eRBPsDCA To learn more about how Transaction Insights can help you find signals through the noise and stay up to date with the latest developments in your industry, follow the link below 👇 🔗 TransactionInsights.com #Payments #Banks #Banking #Finance #Fintech #Merchants #Ecommerce #Business #Economy #Auto #Automotive #InCar #BNPL #EmbeddedPayments #EV #FleetManagment

Today, the oldest bank in the US, BNY Mellon, has officially rebranded under a simplified BNY guise. The 240-year-old institution that can trace its roots back to a group that includes Alexander Hamilton among its founders, is undergoing its first rebranding since 2007 when The Bank of New York and Mellon Bank merged to create a financial heavyweight with over $50T in assets across 100 global markets. According to the company press release, "BNY Mellon Investment Management and BNY Mellon Wealth Management will be shortened to BNY Investments and BNY Wealth, and BNY Mellon Pershing will become BNY Pershing. The company's legal parent name will remain The Bank of New York Mellon Corporation." Source: https://lnkd.in/ea4_VN_P To learn more about how Transaction Insights can help you find signals through the noise and stay up to date with the latest developments in your industry, follow the links below 👇 🔗 TransactionInsights.com #Payments #Banks #Banking #Finance #Fintech #Investing #Investments #AssetManagment #Merchants #Ecommerce #Business #Economy #BNYMellon #BNY

PayPal is developing an ad sales business using user data from purchases and spending patterns. Mark Grether, former head of Uber's ad business, will lead the new PayPal Ads division. The company plans to sell ads to both its own customers and non-endemic advertisers. This effort follows the launch of Advanced Offers, an AI-powered ad product that charges advertisers only when consumers make a purchase. Both eBay and Zazzle have begun testing Advanced Offers, according to PayPal. The announcement follows in the footsteps of rival activity within the advertising space, with JPMorgan Chase & Co. last month introducing Chase Media Solutions, which will let advertisers target Chase customers with discounts and deals. According to a recent filing, PayPal processed 6.5B payments from roughly 400M customers in Q1, with total payment volumes jumping 14% to $403.9B. Source: https://lnkd.in/eabRX3Jc To learn more about how Transaction Insights can help you find signals through the noise and stay up to date with the latest developments in your industry, follow the links below 👇 🔗 TransactionInsights.com hashtag #Payments #Banks #Banking #Finance #Fintech #Merchants #Ecommerce #Business #BNPL #Economy #AI #ArtificialIntelligence #Ads #Advertising #PayPal

Klarna has reported that over 87% of its employees are now using generative artificial intelligence in their daily work. The company's internal AI assistant, Kiki, is answering 2,000 employee questions per day and has responded to over 250,000 inquiries since its launch in June. Kiki is being used by 85% of Klarna employees to manage and distribute internal knowledge, generating answers within 5 seconds. The company's legal team has seen a significant reduction in contract production time, from one hour to 10 minutes. 86% of the firm’s legal team is using Kiki, which only trails Klarna’s communication team in adoption, with 93% of the unit using the GenAI tool. Finally, Kiki now fields two-thirds of the firm’s customer service interactions, resulting in the reduction of time spent chatting to less than one-fifth of those experienced prior to the AI’s implementation. Kiki has taken on the labor of 700 full-time employees. Klarna's adoption of generative AI is expected to yield a $40M improvement in profits this year, according to OpenAI. Source: https://lnkd.in/eiBYK5wz To learn more about how Transaction Insights can help you find signals through the noise and stay up to date with the latest developments in your industry, follow the links below 👇 🔗 TransactionInsights.com #Payments #Banks #Banking #Finance #Fintech #Merchants #Ecommerce #Business #BNPL #Economy #FinancialEducation #Klarna #AI #ArtificialIntelligence

- Betterment has reached an agreement with Goldman Sachs to acquire Marcus by Goldman Sachs' digital investing accounts; the deal does not include any other accounts, technology, employees, or operations. - Customers will be transferred to Betterment in the coming months, where they will have access to automated investing, diversified portfolios, and tax-smart tools. - Betterment’s platform currently supports more than 850K customers with $45B in assets. - Goldman Sachs will continue to focus on its Marcus by Goldman Sachs Deposits platform, serving 3M+ customers with $100B+ in deposits. - The deal follows Goldman Sachs’ October 2023 sale of lender GreenSky® to a consortium of institutional investors led by Sixth Street. Source: https://lnkd.in/etv3iJ-6 To learn more about how Transaction Insights can help you find signals through the noise and stay up to date with the latest developments in your industry, follow the links below 👇 🔗 TransactionInsights.com #Payments #Banks #Banking #Finance #Fintech #Merchants #Ecommerce #Business #BNPL #Economy #FinancialEducation #Investing #Roboadvisor #Betterment #GoldmanSachs

According to a new survey from the financial education fintech Greenlight, financial stress and anxiety increase as early as 14 years old as financial confidence declines. Here are our top 12 takeaways from the survey's findings: 1. 76% of Gen Z are stressed about money, compared to 76% of Millennials, 75% of Gen X, and 31% of Gen Alpha. 2. 55% of Gen Alpha are confident in achieving financial goals, compared to only 45% of Gen Z. 3. 91% of Gen Alpha and Gen Z believe financial knowledge and skills are needed to achieve life goals and 94% of Millennials and Gen X agree. 4. The top three financial goals across all generations include saving money, having a well-paying job or owning a business, and owning a home. 5. 55% of Gen Alpha are extremely or very confident they will achieve their financial goals, compared to 45% of Gen Z. 6. 43% of Gen Alpha believe they will live without credit card debt or student loans, while 42% say they will retire comfortably, and 34% say they will own investments. 7. 76% of Gen Z are stressed or anxious about money, compared to only 31% of Gen Alpha. 8. 60% of Gen Z report experiencing financial stress regularly, on par with Millennials at 61% and Gen X at 58%. 9. 55% of Gen Z say they have lied about their financial situation. 10. The top three financial stressors across generations include inflation or shrinkflation at 53%, lack of emergency funds or savings at 46%, and gas prices at 42%. 11. Gen Z’s main source of financial stress is gas prices at 49%, while Millennial and Gen X parents are most stressed about inflation and shrinkflation at 68%. 12. 75% of Gen Alpha and Gen Z want more personal finance education, compared to 70% of Millennials and 66% of Gen X. 50% of Gen Z report learning about personal finance on social media, along with 31% of Millennial parents. Source: https://lnkd.in/eQwRSb23 To learn more about how Transaction Insights can help you find signals through the noise and stay up to date with the latest developments in your industry, follow the links below 👇 🔗 TransactionInsights.com #Payments #Banks #Banking #Finance #Fintech #Merchants #Ecommerce #Business #BNPL #Economy #FinancialEducation

American Express Global Business Travel has announced its acquisition of CWT, a global business travel and meetings solutions provider, for ~$570M. CWT customers will gain access to Amex GBT’s proprietary software and services for travel and expense, including Neo1, Neo, and Egencia, in addition to Select. Paul Abbott, Amex GBT’s CEO, said: “Bringing CWT onto the proven Amex GBT software and services model will create more choice for customers, more opportunities for people, and more value for shareholders.” CWT serves 4K customers and is expected to generate approximately $850M in revenue in 2024. Amex GBT has identified $155M in annual run-rate synergies within three years. To learn more about how Transaction Insights can help you find signals through the noise and stay up to date with the latest developments in your industry, follow the links below 👇 🔗 TransactionInsights.com #Payments #Banks #Banking #Finance #Fintech #Merchants #Ecommerce #Business #BNPL #Economy #Travel #AmericanExpress #Amex #AmexGBT #CWT