Category Archives: industry news

credit card processing and merchant payment industry news including VISA & MasterCard association news, interchange rates, risk management and retailer security requirements

10 Most Promising Payment and Card Solution Providers 2019

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Who made the top 10 list of of most payment and card solutions providers? The first ten companies to fork out $3000, which 3D Merchant Services declined to pay. The criteria for getting on the top ten list of anything and then to top google search results is usually all about the money, not the product. Here’s an actual offer for how to get on the top ten list, just pay the bucks and you’re in!

Greetings from MyTechMag, a technology magazine which has already proved its strong hold in various industries and technology vertical. Now MyTechMag is all set to explore the Payment industry focusing on the Payment and Card Solution Providers. With great pleasure I would like to communicate that our Editorial team has selected as one among the “10 Most Promising Payment and Card Solution Providers 2019”.

Payments are now evolving at a rapid pace with new providers, new platforms, and new payment tools launching on a near daily basis.The payments industry would be in a transformational state in 2020. The ongoing war with alternative payment channels will intensify and challenges in emerging markets would force the incumbents to take drastic measures.

I was exploring the possibility of participating in this special edition. We offer a one-page profile to all the Top 10 companies. We would be keen to feature a one-page exclusive profile about  in our upcoming Payment and Card edition. The company profile will provide an in-depth perspective of the company’s product offerings, strengths, and unique proposition. The Payment and Card special edition will be sent to 166,000 technology leaders across the industry verticals.

The Branding package is at a cost of $3,000
* would have unlimited digital and prints right for the one-page profile with Senior Executives photo.
* One Full Page color advertisement space in the magazine.
* will also receive the logo of the “10 Most Promising Payment and Card Solution Providers 2019”.
* We would be happy to host all the news from your company on our website.

This is undoubtedly going to optimize your company visibility as it will reach 166,000 senior leaders, and key decision makers across the industry. Kindly go through the same and let me know your thoughts on how you would like to take this opportunity ahead.

I look forward to hearing from you.

When you need to find the best payment processing solution or credit card processing solution, call a professional and have a conversation. How knowledgeable is that person? For web sites, does it have material relevant for your business?

Did you find this web site useful? Call Christine Speedy, PCI Council QIR certified, for all your payment processing solutions needs. Have a knowledgeable professional helping you maximize profits. 954-942-0483, 9-5 ET.

MasterCard and Visa Class Action Suit Update 2019

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The U.S. District Court in the Eastern District of New York has preliminarily approved a proposed settlement of between $5.54 Billion and $6.24 Billion in a class action lawsuit against Mastercard, Visa and member banks. Millions of merchants were sent direct mail solicitations from law firms in 2019, possibly creating confusion about how to process claims.

visa mastercar payment card settlment
Official court notification sample and official settlement web site.

The final approval hearing is November 9, 2019 and if nothing changes, merchants will be able to file their claim through a simple process. Merchants will automatically be notified about the process; at this time, there is nothing to do.

In the interim, if you have any questions, please visit the official settlement website www.paymentcardsettlement.com.

Brighterion and Elavon to Fight Fraud with Artificial Intelligence

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Leading AI capabilities deliver more sophisticated and efficient fraud protection

SAN FRANCISCO and ATLANTA, July 09, 2019 – While the global implementation of EMV chip technology has reduced fraud activity for card payments, the payment’s ecosystem is still battling the threat of new and emerging fraud payment schemes online. Brighterion, a Mastercard company, and Elavon, a global payments provider and subsidiary of U.S. Bank, have announced they will work together to integrate Brighterion’s advanced artificial intelligence (AI) platform into Elavon’s network to minimize fraud and manage risk.

“The explosion of ecommerce has been matched with a rise in digital fraud,” said Ajay Bhalla, president, cyber & intelligence at Mastercard. “AI has proven itself critical in managing the complexities of today’s evolving world. We’re pleased to collaborate with Elavon as they take a leadership role in fighting fraud in the industry.”

With the ability to analyze nearly 100 billion transactions annually, Brighterion will enable Elavon to better discover and identify transaction anomalies, which helps mitigate risk and maintain the integrity of Elavon’s global systems.

“The increasing sophistication of fraudsters demands smarter, more nimble and innovative fraud tools that allow us to stay one step ahead,” said Tim Miller, senior vice president, global credit and risk, Elavon. “We look forward to bringing the strength and flexibility of Brighterion’s AI platform to our fight against fraud.”

In addition to Brighterion’s AI capabilities, Mastercard’s AI and machine learning technologies, such as AI Express, provide real-time intelligence across data sources regardless of type, complexity or volume. AI Express helps companies develop a tailored AI model and was designed to help address key business priorities, including anti-money laundering, fraud risk management, cyber security, credit risk prediction and operational efficiencies.

“Banks, processors and large merchants are rapidly adopting advanced machine learning technologies to combat fraud,” said Julie Conroy, research director for Aite Group’s Fraud and AML practice. “Our research shows that these technologies provide substantial lift in fraud detection compared to legacy rules-based systems, while at the same time reducing the false positives that can be so detrimental to the customer experience.”

The companies will work with merchants in the United States, Europe and Latin America to incorporate fraud monitoring into their systems.

About Brighterion, Inc.

Brighterion, a Mastercard company, was founded in 2000 and acquired by Mastercard in 2017. We deliver a leading artificial intelligence and machine learning platform that provides real-time mission critical intelligence from any data source, regardless of type, complexity or volume. Our AI solution secures billions of transactions monthly and is used and trusted by many of the world’s leading organizations and governments in payments, compliance, financial markets, security and defense, healthcare, Internet of Things, marketing and more. Currently we serve 74 out of 100 of the largest U.S. banks and more than 2,000 customers worldwide, analyzing nearly 100 billion transactions annually.

About Elavon

Elavon provides end-to-end payment processing solutions and services to more than 1.3 million customers in the United States, Europe, Canada, Mexico, and Puerto Rico. As the leading provider for airlines and a top five provider in hospitality, healthcare, retail, and public sector/education, Elavon’s innovative payment solutions are designed to solve pain points for businesses from small to enterprise-sized.

EMVCo Launches EMV 3-D Secure 2.2.0 Testing Programme

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Confirms that EMV 3-D Secure products support merchant whitelisting functionality and authentication of additional e-commerce payment scenarios.

25 June 2019 – EMVCo has updated the EMV® 3-D Secure (EMV 3DS) Testing Programme which includes test platform and process updates to support the EMV 3DS 2.2.0 Core Specification and EMV 3DS 2.2.0 SDK Specification released in December 2018.
Using the EMV 3DS Test Platform, EMV 3DS product providers can validate that their products support all the enhancements introduced in EMV 3DS 2.2.0, such as the exemptions to Strong Consumer Authentication (SCA) for the European Second Payment Services Directive (PSD2). Additionally, the test platform will also validate support for FIDO enhancements, and authentication for new payment scenarios, such as mail order and telephone purchase transactions.

“Testing and approving 3DS products using the EMV 3DS Test Platform provides the industry with confidence that 3DS products are aligned with the EMV 3DS specifications to ensure delivery of effective and convenient e-commerce authentication,” comments Karteek Patel, EMVCo Executive Committee Chair. “Our specifications and testing frameworks can’t be static. EMVCo works with industry experts to ensure the 3DS infrastructure supports the latest requirements of e-commerce stakeholders.”


EMVCo’s EMV 3DS Testing Programme, launched in August 2018, has approved more than 100 3DS products to date. This update to the Test Platform references additional features for merchants and issuers to maximise the benefit of the available SCA exemptions, including the ability of a consumer to whitelist a merchant.
EMV 3DS is a messaging protocol that promotes secure, frictionless consumer authentication for card-not-present, e-commerce purchases across channels and connected devices. To learn more about EMV 3DS, please read the FAQ that is available for download from the EMVCo website.

EBA publishes an Opinion on the elements of strong customer authentication under PSD2

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The European Banking Authority (EBA) published today an Opinion on the elements of strong customer authentication (SCA) under the revised Payment Services Directive (PSD2). The Opinion is a response to continued queries from market actors as to which authentication approaches the EBA considers to be compliant with SCA. The Opinion also addresses concerns about the preparedness and compliance of some actors in the payments chain with the SCA requirements that apply as of 14 September 2019.

Today’s Opinion provides a non-exhaustive list of the authentication approaches currently observed in the market and states whether or not they are considered to be SCA compliant. The Opinion does so separately for each of the three SCA elements of knowledge, possession and inherence, and also provides clarifications regarding combinations of these elements.

The Opinion also responds to the concerns about market preparedness, by clarifying that the EBA is legally not able to postpone an application date that is set out in EU law. The Opinion also explains that sufficient time has been available for the industry to prepare for the application date of SCA, given that the definition of SCA had been set out in PSD2 when it was published in 2015, which gave clear indications that existing authentication approaches would need to be phased out, and because PSD2 already granted an additional 18-month period for the industry to implement SCA.

However, the Opinion acknowledges the complexity of the payments markets across the EU and the challenges arising from the changes that are required, in particular by actors that are not payment service providers (PSPs) and, therefore, not directly subject to PSD2 and the EBA’s technical standards, such as e-merchants, which may lead to some actors in the payments chain not being ready by 14 September 2019.  

The EBA, therefore, accepts that, on an exceptional basis and in order to avoid unintended negative consequences for some payment service users after 14 September 2019, NCAs may decide to work with PSPs and relevant stakeholders, including consumers and merchants, to provide limited additional time. This is to allow issuers to migrate to authentication approaches that are compliant with SCA, such as those described in this Opinion, and acquirers to migrate their merchants to solutions that support SCA.

This supervisory flexibility is available under the condition that PSPs have set up a migration plan, have agreed the plan with their NCA, and will execute the plan in an expedited manner.

In order to fulfil the objectives of PSD2 and the EBA of achieving consistency across the EU, the EBA will later this year communicate deadlines by which the aforementioned actors will have to have completed their migration plans.

Background

The revised Payment Services Directive was published in November 2015, entered into force on 13 January 2016 and applies since 13 January 2018. The Directive brings fundamental changes to the payments market in the EU, in particular by requiring SCA to be applied by payment services providers (PSPs) when carrying out remote electronic transactions.

SCA is defined in the Directive as an “authentication based on the use of two or more elements categorised as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data.” The Directive also provides that SCA is to be applied to all electronic payments, unless one of the exemptions applies.

The EBA had been mandated to support the Directive by developing regulatory technical standards (RTS) setting out the details on strong customer authentication and common and secure communication (RTS on SCA and CSC), including its exemptions, and to regulate the access to customer payment account data held in account servicing payment service providers.

The RTS were developed in 2015/16, consulted on during 2016/17, adopted as Commission Delegated Regulation (EU) 2018/389 on 27 November 2017, published in the Official Journal on 13 March 2018, and will legally apply from 14 September 2019. The RTS deliberately refrains from referring to any particular authentication approaches in the industry, in order to ensure that the RTS remains technology neutral and future-proof.

Legal basis

The EBA issued the Opinion in accordance with Article 29(1)(a) of its Founding Regulation, which mandates the Authority to play an active role in building a common Union supervisory culture and consistent supervisory practices, as well as in ensuring uniform procedures and consistent approaches throughout the Union.