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MasterCard CEO Hits Back at European Interchange Pressure
MasterCard is cooperating with a European investigation into its fees, though it is questionable that this process will have a widespread effect on interchange, according to MasterCard CEO Ajay Banga.  more »
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Ajay Banga, CEO and President of MasterCard
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CFPB Director Richard Cordray
The Consumer Financial Protection Bureau is charging two companies affiliated with Western Union and Fidelity National Financial more than $38 million in total charges for allegedly steering consumers into a mortgage payment program that cost them millions of dollars in fees. more »
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Western Union announced that it will reinstate international remittances into Greece, after suspending them following the country's decision to shut down all banks amid a mounting debt crisis. more »
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Visa Inc. shares surged 7.5 percent after the world’s biggest payments network said it expects to complete discussions over a potential deal to acquire Visa Europe Ltd. by the end of October. more »
Seamless is using cost as part of its sales pitch for the SEQR wallet.
Europe's clash over interchange rates is being spun into marketing gold by alternative payment companies like Seamless. more »
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Citibank has joined a growing list of banks and vendors that have paid a stiff penalty for allegedly using deceptive marketing and billing tactics in selling credit card add-on products. It agreed to pay $770 million in fines and restitution charges, falling just short of a record fine issued last year. more »
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Citigroup is facing $770 million in charges after two federal regulators said the megabank engaged in deceptive marketing and unfair billing practices related to its credit card add-on products. more »
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Despite the doomsday predictions for banks and acquirers five years ago, the Durbin amendment hasn’t dramatically shaken up the business models of the payments industry. more »
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The regulatory landscape has become far more complex for acquirers and independent sales organizations, mainly because federal agencies are showing more interest in the various layers of the payments ecosystem. more »
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The Consumer Financial Protection Bureau has suggested that financial institutions get busy on implementing consumer protections for real-time and faster payments. more »
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MasterCard Inc. received an antitrust complaint from European Union watchdogs over concerns it's "artificially raising" card-payment fees. more »
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ACI Worldwide has added three board members with pervasive experience in financial services, following the retirement of other board members. more »
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Mobile banking technology provider Monitise Plc has informed its shareholders that Visa Europe will reduce its investment in the company, but will complete a three-year commercial agreement to develop services and finish products. more »