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.MAC UPDATES
Level Up 21 — Purchase the Digital Access Today!
Did you miss the boat on Level Up 21? MAC is now offering a Level Up 21 post-event subscription — available for purchase for $79. These recordings are a great way to partake in MAC's industry expert-led discussions.
Please note that MAC cannot offer the recordings of some educational sessions and networking elements due to licensing or other restrictions. If you purchased a pass to attend Level Up 21, you have access to the recordings too. For a full list of recorded content, please click here.
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Open Call for Volunteers
MAC is seeking volunteers to support our plan to CREATE the next level of impact at MAC. Join a passionate and dedicated group of payments professionals working to preserve the integrity of the payments ecosystem. All volunteers are welcome, both MAC members and nonmembers.
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Boarding more merchants faster is key to growing a merchant acquiring business, but it’s risky. KYC due diligence is more than simply a required “tick-the-box” task—it’s the first and critical line of defense against boarding bad actors. This series is designed for risk managers looking to implement the latest advancements in KYC technologies to speed due diligence and underwriting while increasing revenue and compliance.
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.INDUSTRY NEWS
Move over automation, the future of finance is autonomous
PaymentsJournal
In 2019, Deloitte issued a report that offered eight predictions regarding digital transformation's impact on finance departments. At its core, one thing was glaringly obvious: Changes ARE coming — and they might make some people uncomfortable. However, change isn't necessarily bad. When it comes to finance, change is necessary to accelerate growth and ultimately alter the way business finance operations are managed.
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Low-risk instant payments — the approach of the fraud detection solution matters most
The Paypers
With the introduction of the SEPA Instant Payment procedure, banks have been able to significantly increase the user-friendliness of their transfer procedures. However, the service is associated with an increased risk of fraud. Fraud detection solutions can help minimize this risk. However, not all solutions are the same. Different approaches are being taken, and not all of them can keep up with the constantly evolving attack patterns of fraudsters.
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Bitcoin brokerage voyager breaks into digital payments with $85M acquisition
Forbes
As demand continues to grow for crypto investors to make payments with digital assets, $1.9 billion trading platform Voyager Digital Ltd. is making a big push into the space. Announced recently, the publicly-listed firm has acquired Denmark-based crypto payment platform Coinify in an $85 million deal.
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AgeChecker.Net is the leading provider in online age verification for age-restricted industries. Compliance for Tobacco, Vape, CBD, gaming, supplements and many more. Require your merchants to use online age verification for age restricted products. Protect your merchant portfolio by adding an additional layer of KYC compliance.
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On Binance, Binance Coin is king
PaymentsJournal
A recent article in Yahoo Finance gives an overview of Binance Coin, an unusual cryptocurrency that offers a glimpse into what the future of the asset class may hold. Binance Coin has drawn much attention in recent months for the meteoric rise of its price from around $38 at the start of the year to a peak of over $660 in May. Aside from the general crypto-mania that has overtaken the investment world in the past year, BNB's success can be attributed to its distinctive use cases.
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Paying with a credit card? That's going to cost you
Live Mint
It is getting more expensive to pay for things with a credit card.
More small businesses — and even some larger ones — are charging shoppers a fee for credit-card purchases or offering them discounts when they pay with debit cards, cash or checks. The moves are meant to offset the various fees businesses pay on credit card transactions, costs that have grown alongside generous cash-back and travel rewards.
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Mastercard is phasing out magnetic stripes on its cards starting in 2024
The Verge
Mastercard is phasing out the use of magnetic stripes on its credit and debit cards over the next decade, as the industry moves towards more secure or convenient alternatives like chips and contactless payments, the company has announced. It says it will be the first payments network to phase out the technology, which dates back to the 1960s.
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How US payments groups ended up on the wrong side of India's plans
California News Times
In mid-2018, Mastercard's then CEO Ajay Banga enthusiastically defended India's Prime Minister Narendra Modi's attempt to promote electronic payments in a cash-dominated economy.
Modi "understood," telling a New York audience that he emphasized the role of cash in everything from terrorist financing to illegal drug trafficking.
Three years later, his company realized that it was on the other side of India’s plans for this sector.
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Promoted by LegitScript Negative-option billing, also known as continuity marketing, is a deceptive approach to ensnaring consumers in ongoing subscriptions without their express consent. LegitScript's new 13-page negative-option billing guide discusses important topics in this area, including how negative-option billing works, common red flags, and tips to minimize risk.
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Chase Bank launches request-for-pay for B2B payments
PaymentsJournal
Request for Pay, or RfP, is getting more attention as real -time payments evolve. In May, 23 banks plus some key processors announced their intention to implement RRfP through The Clearing House. This signal of support was needed to let potential users know that an audience for RfP for use cases like consumer bill pay or invoiced payments was on the horizon.
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How AR creates value for accounting through data
PYMNTS.com
When it comes to back-office digitization, Matthew Shanahan, chief strategy officer and co-founder of Lockstep, is seeing the same things many other business leaders have witnessed in the last two years: Market disruptions are elevating the need for more agile and insightful back offices, while remote work is driving adoption of automation technologies.
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Nudging businesses to go digital, bankers get 'blank stares'
American Banker
Banks and payment technology providers that have undergone digital transformations say it's time to help industries like health care and government do the same.
Payments and back-office reconciliation could be more efficient if financial institutions and their business customers were interacting with similar technology, experts said during discussions of digital commerce at this year's virtual Mobile Payments Conference.
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Paypal to allow UK customers to buy, sell cryptocurrencies
Law 360
PayPal recently said that it will work with regulators to allow customers in Britain to buy, hold and sell cryptocurrencies including Bitcoin, as the digital payments giant makes its first move into virtual assets outside the U.S.
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Promoted by
Sysnet Global Solutions
| Are you ‘prescribing’ the right security solution to your merchants?
When it comes to small businesses, an all-in-one cybersecurity solution is just what the doctor ordered. |
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Promoted by
Select Choice
| The world is changing every day. Help your team stay ahead of the curve with people solutions from Select Choice. In our latest whitepaper, Making Moments Matter, you'll have access to leading research on staff and resource development. |
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Utilizing payment technology to respond to emerging consumer behaviour
Business of Fashion
For more than 20 years, global payment provider PayPal has operated at the forefront of the digital payment revolution. Creating an additional payment option for consumers who were, at the time, familiar primarily with cash, check, credit and debit card transactions. Paypal's offering has allowed any business or individual with an email address to securely send and receive payments online.
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