Senator Richard Durbin, D-Ill., is determined merchants should get a say in which networks are used to process their credit card payments. He has mustered bipartisan support for the Credit Card Competition Act, which was introduced in June and requires merchants get network choice.

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Security analysts are discussing the newly updated framework for key management extensions, introduced July 25, 2023, by the Accredited Standards Committee X9 Inc. (X9). Designed to clarify procedures for generating and controlling keys used in symmetric cryptographic algorithms, the latest version of the X9.69 standard supports all key lengths and complies with HIPAA and GDPR, stated X9 editor Jay Wack, president and CEO of TecSec.

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A new study by Paysafe, published July 24, 2023, found the experience economy thriving despite a global cost-of-living crisis. The latest in the company's Lost in Transaction series, "Consumer payment trends 2023: How consumers' shifting priorities are impacting the experience economy," surveyed 14,000 consumers in Europe and the Americas and found 23 percent of U.S. consumers have not cut their budgets, and 41 percent are booking travel and airline reservations online.

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Jim Oberman was honored by the Midwest Acquirers Association with a Lifetime Achievement Award at the MWAA's annual conference, held in Schaumburg, Ill., July 24 to 25, 2023. Oberman began his career in merchant services in 1988, and he has served in a variety of senior positions in merchant acquiring, including at NPC, Vantiv and Integrity Payment Systems.

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The Financial Stability Board, an international body that monitors and makes recommendations about the global financial system, unveiled a regulatory framework on July 17, 2023, aimed at standardizing approaches to crypto-asset activities worldwide. It also provided further details in a statement.

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Payments and legal analysts are discussing Block Inc.'s antitrust lawsuit against Visa and Mastercard which accuses the card brands of overcharging its business unit Square Inc. Filed July 14, 2023, Block, Inc. v. Visa Inc., E.D.N.Y., No. 1:23-cv-05377 seeks award for damages caused by anti-competitive behavior from the time Square opened its doors in 2009.

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Omnichannel commerce is big, as experiences that combine digital and in-person interactions remain popular, according to a new report from Fiserv. For example, nearly six in 10 consumers (59 percent) make purchases online for pick up at a brick-and-mortar location, the 2023 Carat Insights report indicated.

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The Federal Reserve's much-anticipated real-time payment network is set to go live later this month. Several years in the making, FedNow joins RTP, a real-time payment network operated by the The Clearing House, in supporting instant payments between financial institutions, 24 hours a day, every day.

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New online ordering fees by leading POS providers Toast and Clover are sparking lively debates in public and private sectors. Initially reported June 19, 2023, by Boston Globe journalist Aaron Pressman in "Now on the Menu at Toast: a new 99 cent fee," the article disclosed that Toast is "tacking a new 99-cent fee on to orders over $10 at a small portion of the restaurants it serves starting on Tuesday, with plans to add the fee nationwide on July 10."

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B2B surcharging, personal balance sheets and other emerging payment trends are turning heads this season, payments analysts have noted. Experts attribute blurring lines between consumer and business transactions to widespread digital commerce adoption. Ultimately, all stakeholders, including merchants and customers, want to transact in a secure, simple, seamless way, stated Allen Kopelman, co-founder and CEO of Nationwide Payment Systems.

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Consumers are reining in spending as merchants amp up promotions, according to June 2023 studies by J.D. Power, the U.S. Chamber of Commerce and Paysafe. The Personal Consumption Expenditures (PCE) index, also published in June, shows inflation rose by 3.8 percent and core inflation rose by 4.6 percent in the past year.

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How does a company lose $17 billion in the space of four years? Fidelity National Information Services, better known as FIS, did it by acquiring leading payment processor Worldpay. FIS just disclosed it is selling a 55 percent stake in Worldpay to the private equity firm GTCR for $11.7 billion. GTCR also has committed to invest up to $1.25 billion in Worldpay to be used "to pursue inorganic growth opportunities."

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Proposed changes to the New York State Department of Financial Services Cybersecurity Regulation for fintechs, known as 23 NYCRR Part 500, are set to go into effect later this year, according to legal analysts and financial services experts, most of whom agree the guidelines are innovative and thorough.

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