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NewsBriefs

This article contains excerpts from news stories recently posted under FIS getting real about payments
Breaking Industry News on our homepage. For links to these and other
full news stories, please visit www.greensheet.com/breakingnews.php. In what is being billed as a "game changer and global first,"
the financial technology company FIS took the wraps off a
cloud-based, software-as-a-service platform that supports
account-to-account transactions for businesses, consumers
and governments using real-time payment networks.
RealNet, as the platform is called, aims to make it easier
for organizations across industries to send and receive
payments, whether they are engaging with consumers,
businesses or employees.

The platform will function as a "network of networks"
utilizing a range of domestic and cross-border payment
rails to simplify and expedite the processing, clearing
and settlement of payments, FIS said. RealNet employs a
smart-routing decision engine, which allows it to identify
the fastest, most cost-efficient option for any transaction
in real-time—for example, ACH, same-day ACH, wire
transfer or the RTP network—and automates the process
end-to-end.
Fintechs building financial inclusion pathways Safe, distanced SEAA reopens tradeshow season

The Electronic Transactions Association published How An impressive number of payments industry professionals
FinTech is Addressing the Needs of the Underserved detailing will gather at the Hyatt Regency Coconut Point Resort in
advancements that have broadened access to financial Bonita Springs, Fla., on May 24 to 26, 2021, for the 20th
services among the unbanked and underbanked. The annual Southeast Acquirers Association conference.
Federal Deposit Insurance Corp. reported that 5.4 percent
of U.S. households were unbanked in 2019, which is down With Bloomberg's COVID-19 tracker reporting 252 million
from 6.5 percent in 2017 and 8.2 percent in 2011. vaccinated U.S. citizens as of May 6, 2021, and numerous
companies lifting travel restrictions, the timing is right
That leaves 7.1 million households where no one holds for a real-time, real-place gathering, SEAA planners
a checking or savings account at a bank or credit union. stated. Jamie Garfield, SEAA board member and director
An even larger number of households are considered of partner sales at Secure Bancard LLC, said the Hyatt
underbanked—that is, someone in the household may Regency hotel has sold out, but rooms are available at
have a bank account, but the households also rely on nearby TownePlace Suites.
nonbank providers of basic financial services.
Predatory lenders may face CFPB payback She urged attendees to reserve rooms using this link:
www.marriott.com/event-reservations/reservation-link.mi?id=1
An April 23, 2021, U.S. Supreme Court decision in the 620234595087&key=GRP&app=resvlink
matter of AMG Capital Management LLC v. FTC may
have far-reaching consequences for the Federal Trade Fed presses for more choice in debit card routing
Commission and Consumer Financial Protection Bureau, Pressure is mounting for debit card issuers to do more
agencies that share enforcement authority over unfair to support merchant choice in routing card-not-present
lending practices, legal analysts noted. transactions. On May 7, 2021, the Federal Reserve
requested public comment on changes to rules it wrote
While conceding that the defendant used predatory implementing the Durbin Amendment to the 2010 Dodd-
practices, the justices were reluctant to grant broad Frank Act. The proposed changes, to Regulation II and its
authority to the FTC to impose fines on lenders on behalf official commentary, would clarify that merchants must
of consumers. This action reined in the FTC's ability to be able to choose from at least two unaffiliated debit
enforce and prosecute fraud, according to Melissa Baal networks for processing online and other CNP debit card
Guidorizzi, counsel at international law firm O'Melveny. purchases. Word of the proposal comes on the heels of a
Guidorizzi, who joined O'Melveny as a financial services lawsuit alleging that the Fed erred in capping debit card
specialist after serving eight years at the CFPB, suggested interchange under the Durbin Amendment and that the
the ruling may spur other state and federal agencies to 10-year-old cap of 22 cents should be set lower. Debit
increase oversight. card pricing has long been a bone of contention between
retailers and the card networks.

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