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IndustryUpdate

Kansas merchants challenge interchange

Merchants from across Kansas met with Senator Roger
Marshall, R-Kan., to emphasize how lack of competition
over credit card processing drives up prices paid by
consumers and thanked him for introducing the bipar-
tisan Credit Card Competition Act. “Kansans and other
Americans pay the highest ‘swipe’ fees in the industrial-
ized world and lack of competition is the reason why,”
Merchants Payments Coalition Executive Committee
ANNOUNCEMENTS member and National Association of Convenience Stores
Director of Government Relations Anna Ready Blom
Aite-Novarica lauds said. “This bill is a win for everybody except the largest
2022 Digital Wallet Award winners big-city banks that have profited off small businesses
and consumers across America for far too long." For
Aite-Novarica Group announced the winners of the details on the proposed legislation see, Patti Murphy's
2022 Digital Wallet Impact Awards. In its fourth year, "Getting ready for Durbin redux" in this issue of The
the awards program recognizes innovation achieved by Green Sheet.
digital wallet providers that are changing the way that
commerce is done. They winners, Aite-Novarica said, Ranqx enters North American market
are pathfinders in the digital payment space. The win- Believing it has what it takes to transform the North
ners across the four categories are: GoCart, for customer American small to midsize (SMB) lending system, New
experience; PayQuicker, for product design; Netcetera, Zealand-based Ranqx, a digital SMB loan originat-
for value-added services, and Branch for market adop- ing, decisioning and monitoring platform, launched
tion. operations in North America. The company said it offers

Better Markets CEO assails 'spree' of bank mergers banks, credit unions and lenders a straightforward two-
minute SMB API-first application process, which can be
After the OCC and Federal Reserve's meeting on TD completed online. The system is then able to digitally
Bank’s application to acquire First Horizon and create underwrite a loan in less than three minutes by lever-
the eighth largest bank in the United States, Dennis aging real-time accounting, financial and credit data,
Kelleher, CEO of Better Markets, published an objection. Ranqx stated.
“JPMorgan Chase CEO Jamie Dimon was ferociously
adamant that all banks, including especially too-big-to- RESEARCH
fail (TBTF) banks, must be readily able to be resolved in
bankruptcy if they fail," Kelleher wrote. "We wholeheart-
edly agree with that ‘Dimon Rule.’ However, the Federal NCC Group issues latest monthly Threat Pulse
Reserve and OCC are rubber-stamping the biggest bank The ransomware threat scene continues to evolve fol-
merger spree since the devastating 2008 financial crash lowing the disbanding of notorious ransomware group
without requiring the banks to have robust resolution Conti, as ransomware attacks rose from 135 in June to
plans." Having too many TBTF banks threatens the 198 in July, a 47 percent increase, NCC Group’s Global
stability of the financial system, he added. View his full Threat Intelligence team reported. The escalation comes
statement at https://bit.ly/3CPXpCM. amid the rise of several new threat actors, with new-
comer Lockbit 3.0 taking the top spot followed closely by
Chargeback Gurus pioneers AI-compatible solution Conti-associated threat actors Hiveleaks and BlackBasta,

Chargeback Gurus, a provider of chargeback preven- which are settling into a new way of operating, research-
tion and recovery services, developed chargeback dis- ers stated. Meanwhile, Lazarus Group returned to prom-
pute packages designed to be processed by automated inence, following several multi-million-dollar cryptocur-
systems.These packages will help support increasing rency-focused attacks, they added.
automation by issuing banks and ensure maximum Crypto owners want to use balances at POS
efficiency and win rate, the company stated. Through
a network of collaborative relationships, Chargeback New research released by specialized payments plat-
Gurus discovered many issuing banks have been pursu- form Paysafe revealed retailers may be missing out by
ing AI automation as a way to increase the efficiency and not accepting crypto payments. Eighty percent of crypto
consistency of decision-making in disputes. Automating owners want to pay for goods with their crypto balances
this complex process necessitates the use of developing but are held back by a lack of cryptocurrency accep-
technologies such as computer vision, pattern recog- tance at the POS, researchers found. Growing consumer
nition and natural language processing, Chargeback demand for crypto payment acceptance is highlighted in
Gurus said. Paysafe's new study of 3,000 crypto holders (1,000 UK,

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