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NewsBriefs

This article contains excerpts from news stories recently posted under partner to sellers of all sizes – large, enterprise-scale busi-
Breaking Industry News on our homepage. For links to these and other nesses with complex commerce operations, sellers just
full news stories, please visit www.greensheet.com/breakingnews. starting out, as well as merchants who began selling with
php. Square and have grown larger over time," reads Square's
About section at squareup.com.
FSB recommends a crypto regulatory makeover

The Financial Stability Board, a body that monitors and
FedNow ready to launch makes recommendations about the global financial sys-
tem, unveiled a regulatory framework aimed at standard-
The Federal Reserve's real-time payment network is set to izing approaches to crypto-asset activities worldwide. It
go live. Several years in the making, FedNow joins RTP, also provided further details in a statement. Noting that
a real-time payment network operated by The Clearing guidelines will help ensure consistent, comprehensive
House, in supporting instant payments between financial and risk-based regulations, FSB representatives affirmed
institutions, 24 hours a day, every day. FedNow is the first the two-part plan provides guidance on regulating, su-
new payment system implemented by the Federal Reserve pervising and overseeing activities and markets of general
since the ACH was launched in the early 1970s. crypto-assets and global stablecoin products.

Continuous processing is also a new concept for the Fed. The FSB further noted it has collaborated with sectoral
Historically, the Fed's payment clearing and settlement standard-setting bodies (SSBs) on a plan to develop risk-
services have operated 9 a.m .to 7 p.m., Monday through based global regulatory guidance that combines SSB ac-
Friday, and have been shut down on weekends and fed- tivities with public monitoring and reporting.
eral holidays. Don't expect a bevy of activity once FedNow
goes live, however, as just 57 FIs and service providers Paysafe study explores vibrant experience economy
have been certified for the service's launch.
A new study by Paysafe found the experience economy
Omnichannel commerce, retailer thriving despite a global cost-of-living crisis. The latest in
apps have staying power the company's Lost in Transaction series, "Consumer pay-
ment trends 2023: How consumers' shifting priorities are
Omnichannel commerce is big, as experiences that com- impacting the experience economy," surveyed 14,000 con-
bine digital and in-person interactions remain popular, sumers in Europe and the Americas and found 23 percent
according to a new report from Fiserv. For example, nearly of U.S. consumers have not cut their budgets, and 41 per-
six in 10 consumers (59 percent) make purchases online cent are booking travel and airline reservations online.
for pick up at a brick-and-mortar location, the 2023 Carat
Insights report indicated. Additional highlights from the Rob Gatto, Paysafe's chief revenue officer, noted that ex-
report, based on a survey of 2,200 adult Americans this periential commerce is trending worldwide. Paysafe re-
past Spring, include the growing appeal of both digital searchers also noted that in times of economic uncertainty,
wallets and retailer apps. consumers frequently turn to cash spending as a budget-
ary tool that helps control spending. Gatto pointed out
Carat is an omnichannel ecosystem that orchestrates pay- that eCash enables cash to be used for online transactions,
ments and experiences for many of the world's largest providing digital access to cash payers.
businesses. Buy online, pick-up in-store (BOPIS) gained
numerous converts in the early days of the COVID-19 pan-
demic, but it didn't stop there. In 2022, 47 percent of con- Also find us on Facebook,
sumers surveyed used BOPIS; this year, 50 percent said
they used BOPIS. LinkedIn & Twitter for the

Block takes a swing at Visa, Mastercard most up-to-date stories,
can’t miss events and newest
Analysts are discussing Block Inc.'s antitrust lawsuit industry announcements.
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 Febru-
ary 2009. Co-founders Jack Dorsey and Jim McKelvey es-
tablished Square as a mobile app and payment facilitator. https://www.facebook.com/TheGreenSheetInc

The company subsequently onboarded millions of sub- https://www.linkedin.com/company/the-green-sheet
merchants, diversified its holdings and rebranded as Block https://twitter.com/The_Green_Sheet
Inc. in 2021, according to Square's website. "Today, we're a
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