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NewsBriefs

This article contains excerpts from news stories recently posted under digital assets into modern payment systems. Meanwhile,
Breaking Industry News on our homepage. For links to these and other UK retailers are advocating for faster adoption of the Data
full news stories, please visit www.greensheet.com/breakingnews. Protection and Digital Information (No.2) bill to foster safe
php. data sharing and enhance open banking.
ATM operators, card brands to face off in court

The National ATM Council Inc., represented by Mogin-
Rubin LLP, reported that its lawsuit against Visa and Mas-
X9 unveils quantum-grade cryptography tercard will progress following a recent decision by the
U.S. Court of Appeals for the District of Columbia Circuit.
The Accredited Standards Committee X9 Inc. (X9) released Initiated in 2011, the lawsuit asserts that Visa and Master-
the revised X9.69 key management framework. Designed card's ATM access fee rules are unfair. Jonathan Rubin of
for symmetric cryptographic algorithm keys, it's HIPAA MoginRubin claimed these rules hamper competition and
and GDPR compliant. X9 editor Jay Wack highlighted its enable overcharging.
role against quantum threats and in meeting global pri-
vacy regulations.
If successful, plaintiffs will seek rule elimination and dam-
age compensation. Bruce Renard, National ATM Council's
The updated standard incorporates Shor's Algorithm, de- executive director, praised the recent developments, high-
veloped in 1995, to fend off quantum computer attacks. lighting the court's consistent denial of Visa and Master-
IBM Quantum underscored Shor's transformative impact card's appeals over the years. NAC Board Chair George
on quantum computing's ability to decode commercial en- Sarantopoulos expressed relief at the court's decision, em-
cryption. X9 urges adoption for ISO 20022, QR code pay- phasizing the prolonged nature of the case.
ments, and diverse data, ensuring consistent data security
across varied configurations. Concurrently, Vality Corp's Payments illuminate Inc. 5000 Class of 2023
COO, Mansour-Aaron Karimzadeh, advocated for quan-
tum-based solutions, spotlighting their keyless platform. The 2023 Inc. 5000 list highlights the fastest-growing
private U.S. companies, with several from the payments
Durbin not backing down on card routing bill industry featured. Companies were ranked based on rev-
enue, industry, and location. Honorees benefit from net-
Senator Richard Durbin, D-Ill., backed by bipartisan sup- working opportunities, sales boost, talent recruitment,
port, is pushing the Credit Card Competition Act, de- and will celebrate achievements at the Inc. 5000 confer-
manding merchants have a choice of credit card payment ence and gala from Oct. 31 to Nov. 2 at the JW Marriott San
processing networks. Though his attempt to attach the bill Antonio Hill Country Resort & Spa, which offers luxury
to a defense funding bill failed, Senator Roger Marshall, amenities like a spa, water park and PGA-approved golf
R-Kan., co-sponsor, assured it will be voted on by 2024. courses.

The Act mandates large banks to ensure their credit cards The 2023 conference will offer an AI bootcamp, network-
work on at least two networks, with only one being Visa ing sessions, wellness experiences, and will conclude with
or Mastercard. Durbin claims this builds on 2010 pro-com- a black-tie gala. Honorees can also join the exclusive Inc.
petition reforms, providing choices for small businesses Masters community, granting access to special events and
and aiding new market entrants. While the bill has House resources throughout the year. Among the payments com-
support, the American Bankers Association and other panies included in this year's Inc. 5000 are ConnexPay,
industry groups oppose it, arguing it restricts consumer Discount Credit Card Supply, Hometap, Maverick Pay-
choice, harms competition, threatens consumer data and ments, Paybright, Swipesum and VizyPay.
aggravates issues created by the 2010 Durbin Amendment.
Advocates talk, regulators listen
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The Financial Stability Board proposed a global regulato- LinkedIn & Twitter for the
ry framework for crypto-asset management, emphasizing most up-to-date stories,
a risk-based approach that intertwines standard-setting can’t miss events and newest
bodies' activities with public monitoring. Nicolas Gilot of industry announcements.
Ultra applauded this move but emphasized the need for
a flexible approach for blockchain and decentralized fi-
nance.

On Capitol Hill, the Electronic Transactions Association
held a gathering discussing payments tech and privacy. https://www.facebook.com/TheGreenSheetInc
The ETA supports a House bill concerning stablecoin reg-
ulations. Scott Talbott, ETA executive vice president, high- https://www.linkedin.com/company/the-green-sheet
lighted the bill's principles, emphasizing the integration of https://twitter.com/The_Green_Sheet
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