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NewsBriefs

ment-regulated processing network choices for banks,
disregarding security and quality concerns. The
CCCA, authored by Senator Dick Durbin, aims to in- Unlock Your
crease network competition to reduce interchange fees
and lower consumer prices.

However, past experience with debit interchange regu- Growth Potential
lation showed mixed results for merchants and little to
no savings passed on to consumers. With a BCP Loan
U.S. partners accelerate pay-by-bank trend

The United States is seeing a surge in pay-by-bank
partnerships, mirroring the success of this open bank-
ing solution in Europe, Asia and the Middle East. Open
banking collaborations aim to provide consumers with
secure, frictionless bill payment options.

Proponents highlight several advantages, including
enhanced checkout experiences with secure authenti-
cation methods and direct debit payments that avoid
extra fees and high interest charges. JPMorgan Pay-
ments, in partnership with Mastercard, recently intro-
duced its pay-by-bank solution, which is being piloted
by Verizon.

This solution utilizes traditional ACH rails and allows
merchants to accept payments directly from customer
bank accounts, streamlining payment processes. Link
Money and Bold Commerce also joined forces to enable
U.S. enterprises to offer pay-by-bank on ecommerce
platforms, reducing payment card fees and address-
ing fraud concerns. Industry experts predict continued
growth of open banking in the United States, with 2024
poised to be a significant year for account-to-account
payments.
Holiday sales expected to set records

An estimated 182 million Americans were expected
to shop in-store and online during the Thanksgiving
Day to Cyber Monday weekend, according to a survey
by the National Retail Federation and Prosper Insights
& Analytics. This marks a significant increase of 15.7
million shoppers compared to the previous year. The BOCA
survey revealed that 74 percent of holiday shoppers
planned to hit stores during this period, up from 69 CAPITAL
percent pre-pandemic in 2019. Black Friday remained PARTNERS
the most popular shopping day, with 72 percent plan-
ning to shop both in stores and online.

Despite early holiday shopping, the Thanksgiving to Get a loan from $100,000 to
Cyber Monday period was expected to be among the
busiest of the year. The NRF projected holiday spend- $5,000,000 for your ISO today
ing would grow by 3 to 4 percent over 2022, totaling
between $957.3 billion and $966.6 billion.

However, NICE Actimize forecasted a surge in ecom- Call Now: 844-531-4957
merce fraud, expecting it to reach $48 billion in 2023,
up from $41 billion in 2022. bocacapitalpartners.com

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