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NewsBriefs

This article contains excerpts from news stories recently posted under Visa gets real about faster payments
Breaking Industry News on our homepage. For links to these and other
full news stories, please visit www.greensheet.com/breakingnews. Visa is enhancing its Visa Direct platform to deliver near-
php. instant funding to U.S. bank accounts linked to eligible
debit cards, starting April 2025. Already processing bil-
lions of real-time transactions annually, Visa Direct sup-
ports 99 percent of U.S. bank accounts and operates in
over 190 markets. This update, Visa stated, improves busi-
ness efficiency, consumer convenience and cross-border
payments.

Visa's initiative is seen as a response to growing compe-
tition, particularly from Mastercard, which has also ex-
panded real-time payment services. Industry leaders in-
dicated they welcome Visa's move, citing its potential to
CFPB singles out Google Pay for closer scrutiny modernize payments and meet consumer demands for
speed and reliability. Visa positions itself as a leader in
The Consumer Financial Protection Bureau (CFPB) placed faster payments, offering secure, seamless transactions for
Google Payment Corp. under the same supervisory over- businesses and consumers alike while boosting trust and
sight as banks and regulated financial institutions. This operational efficiencies.
enables the CFPB to examine Google Pay's practices, rec- CFPB sues Zelle, banks over widespread fraud
ommend corrective actions, and ensure compliance with
consumer protection laws, the bureau stated. The decision, The CFPB sued Zelle's parent company, Early Warning
the CFPB added, followed complaints about fraud and un- Services, and three major banks—Bank of America, JPM-
authorized transactions involving Google Pay Balance. organ Chase and Wells Fargo—over allegations of failing
to prevent widespread fraud. The lawsuit claims Zelle pri-
While Google discontinued the product in the United oritized speed over security, leaving customers vulnerable
States in 2024, existing accounts remain active. Google to scams and losing, collectively, over $870 million. The
challenged the CFPB's authority in court, calling it gov- lawsuit alleges weak identity verification methods, slow
ernment overreach. Despite legal opposition, the CFPB action against repeat offenders and violations of federal
maintains its goal is to protect consumers and enforce laws governing electronic transfers.
transparency. This move highlights increased regulatory
focus on large tech companies offering digital payment The CFPB seeks refunds for victims, penalties and reforms
services. to improve fraud prevention. Zelle and the banks dispute
Founders' Roundtable: the claims, accusing the CFPB of political motives. With
What's in store for Fintech in 2025 regulatory changes expected under the new presidential
administration, the case underscores the ongoing battle to
Fintech leaders predict 2025 will bring tighter regulations, balance innovation and consumer protection in payments.
embedded finance growth, and advancements in social Visa using AI to stop fraudsters in their tracks
commerce and cryptocurrencies. Christine Parkhill identi-
fied Brazil's evolving iGaming regulations as a key oppor- Visa is strengthening its fraud prevention efforts through
tunity, while Bálint Reti highlighted the rollout of PSD3, AI and machine learning, reinforced by its recent acquisi-
enhancing security and transparency in B2B buy now, pay tion of Featurespace. Visa said its tools enhance real-time
later services. Nicolai Chamizo emphasized embedded fi- fraud detection, blocking billions in fraudulent transac-
nance's expansion across industries, making banking and tions. On Cyber Monday 2024 alone, Visa reported an 85
lending seamless through popular platforms. percent increase in fraud prevention compared to 2023. Its
AI-driven tools, such as Visa Account Attack Intelligence
Tom Vaknin forecasted a rise in social commerce, with Score, target fraud at the POS.
platforms like TikTok and Instagram leading sales direct-
ly through their apps. Daniel Fogg discussed cryptocur- Visa's Holiday Threats Report warned of scams like phish-
rency's growth, predicting bitcoin's continued strength ing, fake merchants and holiday travel fraud. Feature-
amid regulatory shifts. Together, these insights portray a space's integration promises improved fraud protection
rapidly evolving fintech landscape driven by compliance, without disrupting transactions. Visa noted its $11 billion
innovation and consumer trends in integrated financial investment over five years highlights its commitment to
solutions. securing payments and maintaining leadership in AI-
powered fraud prevention.

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