The Accredited Standards Committee X9 Inc. (X9) released the revised X9.69 key management framework. Designed for symmetric cryptographic algorithm keys, it's HIPAA and GDPR compliant. X9 editor Jay Wack highlighted its role against quantum threats and in meeting global privacy regulations.
The updated standard incorporates Shor's Algorithm, developed in 1995, to fend off quantum computer attacks. IBM Quantum underscored Shor's transformative impact on quantum computing's ability to decode commercial encryption. X9 urges adoption for ISO 20022, QR code payments, and diverse data, ensuring consistent data security across varied configurations. Concurrently, Vality Corp's COO, Mansour-Aaron Karimzadeh, advocated for quantum-based solutions, spotlighting their keyless platform.
Senator Richard Durbin, D-Ill., backed by bipartisan support, is pushing the Credit Card Competition Act, demanding merchants have a choice of credit card payment processing networks. Though his attempt to attach the bill to a defense funding bill failed, Senator Roger Marshall, R-Kan., co-sponsor, assured it will be voted on by 2024.
The Act mandates large banks to ensure their credit cards work on at least two networks, with only one being Visa or Mastercard. Durbin claims this builds on 2010 pro-competition reforms, providing choices for small businesses and aiding new market entrants. While the bill has House support, the American Bankers Association and other industry groups oppose it, arguing it restricts consumer choice, harms competition, threatens consumer data and aggravates issues created by the 2010 Durbin Amendment.
The Financial Stability Board proposed a global regulatory framework for crypto-asset management, emphasizing a risk-based approach that intertwines standard-setting bodies' activities with public monitoring. Nicolas Gilot of Ultra applauded this move but emphasized the need for a flexible approach for blockchain and decentralized finance.
On Capitol Hill, the Electronic Transactions Association held a gathering discussing payments tech and privacy. The ETA supports a House bill concerning stablecoin regulations. Scott Talbott, ETA executive vice president, highlighted the bill's principles, emphasizing the integration of digital assets into modern payment systems. Meanwhile, UK retailers are advocating for faster adoption of the Data Protection and Digital Information (No.2) bill to foster safe data sharing and enhance open banking.
The National ATM Council Inc., represented by MoginRubin LLP, reported that its lawsuit against Visa and Mastercard will progress following a recent decision by the U.S. Court of Appeals for the District of Columbia Circuit. Initiated in 2011, the lawsuit asserts that Visa and Mastercard's ATM access fee rules are unfair. Jonathan Rubin of MoginRubin claimed these rules hamper competition and enable overcharging.
If successful, plaintiffs will seek rule elimination and damage compensation. Bruce Renard, National ATM Council's executive director, praised the recent developments, highlighting the court's consistent denial of Visa and Mastercard's appeals over the years. NAC Board Chair George Sarantopoulos expressed relief at the court's decision, emphasizing the prolonged nature of the case.
The 2023 Inc. 5000 list highlights the fastest-growing private U.S. companies, with several from the payments industry featured. Companies were ranked based on revenue, industry, and location. Honorees benefit from networking opportunities, sales boost, talent recruitment, and will celebrate achievements at the Inc. 5000 conference and gala from Oct. 31 to Nov. 2 at the JW Marriott San Antonio Hill Country Resort & Spa, which offers luxury amenities like a spa, water park and PGA-approved golf courses.
The 2023 conference will offer an AI bootcamp, networking sessions, wellness experiences, and will conclude with a black-tie gala. Honorees can also join the exclusive Inc. Masters community, granting access to special events and resources throughout the year. Among the payments companies included in this year's Inc. 5000 are ConnexPay, Discount Credit Card Supply, Hometap, Maverick Payments, Paybright, Swipesum and VizyPay. 
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