Payment transactions have evolved from one-and-done sales to real-time, digital interactions between customers and brands, transforming simple transactions of old into full-featured, tech-driven solutions. And the payments industry itself has transformed from a collection of players working in relative isolation to what this issue's lead article describes as three-dimensional chess: a multilevel playing field where every move simultaneously impacts players on every board. And each payment transaction reverberates through a multitiered ecosystem.
Immersed in this interconnected, dynamic industry, one of our contributors explores the question of what happens when payment processing infrastructure fails, and how this can be remediated and prevented. Another contributor points out that many of today's opportunities don't come readymade and encourages payments professionals to not always go for short-term gain but to also pursue untapped markets that are diamonds in the rough. Other topics discussed by our contributors include why diligent underwriting matters in determining whether a potential merchant partner presents an acceptable amount of risk; potential fallout from the Fed's regulatory initiative to drive down debit interchange rates; and why cybersecurity is critical to gaining trust in our digitized world and why faster innovation is needed to secure the future for payment networks and those who use them.
We post news stories regularly on our homepage, www.greensheet.com, and have highlighted several herein: Apple's policy of limiting competition in its digital wallets now faces challenges as PayPal allows customers to add PayPal and Venmo cards to Apple Wallets; consumers are poised for a robust holiday shopping season, adapting to higher prices driven by inflation, according to a new report from Deloitte LLP; same-day processing is a boon for the ACH, according to Nacha, which reported that in 2023, the ACH network handled 597.6 million same-day ACH payments, amounting to $1.78 trillion—marking a 16 percent and 42.4 percent increase, respectively, compared to the same period in 2022; The Consumer Financial Protection Bureau gave a boost to open banking when it proposed new privacy guidelines, reintroducing Section 1033 of the Dodd-Frank Act, focused on consumer access to personal data at financial institutions.
Additional industry news is encapsulated in updates from throughout the payments and fintech sphere on new appointments, acquisitions, partnerships, research and other milestones. Plus, you'll find our customary new product and company profiles along with words of inspiration. We'll welcome your news at press@greensheet.com and your feedback at greensheet@greensheet.com . 
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