News & Events

LoanPro, which has 600 financial services industry clients, has integrated its credit platform with NovoPayment. The companies plan on taking their combined service to customers in Latin America. LoanPro’s Transaction Level Credit product lets lenders establish repayment terms, interest rates and fees at the individual account level. NovoPayment is a digital banking and payment processor in Latin America. Last year it processed over 310 million transactions in 15 markets.

Al Etihad Payments, a subsidiary of the Central Bank of the United Arab Emirates, has signed an agreement with UnionPay to issue co-brand cards. The first cards will operate on Jaywan, the domestic network of the UAE. They will also be accepted for payment on the UnionPay International network. Cards will be issued by multiple financial institutions in the UAE.

Visa has launched Tap to Add Card in Ukraine, allowing cardholders to add Visa contactless cards to digital wallets by tapping on their mobile device, citing manual entry as a common source of errors and a vulnerability to fraud. Tapping generates a unique, one-time code validated by Visa's Chip Authenticate service.

U.S. DISTRICT COURT Judge Mark Pittman of the Northern District of Texas has ruled that the Credit Card Accountability and Disclosure Act of 2009 was violated when the Consumer Financial Protection Bureau instituted an $8 cap on fees issuers can charge consumers who make late payments. The U.S. Chamber of Commerce and five other organizations had petitioned the court to overturn the CFPB’s action. The CFPB, now headed by a Trump administration appointee, was among the organizations that requested the court to overturn its own previous ruling.

GLOBAL PAYMENTS, FIS and GTCR have negotiated a deal that calls for Global Payments to purchase 100% of merchant acquirer Worldpay and FIS to acquire 100% of Tsys, a card account processing business owned by Global Payments. Private equity firm GTCR isthe majority owner of Worldpay, and FIS owns all other shares. Global Payments will pay $22.70 billion in cash and stock to assume complete ownership of Worldpay. FIS will pay $13.50 billion to acquire Tsys. The divestitures will occur simultaneously.

Marqeta has become the card issuing partner of Spendesk Financial Services (SFS) in Europe.  SFS the payment institution unit of Spendesk, which provides a spend management and procurement platform to small and midsized businesses. The integration with Marqeta gives SFS the opportunity to provide real-time card processing and controls on spending.