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Top News In Payments: TCH Increases RTP Threshold; Verizon Teams With Synchrony For Card

PYMNTS Top News in Payments

In today’s top news, The Clearing House (TCH) is increasing the value limit for general transactions on the TCH-operated real-time payments (RTP) network, Verizon is working with financial firm Synchrony to put out its own consumer card and the United States is moving to get tough on the sale of counterfeit merchandise through eCommerce.

 

RTP Raises Transaction Threshold To $100K

The Clearing House (TCH) is increasing the value limit for transactions from the current level of $25,000 to $100,000 starting at the beginning of February. The new higher limit affects general transactions on the TCH-operated real-time payments (RTP) network. The new value limit was put into place to address the growing transaction volume and users on the network.

Verizon Partners With Synchrony On Credit Card Offering

Verizon is teaming with financial firm Synchrony to put out its own consumer card in the first half of 2020. The telecom is entering the finance world in league with Synchrony, which boasts partnerships in the past with companies such as Amazon for its Amazon Store Card in addition to firms like Lowe’s, Sam’s Club, Old Navy and PayPal, all for those firms’ credit card programs.

US Moves To Curb Pirated eCommerce Goods

The United States is moving to get tough on the sale of counterfeit merchandise online, telling warehouses and online shopping marketplaces they will receive fines if they don’t get knockoffs out of circulation. The Department of Homeland Security (DHS) is planning to release a report on Friday (Jan. 24) that provides an overview of an immediate plan to fight fakes — and calls on eCommerce sellers to pitch in.

Ex-Wells CEO Fined, Banned From Banking For Life

John Stumpf, the former Wells Fargo CEO, has been banned from working in the banking sector again by the United States government. He will also have to pay $17.5 million for his role in a scandal at the bank involving millions of bogus accounts created to meet the sales quotas of the company.

Domino’s Mobile Order-Ahead 2.0: How Voice, 5G Can Deliver

The array of mobile order-ahead apps on the market is vast compared to a decade ago when mobile ordering was barely a prototype. Domino’s was one of the first innovators on the scene. In a feature story, PYMNTS spoke with Christopher Thomas-Moore, Domino’s vice president of global eCommerce and digital marketing, about the origins of the chain’s digital ordering system and how customers, as well as rivals, inspired its innovations and features.

Pay Raises, Wave To Pay And The Sweet Sound Of Streaming Success

The ongoing rivalry between Amazon and Walmart expanded into a few new fronts this week — from employees’ literal paychecks to streamed digital airwaves to the POS itself, as Walmart and Amazon both got busy putting forward new ideas and innovations to the markets they hope to capture.

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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