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NACHA makes changes to slash unauthorized ACH transactions

NACHA—The Electronic Payments Association announced on Tuesday that its members approved two new changes aimed at reducing the number of ACH transactions resulting in exceptions and returns. According to NACHA, the amendments are part of its long-term risk management strategy and part of its ongoing efforts to bolster the ACH network. One... Read More...

Square releases updated free money transfer app

Square recently released an updated version of Cash, a free app to request and make cash transfers via mobile phone number or email address. According to the company, users will be able to send and request money--even if the recipient does not have the app—from up to 25 people at one time, streamlining payment collection for large events and... Read More...

USM opens Maine Cyber Security Cluster with ribbon-cutting ceremony

The University of Southern Maine (USM) held a ribbon-cutting ceremony on Tuesday for the Maine Cyber Security Cluster, a research lab housed at the university that will teach student workers how to combat a number of security threats. Construction for the lab began earlier this year at USM’s science building, with $1 million in grant support... Read More...

McWatters sworn in as NCUA board member

J. Mark McWatters was sworn in earlier this week as a board member of the National Credit Union Administration, replacing outgoing member Michael Fryzel during a ceremony in Dallas. McWatters joins NCUA Chairman Debbie Matz and Vice Chairman Rick Metsger on the three-person board. His term is set to expire in August 2019. "It is my... Read More...

Sallie Mae Smart Option student borrowers earn $5.5 million in rewards

Sallie Mae announced earlier this week that its Smart Option student loan customers earned more than $5.5 million back by making on-time payments through a rewards program introduced by the lender in 2010. The Sallie Mae Smart Rewards program rewards customers who make on-time payments on their loans while in school or during their six-month... Read More...

Zumigo raises $6 million in financing to expand operations, services

Zumigo Corp., a provider of mobile device location and identity verification services, announced last week that it has raised $6 million in Series B financing to expand business operations, accelerate product development and introduce new products and services. The financing was led by Intel Capital, a new investor, with participation from... Read More...

EFT Source to acquire CPI Card Group

EFT Source recently announced it plans to acquire long-time partner CPI Card Group, a provider of financial and EMV card production services. “As longstanding partners, CPI and EFT Source share a common philosophy and focus on superior customer service delivery,” Steve Montross, the president and CEO of CPI, which provides plastic cards... Read More...

BofA reaches landmark settlement with Justice Department over faulty securities

Bank of America announced last week that it has reached a settlement with the U.S. Department of Justice and state attorneys general to resolve allegations that the bank sold faulty mortgage securities. The $16.7 billion settlement is, according to the Justice Department, the largest civil settlement in American history involving a single... Read More...

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