Plaid, the company acquired by Visa for $5.3 billion, was sued in a class action alleging it harvested consumer transaction data without permission. The law suit states “Plaid uses that access to deceptively obtain bank account information from users, accessing information back up to five years, averaging 3,700 transactions per consumer.” CardLinx Insight: The law suit alleges a fear many...

ChaseVisa announced that it had reached an agreement to acquire financial data aggregator Plaid for $5.3 billion. Plaid’s investors include Visa, MasterCard and American Express, among others. Unlike most card-linked data providers who source consumer financial data through secure APIs from banks and payment networks, Plaid relies on a consumer entering their online banking user name and password into a...

by Silvio Tavares President and CEO The CardLinx Association In January 2018, few people could have predicted that artificial-intelligence technology would become so commonplace in payments and commerce. But by late 2018, I was boarding planes using a facial scan and no boarding card and not stopping to pay at Amazon Go, because my items were tracked by artificial intelligence (AI). Last year...