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By aligning, the two companies hope to offer efficiencies in a fiercely competitive business payments market.

The mastermind behind malware attacks that programmed ATMs to spit out cash on demand and caused more than 1 billion euros ($1.2 billion) of losses has been arrested in Spain.

San Francisco Fed chief is reportedly leading candidate to replace Dudley in New York; four senior officers to retire as OCC readies penalties against the bank.

The information you need to start your day, from PaymentsSource and around the Web. Today: Santander embraces contactless giving; Long Island Blockchain invests in a financial institution; China nudges toward virtual currency; Amex acquires mobile pay firm Cake; Steven Seagal-backed virtual currency faces political heat.

An affiliate of the private-equity firm Angel Oak is packaging bank-issued sub debt to minimize risk for bondholders. It recently completed its first securitization and has plans to issue two deals a year.

PSD2's open banking wave is attracting lots of attention from payments technology firms, and Zafin is making moves to cement its place in the market.

Driven by big breaches like the Equifax incident, all stakeholders in card payments will have to demonstrate multifactor authentication, writes Michael Magrath, director of global regulations and standards at VASCO.

Only North Dakota has its own state-owned bank, but policymakers in other states say more public banks are necessary to fully meet society's needs. Among those who proponents say would benefit the most: small-business owners and legal marijuana suppliers and distributors.

Attorney General Jeff Sessions made headlines in January when he tightened federal marijuana enforcement. But the good news for financial institutions looking to service the pot industry is that the rest of the government has responded with a shrug.

Wells Fargo announced changes to its risk-management leadership this week as some executives plan to retire, according to a person familiar with the situation.