Payments News from American Banker

The company's forthcoming stablecoin, PAYO-USD, is designed to spur increased transaction volume revenue rather than interest income on reserves, a model championed by most stablecoin issuers.

The Bank of England's new guidance changes restrictions following criticisms and concerns about U.S. dominance.

Banks that don't embrace embedded payments now risk losing out to more nimble rivals in the near future.

Back-office automation fintech BILL Holdings is using JPMorgan Payments white-label digital wallet to subledger its own clients' accounts. Reconciling client payments for BILL's corporate card, the BILL Divvy Card is the company's first use case.

Like the Olympics, the event is used to push and measure engagement and appetite for emerging checkout options.

The Treasury's Financial Crimes Enforcement Network and federal banking and credit union agencies limited issuers' know-your-customer obligations to direct-to-consumer services, preliminarily rejecting a "global" customer due diligence requirement they say is unfeasible. 

The state would join New York in governing the up-and-coming credit product. Industry and consumer advocacy groups say there's still room for improvement.

The payment company is "exploring options" for PayPal Ventures as new CEO Enrique Lores tries to reverse an earnings slump.

As the Ohio-based bank absorbs a pair of banks in Texas, it's also enhancing its ability to quickly move larger sums for business clients.

The fintech's recently installed U.S. CEO said at American Banker's Digital Banking conference that Revolut's goal is to become "the first truly global bank."

The fintech joins a handful of fintechs and payments companies that have laid off staff this year. Robinhood CEO Vlad Tenev said the decision was proactive to keep the organization lean.

Two industry leaders at American Banker's Digital Banking conference said banks' fraud and identity controls weren't built for software acting as the customer.

Early Warning Services' peer-to-peer payment platform Zelle is launching its own stablecoin, ZLUSD, which will allow it to open its network to remittances abroad. India will be the first country.

Analysts say Payoneer is an attractive addition in a market where fast-moving developments in international payments, AI and digital assets are pressuring payment companies to scale quickly.

Fiserv's former CEO Michael Lyons has left the technology seller to become CEO of Truist Financial 18 months after taking the job. Takis Georgakopoulos will assume the financial technology seller's top job.

Multiple states are testing the ability of federal banking regulations to preempt state laws. If they succeed, a core pillar of the U.S. economy — the dual banking system — could begin to crumble.

The Dutch payment processor has agreed to acquire artificial intelligence-powered fintech biller Orb, its second acquisition in three months in an effort to speed development.

Visa and Mastercard are making it easier for AI agents to make autonomous payments within large language models, while fintechs such as Robinhood and Coinbase are opening their doors to those same agents to keep customers within their ecosystem. Payment experts say that puts banks on the defensive.

With the big card networks and Coinbase pushing the new form of artificial intelligence, the blockchain company is offering a tool kit to enable AI agents to perform transactions.

The Financial Technology Association has gone to court, claiming the state's remittance tax is invalid because it infringes on the dormant commerce clause and import-export clause in the U.S. Constitution, which prohibits states from enacting laws that discriminate against foreign commerce and from taxing imports and exports without Congress' consent.