Payments News from American Banker

Amex GBT is using Anthropic's Claude to help travelers navigate searches, and plan and book itineraries, betting the complex and common practice of booking corporate travel will attract users.

The neobank in the second quarter blew past Wall Street's expectations and posted its second quarter of GAAP profitability as its payments-centric business model continues to resonate with consumers and challenge incumbent banks.

The payment company's CEO says it's developing and shipping products faster despite cutting nearly half of its staff. It's a strategy he says can be replicated at other businesses.

Expanding fintech charters and workforces shrinking across the Fed, OCC, and FDIC require financial services leaders to assume the role of technical auditor to protect against systemic contagion.

Having a trust bank will allow the stablecoin company to offer custody products and to have flexibility in where and how it issues its stablecoins.

It has been one year since the payments fintech launched Genius, its refreshed point-of-sale and payments platform, as a lynchpin in the company's attempted turnaround. Now, the company is looking to add more conversational AI features.

The social media app has partnered with Cross River to manage tasks such as compliance and deposit insurance. But fintech experts say more work is needed before X can threaten traditional banks.

The remittance company and stablecoin payments platform Rain are launching Stablecard, a digital wallet and Visa secured credit card backed by Western Union's stablecoin, the U.S. Dollar Payment Token, or USDPT.

The card network is buying behavioral fraud detection already running at three of the four largest U.S. banks, including Wells Fargo.

The card network closed on a $1.8 billion deal to acquire a company that connects digital currencies and traditional money, a key bridge as more non-crypto natives embrace digital assets.

At a time of rapidly rising prices, a number of credit-card companies are offering perks for buying gas, groceries and other basic necessities. The cards represent an opportunity for issuers, but also potential pitfalls.

Digital lender Chime and Visa this week became the latest firms to cite AI as part of a downsizing. While bots usually aren't directly replacing workers, machine learning changes customer access to financial products in a way that's increasingly making some work less necessary.

Banks, fintechs and card networks are vying for a share of revenue from the new form of artificial intelligence. Mastercard CEO Michael Miebach contends his firm has the tools in place and a product pipeline to take advantage.

As consumers get more comfortable with the technology, they will want multiple checkout options beyond cards, creating a need for more digital wallets and account-to-account rails.

The technology giant's patents, which were built for banks and credit unions, will enhance the USDC issuer's intellectual property as more banks enter the stablecoin market.

The card network is cutting 7% of its staff, with management saying artificial intelligence-driven efficiency and faster technology development is part of the reason.

More than two dozen community banks submitted letters to the Federal Reserve expressing concern that its proposed "skinny" payment account framework could put them at a competitive disadvantage.

CEO Enrique Lores acknowledged interest in the payment company, saying that while PayPal remains focused on its revenue-generating plan, it is "open and objective" about the path forward.

The parent company behind Flex Rent submitted applications to state and federal regulators for an industrial loan charter and deposit insurance.

For banks, getting ahead in the digital asset race may be less about picking a winner and more about playing the field.