Payments News from American Banker

Banks that don't focus on credit cards for this market may find larger banks and fintechs are eating their lunch.

The Department of Justice is trying to fix a system that isn't broken. The better move would be to allow the ruthlessly competitive payments marketplace to generate new and better products.

About $2 billion changes hands daily for the sale of new motor vehicles in the U.S., making auto dealers a prime use case for faster payments. So why aren't more using it?

Norwegian fintech Vipps' consumers can use iPhones to make digital payments following Apple's settlement with regulators. Klarna gets hit with a money-laundering fine and more in our weekly global payments roundup.

The company said the P2P payment service the bureau seeks to supervise presents no risk to consumers because it is no longer offered in the U.S.

The Consumer Financial Protection Bureau said that, although the Google Pay app has been discontinued, the bureau can make the determination based on past behavior, and that the tech giant could decide to reenter the person-to-person payment space.

The long-time bank and financial services technology executive has a record for cutting costs and supporting rapid automation, skills that could be put to work at the 90-year-old agency.

A collaboration with Booking.com is designed to encourage consumers to use the bank to manage airline tickets and hotels, a lucrative market that's drawing attention across the financial services industry.

The Clearing House increased its transaction limit from $1 million to $10 million; Mastercard settled a card fee lawsuit; and other news from the world of payments.

Shares of PSQ Holdings nearly quadrupled as Wall Street reacted to the fledgling payment company's appointment.

As 2024 comes to a close, trends such as open banking, fights over credit card fees and the future of faster payments are still in flux.

Buy now/pay later firms launched new products and announced new operational strategies this week as they prepare for an expected increase in demand this holiday shopping season, while Revolut's CEO laid out plans for 2025.

Micro-, small- and medium-sized businesses have traditionally been a tough nut to crack when it comes to serving up actionable insights. Payment data is helping to change that.

The use cases are growing and banks don't want to risk being left behind, especially with younger customers who are more open to the technology.

The bank and payment company are using the technology that underpins digital assets to improve interoperability for international transactions, a major point of friction in trade finance.

The Federal Reserve released the volume of activity on its instant payments network since its launch last summer, showing a surge in usage between July and August.

A punitive tax on payments sent overseas to the families of immigrants would have a cascading set of consequences — all of them bad.

The niche buy now/pay later firm is looking for differentiation in a crowded market with recognizable brands like Klarna, Affirm and Afterpay.

The contract gives the nation's oldest bank access to more than $3 billion in deposits a month. Comerica, the current administrator, has received a three-year extension of service to help with the transfer.

The Consumer Financial Protection Bureau has significantly raised the transaction threshold for its larger participant rule — which defines which firms will be affected — from 5 million annual payments to 50 million.