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India’s Unified Payment Interface is a model that other developing economies can emulate, as they look to move away from cash-centricity and overhaul their own payments infrastructure in pursuit of speed, security, auditability and financial inclusion, writes Anoop Villait, managing director of corporate development at Transpay.

The acting director wants to gut the agency, which would harm both consumers and entrepreneurs.

Applications can now be made on the bank's app or website, but closings will still be in person. With this move, BofA joins Quicken Loans, Lenda, SoFi and others offering a mostly digital mortgage. The trend is sure to continue.

Both national credit union trade associations submitted letters in advance of CFPB acting director Mick Mulvaney's House Financial Services Committee hearing.

Proposal would lower capital requirements for some, raise them for others; Mulvaney says enforcement division will continue to police lending discrimination.

The information you need to start your day, from PaymentsSource and around the Web. Today: NAB's in the middle of a payments fraud probe; Russia moves to faster payments; ATM attacks on the rise; Unauthorized cryptomining is an expanding threat.

Mastercard and IBM have founded a company with a very narrow goal: to help organizations scramble their data to thwart hackers and comply with Europe's General Data Protection Regulation.

Resourceful crooks will relentlessly probe systems, processes and people until they find a weakness or an opportunity. That weakness is the magnetic strip that still exists on all EMV cards, according to Nathan Horn-Mitchem, senior vice president and chief information security officer at Provident Bank.

It remains to be seen whether Mark Zuckerberg’s testimony on Capitol Hill will prompt lawmakers to move forward on data privacy legislation. But it’s clear that the debate is just getting started — and that banks have a big stake.

Bank of America plans to stop lending to companies that make assault-style guns used for nonmilitary purposes.