Fintech

The banking industry isn't prepared to transition away from a key financial benchmark in 2021, and steps need to be taken now to avoid market disruptions.

Janet Estep is nearing the end of her tenure as Nacha’s CEO, but she's no less devoted to overcoming the last hurdles to implementing faster payments.

When it comes to digital-native shoppers, it’s more than just understanding how their expectations have changed. These expectations are tied to emotional factors that influence buyer behavior, says Michael Rouse, chief commercial officer at Klarna.

Santander Bank and Santander Consumer USA have put many problems behind them in recent years under CEO Scott Powell, but he still has a Federal Reserve enforcement action to resolve and is negotiating with Fiat Chrysler to preserve a crucial auto lending relationship.

Competition from the public sector in payment services has benefited the public and should not be discounted in the development of a real-time system, said Kansas City Fed chief Esther George.

Cross-border money transfer provider WorldRemit has secured $175 million in new capital in a Series D funding round to challenge legacy money transmitters in the fast growing cross-border payments market.

Payments messaging standards provider Swift has received a license to offer connections to all of the Eurosystem market infrastructures for payments, securities settlement and collateral management.

China UnionPay is assembling the relationships it needs to directly issue cards in Europe, but local saturation suggests UnionPay’s best bet is to use European merchant relationships to counter its own domestic rivals in China rather than disrupting Visa and Mastercard.

Although Libor will will not be phased out until at least 2021, Randal Quarles said making the switch early is "consistent with prudent risk management."

The credit union movement is uniquely positioned to partner with the U.S. Postal Service as a way to increase consumers' access to affordable financial services.