Fintech

The blockchain company's new lead on the Continent, Sendi Young, discusses its plans to foster real-time and cross-border transactions between banks and fintechs in ways that aren't possible on legacy networks.

Bank of America is adding a commercial credit card for on-the-go businesspeople in a bet that work travel will eventually return.

Consumers who had paid down balances during the pandemic started spending more, while issuers made additional credit available, according to researchers at the Federal Reserve Bank of New York. The findings suggest the start of a return to more normal borrowing patterns in the card industry.

Stored-value cards are growing in popularity with underbanked gig workers who need an easier way to get paid as well as with younger consumers in Canada who have traditional bank accounts but prefer the cards for e-commerce transactions.

Cheri McGuire, who previously held roles at Standard Chartered, Microsoft and Symantec, will oversee Swift’s core infrastructure as it speeds up its cross-border transactions.

On Mar. 31, 2021. Dollars in thousands.

The agency is investigating whether the swipe fees paid to the banks that issue PayPal’s debit cards are consistent with Federal Reserve guidelines, PayPal said in a quarterly regulatory filing.

The legislation would establish a quick process for legacy financial contracts to swap in the Secured Overnight Financing Rate after the London interbank offered rate all but expires in 2023.

The payments company has completed development of its all-in-one portal. It's an ambitious project, but the first few services — such as bill pay and savings — are relatively straightforward.

Transaction volume soared at the peer-to-peer service in the second quarter. That rising popularity among consumers, coupled with Zelle's relationships with a growing number of transaction rails, could make the network a vital hub in the U.S. push for speedier payments.