Fintech

The U.S. is considering sanctions that would effectively prohibit Visa Inc., Mastercard Inc. and other financial institutions from processing transactions in Venezuela, an administration official said, a step aimed at cutting off funds to Nicolas Maduro’s regime.

After forming a series of high-profile partnerships with various payments service providers, China's UnionPay International has declared its plan to challenge Visa and Mastercard’s duopoly of the U.K. card industry.

The new U.S. Faster Payments Council states a clear mission — to promote faster payments in the U.S. But this new entity could butt heads with the Federal Reserve if it thinks the Fed isn't moving fast enough.

Jack Henry & Associates has overcome an obstacle that delayed banks and credit union integration with Zelle, with a hub to streamline the onboarding process. But the new system’s first bank doesn’t go live until May, and the hub won’t hit full stride until next year.

After more than two years of successful operation in delivering Same-Day ACH payments, Nacha's request to add a third processing window has been delayed by the Federal Reserve, which says it has to obtain public comment on the concept.

East Windsor, N.J.-based McGraw Hill Federal Credit Union will merge into PenFed, the latest in a series of growth moves from the nation's third-largest credit union.

Ideally, Swift would like to see its worldwide bank network fully adopt its Global Payments Innovation initiative as well as the ISO 20022 messaging standard for cross-border payments.

Vipps, which launched in Norway in 2015 as a P2P app accessible to all local bank customers, is integrating invoice and bill-payment capabilities through a collaboration with Nets Group, a Nordic payment service provider.

Italian payments provider Axepta-BNL Group is launching the WeChat Pay service to its clients, saying it is the first in the country to offer the popular Chinese mobile payment and social networking app.

Paper's costly, and also error prone. Yet most invoices are still paper-based, writes Art Sarno, product marketing manager for Kofax.