Fintech

Citigroup said it agreed to buy American Express' stockpile of U.S. credit card loans made to shoppers of Costco Wholesale, as the fourth-largest U.S. bank takes over a card partnership with the retailer. Terms were not disclosed.

Citigroup said it agreed to buy American Express' stockpile of U.S. credit card loans made to shoppers of Costco Wholesale, as the fourth-largest U.S. bank takes over a card partnership with the retailer. Terms were not disclosed.

The Houston-based institution plans to build profit into the repayment agreement for a loan, with profit replacing interest, under the model of other Muslim-based lenders.

Interac, the Canadian debit network, has frequently spearheaded contactless payments innovation. It is now taking steps to extend this tradition to mobile commerce.

More than one thousand Minnesotans opened prize-linked savings accounts at credit unions since they were launched in the North Star State in January.

The National Credit Union Administration has developed a new consumer website explains the mission of credit unions and provides tips on saving money.

Green Dot reported a larger fourth-quarter loss on higher employee compensation costs and said it will book an extra $11 million in expenses to roll out a new card product.

Green Dot reported a larger fourth-quarter loss on higher employee compensation costs and said it will book an extra $11 million in expenses to roll out a new card product.

Chase Pay is tied to the issuer's 94 million credit, debit and prepaid card accounts, representing half of U.S. households. Depending on the perspective, this means Chase's wallet either starts with — or excludes — half of the market.

Instead of focusing on the effect of swipe fee rules on banks and credit unions, retailers should ask why the Durbin amendment hasn’t produced the promised cost savings for their consumers.