Merchant

The bank's announcement that it will slash about 35,000 staff and take $7.3 billion of charges prompted its stock to tumble and renewed questions about the bank's direction and lack of a permanent CEO.

As faster payments change how quickly companies get paid, these same organizations are looking to add speed to the way they manage internal expenses.

Investors poured a fresh $400 million into Toast following a year in which the payment firm more than doubled revenue from its network of restaurant clients.

The tight labor market and public pressure to raise minimum wages are expected to nudge noninterest expenses upward in a year when the watchword is cost control.

Klarna has agreed to acquire Italian fintech Moneymour as part of an innovation push to counter rivals in the popular point of sale credit market.

The startup spawned in Eastern Bank's innovation lab says its bank customers asked for client-friendly software for account opening, credit cards and more types of commercial lending.

The connection of an advanced loyalty program can woo consumers, even in a case where the merchant's products may cost more, says Clarus Commerce's Tom Caparaso.

Ken Montgomery, who is heading up the Federal Reserve's faster payments network, says the agency is taking an incremental approach to launching the service.

To address immediate market demand but allow time for the project to be done right, the official leading implementation of FedNow says the central bank envisions an initial release in 2023 or 2024 followed by subsequent updates.

Point of sale credit is a popular option, and Visa has followed its investment in Klarna by financially backing ChargeAfter.