AT&T Inc., Verizon Communications Inc. and T-Mobile USA are attempting to create a system to bypass credit and debit cards and allow consumers to pay for purchases by smartphones, Bloomberg News reported Monday, citing unnamed sources.
The venture is a direct threat to Visa Inc. and MasterCard Inc. The telcos could work with Discover Financial Services and Barclays PLC that will test it in at least four U.S. cities, the report on the Bloomberg web site said.
The Charlotte-based bank is hoping to bring request for payment technology into the mainstream. Early Warning sees bill pay as another use case to expand its payment network beyond its peer-to-peer roots.
After Silicon Valley Bank collapsed in 2023, its remains were acquired by First Citizens Bancshares, which kept using the failed bank's name and logo. At the end of 2026, that's coming to an end.
An uptick in problem loans within the heavily scrutinized office sector pushed down share prices at Rhode Island-based Washington Trust and Bank OZK in Little Rock, Arkansas, even though both banks reported solid profits.
Both banks deny their networks were breached. Experts say the data likely points to a single vendor that was compromised.
James filed a pair of lawsuits against Coinbase and Gemini arguing that they violated New York's sports gambling laws.
Credit risk transfers, a means by which banks can move risk off their balance sheets, earned considerable bipartisan support in a House Financial Services subcommittee hearing Wednesday.
