Technology

Scams in which a real person’s information is used to create fictitious businesses or individuals have led to $6 billion in credit losses. The Federal Reserve has developed a standard definition for synthetic identity fraud so lenders can distinguish it from traditional identity theft.

The EMV specifications technology body has revised its requirements to ensure a consistent payment experience for cards, smartphones and wearables.

Allied Payment Network is linking to the digital banking platform of Tyfone for community banks and small businesses.

Users of the Goldman Sachs-issued card found themselves unable to make payments or view account details.

The central bank said the proposed measure governing transactions on FedNow — a real-time service expected to be available in 2023 — would be similar to the framework for the current Fedwire Funds Service.

EU regulation permits digital connections between banks and fintechs, creating ways for pension providers and brokerages to streamline payment acceptance and cut costs by replacing manual processes with automated ones.

When people stopped using Wag's core business during the pandemic, the company added multiple technologies to allow it to sell pet food, offer digital training and provide other services. Those same upgrades will stay in place as former clients come back.

Development and regulatory costs would be so high that the largest firms would need significantly more scale to justify the investment, according to new research from the Federal Reserve Bank of Richmond.

Ahead of its U.S. launch, the London-based payments card aggregator has raised $14 million from 12,000 individual investors that it hopes to convert to customers.

The financial technology firm Stash is exploring options for a market listing, such as merging with a special purpose acquisition company or a traditional initial public offering, according to people with knowledge of the matter.