Technology

It's time for banks to do something radical — give up some control of their payments infrastructure by outsourcing processing services in the cloud.

Mike Passilla, JPMorgan Chase's new merchant services boss, didn't take a sledge hammer to the digital payment startups that are chewing away at incumbent payments companies, but his message was clear—Chase is one of the biggest guys on the block, and it plans to use its data and technology heft to win in the merchant acquiring game.

The Treasury Department has proposed a rule designed to seal off the U.S. financial system from Liberty Reserve, the digital currency issuer authorities charged Tuesday with laundering more than $6 billion for criminal groups.

Retailers and the major card brands are throwing more legal punches at each other over the controversial proposed $7.25 billion swipe-fee settlement in a years-long anti-trust case.

New York City's newest public-transit option, which allows commuters to rent bicycles to get to work, got its first real road test today. Citigroup is contributing $41 million to be the chief sponsor and namesake, and MasterCard Inc. is behind the program's $6.5 million payment system.

In an increasingly crowded mobile card reader market, American Express Co. and Groupon have given a double-digit million euro investment to SumUp.

Vesta Corp. wants to provide the wallet that mobile operators would use to offer core financial services to underbanked customers through their prepaid mobile phones.

Heartland Payment Systems has named Tony Capucille chief sales officer.

Google is adding a Chrome Wallet App to allow payments within apps that run in Google's Chrome browser.

Former Elavon president and CEO Mike Passilla will be JPMorgan Chase's new CEO of merchant services, a new role created to lead the financial institution's expanding payments and merchant services business, including Chase Paymentech.