Technology

The Federal Reserve’s FedNow instant payments system will dramatically speed up payment processing, essentially allowing people and businesses to receive money in their accounts within seconds of a transaction, says the Retail Industry Leaders Association's Austen Jensen.

A digital currency firm has been accused of recruiting actors to pretend to be Comerica and Mastercard employees, writing a fake prospectus and taking other steps to make it look like the two U.S. companies were its partners in an investment venture.

Following a two-year pilot, several Sri Lanka banks are rolling out co-branded credit and debit cards connecting LankaPay, the local payments network, with Japan’s JCB brand, extending the cards’ reach to any global merchant or ATM that accepts JCB.

Ripple is collaborating with financial software company Finastra, boosting both companies' reach in the cross-border transaction market.

Large banks are increasingly taking stands on social issues like gun rights and climate change. Some see this as a troubling development.

Any entity questioning Libra runs up against the longstanding legal precedent set by private label gift and GPR, and myriad other prepaid account offerings, says payments consultant and researcher Richard Crone.

Small merchants often have to squeeze a hodgepodge of hardware onto their counters to manage government electronic benefit transfers, a distinct niche Novo Dia Group is working to solve with an investment from Square.

Libra poses risks not only to global financial systems, but also to existing companies’ broader payments business, Senator Sherrod Brown of Ohio and Senator Brian Schatz of Hawaii said in letter on Tuesday to Visa Inc., Mastercard Inc. and Stripe Inc.

The Swiss National Bank and stock exchange SIX will jointly explore how to make central bank digital money available for the trading and settlement among financial market players.

The next generation of wireless communication will lead to more devices being connected to the internet, creating additional vulnerabilities for credit unions to guard against.