The allegation that Binance encouraged the use of location-obscuring technology so that it could illegally serve U.S. clients is a symptom of a broader problem for financial services companies.

Millennials and Generation Z will soon become the principal financial consumers. Which companies and products are on track to win their business, and which ones are in danger of going extinct?

In April's roundup of American Banker's favorite stories: Investigations of PPP fraud ramp up, U.S. Bank responds to concerns regarding capital levels, what happened to the trend of bank purchases and more.

Financial institutions and their trade groups fear a loss of funding for loans if customers migrate in large numbers to a central bank digital currency, according to comments to the Federal Reserve about a possible digital dollar. Industry officials are also worried about heightened cybersecurity and money laundering risks.

The service offered by the Federal Reserve — after years of delays — is expected to expand access to fast payments clearing to a broader selection of banks and financial institutions.

The company is building on other 2022 launches including stock trading and faster remittances from the U.S. to Mexico in its campaign to offer an all-encompassing financial app.

Revolut Ltd. is launching a one-click payment feature in a bid to rival PayPal Inc. and other tech giants at online checkouts.

The Consumer Financial Protection Bureau is expected to issue guidance soon around fraud liability on digital payment platforms, and the thorniest question concerns who pays for customers' mistakes.  

Affinity Credit Union in Iowa is taking the tech giant to court over the levies issuers pay to have their cards work in its mobile wallet.

To keep customer relationships "sticky," Langley Federal Credit Union will roll out a bill pay feature this summer that tries to mimic the advantages customers get by going directly to the biller site.

The tech giant abandoned the Google Wallet brand years ago as it refined its mobile payment strategy. The 11-year-old brand now returns as a means to store vaccine cards, event tickets and more.

Card issuers have pushed for more direct access to iPhones for years, and with the tech giant's policies facing fresh political and legal heat, Wells Fargo exec Ukrike Guigui says a more open mobile payment market would benefit merchants and consumers.

A few months after cutting ties with its Diem stablecoin project, the company formerly known as Facebook is testing a virtual world marketplace.

A community development financial institution in New York City says it's the first U.S. bank to launch a contactless payment ring. It's betting that novelty will be part of the draw.

These tech titans still depend on banks to back their payment cards and loans. But their vast audiences mean any financial product they offer is a competitive threat.

An appeals court is expected to rule by summer whether, as PayPal argues, digital wallets are excluded from the Consumer Financial Protection Bureau's fee disclosure rule for prepaid cards. If the CFPB loses, its ability to mandate disclosures on a range of financial products could be in jeopardy.

The digital payment company's stellar pandemic-era account growth has lost its momentum, and the 4.5 million fake users it identified were only part of the problem.

Tap to Pay on iPhone turns any of the tech giant's recent smartphones into a card reader, but since Apple doesn't provide its own merchant services, it stops short of becoming a direct threat to acquirers and payment facilitators.

The upgrades merchants made to accept chip cards and mobile wallets have made it easier to add new services via software updates. NCR and other point-of-sale vendors are using these systems to support digital currencies without requiring new hardware.