Payment processing

Some companies cut off the flow of cash to insurrectionists, while others put a halt to their political spending. Their actions came quickly after the events of Jan. 6.

Synchrony wasn’t unscathed by the pandemic — consumer spending slowed during the first half of the year — but its mix of private-label and cobranded cards for everyday items suffered far less than other issuers' cards that emphasized luxury and travel.

The fees banks charge to merchants have skyrocketed because people are making more purchases using their credit cards during the pandemic. Lawmakers can cap these fees before they further eat into retailers' profits.

Citizens Financial Group has branded its point of sale lending software as Citizens Pay, saying it wants to more clearly define it as a merchant tool for "budget-friendly payment options" for customers who want a transparent and predictable way to finance purchases.

The year 2020 was disruptive and chaotic. And while it derailed or delayed some companies' plans for growth, it also created opportunities for new combinations — or, at the very least, didn't slow them down.

With Microsoft, Equifax and others acknowledging that the SolarWinds hack of U.S. government entities had affected their holdings, security teams and vendors have put the holiday aside while continuing around-the-clock surveillance to ensure no financial services or payments networks have been hacked.

The U.K. Supreme Court has rejected Mastercard’s attempt to force individual lawsuits over claims the card brand overcharged consumers and negatively impacted competition for more than a decade.

Bank of America has launched a cross-border payment tracker through its Swift GPI module that allows clients real-time visibility into their international payments.

The card brands are reviewing ties to MindGeek after a New York Times column accused the parent of the Pornhub.com website of distributing videos depicting child abuse and nonconsensual violence.