Payment processing

Scams and fraud on real-time payment platforms are well documented. To solve the problem regulators, lawmakers and the public must acknowledge the inherent risks that come with a powerful new technology and develop rules to make it safer.

A criminal group called Prilex has stolen millions in a scheme involving fake repair people installing malware on point of sale terminals.

The popular peer-to-peer payments network is rife with fraud. And as much as the Consumer Financial Protection Bureau might want to crack down on the big banks that own Zelle, the agency is legally handcuffed.

Federal Reserve Vice Chair Lael Brainard said Monday that the central bank's real-time payments network will go live between May and July of 2023 and financial institutions should prepare themselves right away.

Paul Stoddart joins the U.K. company at a crucial time. A specialist in account-to-account transfers, GoCardless sees an opportunity to capitalize on friction over interchange rates.

The U.K. seized 2 million pounds ($2.61 million) from a London-based fintech firm, saying that the funds were linked to a $150 million U.S. wire fraud conspiracy.

To appeal to a younger audience, credit unions are teaming up with third parties that can help them offer Bitcoin accounts, real-time payments and other cutting-edge services.

As rising inflation and supply-chain shortages create new urgency for businesses to settle transactions quickly, more community banks and credit unions are recognizing the need for instant payments, according to The Clearing House.

Each company has introduced its own program to give dealerships access to real-time digital transactions.

The banks that own the peer-to-peer payment network are reportedly considering a retail launch that could fend off rival payment methods — or simply cannibalize the sizable revenue issuers get from credit and debit cards.