Payment processing

The agency will allow institutions providing 500 or fewer transfers a year to estimate costs in consumer disclosures rather than quote exact figures.

The failure to bring decades-old processes into the digital era not only continues to cost companies dearly but has become increasingly disruptive in the current COVID-19 environment.

Mortgage lenders impose steep pricing adjustments for cash-out refinancing; bankers fear massive borrower fraud in the Paycheck Protection Program; some worry the coronavirus is giving banks an excuse to spy on employees; and more from this week's most-read stories.

When Fiserv purchased First Data in 2019, it was part of an industrywide push to combine bank and merchant technology under one roof. A year later, a key piece of First Data’s technology — and its top executive — have become Fiserv’s path through the coronavirus crisis.

Trends in China such as mobile payments, omnichannel shopping and social commerce show us what a post-coronavirus world could look like for brands and retailers in the U.S., says Azoya International's Franklin Chu.

A mix of consumer debt and economic anxiety is shining a light on firms that offer alternatives to revolving credit. This, in turn, creates a chance to further tie financing directly to checkout.

Large spikes in transactions and unusual payment amounts can be a response to the pandemic, not a sign of fraud, says Genpact's Manish Chopra.

When the coronavirus pandemic began, Square pushed hard to get a bigger share of merchants' online sales and consumers' stimulus spending — and even received its long-desired bank license — but found that this wasn't enough to offset the effects of the crisis.

Artificial intelligence-driven monitoring is an important tool to fight crime but it is not a total solution, and as bad actors develop their own AI capabilities, the battle will continue, says Authoriti's Michael Cutlip.

Despite PayPal's efforts to get people to receive — and spend — their stimulus checks from PayPal accounts, the coronavirus pandemic caused its revenue for the first quarter to come in below company guidance.

Visa is delaying previously announced interchange and fee changes until April 2021, except for changes in the supermarket category, which will remain on the same schedule.

While we all want to go back to the way things were before this pandemic struck, in the payments space, it is more about pivoting to the next normal.

With the coronavirus pandemic forcing far more e-commerce transactions — and thus, more spending on cards instead of cash — loyalty and rewards are vital to creating lasting consumer habits.

A merchant’s payment provider can play a decisive role in determining whether the merchant is able to ensure business continuity during force majeure events, says Credorax’s Igal Rotem.

Millions of Americans have yet to receive their stimulus checks, leading progressives to demand reforms improving underbanked consumers’ access to the financial system.

What works for regular commuters may not work for occasional riders, says OSPT's Jean-Philippe Wolyniec.

The shortage of personal protective equipment (PPE) for medical workers is one of the most troublesome elements of the coronavirus outbreak, though prior work to declutter cross-border supply chain payments provides some hope.

There is a need and opportunity here to rebuild the aging, legacy infrastructure in payments, at the IRS, and within the banking system. It is not a technology problem. It is an opportunity, says payments consultant Collin Canright.

Whether preparing for probable market changes or adapting to unexpected ones, top-performing finance leaders need to be adept at agile business planning in the face of uncertainty, says Vena Solutions' Darrell Cox.

Bots can complete tedious tasks, such as validating customer information against standard databases, more quickly and accurately than people and free up staff for other parts of the payment crime fight, says Genpact's Manish Chopra.