Payment processing

It's hard to see FedNow as a revolutionary solution because it's not actually much newer, faster or cheaper in many cases than existing payment services.

More than 1,000 users reported problems making payments on Tuesday before complaint volumes tapered around midday, according to DownDetector, a site that collects user outage reports. The internal network disruption comes on the heels of another Zelle outage JPMorgan Chase took responsibility for seven days ago.

The bank hasn't explained why person-to-person payments, bill processing and account-transfer services went down for parts of two days this week. But observers suspect glitches in its legacy systems could occur at other financial institutions and increasingly affect real-time payment networks.

Wells Fargo leads $70 million funding effort targeting credit-challenged entrepreneurs; PayPal adds Tap to Pay for Venmo, Zettle; Amex names new CFO to succeed retiring veteran finance chief and more in this week's banking news roundup.

The Block unit's new American Express card credits users with $1 in payment-processing fees for every $3 they spend on business expenses. It's also offering new loan terms and other tools for managing expenses and cash flow.

Discover Bank launches financial health fund, Cross River Bank climbs past real-time payment transaction benchmark, Webster funds financial education at youth-focused nonprofits and and more in this week's banking news roundup.

Banks that haven't built a plan to implement the Federal Reserve's new real-time payments system still have time to make up lost ground.

Josh Williams, chief banking officer for Seattle Bank, explains how changes in payments technology will affect smaller institutions.

The success of central bank digital currencies will be directly tied to their usability — by both individuals and businesses.

The Federal Reserve governor addressed misconceptions about the forthcoming instant payment system after delivering remarks on financial innovation.

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.