Payments

Wakefield, Massachusetts-based The Savings Bank named Raichelle Kallery as its president and CEO; Los Angeles-based Banc of California is donating $1M to launch a recovery fund in response to the wildfires devastating Southern California; Amazon agreed to acquire the Bengaluri-based fintech Axio; and more in this week's banking news roundup.

Cash App's parent company Block failed to investigate fraud and unauthorized transactions, and refused to refund customers, the Consumer Financial Protection Bureau said.

The bank, which owns a minority stake in Viva Wallet, can take over the company in June if its valuation falls before a certain level — which has resulted in a legal dispute with Haris Karonis, the fintech's owner. That and more in American Banker's weekly global payments roundup.

Digital transaction risk draws attention to dynamic CVVs for cards.

Most Influential Women in Payments honorees say the dramatic expansion in technology presents new opportunities and challenges as employers evolve away from traditional business models.

Shift4, whose CEO Jared Isaacman has been nominated by President-elect Trump to head NASA, will pay $750,000 to resolve claims that the fintech didn't report payments to the relatives of its executives.

Honorees from American Banker's Most Influential Women in Payments discuss spotting tangible uses for innovation, rather than buying into hype.

Texas Capital Bancshares promotes Aimee Williams-Ramey to chief human resources officer; M&T Bank hires Wells Fargo veteran Krista Phillips for newly created post of chief customer officer; Paul Connolly and Paul Speiss age out of their positions on Eastern Bankshares' board; and more in this week's banking news roundup.

Women in the payments industry are using the advent of real-time payment networks to help underserved women around the world gain access to vital financial services.