Payments

While advanced push payment fraud has dominated the headlines in recent years, another type of scam has been costing U.K. businesses millions — even though many companies are completely unaware of it.

Smaller banks are often not taking the extra step beyond traditional functions such as online bill pay, writes Alberto Hernandez, COO for the U.S. region at Valid.

Banks and governments around the world have invested in systems that seek to instantly transfer money between accounts, moves that could put pressure on the sprawling debit card business at the world’s largest payments network. But Visa Inc. Chief Executive Al Kelly isn’t too worried.

Elavon is partnering with online store software company ePages to meld online and in-store technology for small to mid-size retailers in the U.K. and Ireland with other markets to follow.

Top executives from banks, card brands, credit unions, fintechs and more weighed in on the major issues and innovations for the payments industry.

More than 66% of the banks reported a jump in net income during the first quarter but new risks are emerging in interest rates and underwriting, the Federal Deposit Insurance Corp. said Wednesday.

The bank dropped out of the bidding for the card over profitability fears; returning to the market could boost Barclays' investment bank.

Currently, the maximum a federal credit union can charge on most loans is 18%. But a proposal from Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez to lower that to 15% on consumer credit could reduce access, experts said.

The responsibility falls on employers to facilitate a payroll function that helps their workers access funds efficiently regardless of whether an employee chooses or is forced to forgo traditional banking, writes Brian Radin, president of Comdata's prepaid and payroll card business.

When it comes to naming the U.K.’s biggest cashless hubs, Bristol may not immediately spring to mind — but the city has topped Manchester, Birmingham and even London to lead the way as the country’s contactless capital.

By using the Visa and Mastercard tokenization services, BBVA Group has developed a mobile payments platform it can deliver to all countries in which it has a presence.

The Women in Payments Leadership Exchange is a platform for prominent female executives to share not only their expertise and advice for their peers, but also to share the defining moments in their own careers.

While some of the biggest institutions are already rapidly developing new technologies, it’s important that community banks also tap the power of artificial intelligence and machine learning.

Payment industry mega-mergers continue with $21.5B deal; the cryptocurrency is up 140% this year, including 70% this month.

Large U.S. financial institutions converting their credit and debit portfolios to contactless technology this summer are betting that transit agencies like New York shifting to open-loop NFC will help drive mass adoption.

Fintechs that offer installment loans are having a major impact on credit card lending — and many card issuers are ill equipped to compete.

The digital banking provider Simple has been part of BBVA for five years, and its reputation as an easy way to handle and transfer digital money has only grown in that time frame through the addition of faster payments and P2P services.

Payments technology provider AscendantFX has added an international payment scheduling service to its APay online payment platform to help corporations automatically schedule and submit batches of cross-border transactions in advance of due dates.

JPMorgan tells OxyContin maker to take its business elsewhere; reelection tallies are smaller than last year’s.

Online lenders now have close to 40% of the unsecured personal loan market, much of which is refinanced credit card debt. Some financial institutions' card portfolios are taking a hit.