Payments

CEO Alex Chriss told analysts the company's AI-heavy product rollouts won't improve financial results in the near-term.

Virgin Money has cut about 150 jobs and 39 branches thus far in 2024, the Central Bank of Nepal has hired ACI Worldwide to build a payment switch to enable interoperable card payments for merchants, and more.

Ant, the company that operates Alipay, saw its quarterly profit fell 92% as the fintech pioneer founded by Jack Ma struggles to revive a business wracked by an economic downturn and more than a year of regulatory scrutiny.

Delinquencies and charge-offs are set to climb over the next several months, as lenders tighten underwriting policies and credit lines while facing downward pressure on late-payment fees.

Taking aim at a market dominated by decades-old private-network fuel card players, the San Francisco-based firm AtoB is teaming with Mastercard to launch an open-loop payments platform for trucking firms and fleet operators.

Dogwood State Bank and Community First Bancorp plan an all-stock deal to create a $2.2 billion bank, technology firm Fiserv announces a partnership with the National Hockey League's New Jersey Devils, former Texas secretary of state will join Cullen/Frost's board and more in our weekly banking news roundup.

PayPal hopes to demonstrate its coin's utility by using it to take a stake in a company called Mesh.

Banks can choose to only receive transactions instantly, and it's the most popular choice. Simply preferring to get paid faster isn't the reason.

In this month's roundup of top banking news: Truist Financial announces plans to shutter 4% of its branch network, Fiserv pursues a special-purpose bank charter, Wells Fargo distributes a $1,000 bonus to lower-paid employees and more.

U.S. consumers remain healthy despite several factors that weigh on their spending, said CEO Michael Miebach.

The Reserve Bank of India on Wednesday ordered Paytm Payments Bank, a unit of One 97 Communications, to stop its popular mobile wallet business along with other activities, citing persistent non-compliance and supervisory concerns.

Visa will be the payment partner for the 2026 World Cup and other events, companies in Canada are teaming up to promote open banking for credit unions, and more.

PayPal, which employed around 29,900 workers at the end of 2022, announced a similar round of cuts last January.

The institution is investing more in analytics as it faces pressure from rival banks and fintechs using automation to attract cost-conscious treasurers.

Banks need to reckon with the explosive rise of legal online wagering and the addicts left in its wake.

Google Pay's collaboration with the country's digital transaction network is the latest example of Indian tech informing strategy elsewhere in the world, including the U.S.

The stable outlook is an indication that — at least for some lenders — the much-feared cycle of cardholders defaulting on their obligations in the wake of the COVID-19 pandemic may not turn out to be so bad.

Fiserv's Money Network will officially start managing the state's prepaid debit card program for distributing unemployment and disability benefits to 850,000 beneficiaries. BofA had been trying to exit its contract for several years due to financial risks.

The card network said that recent weeks' cold snap in key cities had a chilling effect on U.S. spending, and reaffirmed its sunny outlook for the year.

Steve Squeri said flatness in the segment is an industry-wide trend, and the company is dedicated to the segment.