Payments

American Express is turning to some unusual allies in its quest to gain popularity overseas: shoe-repair shops and bargain stores.

Venture capitalists are increasingly keen on firms that can guide merchants through a maze of emerging processing options.

This week in global news, Lisbon takes contactless payments to the subway; U.K. politicians say AML actions rules are politically motivated; and more.

Accrue Savings' merchant-specific savings accounts, originally pitched as a way for consumers to fund major furniture and jewelry purchases, is finding a new market with vacationers.

Guy Harris and Eric Hoffman joined the company's leadership team to help it manage an industrywide spike in suspect payments.

Adjusted for inflation, consumer spending has largely stalled after surging at the start of the year. Delinquency rates, meanwhile, are ticking up. 

The tech giant wanted to put the consumer first. This meant its banking partner was always second — and taking on more risk than most card issuers at a time of economic volatility.

JPMorgan Chase and Goldman Sachs are leading the financing, which will involve the private equity firm taking a 55% stake in the payments processor, while FIS retains the remainder.

Organized criminals exploited the issue for several months in early 2022 before the company fixed the problem, according to the newspaper.

The Consumer Financial Protection Bureau, the Treasury Department and the Department of Health and Human Services released a request for comment on medical debt financing products. At the same time, the White House said that the agencies will explore whether efforts to sign up customers are breaking the law.

The sanctions were in response to violations of laws and regulations in areas including financial consumer protection, payment and settlement business and anti-money laundering obligation in the past years, according to China's central bank.

The bank is offering earned wage access, a product that can reduce overdrafts and employee retention, but which may someday run afoul of regulators.

A digital version of the British pound may feature a way to verify the holder's age and citizenship status, potentially smoothing the purchase of alcohol and tobacco and transactions with government agencies.

The payment processor Worldpay was originally supposed to be publicly traded. By taking the unit private and retaining a stake, FIS can remain competitive n merchant services.

Some of the world's largest banks found that digital dollars could be an effective way to improve domestic and cross-border payments, according to a unit of the Federal Reserve Bank of New York.

Lloyds Banking Group, Natwest Group, Bank of Scotland and others will use the artificial intelligence tool in preparation for new rules that will require them to compensate customers affected by "authorized push payment" scams.

(Private equity firm GTCR LLC agreed to buy a majority stake in Worldpay, the merchant-acquiring business of Fidelity National Information Services Inc., in a deal valuing the target at $18.5 billion.

This week in global news, Mizuho opens generative AI to staff, BBVA organizes to fight fraud and more.

The Federal Reserve's instant-payments rail may cut into card issuers' credit and debit card volume over time, but it could also help smaller institutions expand their services.

Taylor Swift fans across Asia have flocked to sign up for United Overseas Bank's cards as the frenzy to get hold of the pop star's Singapore concert tickets heats up.