Payments

Early Warning Services brought back its Authentify moniker for a new digital ID service. It's not being marketed as a way to stop P2P fraud, but it should appeal to banks wanting to improve security for online transactions.

The very upstarts that gave the prepaid card issuer a run for its money in recent years are seeing their valuations fall and their belts tighten. At the same time, Green Dot CEO Dan Henry expects that it can help consumers manage their cash flow amid economic stress.

The Credit Card Competition Act of 2022 could threaten revenue credit unions need to manage card payments and provide security, according to trade groups.

The Consumer Financial Protection Bureau is investigating some of the bank's credit card practices, including refunds, billing errors and credit bureau reporting, according to a securities filing Thursday.

In global news this week, regulators in EU worry about staffing, American Express expands B2B cross-border payments, ATMs in New Zealand get an upgrade, and more.

The payment company's strategy includes cost cutting, new products such as a Venmo account for teens, and welcoming input from Elliott Management, an activist investor that took a $2 billion stake in the firm.

The payments company has agreed to acquire EVO Payments for $4 billion and sell off the consumer-focused portions of its Netspend unit as part of an industrywide emphasis on automated business-to-business payments.

The payment processor is an early user of Apple's smartphone payments capability, which provides a DIY option for retail workers, but doesn't necessarily cover all merchants in all use cases.

Within two years, the credit-card company expects to employ more than 1,000 people from a historically disadvantaged part of the city.

Visa said it believes it’s an “improper defendant” in the case.