Payments

The Merchants Payments Coalition is appealing to lawmakers to reform credit card interchange rates as Visa and Mastercard prepare to increase some fees next month after a yearlong delay.

Mastercard said it got about 4% of its net revenues last year from business linked to Russia, as Western nations level sanctions against the country for its invasion of Ukraine.

The Federal Reserve Board is taking a fresh look at how financial firms get coveted access to the U.S. central bank’s payment system — a controversial question that’s weighing on President Biden’s pick to be Wall Street’s top bank regulator.

The bank is using Aliaswire’s integration of its BillerDirect platform with Mastercard Bill Pay Exchange to power transactions across multiple channels.

The card brands have blocked Russia's large banks from their networks in response to the Ukraine invasion, a move that may dramatically limit retail transactions and cash availability at ATMs.

The European Union is discussing the exclusion of seven Russian banks from the Swift financial messaging system, but the proposed list spares the nation’s biggest lender and a bank part-owned by the Russian gas giant Gazprom. 

With the buy now/pay later market cooling and regulatory scrutiny increasing, Zip aims to rapidly scale with merchants and consumers.

JPMorgan Chase CEO Jamie Dimon said disconnecting Russian banks from the Swift messaging system may bring “unintended consequences” that include third parties finding ways around the penalty.

With tensions high between Russia and the West, Synechron is looking to develop a real-time kill switch that can shut down a malware threat. The company’s PayTech Accelerator is also focusing on the opportunity for banks in buy now/pay later lending.

Wall Street gets an automated nonfungible tokens machine, credit union arrivals and departures, and more in banking news this week.