Payments

Multifunction wallet apps will support shopping, loyalty, paying at the pump or EV charging station and crypto asset management, challenging the roles of U.S. financial institutions.

Here's what's happening around the world

The first credit unions enrolled in the Federal Reserve's FedNow instant payments platform say it will fundamentally change the way they serve consumers and businesses across multiple categories.

Google's $700 million antitrust settlement is part of a series of legal battles that are eroding Big Tech's control over checkout, cracking a door for other transaction processors and the bank-led Paze wallet from Zelle's developers.

Visa, Mastercard and Global Payments discuss impacts on customer service, web content, security and more.

Alex Holmes talks about money transfers, the tough economy and the role of crypto wallets in the firm's future.

Rep. Andy Barr, R-Ky., is urging the Government Accountability Office to examine the Consumer Financial Protection Bureau's credit card late fee proposal.

New York Gov. Kathy Hochul signs a law banning medical debt on credit reports; PayPal's former CEO Dan Schulman will exit the board; community banks boost small-business loan approvals; and more in the weekly banking news roundup.

Competition is heating up south of the U.S. border, prompting fintechs like Airwallex to come to market with a more diverse set of offerings — and to pursue acquisitions that help it move faster.

Atlanta-based Global Payments has been working with an adviser to study the feasibility of a deal for Shift4 Payments, according to the people. 

The world's largest credit union reported a 5% increase in total loans in the third quarter while lending at the largest banks was almost stagnant. However, the Vienna, Virginia, institution's charge-offs also jumped significantly.

The Swedish payment company is using generative artificial intelligence to make its human workforce more efficient — but also expects the technology to fill in for roles it loses to attrition.

As innovation in other domains accelerates, the inertia plaguing our international payment systems is a critical bottleneck, stifling U.S. businesses that choose to engage in global commerce.

The fintech is the second in two months to launch a secured credit card. Upgrade's version will offer up to 3% cash back and elevate users to the unsecured version over time.

CaixaBank assembled a team of more than 100 people focused on generative artificial intelligence products, Ripple changed the name of RippleNet to Ripple Payments, and more.

Regulators in the U.K. are weighing a cap on some of the fees that Visa and Mastercard charge local merchants for each card transaction, seeking to rein in charges that have risen fivefold since Brexit.

A jury found the tech giant violated anti-monopoly rules by requiring in-house checkout for game makers such as Epic, which publishes Fortnite. Google and Apple may have to cut fees, but outside processors will be challenged to create a winning user experience.

Michael Rhodes, who has spent the last dozen years in various executive roles at TD Bank Group, will become president and CEO of Discover Financial Services. The move comes four months after the unexpected departure of Discover's longtime CEO Roger Hochschild.

A tightening economy plus an aggressive start to fourth quarter shopping will put firms' underwriting decisions under the microscope as regulators' concerns mount.

Activist investor Bluebell Capital Partners called on French payments company Worldline to shake up its board and replace its chairman to "restore the trust of the market" after the shares plunged almost 60% in a day.