Payments

The bank hasn't explained why person-to-person payments, bill processing and account-transfer services went down for parts of two days this week. But observers suspect glitches in its legacy systems could occur at other financial institutions and increasingly affect real-time payment networks.

Despite a sharp drop in spending and rising delinquencies during the second quarter, the issuer's stock rose on news of lower debt, rising deposits and a new private-label partnership with Dell Technologies.

Mastercard has told payment processors and banks to stop allowing marijuana transactions on debit cards, in a blow to the struggling cannabis industry and a boon to transparency in the banking system.

Michael Miebach, the card network's chief executive, discussed his plan for competing against the Federal Reserve's new real-time settlement system.

Elon Musk's original X.com was an internet bank that became part of PayPal. Musk wants to bring X back to its banking roots, but the market may have moved on.

Travelers in China can now add Visa and Mastercard to WeChat Pay and Alipay, providing a boost for the country's tourism industry as it tries to recover from the pandemic. Additionally, British regulators may delay plans to tighten the rules for by now/pay later lenders, partly based on concerns that some of the largest lenders may depart the market.

A rising payments star — and photographer — is helping the card network reach content creators and new entrepreneurs.

Elon Musk's grand vision is to turn Twitter into a one-stop shop for financial services. It's hardly the first time a tech giant has sought to muscle in on Jamie Dimon's turf.

CEO Ryan McInerney touted the growth of Visa Direct and unveiled a fraud-scoring service called RTP Prevent, which is powered by artificial intelligence, while discussing the card network's earnings for its fiscal third quarter.

American Banker is proud to recognize, in its third annual Most Influential Women in Payments, Next, the women under 40 who have demonstrated expertise, leadership skills and an ability to adapt in an ever-changing payments industry.

With the introduction of FedNow, the Federal Reserve is out of good reasons not to mandate that banks process payments by the fastest means available.

Evidence from the implementation of the 2009 CARD Act shows that warnings about higher interest rates and other unintended consequences don't square with reality.

As banks and merchants gear up for instant settlement, the merchant acquirer is using artificial intelligence to sharpen the accuracy of its fraud detection.

Bank loyalty platform provider Wildfire Systems unveils a tool that could enable banks to earn revenue from merchants when customers click on personalized offers embedded in content via generative AI.

Credit metrics are deteriorating as more cardholders fall behind on their payments. But bank CEOs detect few causes for alarm, saying they plan to stay in growth mode since most consumers have stayed current.

The card brand participated in a $72 million funding round in Thunes, expanding both an existing collaboration and a larger initiative to support mobile money networks.

Amazon expands "palm payment" at Whole Foods, Toast reverses 99-cent restaurant-order fee, Plaid expands open-banking reach and more in the weekly banking news roundup.

The company says young consumers, steady credit quality and a robust travel recovery will offset a weaker economy for small businesses.

Discover Financial Services' stock tumbled after revealing a new FDIC consent order regarding consumer compliance. Separately, the financial institution also copped to misclassifying certain credit card accounts into its highest merchant-pricing tier beginning in 2007.

The launch of FedNow, the Federal Reserve's instant-settlement system, raises many questions for banks, card networks and fintechs regarding costs, routing and other concerns.