Payments

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.

Officials at the central bank have been discussing a real-time payment system for a decade. Work on FedNow began in 2019.

Fintechs are expanding the definition of BNPL financing to include many longer-term, higher-interest loans that fall into a legal gray area, according to new research.

The Financial Conduct Authority is developing new rules that tighten how financial firms can use social media, Swift and a group of banks have successfully piloted instant payments between different countries and currencies, and more.

U.S. financial services firms should be paying close attention to the innovative Pix Credit system that is displacing consumer credit cards in Brazil.

The claims against the card networks' fee structures may be intended as much for lawmakers as they are for a courtroom judge.

Data-sharing runs through dozens of projects designed to generate revenue beyond the point of sale.

The New York megabank benefited duing the second quarter from strong revenue growth in its giant credit card business, which helped overcome headwinds in wealth management and investment banking. But executives indicated that the script could soon flip.

The private-equity firm plans to focus on innovation and acquisitions when it takes a controlling stake of the payments processor.

Higher interest rates and larger card balances set the stage for an 11% jump in revenue from U.S. personal banking in the second quarter. That blunted the impact of a 78% surge in write-offs tied to consumer loans.

A federal judge ruled that the Ripple Labs token is a security when sold to institutional investors but not the general public, a long-awaited decision that was widely hailed as a victory for the crypto industry over the SEC.

The business is deposit-taking and offers revolving credit cards as well as loans for small-ticket items. The potential sale could serve as a benchmark for other lenders considering selling their own consumer finance businesses. 

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.