Payments

Federal officials should have protected both banks' uninsured depositors by following the law's carefully designed framework for dealing with failures of systemically important banks.

U.S. consumers may earn 3.92% interest on their account balances, with the choice to add pass-through Federal Deposit Insurance Corp. coverage through JPMorgan Chase for up to $250,000 of funds.

The card network has a new policy to determine who pays when consumers dispute certain e-commerce transactions, but many smaller sellers are unaware of new requirements and may run afoul of them.

Ross, who came from workforce software company Ceridian, will lead MoneyGram's direct-to-consumer business and global digital strategy.

Financial institutions and their trade groups fear a loss of funding for loans if customers migrate in large numbers to a central bank digital currency, according to comments to the Federal Reserve about a possible digital dollar. Industry officials are also worried about heightened cybersecurity and money laundering risks.

The U.K. payment firm recently paired with the small-business technology firm Bluevine, part of a growing network of collaborations to compete in the crowded international transfer market and cut out correspondent banks.

Pagaya is exploring an acquisition of Sunlight, which helps homeowners finance rooftop solar panels, people with knowledge of the matter said.

Despite slower new-account growth, the card network had healthy overall sales, loan growth and deposit inflows in the first quarter. The performance gave credence to its ambitions to become a digital banking giant.

The card network says it is prepared to act on any new demand created by the recent banking crisis or possible economic downturn even though it reported slower growth in small-merchant card spending in the first quarter.

Reacting to a sharp uptick in charge-offs, Synchrony more than doubled its provision for credit losses during the first quarter to account for further shocks along with healthy loan-portfolio growth as more consumers revolve credit card balances.

The card network's ambition to add services has led it to work alongside companies like JPMorgan Chase, Jack Henry & Associates and Stax.

The blockchain company is working on a model for central bank digital currencies that it hopes will make it easier to transact across borders.

Companies holding a Bitlicense will have to follow similar standards for consumer protection, safety and soundness, and pay more to cover the cost of regulations.

Supermarket chain Kroger refused to accept Apple Pay and similar options in stores for nine years. It's changed its mind — but Walmart, Home Depot and Lowe's remain holdouts.

Payments orchestration — or sending transactions to the best option based on cost, speed and other factors — is gaining fresh attention ahead of FedNow's anticipated July launch.

The chief strategy officer of Circle argues that the future of the industry hinges on what market participants — and Congress — choose to do right now.

Early Warning Services' peer-to-peer transfer service drove $180 billion in funds transfers during the first quarter of 2023, up 31% over the same period last year.

"The bar is being set by consumer interactions," says Alisa Ellis, who is helping lead modernization efforts at the financial institution.