Payments

Federal Home Loan Bank of Chicago has a new CFO, while Visa's CFO plans for retirement. These stories and more in banking news this week.

The Clearing House has operated its RTP network for about six years, and the FedNow rail is expected to launch later this year. Here's a look at the nuts and bolts of instant money movement, and how the two systems are different.

About 3% of borrowers in their 20s and 30s became seriously delinquent on their credit card payments last quarter, significantly faster than older consumers. The picture was similar in auto lending, according to research by the Federal Reserve Bank of New York.

The prepaid card issuer is working with the electronic billing company Paymentus to appeal to consumers who want to make digital payments without opening a mainstream bank account.

Early Warning Services said it made significant traction in signing up smaller participants in 2022, as 70% of the 500 financial institutions that went live on Zelle's peer-to-peer network last year have less than $1 billion of assets.

A community bank in Missouri plans to offer fractional stock rewards later this year, while a small bank in Utah is winding down a similar program.

United Arab Emirates plans to launch a central bank digital currency this year; Adyen adds travel payment cards; and more.

Travel disruptions make it crucial for hospitality providers to handle bookings, cancellations and postponements — and the underlying payments and refunds — with ease. Software vendors are tailoring their products to address the needs of this and other niches.

With Apple pushing into the lending business with a buy now/pay later service, the company is laying out rules for how it will approve transactions. One key factor: whether you've been a good customer in the past.

The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. The company had previously partnered on its credit cards with Barclays.

Providers such as Klarna, Clearpay and PayPal will be required to give consumers key information about their loans and issue credit that is affordable, while users will have the right to take complaints to the Financial Ombudsman Service.

Dozens of vendors are joining real-time settlement networks from the Federal Reserve and The Clearing House. These partnerships are the first step toward making both systems interoperable.

The payments company said the Consumer Financial Protection Bureau has closed a probe it began in 2020 after a consumer advocacy group accused PayPal of offering students at for-profit universities high-cost financing for unaccredited courses.

As a stand-alone company, Worldpay will have more leeway to pursue mergers and acquisitions, FIS CEO Stephanie Ferris says.

Super Bowl spending spikes, Openpay closes, Mastercard takes aim at gamers, and more in banking news this week.

PayPal is pausing work on the project as regulators increase scrutiny of cryptocurrencies and a key partner faces a probe by the New York State Department of Financial Services.

Coinbase shares fell the most in more than six months after rival Kraken was forced to stop providing an investment service also offered by the largest U.S. cryptocurrency exchange.

Sluggish single-digit e-commerce growth drove PayPal to postpone its forecast for the coming year, as CEO Dan Schulman, who plans to retire this year, itemized further cost cuts.

Schulman, president and CEO of PayPal since 2014, will leave at the end of 2023. He will continue to serve on the company's board and will join in its search for a successor, the company said.

The Dutch fintech company's hiring plans stand out amid a wave of tech industry layoffs as funding slows.