Payments

Cloud-hosted systems add flexibility to develop payment and lending services that aren't possible on legacy platforms. “We want to develop products that suit our customers rather than what our core provider tells us to provide,” said Samantha Pause, chief marketing and benefit officer at Mascoma Bank in New Hampshire.

U.K. Prime Minister Boris Johnson is among the world leaders pushing for a ban, and U.S. President Biden was grilled about the possibility during a press conference where he announced sanctions in response to Russia's military action in Ukraine.

Block, the digital payments firm run by Jack Dorsey, reported strong quarterly sales that were in line with expectations but failed to impress investors.

Billing is becoming part of faster payments, a development the bank contends makes paper-based B2B payments "unsustainable" for businesses facing equipment and staff shortages.

Marqeta COO Vidya Peters and Plaid COO Eric Sager discuss their plan to bypass the use of microdeposits — small transfers that are used to verify identity when linking accounts — to improve speed and security for consumers.

The activist investor ValueAct Capital Management has been awarded a seat on the board of Fiserv as part of a settlement with the financial technology and payments firm.

Paywallet CEO DK Sharma has raised about $14 million for a system that facilitates loans of up to $10,000, with installments coming out of borrowers' pay. It's meant to be an alternative to payday lenders.

Klarna Bank is adding the option for customers to pay immediately at checkout in nine new markets while expanding its rewards program, as it targets becoming a one-stop lender for consumers.

Investors are souring on BNPL companies despite strong consumer demand, as the business model for short-term installment loans faces fee pressure, heightened competition from banks and the specter of a regulatory crackdown.

Some investors worry the rebound in consumer lending will inevitably lead to more defaults. Here’s why bank executives disagree.

The private-equity firm Madison Dearborn Partners, which agreed to pay $1.8 billion to acquire the money transmitter, is the latest in a long line of potential buyers.

Amazon has agreed to accept Visa cards across its global network, settling a feud that threatened to damage the financial giant’s business and disrupt e-commerce payments.

Apple's planned update for accepting contactless payments on its handsets is as disruptive as it is inevitable. Companies like Ingenico, which makes point-of-sale hardware, have strategies in place to build on the tech giant's platform without sidelining their own devices.

Jennifer Barker, who will join Bank of New York Mellon in May, is expected to maintain the custody bank’s focus on its digital transformation.

Teaming with the fintech Buy It Mobility Networks, Discover Financial Services plans to enable Automated Clearing House payments within merchant apps.

Coinbase Global Inc., the biggest U.S. cryptocurrency exchange, is wading into the international money-transfer business, seeking to tap into a huge market dominated by firms like Western Union Co.

The money transmitter's $1.8 billion acquisition by Madison Dearborn Partners removes the need to appease investors on a quarterly basis, freeing up the company to invest in a long-term transformation of its technology.

As more consumers shop and bank online, Texas Capital and its rivals are competing for market share with concepts such as an American Airlines savings account that offers miles instead of interest and one that pays a 0.70% annual percentage yield, beating the national average of 0.06%.

Mastercard said it will hire more than 500 young professionals this year as it expands its data and services unit, an effort that will include launching consulting practices focused on cryptocurrencies and open banking.

MoneyGram International, one of the largest money-transfer services in the U.S., agreed to be acquired by the private equity firm Madison Dearborn Partners for about $1 billion in cash.