Payments

Fintech companies with narrow-purpose banking charters pose a safety-and-soundness risk and should be denied access to the payment system and other perks unless they meet the same strict regulatory criteria as traditional financial institutions, trade groups for banks and credit unions told the Federal Reserve.

The card issuer, which is offering its customers a chance to purchase non-fungible tokens created from a recent performance by the singer SZA, is betting that the digital art-trading phenomenon will become more mainstream.

In a move it says will cut friction in cross-border payments, Swift is launching a real-time validation service for banks to check and confirm payee details related to the payment beneficiary prior to moving the transaction.

JPMorgan Chase is cutting the annual fee of its top-tier card while American Express is raising the fee of its own premium card. Both banks hope to win consumers' travel dollars by finding the sweet spot between cost and rewards.

The payments technology provider is adding a handprint biometric digital ID to its authentication system through a partnership with the French fintech A3BC.

Walmart has hired a veteran of American Express to run Walmart+, the membership program it unveiled less than a year ago to counter Amazon.com’s Prime plan.

The hospitality chain and its fintech partner Bakkt are trying to tap into the crypto craze by asking guests if they would prefer the valuable (yet volatile) cryptocurrency over free stays or room upgrades.

The payment company is blending technology from its Swedish subsidiary with other features, such as invoicing, to provide a more robust offering to U.S. merchants.

Building on renewed consumer interest in digital payments, companies such as linked2pay and Pax are making it easier for retailers to add options like ACH and to import shopper data into back-office systems.

The timepieces are meant to appeal to consumers who are comfortable with wearable payments but prefer something simpler than a high-end smartwatch.

The fee for the Platinum account increased 25% to $695, making it the most expensive luxury travel card.

The bank is forming a joint venture with Fiserv to promote digital payments. It's a market that has evolved substantially — and become far more competitive — since Deutsche left it in 2012.

The company’s Tap to Phone technology exists in 30 countries. Visa is piloting the program in the U.S. with a six-city campaign that brings discounts, offers and grants to Black-owned small businesses.

Banks and creditors have spent years trying to remove obstacles to presentment and payment, but some consumers say they would still rather step on a Lego brick than pay a bill, according to PayNearMe research.

Deserve, a credit card technology startup, raised $50 million from backers including Mastercard and Ally Financial’s strategic investment arm, its chief executive said in an interview.

Low card penetration and sparse borrower information in the region make it hard to determine an applicant's identity and ability to pay. Buy now/pay later lenders instead focus on factors such purchase activity, social media presence and even the speed at which users type their personal information.

The bank is working with DailyPay and The Clearing House's RTP network to bring a smidge more speed — and certainty — to earned-wage access payments.

Upgrade, a lending startup that counts Banco Santander SA and SVB Financial Group’s Silicon Valley Bank as investors, is seeking to triple its valuation in a fresh funding round, according to a person with knowledge of the matter.

Six major international banks have committed to preparations for and testing of Swift's new transaction management platform, a process designed to enable new services, improve efficiency and reduce costs for international payments.

Roxe says the distributed ledger technology that removes costly middlemen from international transactions can also lower expenses for currency conversions.