Payments

The credit card giant increased its allowance for credit losses by more than $800 million following the termination of a partnership with Walmart.

With the government contract for Direct Express, Bank of New York would gain a free liquidity source of more than $3 billion in deposits a month and expand its burgeoning offerings to the underbanked.

Nine international fintech companies are participating in the credit card network's accelerator program.

The financial institution has focused on boosting revenue from a segment that has struggled due to the impacts of the pandemic and high inflation.

The bank plans to turn away transactions for apps like Afterpay, Affirm, Klarna and others. Its move comes as these third parties face increasing scrutiny from regulators and industrywide concerns over risk.

The credit card company is seeing fewer customers fall behind on their payments. But with lower-income consumers still being pinched by inflation, Synchrony isn't loosening its lending standards.

The credit card giant says its proposed acquisition of Discover would facilitate a bevy of community development activity and philanthropy. But some public advocacy groups are skeptical.

CTrust is providing scores specific to the legal weed business, an industry that poses a lot of challenges and opportunities for banks and other lenders.

The Chinese technology giant is partnering with BNP Paribas to reach more merchants; Sequoia makes an investment offer that could boost confidence in Stripe; and more.

Early Warning Services CEO Cameron Fowler will join bank executives at an upcoming hearing in the Senate Permanent Subcommittee on Investigations to discuss fraud on the Zelle payments network.