Payments

Fears of a recession abound, but payment and other financial technology companies that can address pressing business challenges will draw funding, according to venture capital investors.

Rogers Communications is experiencing a widespread network failure in its wireless and internet services, causing payment systems and automated teller machines at banks to go down.

In a speech at the Bank of England, the vice chair of the Federal Reserve Board gave her strongest endorsement to date for the benefits of a central bank digital currency. 

The nation's financial institutions are teaming up with government agencies to fight identity fraud.

U.S. senators led by Democrats Bob Menendez, Elizabeth Warren and Jack Reed told seven of the country’s biggest banks they must do more for consumers defrauded by scammers on Zelle, the person-to-person payments network the firms jointly own.

Meta's Facebook has discontinued a digital wallet that was originally meant to help people use the Diem stablecoin. But its Meta Pay platform is more conventional — and thus more likely to succeed where Novi failed.

The startup FuturePay is working with Cross River Bank to offer an instant line of revolving credit in a manner similar to how BNPL lenders operate.

Authentic Brands Group, which owns and licenses brands like Forever 21, has settled its lawsuit against Bolt Financial. The agreement ends months of legal wrangling between the troubled payments startup and its largest active customer, which had claimed that Bolt’s technology was faulty. 

In global news this week, the European Central Bank weighs in on fractured crypto regs, China's digital wallets come to Qatar, Amazon brings buy now/pay later to Egypt, and more.

The finance app Revolut is teaming up with Stripe to support payments in the U.K. and Europe.