Payments

The Federal Reserve Bank of Kansas City's Esther George is refusing to provide the Republican senator answers about certain internal deliberations at the regional Fed bank over the revocation of the master account granted to Reserve Trust. The fight could set up a bigger showdown over how the central bank grants such accounts.

Mastercard can add new customers after the Reserve Bank of India removed restrictions on the firm, effective immediately, citing compliance with data-storage rules.

It took less than a day for Citigroup’s now-infamous payment error to Revlon lenders to come up in the cosmetics giant’s bankruptcy.

The Korean technology firm was one of the few success stories from the early days of mobile payments. But times change, and consumers are demanding more than just the ability to transact.

To keep customer relationships "sticky," Langley Federal Credit Union will roll out a bill pay feature this summer that tries to mimic the advantages customers get by going directly to the biller site.

Pay Monthly, which allows consumers up to two years to repay a single purchase, fills the void between short-term BNPL offerings and long-term bank loans — and strengthens the company's super app.

In global news this week, U.K. regulators examine branch closures, Apple complies with Dutch App Store rules, a pan-Nordic payments system prepares for launch, and more.

It's late in the game to get involved in cannabis payments, which is why Golden Ark is looking past physical dispensaries to stake its claim in the virtual world.

Pay Monthly loans will have payment plans of up to 24 months, enabling consumers to make larger purchases and repay over a longer period of time than the standard four months.

A partnership with Marqeta gives the remittance provider the online banking tools necessary to better compete in Europe, where digital money movement is in demand.

Drought, inflation and the lingering effects of the pandemic are making it harder for farms to make ends meet. Many are shifting to a direct-to-consumer model that relies heavily on digital payments and banking.

Fintech partnerships and new legislation could help make marijuana more viable and less risky for banks.

The bank's purchase of Digital Payments Torana has become a key element of a newly combined payments business run by Amit Dhingra, enterprise payments director. The fintech's capabilities allow the bank to better serve government agencies, health care providers and other business categories.

In a twist on its Goldman Sachs-issued credit card, the technology giant will directly underwrite and hold its buy now/pay later loans through its own subsidiary, cutting out intermediaries.

The bank is using its dominant share of the U.S. payment card market to provide granular insights that can improve small business' marketing decisions and business management.

The card network's corner of Decentraland will host LGBTQ thought leaders and artists, and provide a way for visitors to connect with one another.

In global news this week, ANZ Bank New Zealand adds a Gender Affirmation Leave policy, Mastercard works with Mercado Libre to secure crypto in Brazil, American Express Ventures back a Nigerian e-commerce startup, and more.

Some of the riskiest loans given to millennials and Gen Z shoppers for clothes and electronics — and neatly repackaged for investors — are dropping in value.

The bank is using a recent fintech acquisition to embed its services in merchant categories like health care and philanthropy, which have typically lagged in the move to digital commerce.

Multiple class actions claim that banks and credit unions are not doing enough to prevent scammers from exploiting the near-instant peer-to-peer payment network.