Payments

Any limitations on the distribution of pandemic relief and other payments are the result of instructions from the IRS, or the Federal Reserve's failure to operate a 24/7 payments system — and not shortcomings of the automated clearing house network, writes the head of Nacha.

Facing greater competition from fintechs and an increasingly global economy, BofA has improved its business-to-business capabilities with open banking, 24/7 processing, support for the euro and other features.

Small businesses are finding that tap-on-phone apps — which allow smartphones to accept contactless payments without additional hardware — are solving some long-standing pain points.

In global news this week, India adds digital banking centers, NAB embraces tap-to-pay and JPMorgan Chase shakes up its management in the Asia Pacific region.

The San Francisco-based fintech Cardless has teamed with Amex and Simon Property Group, the nation's largest shopping mall operator, to launch a new credit card.

The rising value of the U.S. dollar has created higher demand for its use in cross-border e-commerce, just as a joint European/American instant processing project prepares for launch.

By applying its scale and expertise to security and compliance, the card network hopes to provide a comfortable option for cautious financial institutions and consumers.

"We're not used to seeing growth in our check business," said Deluxe's Tracey Engelhardt, who reports a 6% to 7% increase in revenue for check orders from businesses and consumers in each of the last three quarters, driven by various factors originating from the pandemic.

No, it's not about fingerprints this time. Banks are testing biometric technology to help spot unusual behavior that suggests the user of a P2P app like Zelle is being tricked into sending money to a scammer.

The London fintech is trying to build name recognition against established competitors like PayPal and Square.