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.

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.

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

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.