Payments

The bank has its eye on younger cardholders who are ready to spend more heavily now that pandemic restrictions have eased.

The bank is shortening the time for deposit availability in the hope of serving use cases like gig economy workers and disaster relief.

COVID-19 economic pressures have pushed more adults living paycheck-to-paycheck to want their income early, calling into question the value of decades-old payroll practices — and highlighting disparities along economic, racial and gender lines.

The product, which will compete against Citi’s Double Cash card, is the first step in CEO Charlie Scharf’s revamp of a business segment that has long trailed top competitors.

The move furthers the retail giant's strategy to become a one-stop shop for payments and financial services.

The bank and card brand will combine digital connections for supply chain finance and corporate disbursements.

Billers have long had the edge in handling users' bill payments. Fiserv says it can change that through faster transactions, but it faces fresh competition from fintechs.

Nearly 90% of central banks are considering or deploying digital currencies to speed transactions and reach underserved communities. But the larger the economy, the more difficult these projects are to implement.

Allied Payment Network is linking to the digital banking platform of Tyfone for community banks and small businesses.

The central bank said the proposed measure governing transactions on FedNow — a real-time service expected to be available in 2023 — would be similar to the framework for the current Fedwire Funds Service.