Payments

Bank of America is giving businesses new ways to transfer money to their customers with the rollout of a system called Recipient Select.

Many of the application programming interfaces that help banks and fintechs share data predate the law that established open banking on the Continent.

The feature, which was years in the making, allows Amex cardholders to link their accounts to PayPal without leaving the issuer's app.

Card issuers are lobbying Visa behind the scenes to reduce Apple's share of revenue from recurring transactions made on its devices. But the iPhone maker has a track record of warding off threats to its income.

The partnership with Stellar Development Foundation will integrate MoneyGram’s network with the Stellar blockchain to facilitate payments using Circle Internet Financial’s USD Coin. 

As head of global liquidity and cash management, Reyes oversees an operation that has 9,000 employees serving 40,000 large corporate and midmarket companies and 1.5 million business banking clients.

Clark heads global transaction banking at MUFG Americas Holdings and is Bay Area president of MUFG Union Bank.

Executives from banks, credit unions, card issuers and investment firms at American Banker's Card Forum discussed ways the public's embrace of digital transactions and credit alternatives like buy now/pay later is shaping everything from products to business strategies.

Venture capital firms are pouring money into startups whose data-crunching technology — including machine-learning systems that predict funds availability — speed payments and inform credit decisions in e-commerce.

By limiting the credit offered to new borrowers during the pandemic, banks created an opening for installment lenders like Affirm, Afterpay and Klarna.