Payments

Rising interest rates on loans, greater borrowing and higher fees on deposit accounts all contributed to the increase. "Altogether, this paints a picture of debt that could really start to strain the checkbooks of American families," said Meghan Greene, a researcher at the nonprofit organization that authored the report.

JPMorgan Chase expanded one of the most high-profile projects to bring blockchain technology to traditional banking, introducing euro-denominated payments for corporate clients using its JPM Coin.

The firm's web services unit is applying hosted technology to parts of transactions that take place behind the scenes in an attempt to reach smaller merchant acquirers.

Nineteen Democratic lawmakers proposed a ban on buy now/pay later loans to finance semiautomatic weapons that would include levying hefty fines on companies that enable the transactions and dealers that accept them.

The Bank of Lithuania said it will start bankruptcy proceedings against Payrnet and intends to ask authorities to investigate possible criminal offenses. 

In its ongoing quest to diversify beyond bank account data-aggregation, Plaid aims to help fintechs and banks to block fraud by sharing data about stolen consumer identities via a fee-based consortium called Beacon.

The bank and MoCaFi are offering digital disbursements and cards as a cheaper and more accessible alternative for underbanked consumers.

This week in global news, Mastercard teams with SimpliFi in the Middle East, Venezuela and Russia collaborate on payments, Alipay backs Asian Games and more. 

California regulators are suggesting that programs that allow workers fee-free access to their earnings between pay periods should be treated as loan products. That's wrong and short-sighted.

NomuPay has acquired parts of the disgraced processor that could help it overcome the barriers of entry to the lucrative market.

The Consumer Financial Protection Bureau plans to issue a larger participant rule that would allow the agency to examine consumer payment markets. The rule will allow the CFPB to examine and supervise Big Tech companies such as Apple, Alphabet's Google, PayPal and Square.

The Bank of England is a step closer to launching its own digital currency after a yearlong project concluded the technology could support a "diverse range" of new ways to use money.

Sergio Fogel is taking on a new role as co-president and chief strategy officer to help the fintech battle rivals across the globe.

Citizens Financial has teamed with Wisetack, which supports dozens of platforms connecting to thousands of home improvement, dental and veterinary service providers.

This week in global news: Stripe joins the MACH Alliance, GoCardless downsizes, CBA battles crypto crooks and more.

Relay Payments has signed a partnership with the operator of Pilot Flying J truck stops as it attempts to cut security risk by going digital.

Pesto, a San Francisco-based startup, invites consumers to ship their diamonds, gold and valuable jewelry to be appraised as assets backing a secured Mastercard. The firm has raised $11 million — and the eyebrows of some consumer advocates.

Banks that haven't built a plan to implement the Federal Reserve's new real-time payments system still have time to make up lost ground.

The credit card company says it could raise interest rates, charge new fees and implement penalty-based pricing if late fees get capped at $8. But its ability to maneuver is constrained by a 14-year-old federal law.

The payment company is focused on small-business borrowers operating in areas where branches are shutting down.