Payments

With the introduction of FedNow, the Federal Reserve is out of good reasons not to mandate that banks process payments by the fastest means available.

Evidence from the implementation of the 2009 CARD Act shows that warnings about higher interest rates and other unintended consequences don't square with reality.

As banks and merchants gear up for instant settlement, the merchant acquirer is using artificial intelligence to sharpen the accuracy of its fraud detection.

Bank loyalty platform provider Wildfire Systems unveils a tool that could enable banks to earn revenue from merchants when customers click on personalized offers embedded in content via generative AI.

Credit metrics are deteriorating as more cardholders fall behind on their payments. But bank CEOs detect few causes for alarm, saying they plan to stay in growth mode since most consumers have stayed current.

The card brand participated in a $72 million funding round in Thunes, expanding both an existing collaboration and a larger initiative to support mobile money networks.

Amazon expands "palm payment" at Whole Foods, Toast reverses 99-cent restaurant-order fee, Plaid expands open-banking reach and more in the weekly banking news roundup.

The company says young consumers, steady credit quality and a robust travel recovery will offset a weaker economy for small businesses.

Discover Financial Services' stock tumbled after revealing a new FDIC consent order regarding consumer compliance. Separately, the financial institution also copped to misclassifying certain credit card accounts into its highest merchant-pricing tier beginning in 2007.

The launch of FedNow, the Federal Reserve's instant-settlement system, raises many questions for banks, card networks and fintechs regarding costs, routing and other concerns.