Payments

The United States is threatening to curtail transactions into and out of Russia to discourage it from invading Ukraine. The standoff heightens existing friction between U.S. payments companies and Moscow, which could impose new restrictions on them in response to sanctions.

Bank of America is turning to private jets and exotic cars to compete with American Express and JPMorgan Chase and lure big spenders to its credit cards.

Purchases by adults between the ages of 25 and 40 have risen 50% over 2019, and the same group accounts for 75% of sign-ups for American Express’s pricier new cards.

Immigrants from Brazil, Nigeria and Kenya will be able to get scores based on their home country credit histories under a partnership between American Express and Nova Credit.

By acquiring First Sound Bank in Seattle, the fintech would control the strategic direction of the combined company and won't have to share revenue, CEO Luvleen Sidhu says.

As Visa and Mastercard weigh raising rates and retail heavyweights like Amazon push back, the fintech sees an opening for a lower-cost payments alternative that banks and credit unions can offer merchants.

More financial companies across the Continent are joining a cross-border payment system designed to fight the rising threat from Visa and Mastercard.

The company, which will keep the Square brand for its card readers, also supports music, cash transfers, Bitcoin trading and other financial services.