Payments

A Bloomberg News analysis found more than 45 groups and pages — with more than 1 million combined members — where the spoils of cyber crimes and the tools needed to carry them out were offered for sale.

Any limitations on the distribution of pandemic relief and other payments are the result of instructions from the IRS, or the Federal Reserve's failure to operate a 24/7 payments system — and not shortcomings of the automated clearing house network, writes the head of Nacha.

Facing greater competition from fintechs and an increasingly global economy, BofA has improved its business-to-business capabilities with open banking, 24/7 processing, support for the euro and other features.

Small businesses are finding that tap-on-phone apps — which allow smartphones to accept contactless payments without additional hardware — are solving some long-standing pain points.

In global news this week, India adds digital banking centers, NAB embraces tap-to-pay and JPMorgan Chase shakes up its management in the Asia Pacific region.

The San Francisco-based fintech Cardless has teamed with Amex and Simon Property Group, the nation's largest shopping mall operator, to launch a new credit card.

The rising value of the U.S. dollar has created higher demand for its use in cross-border e-commerce, just as a joint European/American instant processing project prepares for launch.

By applying its scale and expertise to security and compliance, the card network hopes to provide a comfortable option for cautious financial institutions and consumers.

"We're not used to seeing growth in our check business," said Deluxe's Tracey Engelhardt, who reports a 6% to 7% increase in revenue for check orders from businesses and consumers in each of the last three quarters, driven by various factors originating from the pandemic.

No, it's not about fingerprints this time. Banks are testing biometric technology to help spot unusual behavior that suggests the user of a P2P app like Zelle is being tricked into sending money to a scammer.

The London fintech is trying to build name recognition against established competitors like PayPal and Square.

While Citigroup's Wall Street operations wrestle with tough markets, the bank is getting a boost from the little guy: consumers leaning on credit cards during the worst inflation in a generation.

The tech giant's planned savings account would receive deposits from the Apple Card's Daily Cash rewards, encouraging users to spend more on Apple's credit card as a way to build their balances.

Eyeing the 50 million artists, musicians and video game designers who develop online content for a living, Visa is partnering with several digital platforms to get payments, tips and donations in the hands of the creative community faster.

In global news this week, U.K. banks face more pressure on branch closures, Deutsche Bank launches a small-business banking unit with Fiserv, Bank of America adds to international payments, and more.

As more Americans live paycheck to paycheck, options for flexible salaries are proliferating, with several companies introducing new ways to for clients to offer payroll.

The SEC sued Ripple in 2020, alleging that the crypto payments company and its top executives misled XRP investors because it failed to register the digital asset as a security and did not provide adequate disclosure.

The payment company spent years integrating and updating products from iZettle, a European fintech it bought in 2019. The product's U.S. launch was drowned out by former PayPal bosses David Marcus and Elon Musk roasting the firm over its planned disinformation policy.

Through acquisitions and partnerships, Amex has added working capital finance, business bank accounts, invoice management and payment options beyond cards.

The payment company has added artificial intelligence-driven features that guide businesses' engagement with consumers.