Payments

Sen. Richard Blumethal, D-Conn., chair of the Senate Permanent Subcommittee on Investigation, asked bankers whether the Electronic Funds Transfer Act should be updated to include scams that involve authorized fund transfers.

A federal judge recently rejected an agreement on transaction fees, ensuring that a multi-year battle between the credit card companies and merchants will continue. Ryan McInerney vented during Tuesday's earnings call.

The credit card giant increased its allowance for credit losses by more than $800 million following the termination of a partnership with Walmart.

With the government contract for Direct Express, Bank of New York would gain a free liquidity source of more than $3 billion in deposits a month and expand its burgeoning offerings to the underbanked.

Nine international fintech companies are participating in the credit card network's accelerator program.

The financial institution has focused on boosting revenue from a segment that has struggled due to the impacts of the pandemic and high inflation.

The bank plans to turn away transactions for apps like Afterpay, Affirm, Klarna and others. Its move comes as these third parties face increasing scrutiny from regulators and industrywide concerns over risk.

The credit card company is seeing fewer customers fall behind on their payments. But with lower-income consumers still being pinched by inflation, Synchrony isn't loosening its lending standards.

The credit card giant says its proposed acquisition of Discover would facilitate a bevy of community development activity and philanthropy. But some public advocacy groups are skeptical.

CTrust is providing scores specific to the legal weed business, an industry that poses a lot of challenges and opportunities for banks and other lenders.

The Chinese technology giant is partnering with BNP Paribas to reach more merchants; Sequoia makes an investment offer that could boost confidence in Stripe; and more.

Early Warning Services CEO Cameron Fowler will join bank executives at an upcoming hearing in the Senate Permanent Subcommittee on Investigations to discuss fraud on the Zelle payments network.

The tech giant is enabling users to pay by holding smartphones together, potentially cutting into the market for Zelle, PayPal and Venmo.

Bankers and financial services professionals should be monitoring the rollout of the EU Digital Identity Wallet initiative, as it signals changes likely to arrive in the U.S.

The government-backed instant processing network has been live only since the summer of 2023, but it's already indirectly boosting usage at an unrelated bank-led rail from The Clearing House.

Fizz offers a card that enables undergrads to slowly build a debt record based on healthy spending habits, providing an alternative as regulators pressure how financial services are marketed to that demographic.

Investment banking fees shot up at the nation's largest bank, thanks to rebounds in M&A and the equity capital markets segment. And despite higher credit costs in the company's card business, a top bank executive expressed confidence in the health of U.S. consumers.

The American tech giant's agreement to open up to other firms may give other tech firms the chance they need to offer an updated mobile wallet.

The card networks extended an agreement to keep interchange the same for cards issued outside of the European Union; meanwhile Ant Group's Alipay adds a number of AI-powered assistants.

Washington policymakers are not adopting policies necessary to keep the U.S. on the cutting edge in payments. Fortunately, the dual banking system offers an alternative path forward.