Payments

American Express is turning to some unusual allies in its quest to gain popularity overseas: shoe-repair shops and bargain stores.

Venture capitalists are increasingly keen on firms that can guide merchants through a maze of emerging processing options.

This week in global news, Lisbon takes contactless payments to the subway; U.K. politicians say AML actions rules are politically motivated; and more.

Accrue Savings' merchant-specific savings accounts, originally pitched as a way for consumers to fund major furniture and jewelry purchases, is finding a new market with vacationers.

Guy Harris and Eric Hoffman joined the company's leadership team to help it manage an industrywide spike in suspect payments.

The tech giant wanted to put the consumer first. This meant its banking partner was always second — and taking on more risk than most card issuers at a time of economic volatility.

JPMorgan Chase and Goldman Sachs are leading the financing, which will involve the private equity firm taking a 55% stake in the payments processor, while FIS retains the remainder.

Organized criminals exploited the issue for several months in early 2022 before the company fixed the problem, according to the newspaper.

The sanctions were in response to violations of laws and regulations in areas including financial consumer protection, payment and settlement business and anti-money laundering obligation in the past years, according to China's central bank.

The bank is offering earned wage access, a product that can reduce overdrafts and employee retention, but which may someday run afoul of regulators.