Payments

The digital card-issuing company Marqeta will offer bank-as-a-service options to nonbanks; Cross River Bank teams with American Express for card issuing on behalf of fintechs; and a Discover Global Network study reveals 78% of fintechs are interested in partnering with payment networks.

A New Hampshire bank recently rolled out the nation's first biodegradable debit cards, Bank of America next year will begin making all credit and debit cards more environmentally friendly and one of the biggest global card manufacturers vows to eliminate all traditional plastic cards by 2030.

The bank is enabling early access to direct deposits, an alternative to earned wage access products that are becoming more popular with economic stress on the rise.

Amex affirmed its full-year guidance, though it is also monitoring for changes in consumer behavior.

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.