Payments

The Minneapolis-based bank launched the Split Card, a Mastercard that turns purchases into three-month installment plans, in an effort to attract younger customers.

Supplies of the one-cent coin are plummeting. Businesses can't give exact change. Banks are struggling to resupply them. And amid it all, the federal government has said almost nothing.

The migration to the standard and its more robust data is underway, but experts say the desired reduction in payment errors will come slowly.

Noelle Acheson explains the significant differences between tokenized deposits and deposit tokens, and why it matters for the future of banking and payments.

The U.K.-based banking giant will add a fintech that enables it to compete with Apple Pay, while Global Payments has added Uber Eats as part of its Genius-branded point of sale rollout. Plus: Visa has advanced account-to-account payments in the U.K. and more in the global payments and fintech roundup.

In the company's first earnings report since going public, CEO Sebastian Siemiatkowski offered what analysts called a conservative Q4 outlook while laying out its growth plans that included an expanded distribution network, increasing its long-term installment loan penetration with merchants and becoming a full-fledged neobank.

Treasury Under Secretary for Domestic Finance Jonathan McKernan said he is concerned that the traditional bank funding model of taking in low-cost deposits and making more lucrative loans could be set for a shakeup as fintech challengers get more competitive.

Oresar, who joined BMO as head of treasury and payment solutions sales after more than two decades at JPMorgan Payments, spoke with American Banker about her priorities leading a new team; the importance of organic mentorship; and what clients are asking for to keep up with the fast-paced change that's happening to the payments industry.

While the bank will no longer run the platform, it will continue providing mobility services to clients in the industry.

BNY estimates the market for stablecoins, tokenized deposits and other assets will reach a combined value of $3.6 trillion in four years, while Standard Chartered says the entire banking industry will soon be "tokenized." The trend is creating pressure to update strategies and technology.

The payments fintech recently introduced AI agents to its lineup of products banks and credit unions can pick from and add to their existing technology stacks.

The payments company is expanding the transfer app in an effort to entice more consumers to use the service as their primary banking relationship

ICBA argues Bridge's stablecoin model pushes the trust charter beyond its intended fiduciary scope.

Airlines and hotel chains are taking advantage of the banking-as-a-service model and favorable debit interchange regulations offered to bank issuers with under $10 billion in assets to bring debit card rewards back to market after they all but disappeared following the so-called Durbin Amendment.

Fintechs and banks approach innovation from different starting points. Noelle Acheson points out that this can be seen in their approach to payments, and now also in the approach to stablecoins.

The new rules require banks in the ACH network to implement risk-based monitoring to combat rising fraud and scam schemes.

Acquisition talks fell through in the final hours, according to reports. Also: Visa launched another stablecoin pilot on Visa Direct; the Bank of England seeks input on stablecoin restrictions; and more in this week's global payments roundup.