Payments

A punitive tax on payments sent overseas to the families of immigrants would have a cascading set of consequences — all of them bad.

The niche buy now/pay later firm is looking for differentiation in a crowded market with recognizable brands like Klarna, Affirm and Afterpay.

The contract gives the nation's oldest bank access to more than $3 billion in deposits a month. Comerica, the current administrator, has received a three-year extension of service to help with the transfer.

The Consumer Financial Protection Bureau has significantly raised the transaction threshold for its larger participant rule — which defines which firms will be affected — from 5 million annual payments to 50 million.

The payment company is using its Xoom transfer app to bring PYUSD to a broader market; while Barclays is reportedly in talks with Brookfield Asset Management to sell a portion of its payments business. That and more in our global payments news roundup.

By adding Affirm, major now/pay later partner, to its Flexible Credential, the payment network is deepening its embrace of a popular product that's not going away.

In a Senate Judiciary hearing Tuesday morning, some Republican lawmakers signaled openness to joining their Democratic counterparts in supporting the Credit Card Competition Act.

The U.S. is alone among G7 nations in not allowing nonbanks direct access to vital central bank payments rails. It's past time for regulations to catch up with clear consumer preferences.

Buy now/pay later popularity has been on the rise as more consumers are turning to short-term installment lending to finance everyday purchases. The Swedish financier will find out if that momentum will be a winner with investors in the U.S.

The card brand uses a new form of generative AI that improves data sourcing, making human involvement less necessary.