Payments

Both the Federal Reserve and the Office of the Comptroller of the Currency signed off on the $35 billion transaction, which has faced opposition since it was announced last February.

With swipe payments heading toward the exit in a few years, issuers have an opportunity now to prepare.

CEO Stephen Squeri said current strategy will continue, adding it would look to adjust expenses in areas such as marketing if there's an economic downturn.

Companies are planning to spend more on technology and artificial intelligence in 2025 when compared to last year, and AI is a choice area for investments.

As part of the deal, FIS is acquiring Worldpay's credit processing unit.

The Sweden-based payment firm, which recently delayed its IPO due to the trade war, will use Fiserv's Clover point of sale system as it looks to build a market in the U.S. Plus: Payoneer makes a deal in China and other news in this week's global payments roundup.

New York AG Letitia James is suing the earned wage access companies for charging illegal, high-interest loans that would have wide-ranging implications for EWA providers. DailyPay last week filed a countersuit against James's office.

A federal judge in Texas found that the Consumer Financial Protection Bureau had violated the CARD Act by barring banks from charging late fees for credit cards.

Experts say transaction growth is OK now, but the next year will be fraught with risk.

Generative artificial intelligence has usurped its traditional counterpart as the next growing technology taking the payments industry by storm.

Affirm is reporting consumers' buy now/pay later loans to Experian, following a February study with FICO. It's one of the first steps in credit reporting for BNPL, potentially complicating banks' assessments for other types of lending.

In a settlement with bank trade groups that sued the Consumer Financial Protection Bureau, the Trump administration has agreed to drop the credit card late fee rule with prejudice.

More than 1.4 million small businesses bank with U.S. Bank, according to the company, and it's now offering help with managing expenses and accepting payments.

At the Los Angeles Clippers' Intuit Dome, technology developers hope to forge transaction habits that can be replicated elsewhere.

The administration's unpredictable policy has already caused shifts in foreign exchange rates and supply chain payments. Uncertainty about future levies will cause added pressure despite the 90-day pause.

Regulators said the payment company did not provide sufficient customer identification and monitoring, increasing risk for its transfer app. This week's fine follows earlier penalties in other states and the federal government.

Investors are finding a haven from stock market and crypto volatility, but an economic downturn could slow overall spending, imperiling stablecoins in retail and corporate transactions.

Consumer habits are the driving force behind industry-wide payments investments, be it digital wallet adoption, biometric authentication or payments platforms.

The Bank of Lithuania contends the U.S. fintech broke anti-money-laundering rules; while British contactless payments hit a record. That and more in the American Banker global payments roundup.