Payments

Ex-State Street exec joins Citizens Financial's board, payment software firm Toast will cut workers, Visa rolls out enhanced digital wallet tools and more in the weekly banking news roundup.

The bank is arguing in court with Viva founder Haris Karonis over whether it hindered the fintech's growth. The allegations strain a relationship that was already pressured by inflation and other economic factors.

Nearly a dozen states are looking to regulate digital payroll advance products, prompting a fintech trade group to ask the Consumer Financial Protection Bureau to conduct a formal rulemaking.

Financially stressed consumers nearing their credit limit use buy now/pay later loans to finance smaller purchases, while wealthier households want to avoid paying interest or carrying a balance on credit cards for bigger-ticket items, according to the New York Fed.

The top five fintech and payments M&A deals had a combined dollar volume of more than $23 billion.

Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kansas, have added Sens. Josh Hawley, R-Mo., and Jack Reed, D-R.I., as cosponsors to a bill aimed at increasing credit card competition and lowering consumer fees.

The major U.S. card networks are pursuing financial inclusion in Egypt, the Reserve Bank of India works to bring central bank digital currencies to more users, and other news in this week's global roundup.

New regulations involving cryptocurrency and the results of key elections will impact the industry's success this year.

Shared services organizations PSCU and Co-op Solutions are offering post-purchase buy now/pay later loans, with the goal of reaching consumers who are concerned about managing their credit.

Mastercard, Visa and American Express are reportedly preparing to add merchant codes to identify firearm purchases, forcing the networks to straddle a hot-button issue in an election year.