Payments

A federal judge in Texas is locked in a back-and-forth with an appeals court over whether the industry's challenge to a cap on credit card late fees should be moved to Washington, D.C.

A reader takes issue with a column by the agency's former director in which she criticized its analysis of the consumer credit card market.

The Swedish financial institution argues over potential regulations that treat buy now/pay later lending like credit cards in the U.S.; Discover seeks the next hot market for real-time payments; and more.

The Illinois state legislature, as part of an agreement with retailers to raise state tax revenue, passed a budget bill that would bar the collection of interchange fees on sales taxes, excise taxes and tips for transactions that would be subject to Illinois sales taxes.

Rather than compete against the rising tide of account-to-account transactions, the two card networks are looking for ways to make themselves essential to this growing market.

By embracing collaboration and innovation, Canadian banks can position themselves at the forefront

New technology decoupling payment cards from the funding source of the transaction would stimulate competition between card issuers and networks — and raise prospects for Capital One's proposed $35 billion acquisition of Discover Financial Services.

Executives from JPMorgan Chase, Bank of America and Wells Fargo are expected to get grilled in Congress this summer over victims of Zelle scams who don't get reimbursed. A Senate panel has spent much of the last year examining fraud on the bank-owned payments network.

Santander joins Iberpay as the first supporters of the European Payment Council's instant account-to-account network, Australian lawmakers approved bills to create a federated digital identity system, and more.

These three payment firms are working to grow revenue by pivoting to new markets and technologies, all while waiting for a turnaround in the industry.

Regulation and other factors are creating friction for banks and consumers that want to transact in crypto.

The card network is working with Salesforce to use large language models to be more proactive in how it resolves these interactions.

The bank is connecting billers and brokerage accounts as it builds the case for instant funding. It also points to countries such as Brazil and India as models to follow.

As part of a sweeping digital enhancement of its consumer payment cards, Visa will enable banks to issue an account as a credit, debit, virtual or Pay in 4 installment loan, based on the user's preference at the time of purchase.

Amex is working with Worldpay to reach businesses in the U.K., Western Union has resumed remittances to Cuba after shutting down that corridor in 2020, and more.

The number of borrowers who are at their credit limits is approaching its pre-pandemic level, and the percentage of balances that are sliding into delinquency has hit its highest rate in more than a decade, according to new research. Still, card companies are generally expressing optimism about their credit outlooks.

Stearns Bank in Saint Cloud is working with the on-demand payment technology firm Reset to launch an earned-wage card for blue collar and immigrant families struggling with access to money.

Regulation, credit quality and AI-fueled fraud are among the big concerns for banks and payment companies.