The Latest
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Walmart pitches Fiserv’s Clover to business clients
The retailer is offering the mega-processor’s Clover equipment and account services to its business clients at a discount through next January.
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Discover discloses SEC accounting criticism
The federal agency disagrees with the way the card network is allocating card misclassification charges, Discover said in its third-quarter earnings report.
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FTC unveils final ‘click-to-cancel’ rule for consumers
The agency rule targeting recurring payments comes amid a broader effort by the Biden administration to reduce consumer “junk” fees.
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Payments players tap M&A to build tech stacks
The Fed’s recent interest rate cut could spur even more deal-making in the remaining months of the year and into 2025. Mastercard, Global Payments and Payoneer are among the companies that have bought businesses this year.
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Visa taps AI analytics partner to add merchant services
The card network giant has signed a new multi-year agreement with the marketing research firm Analytic Partners to deliver advertising insights to merchant clients.
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More authentication leads to fewer approvals
Research from payments software firm Stripe shows credit and debit card transactions using an advanced security tool are less likely to be approved.
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Payments investments rise worldwide
Although venture capital investment in young payments firms grew globally during the third quarter, compared with the same period last year, that wasn’t the case for U.S. firms.
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Barclays replaces Goldman Sachs as GM card issuer
The London-based consumer bank will issue two GM credit cards in the U.S., beginning next summer.
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Worldpay taps Aeropay for gaming payments assist
The two payments companies have teamed up to provide account-to-account payments for gaming merchants and their customers.
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Treasury official calls for new regulatory framework
The department’s undersecretary for domestic finance, Nellie Liang, suggested state oversight of money transmitters was outdated in an era of electronic payments.
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Automated-checkout company Grabango shuts down
The tech company was unable to secure the funding needed to continue operating, a spokesperson said.
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Stripe partners with Nvidia, Pepsi and Rivian
The payments software provider announced a slew of new partnerships on Wednesday, also with Amazon and AMC Networks.
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New York Governor signs gun code law
Gov. Kathy Hochul signed a new law Wednesday requiring merchants to use a gun code, saying it could help prevent mass shootings.
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Toast increases processing fees, adds surcharge feature
The digital restaurant payments provider raised processing fees for some restaurant clients. Separately, it’s aiding clients in adding surcharges on their customers’ orders.
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Global Payments embarks on ‘transition’ year
The payments processor expects to undertake possible divestitures, beginning this year, as part of an effort to jump-start revenue in subsequent years.
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MoneyGram attack exposed sensitive customer data
The attack led to a days-long outage in September. The money transfer firm hasn’t described the nature of the incident or said how many people have been impacted.
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Durbin jumps into Illinois interchange law fray
Sen. Dick Durbin threw his weight behind an Illinois law that would nix interchange fees on taxes and tips, supporting the edict in a court document filed Friday.
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Opinion
Healthcare’s paper check disease
“The persistence of paper checks for patient refunds is not just an inconvenience — it's a symptom of a larger problem that threatens the very sustainability of healthcare organizations,” one software firm CFO writes in this opinion piece.
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Fiserv teams with Canadian company on open banking
Fiserv has allowed Zūm Rails to use its embedded finance system to bring open banking and instant payments to Fiserv’s U.S. business customers.
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Real-time payments to make uneven progress, report predicts
The number of banks receiving real-time payments will outpace the number of those sending payments through at least 2028, according to a new survey by the U.S. Faster Payments Council.
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Fiserv nets special banking charter in Georgia
The payments processor is only the second company to win the special bank charter since Georgia made it available.
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OCC seeks to halt Illinois card interchange fee law
The Office of the Comptroller of the Currency blasted an Illinois law that prohibits credit and debit card interchange fees on tips and excise taxes.
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Oportun inks deal to sell credit card portfolio
The deal, expected to close in November, is a push by the online lender to pursue profitability by simplifying its business and focusing on its core products.
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Visa expected to temper competitive moves after DOJ action
The card network may bend to emboldened fintech rivals and more assertive merchants following the Justice Department’s antitrust lawsuit.
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Hurricane Helene aftermath prompts card, cash troubles
After the storm ripped through the southeastern U.S., consumers and merchants have been left grappling with card network outages and cash shortages.