Fed extends comment period on expansion of payment services proposal

The Federal Reserve said it will give the public two more months to comment on its plan to expand operating hours for its two large-value payments services, the Fedwire Funds Service and the National Settlement Service.  

Amex to buy Tock for $400M

American Express said it will buy the reservation platform Tock from website builder Squarespace to buttress its dining digital services.

Rain plans to raise more capital

The earned wage access provider seeks to raise $50 million, said its CEO, who is rooting for increased regulation of the industry.

Fiserv hires former JPMorgan executive

Takis Georgakopoulos worked for JPMorgan for 17 years before he departed earlier this month, and landed at the mega-processor as an advisor.

PayPal fills CTO position with former Walmart exec

Former Walmart EVP Srini Venkatesan will replace Archie Deskus, who joined the payments firm in 2022.

FTC warns of cash losses to government impostors

The median loss paid in cash to government impersonation scammers in the first quarter was $14,740, far above the $1,000 median for all payment types.

Senate Republicans join battle against Fed debit card plan

Senators this week introduced their version of a House bill aimed at derailing the Federal Reserve’s plan to lower the cap on fees that card issuers can charge merchants on debit card transactions.

Faster payments catch on slowly: survey

About half of payments players surveyed recently by the U.S. Faster Payments Council said they have integrated faster payment technologies.

Affirm CFO doesn’t expect profits from its Apple tie soon

The company’s finance chief compared the rollout of its partnership with Apple to the launch of its own payment card, saying the company preferred a “very thoughtful and controlled” approach.

CFPB House hearing: 6 key takeaways

House Republicans expressed frustration that the Consumer Financial Protection Bureau decided to treat buy now, pay later loans like credit cards, while Democrats pushed for faster, cheaper remittance options.

Apple to drop its BNPL option in US

The tech giant said it will discontinue its buy now, pay later service and shift to offering consumers alternative payment options.

Shift4 acquires stake in German firm

Shift4 is on an acquisition spree after making a new investment in the point-of-sale supplier, and closing of a purchase announced earlier this year.

Wise persists with reduced pricing approach

The fintech plans to continue its strategy of reducing prices for its customers, which is reflected in its forecast, interim CFO Kingsley Kemish said.

Landmark Visa, Mastercard settlement in peril

The judge's likely rejection would scuttle a $29.79 billion deal that was two decades in the making.

Brex moves to single-CEO model

Pedro Franceschi will become sole chief executive, while co-founder Henrique Dubugras will move to board chair as the company aims to go public in 2025.

Startup offers ‘credit-building’ debit cards for Gen Z

Startup Fizz is marketing itself as a company helping college students build credit and manage daily spending.

Apple adds BNPL offerings from rivals

The tech giant will allow installment plans from Affirm, as well from certain debit and credit cards, onto Apple Pay alongside its own BNPL service.

EBay to accept Venmo

A week after dropping American Express, the online auctioneer said it will now accept payments through Venmo, a digital tool popular among Gen Z and millennials.

Apple unveils new iPhone touch and pay feature

The P2P ‘Tap to Cash’, which enables iPhone users to transfer money by holding their phones together, was unveiled along with a slate of other features Monday.

Fighting deepfakes via payments

“Since many of these deepfake software services accept credit cards, payments providers are on the front lines of detecting these companies,” writes one corporate compliance officer.

Cash use persists in US beyond pandemic

Consumers remained committed to cash use last year, even as the share of card payments rose and online payments increased, according to an annual Federal Reserve study.

Upcoming ISO 20022 transition leaves some finance players scrambling

The move to ISO 20022 is coming late next year and many financial institutions remain unprepared for the switch.

Rivals Adyen, Stripe partner with Capital One to combat fraud

The three companies announced last Wednesday that they are teaming up to launch a free service intended to combat fraud and reduce the amount of transactions that are improperly declined.

Mastercard shepherds seven startups

The card network has selected a group of next-generation payment and banking startups for its accelerator program.

Illinois heads toward landmark card interchange fee restrictions

The state may become the first in the nation to outlaw the imposition of credit and debit card interchange fees on state excise tax and tips.