The Latest
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Ex-Discover exec alleges age, gender bias in lawsuit
Diane Offereins is suing the card network over roughly $7 million in clawed-back equity, claiming she was a “convenient scapegoat” for Discover’s card misclassification issue.
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Sponsored by Finastra
3 ways open finance empowers community financial institutions to modernize their payments infrastructure
How open finance enables efficient and secure technology, greater flexibility, and scalability.
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Grabango CEO pushes for more partnerships
The Berkleley, California-based company is looking to expand by building ties with established retailers, CEO Will Glaser said.
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Opinion
CFPB’s EWA rule may undo progress
“The CFPB’s plan to reclassify EWA as a loan could accidentally backfire on the agency by driving people right back to the payday lending industry,” writes one tech trade group professional.
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CFPB slammed with EWA commentary
The Consumer Financial Protection Bureau asked for public feedback on its earned wage access rule proposal and it got an earful.
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Academics question digital wallet security
Due to lax authentication practices, a thief or hacker can easily add a stolen credit card to their own digital wallet, the study concluded.
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Viral JPMorgan Chase glitch is ‘fraud, plain and simple,’ bank says
Some customers deposited bad checks and immediately withdrew funds before the checks bounced in a glitch that went viral on TikTok. Now, some users have holds on their accounts.
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Paysafe taps FIS alum for CFO amid growth pivot
The iGaming payments platform is looking to expand on its “robust” performance in the first half of the year with the appointment of new financial leadership.
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Maryland gets tough on BNPL
Two buy now, pay later companies pivoted in offering their services in the state because it insists they must be licensed to provide loans.
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Tracker
Earned wage access: Following states that have passed laws, or have legislation pending
States began passing laws friendly to the industry in 2023 and have continued to pursue them this year, even after the federal government weighed in with a stricter standard.
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PayPal offers guest checkout service to Fiserv clients
The two firms are working together again as other payment giants collaborate on checkout enhancements.
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U.S. Bank works to simplify SMB banking, payments
A recent survey by the bank is leading it to bring its payments and banking tools together to work for small and mid-size business clients in a more simplified way.
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PayPal joins group investing $15M in Brazilian startup
The digital payments pioneer expects the fintech to capitalize on the rise of buy now, pay later services in Brazil.
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Affirm shuffles leadership, promoting CFO to COO
The BNPL provider plans to promote Michael Linford, the chief financial officer, to chief operating officer and tap a new CFO.
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Fed official questions faster cross-border payments ties
Federal Reserve Governor Christopher Waller suspects there could be more fraud and money-laundering if countries move too quickly to link their faster payments systems, he said at a conference.
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MoneyGram, Adyen add chief technology officers
The payments companies are bolstering their tech leadership as big changes roil the industry and stoke competition.
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Shoppers’ online fraud fears escalate
Four in five consumers are worried about identity theft or someone stealing their credit card numbers, according to a report this month from the credit monitoring agency Experian.
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CFPB chides retailers on fees for cash back
The federal agency surveyed major retailers and was concerned to find three retailers impose $90 million in fees annually when consumers ask for cash back with a debit or prepaid card purchase.
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Shift4 acquires Canadian gift card company for $148M
Shift4 keeps buying up payments companies as it seeks to build out a global business servicing many sides of the industry.
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Aeropay targets pay-by-bank evolution in US
The Chicago fintech has moved from servicing small merchants to handling cannabis payments, and now it’s catering to gaming clients.
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Consumers tap credit cards, loans to manage inflation: Fed report
Gen Z and millennials were the age groups most likely to use loans and credit cards to respond to higher prices, a Federal Reserve research report said.
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Fed’s Waller eggs on payments research
Federal Reserve Governor Christopher Waller encouraged attendees at a summer research workshop to keep exploring payments systems, and innovations to overcome frictions in financial markets.
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Opinion
Surcharging doesn’t have to be a bad word
“The time has come to rethink surcharging not as a necessary evil but as a strategic advantage that can benefit both businesses and customers,” writes a Billtrust executive.
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U.S. Bank buys healthcare payments firm
The bank’s acquisition of Tempe, Arizona-based Salucro Healthcare allows its Elavon unit to dig deeper into healthcare payments and billing services.
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Amex, Flutterwave partner in Nigeria
The collaboration marks the latest move by American Express to expand its footprint in Africa, which is the world's second-largest continent by population.
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Q&A
Marqeta isn’t a ‘single-trick pony,’ CEO says
The embedded finance firm’s partnerships with Varo Bank, Affirm, Visa and Zoho and its new office launch in Warsaw, Poland, underscore the expansion of the payment platform's market presence.