The Latest
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Brex rolls out embedded payments tool
The fintech aims to capture a larger share of the B2B payments market, working with partners in addition to selling directly, Brex's president said.
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Fed payments proposal pits big banks against small rivals
The Federal Reserve’s proposal to extend the operating hours of two interbank payments systems has been welcomed by large banks, but panned by many small financial institutions.
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Mastercard CFO to continue working after cancer diagnosis
Decisions on medical disclosures can be challenging for companies. Mastercard’s approach drew high marks from some corporate governance experts.
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CFPB takes aim at ATM, debit card fees
Regulators should assume, as a default, that customers have not agreed to coverage and fees unless banks can provide signed agreements or recorded conversations, the agency said in a policy reminder.
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Rain to offer EWA services via Workday
The earned wage access provider will now be able to offer its services to more employers through the human resources software firm’s systems.
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Block shuffles leadership, creates chief risk officer role
Block will move several longtime executives into different positions and create a new role to address customer safety, the company said Monday.
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Apple launches Affirm BNPL option
Apple Pay customers can now use their iOS 18 phone or iPadOS 18 to access Affirm buy now, pay later options, including some that don’t charge interest.
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Lawmakers push for crackdown on fintechs
Two U.S. senators demanded tighter regulations on BaaS and fintech partnerships, saying they pose “a broader threat to the stability of our banking system and the economy.”
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Visa, Mastercard enable rail transit payment in Beijing
The major card networks enabled systems that allow international travelers in China to use their cards to pay for Beijing rail transit as of last week.
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CFPB sues credit card company over excessive fees
The agency says Horizon Card Services violated the Truth in Lending Act by charging fees as high as 60% of a customer’s credit limit, and all but refusing to cancel their cards.
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FTC cracks down on subscription traps
The Biden-Harris administration is taking to task companies that trap consumers in recurring subscriptions and make it nearly impossible to cancel.
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U.S. Bank rolls out access to Paze digital wallet
The bank began offering the payments option from Early Warning Services to its credit and debit cards customers this week.
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Mastercard acquires cybersecurity firm for $2.65B
The acquisition is the latest in a series of cybersecurity firm purchases by the card network over the years.
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Ansa debuts in-store digital wallet capabilities
Ansa last week launched a software development kit, which can be patched onto the code of a brand’s mobile app. “The pain’s on our side to make sure all their systems talk,” co-founder Sophia Goldberg said.
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North American cashless payments to climb 7% by 2028: report
Real-time payments and open banking will drive the increase, forcing the shift even faster globally, a Capgemini report released this week said.
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Airwallex eyes embedded payments in global push
The payments software provider is making “immediate bets” on the Brazil and Mexico markets, a company executive said.
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Global Payments CEO reshapes the business
The payments technology company is getting a remake with job cuts, an acquisition and potential divestitures a year after Cameron Bready ascended to the CEO post.
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FIS draws fintech startups into accelerator
Fidelity National Information Services this week continued an annual program backing young fintechs that are striving to disrupt the financial services landscape.
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PayPal seeks to attract users offline
The digital payments pioneer is leaning on cashback rewards to attract more consumer use in stores, and will also tap near-field technology to expand.
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Amex taps troves of customer data
American Express eschews preset spending limits and instead relies on credit scores and spending history to manage risk, a company executive explained at a conference last week.
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The fintech CEO who is becoming a frequent flier with SpaceX
On Jared Isaacman’s second trip to space, the billionaire plans to become the first private spacewalker. Shift4 investors will need to follow space news to learn about it.
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Discover’s top lawyer leaves for Ally
Hope Mehlman is expected to take her new Ally role on Dec. 2, even as Discover faces high legal hurdles in completing an acquisition of its business by Capital One.
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Amazon provides checkout tech at universities, stadiums
The company said it expects to place its automated checkout technology at more venues in 2024 than in any year previously.
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Visa to upgrade pay-by-bank service in UK next year
The card network plans to make the account-to-account service available to consumers for paying bills, like rent, but eventually for other uses too, such as digital streaming.
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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.