Banking

  • PayPal sign outside in front of parking lot with cars in background.
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    Justin Sullivan via Getty Images
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    PayPal changes chairman, reduces board size

    PayPal’s chairman of nine years left that post this week, and was replaced by one of the board’s newer members.

    By • July 26, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    Opinion

    How to speed up FedNow adoption

    “Interfaces need to be standardized to ensure a consistent and reliable payment experience for businesses and consumers,” writes one payments software executive.

    By Ani Narayan • July 26, 2024
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    busracavus via Getty Images
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    Trendline

    Real-time payments are on the rise

    As the U.S. makes a move to encourage use of real-time payments, it’s following other nations in adopting the real-time advance.

    By Payments Dive staff
  • Revolut card with logo
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    Courtesy of Revolut Press Kit
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    Revolut faces more fraud claims than other UK banks: report

    The fintech investigates each fraud claim independently of other cases, and takes such claims “incredibly seriously,” a spokesperson for the company said.

    By Gabrielle Saulsbery • July 25, 2024
  • Senator Richard Blumenthal has called for an expansion of the Electronic Funds Transfer Act to require payment networks to reimburse scam victims.
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    Spencer Platt/Getty Images via Getty Images
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    Zelle, big banks challenge senators on scam reimbursements

    Forcing banks to reimburse authorized payments could encourage bad behavior and would not deter scammers, bank executives said in a Senate hearing.

    By • July 25, 2024
  • Clair co-founders
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    Permission granted by Clair
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    Q&A

    Clair CEO backs CFPB rule proposal on EWA

    Nico Simko supports the Consumer Financial Protection Bureau’s recent rule proposal, and it may be a competitive advantage for him.

    By • July 25, 2024
  • Barry Rodrigues
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    Permission granted by Finastra
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    Sponsored by Finastra

    How open finance powers a more inclusive and collaborative payments industry

    Open finance is transforming payments – here’s what financial institutions need to know.

    By Barry Rodrigues, EVP Payments Business Unit at Finastra • July 25, 2024
  • Several Visa cards spread out on surface revealing company's logo.
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    Justin Sullivan via Getty Images
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    Visa CEO ‘strongly’ disagrees with class settlement ruling

    The card network giant expects the parties to negotiate a new settlement following a judge’s rejection of an agreement reached earlier this year, but its CEO notes that could happen after a trial begins.

    By • July 24, 2024
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    Fiserv to leverage artificial intelligence to help merchants

    The payments behemoth says its data team will use AI to mine transactions on its products to help merchants and financial institutions profit.

    By • July 24, 2024
  • Mastercard point of sale, retail
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    Courtesy of Mastercard
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    FTC demands pricing input from Mastercard, others

    The Federal Trade Commission demanded information from eight companies, including the card network, to better understand how consumer data is being used in the pricing of products and services.

    By • July 23, 2024
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    Scott Olson via Getty Images
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    Amex benefits from young cardholders’ spending

    Gen Z and millennials are driving spending, sometimes as premium customers, to the benefit of the credit card company.

    By • July 23, 2024
  • CrowdStrike booth at Black Hat USA 2023 in Las Vegas.
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    Matt Kapko/Payments Dive
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    Visa, Mastercard say CrowdStrike didn’t impact networks

    Still, cardholders may have been affected, particularly in Europe, as some bank card issuers were hit by the cybersecurity company’s update snafu.

    By • July 22, 2024
  • People spend time in a Capital One cafe
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    Joe Raedle / Staff via Getty Images
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    Capital One-Discover deal critics, supporters sound off

    While some community groups spoke in favor of the $35.3 billion merger at the Friday virtual meeting, a raft of critics urged regulators to block the deal.

    By Caitlin Mullen • July 21, 2024
  • J.P. Morgan's Fourth Quarter Income Drops Over 30 Percent
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    Chris Hondros / Staff via Getty Images
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    JPMorgan Chase invests in B2B payments startup Slope

    The big bank’s payments unit and Y Combinator were among investors providing $65 million in financing for the business-to-business upstart this month.

    By • July 19, 2024
  • Consumer Financial Protection Bureau Director Rohit Chopra testifies before the Senate Banking, Housing and Urban Affairs Committee April 26, 2022 in Washington, DC.
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    Win McNamee via Getty Images
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    6 viewpoints from the CFPB’s director that may affect payments

    “We are looking a lot at the convergence of payments and commerce and the extent to which a very big player could use that to shatter that wall between banking and commerce,” the agency’s director, Rohit Chopra, said this month.

    By Suman Bhattacharyya • July 19, 2024
  • Several Visa credit cards displayed on flat surface
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    Justin Sullivan via Getty Images
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    Visa, OpenTable partner on dining perks program

    The card giant expects to expand the network beyond its pilot markets, Los Angeles and Chicago.

    By Tatiana Walk-Morris • July 19, 2024
  • Rohit Chopra, Director of the Consumer Financial Protection Bureau, giving a speech in an auditorium.
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    Anna Moneymaker via Getty Images
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    CFPB to apply lending laws to EWA

    The federal agency weighed in Thursday with a proposed rule to oversee the burgeoning earned wage access industry.

    By • July 18, 2024
  • The Capital One logo is displayed on the side of its headquarters in McLean, Va.
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    Win McNamee via Getty Images
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    Opponents of Capital One-Discover merger to air grievances

    Consumer advocates say the merger will stifle competition and give the combined company an easy avenue to raise fees on card payments.

    By • July 18, 2024
  • A sign that reads "Discover" marks the entrance to the card company's headquarters in Illinois.
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    Scott Olson / Staff via Getty Images
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    Discover to sell student loan portfolio to Carlyle, KKR in $10.8B deal

    The student loan sale is the latest loose end Discover seeks to tie up since Capital One announced its intent to purchase the card company.

    By Caitlin Mullen • July 17, 2024
  • Stripe CEO Patrick Collison
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    Matt Winkelmeyer via Getty Images
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    Stripe leads the way to Q2 fundraising recovery

    Payment startups, particularly Stripe, benefitted from a revival of venture capital flows during the second quarter.

    By • July 17, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    FedNow zooms past RTP participation in inaugural year

    The Federal Reserve’s nascent instant payments system has collected hundreds of bank participants across the country in its first year of operations, although a few major banks are holdouts.

    By • July 16, 2024
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    Permission granted by Lynne Marek
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    Prepaid card spending accelerates

    The rise of digital wallets hasn't dampened prepaid card use, including the payroll cards some employers use to pay their workers.

    By • July 16, 2024
  • Mastercard point of sale, retail
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    Courtesy of Mastercard
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    Mastercard updates travelers on latest card precautions

    With summer vacation season in full swing, the card network suggested ways that its card clients can better protect themselves against the latest fraud threats.

    By Tatiana Walk-Morris • July 15, 2024
  • BofA CashPro
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    Courtesy of Bank of America
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    BofA tackles digital payments pain points

    The bank’s latest platform update is designed to better address transaction-related inquiries — one of the top reasons business customers call and email for help.

    By Maura Webber Sadovi • July 15, 2024
  • A person walks into BNY Mellon's headquarters in New York City.
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    Mario Tama / Staff via Getty Images
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    Banks should proactively tackle instant payments fraud: BNY

    Use of data-sharing protocols among banks could warn customers before they send money, said Carl Slabicki, a BNY executive.

    By Suman Bhattcharyya • July 12, 2024
  • Close-up of a person using a self checkout machine.
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    Julia Gomina via Getty Images
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    Self checkout boasts ‘record’ year: report

    The U.S. is the world’s largest self-checkout market, driven in part by supermarket chains and convenience stores, even as some retailers pull back on the tech.

    By Tatiana Walk-Morris • July 12, 2024