Banking

SWIFT launches cross-border service aimed at low-value transactions

The new product lets small businesses and individuals send payments of less than $10,000 internationally, giving the network a potential foothold in a fintech-filled remittance space.

By Robin Bradley • July 30, 2021

Clearing House urges caution on CBDCs

A Federal Reserve-backed digital currency could "destabilize both the domestic and foreign banking and financial services sectors," the payments system operator said.

By Lynne Marek • July 30, 2021

Google Pay taps Marqeta for virtual card

The two big payments brands are teaming up to deliver a virtual card that expands Google Pay users' purchasing power.

By Lynne Marek • July 29, 2021

Alaska, Colorado residents carry most card debt, study says

In a ranking of states where residents have the biggest credit card balances, those two states' residents carry the largest debt loads while Wisconsin and South Dakota residents carry the lowest average balances, according to a WalletHub analysis.

By Lynne Marek • July 28, 2021

Column

Details emerge from presidential panel on stablecoin

Tether and Diem were reportedly the focus of the meeting and last week's Treasury Dept. "act-quickly" directive. The Justice Department is also allegedly probing whether Tether executives hid transactions linked to cryptocurrency.

By Dan Ennis • July 28, 2021

Fiserv, Goldman strike pact on cross-border payments

Fiserv and Goldman Sachs have agreed to team up on offering cross-border payments in the first phase of a broader payments tie.  

By Lynne Marek • July 27, 2021

Mobile wallet use projected to surge

Mobile wallet use among North American consumers is growing, but not at the heady rates in other parts of the world, according to a new study that projects a worldwide surge.

By Wendy Cole • July 27, 2021

Payments M&A is hot, but deals could face antitrust scrutiny

The fintech industry faces “a wave of consolidation” for the remainder of 2021 and 2022, according to an industry report.

By Vaidik Trivedi • July 26, 2021

Card companies go green, but hurdles remain

Card issuers, networks and manufacturers are working to shrink their carbon footprint as consumers become more environmentally conscious and global carbon emissions climb.

By Vaidik Trivedi • July 22, 2021

Payveris launches P2P solution for banks and credit unions

Payveris contends that its P2P toolset is more cost-effective than that of its big, bank-backed rival Zelle, and less of a competitive concern for smaller institutions.

By Suman Bhattacharyya • July 20, 2021

Square launches business banking, savings products

Banking will allow Square to strengthen client relationships and drive higher customer lifetime value as it targets sellers who use the company's payment devices and inventory-management products, analysts said.

By Suman Bhattacharyya • July 20, 2021

Fed seeks to dismiss or move retailers' North Dakota lawsuit

Retail associations' case against the Fed's setting of debit fee caps is resurfacing familiar arguments from a prior battle over the issue. 

By Lynne Marek • July 16, 2021

Trade group seeks Biden antitrust focus on payments

The Merchants Payments Coalition kept up its crusade to draw federal attention to what it calls "anti-competitive" swipe fees.

By Lynne Marek • July 13, 2021

Bank of America catches up to competitors with crypto push

After a wave of rival banks spearheaded crypto earlier this year, BofA announced that it's put a research team on digital asset technologies.

By Dan Ennis • July 12, 2021

Colorado scraps ban on credit card surcharges

Colorado is the latest state to allow surcharges on credit card transactions, leaving only two with bans amid a nationwide move away from them.

By Lynne Marek • July 09, 2021

Clash over debit card routing persists in comments to Fed

A battle running for decades regarding the fees that card processors can charge on debit transactions is showing up again in comments regarding a Federal Reserve proposal to clarify rules on the issue.

By Lynne Marek • July 08, 2021

Binance.US hires ex-leader of California's 'mini-CFPB'

Manny Alvarez is joining Binance.US after leaving the California Department of Financial Protection and Innovation. He will oversee risk, compliance and legal developments at the company under Binance.US CEO Brian Brooks, who formerly led the Office of the Comptroller of the Currency.

By Dan Ennis • July 07, 2021

Fintech Karat Financial raises $26M to expand services

The company plans to move beyond credit cards and offer a suite of tools, including bank accounts and tax preparation services, for the creator economy.

By Anna Hrushka • July 06, 2021

Mastercard CEO, FDIC Chair call on fintech industry to press financial inclusion

In a post-pandemic world, financial institutions and companies are putting more effort into leveraging technological advances to bring more people into the financial system, while innovating to remove digital barriers.

By Lynne Marek , Vaidik Trivedi • June 30, 2021

U.S. digital currency could "pose considerable risks," Fed official says

Federal Reserve Board Governor Randal Quarles also said the benefits of developing a central bank digital currency are "unclear," given the "very good" U.S. payment system.

By Dan Ennis • June 29, 2021

Column

Growing divide on crypto in international banking report

Central banks strike a second blow against digital assets and stablecoins. The dissonance between market and government may come down to timing, or an age-old pattern concerning risk.

By Dan Ennis • June 24, 2021

Payments industry deal-making mushrooms

The payments industry has accounted for the bulk of big fintech deals since the start of last year, charting eight combinations worth $23 billion, according to S&P Global Market Intelligence, which predicts the trend will march on.  

By Lynne Marek • June 22, 2021

American Express launches business checking accounts

The card network's subsidiary, Kabbage, initiated the checking account product last summer, before it was acquired by AmEx.

By Anna Hrushka • June 15, 2021

Column

How payments became a magnet for money

The industry was beginning to attract record amounts of venture capital in recent years, but the pandemic's impact super-charged the trend. 

By Lynne Marek • June 15, 2021

Citi's new 5% cash-back card signals an industry rebound

The world's top card issuer rolled out its new card last week days after Wells Fargo launched a new product, showing the card industry is ready to rebound from a relatively muted 2020.

By Anna Hrushka • June 11, 2021