Banking: Page 15
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JPMorgan threatens to sue CFPB over Zelle
The bank flagged government inquiries over its handling of P2P disputes in May, and said Friday it would consider litigation if the agency issues an enforcement action.
By Dan Ennis • Aug. 5, 2024 -
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OpinionCredit Card Competition proposal should become law
“In the aftermath of the CrowdStrike outage, Congress and state lawmakers should look for opportunities to build backups and redundancies into critical online systems,” writes a payments consultant.
By Dan Swanson • Aug. 2, 2024 -
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TrendlineCross-border payments targeted for upgrades
When it comes to cross-border payments, businesses, non-profits and governments alike are determined to increase the speed of transactions and cut the cost.
By Payments Dive staff -
Lynne Marek/Payments Dive
Outdated tech could slow instant payment adoption: survey
Financial institutions expect business clients to be a driver of instant payment revenue, but adopting the technology comes with hurdles, the results of a recent survey showed.
By Tatiana Walk-Morris • Aug. 2, 2024 -
Courtesy of Fifth Third
Stripe, Fifth Third Bank to team on embedded services
The global digital payments company will team with the bank to offer embedded finance services to its clients.
By Patrick Cooley • Aug. 1, 2024 -
Justin Sullivan / Staff via Getty Images
ColumnIs Visa readying for an expiration of cards?
Slowing card volume growth in the network giant’s earnings report this month revived questions about the longevity of its core business.
By Lynne Marek • July 31, 2024 -
Permission granted by Victoria Reynolds
Q&A5 questions for Brex’s new compliance chief
When it comes to innovation, “if it's moving too quickly for customer protection to keep pace, it’s not happening,” said Sibongile Ngako, who recently joined the fintech as chief compliance officer.
By Caitlin Mullen • July 31, 2024 -
Permission granted by PayPal
PayPal CEO leans on big-name clients for growth
Alex Chriss, appointed to lead the digital payments business last year, noted the company is benefiting from ties to companies like Facebook parent Meta.
By Lynne Marek • July 30, 2024 -
Justin Sullivan via Getty Images
Milberg roils Visa-Mastercard settlement claims process
The law firm falsely suggested it represented well-known businesses in the claims filing process and blamed an outside party for the snafu that prompted a call for sanctions.
By Lyle Moran • July 29, 2024 -
I going to make a greatest artwork as I can, by my head, my hand and by my mind. via Getty Images
Affirm says CFPB’s proposed BNPL rules will confuse customers
In commenting on the proposal, the BNPL provider said consumers would be better served by rules specific to BNPL transactions, as opposed to credit card regulations.
By Patrick Cooley • July 29, 2024 -
Joe Raedle / Staff via Getty Images
Capital One racks up Walmart, Discover costs
The card company set aside more than $800 million to brace for credit card losses tied to its break-up with retail behemoth Walmart.
By Caitlin Mullen • July 29, 2024 -
Justin Sullivan via Getty Images
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 Lynne Marek • July 26, 2024 -
Lynne Marek/Payments Dive
OpinionHow 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 -
Courtesy of Revolut Press Kit
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 -
Spencer Platt/Getty Images via Getty Images
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 Patrick Cooley • July 25, 2024 -
Permission granted by Clair
Q&AClair 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 Lynne Marek • July 25, 2024 -
Justin Sullivan via Getty Images
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 Lynne Marek • 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 Patrick Cooley • July 24, 2024 -
Courtesy of Mastercard
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 Lynne Marek • July 23, 2024 -
Scott Olson via Getty Images
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 Patrick Cooley • July 23, 2024 -
Matt Kapko/Payments Dive
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 Lynne Marek • July 22, 2024 -
Joe Raedle / Staff via Getty Images
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 -
Chris Hondros / Staff via Getty Images
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 Lynne Marek • July 19, 2024 -
Win McNamee via Getty Images
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 -
Justin Sullivan via Getty Images
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 -
Anna Moneymaker via Getty Images
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 Lynne Marek • July 18, 2024
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