Banking: Page 2


  • Loper decision ending Chevron deference doctrine
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    Supreme Court lets complaint on debit fees proceed

    The Supreme Court ruled Monday that a case challenging a debit card interchange rate set by the Federal Reserve can proceed.

    By July 1, 2024
  • Federal Reserve logo
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    Bet_Noire via Getty Images
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    Atlanta Fed taps payments head for operations chief

    Cheryl Venable is exiting her role as chief of payments operations for the Federal Reserve Financial Services to take the new post.

    By June 28, 2024
  • Money next to hourglass Explore the Trendline
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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
  • Close up of easy payment by credit card or smartphone application Greenhouse workers selling pottered flowers.
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    whyframestudio via Getty Images
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    Chuck morphs into a new Alloy Labs-backed effort

    Community banks partnered with Alloy Labs and Payrailz a few years ago on a project called Chuck, in a bid to rival Zelle, but that effort has been subsumed by a stealthy successor.

    By June 27, 2024
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    Dan Kitwood / Staff via Getty Images
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    Crypto firm Abra settles with 25 states for operating without a license

    Abra agreed to repay customers some $82 million in crypto. CEO Bill Barhydt said all but $2 million, yet to be claimed, has been repaid.

    By Gabrielle Saulsbery • June 27, 2024
  • A gold American Express card being passed between two hands
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    Joe Raedle via Getty Images
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    Travelers want to use credit cards, but often can’t

    Spending by travelers and tourists is often done in cash or by debit card, even if most travelers would prefer to pay another way.

    By June 27, 2024
  • Bank of America signage is shown with a reflection in the glass above it
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    Spencer Platt / Staff via Getty Images
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    Bank of America zeroes in on banking app innovation

    The team behind the bank’s CashPro app aims to stay a step ahead of rivals, including with payment approval features.

    By Caitlin Mullen • June 26, 2024
  • Stack of credit cards spread out
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    bernie_photo via Getty Images
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    Judge sways away from Visa-Mastercard settlement

    On Tuesday, Judge Margo Brodie denied a preliminary settlement proposal made by the card networks Visa and Mastercard, and merchants who sued them in federal court nearly two decades ago.

    By June 25, 2024
  • Pennsylvania state capitol in Harrisburg
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    benedek via Getty Images
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    Pennsylvania may ban interchange fees on sales tax

    Democrats in the Keystone state’s House of Representatives are pushing a bill that would prohibit interchange fees from applying to sales tax when consumers make credit or debit card payments.

    By June 25, 2024
  • Window with sticker showing logos for Visa, Mastercard and American Express.
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    Scott Olson via Getty Images
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    Column

    Why a Visa-Mastercard settlement is likely to fall short

    The persistence of the networks’ ‘honor all cards’ rule may be a key reason Judge Margo Brodie is unlikely to approve a negotiated resolution of the two-decade-old case brought by merchants.

    By June 24, 2024
  • The US Federal Reserve building in Washington DC
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    uschools via Getty Images
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    Fed extends comment period on expansion of payment services proposal

    The Federal Reserve said it will give the public two more months to comment on its plan to expand operating hours for its two large-value payments services, the Fedwire Funds Service and the National Settlement Service.  

    By Tatiana Walk-Morris • June 24, 2024
  • Co-workers talk while walking in a warehouse
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    FG Trade via Getty Images
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    Rain plans to raise more capital

    The earned wage access provider seeks to raise $50 million, said its CEO, who is rooting for increased regulation of the industry.

    By June 21, 2024
  • Fiserv headquarters in Brookfield, Wisconsin
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    Google Maps

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    Fiserv hires former JPMorgan executive

    Takis Georgakopoulos worked for JPMorgan for 17 years before he departed earlier this month, and landed at the mega-processor as an advisor.

    By June 21, 2024
  • Person using a point of sale software system at a restaurant
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    Moyo Studio via Getty Images
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    Amex to buy Tock for $400M

    American Express said it will buy the reservation platform Tock from website builder Squarespace to buttress its dining digital services.

    By June 21, 2024
  • PayPal signage outside its corporate campus on a bright day
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    Justin Sullivan via Getty Images
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    PayPal fills CTO position with former Walmart exec

    Former Walmart EVP Srini Venkatesan will replace Archie Deskus, who joined the payments firm in 2022.

    By Roberto Torres • June 21, 2024
  • A man exits the front of the U.S. Capitol at dawn.
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    Win McNamee via Getty Images
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    Senate Republicans join battle against Fed debit card plan

    Senators this week introduced their version of a House bill aimed at derailing the Federal Reserve’s plan to lower the cap on fees that card issuers can charge merchants on debit card transactions.

    By June 20, 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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    Faster payments catch on slowly: survey

    About half of payments players surveyed recently by the U.S. Faster Payments Council said they have integrated faster payment technologies.

    By Tatiana Walk-Morris • June 20, 2024
  • CFPB Director Rohit Chopra
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    Chip Somodevilla via Getty Images
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    CFPB House hearing: 6 key takeaways

    House Republicans expressed frustration that the Consumer Financial Protection Bureau decided to treat buy now, pay later loans like credit cards, while Democrats pushed for faster, cheaper remittance options.

    By June 18, 2024
  • People mill around an Apple store at location in Maryland.
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    Chip Somodevilla via Getty Images
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    Apple to drop its BNPL option in US

    The tech giant said it will discontinue its buy now, pay later service and shift to offering consumers alternative payment options.

    By , June 17, 2024
  • Wise money transfer account
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    Permission granted by Wise
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    Wise persists with reduced pricing approach

    The fintech plans to continue its strategy of reducing prices for its customers, which is reflected in its forecast, interim CFO Kingsley Kemish said.

    By Grace Noto • June 17, 2024
  • Brex CEO Pedro Franceschi pictured against a grey background.
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    Courtesy of Brex
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    Brex moves to single-CEO model

    Pedro Franceschi will become sole chief executive, while co-founder Henrique Dubugras will move to board chair as the company aims to go public in 2025.

    By Dan Ennis • June 14, 2024
  • Stack of credit cards spread out
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    alexialex via Getty Images
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    Startup offers ‘credit-building’ debit cards for Gen Z

    Startup Fizz is marketing itself as a company helping college students build credit and manage daily spending.

    By June 13, 2024
  • The eBay logo is displayed on the roof of eBay headquarters.
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    Justin Sullivan via Getty Images
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    EBay to accept Venmo

    A week after dropping American Express, the online auctioneer said it will now accept payments through Venmo, a digital tool popular among Gen Z and millennials.

    By June 12, 2024
  • Two Apple iPhone 14 models
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    Courtesy of Apple
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    Apple unveils new iPhone touch and pay feature

    The P2P ‘Tap to Cash’, which enables iPhone users to transfer money by holding their phones together, was unveiled along with a slate of other features Monday.

    By June 12, 2024
  • Cyberattack and internet crime, hacking and malware concepts.
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    Techa Tungateja via Getty Images
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    Opinion

    Fighting deepfakes via payments

    “Since many of these deepfake software services accept credit cards, payments providers are on the front lines of detecting these companies,” writes one corporate compliance officer.

    By Alan Primitivo • June 12, 2024
  • Hand of person tapping phone with dollar signs floating up
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    1401461124 via Getty Images
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    Q&A

    Upcoming ISO 20022 transition leaves some finance players scrambling

    The move to ISO 20022 is coming late next year and many financial institutions remain unprepared for the switch.

    By June 11, 2024