Fed touts FedNow’s fraud tools

Cleveland Fed President Loretta Mester in a speech this week spelled out tools the new instant payments system will have for thwarting fraud.

By Lynne Marek • July 14, 2023

Consumers, SMBs prize security in cross-border payments: survey

Trust and transparency of fees were other key factors for consumers and businesses choosing a cross-border payment provider, a Swift survey revealed.

By Caitlin Mullen • July 14, 2023

Explore the Trendline➔

Digital wallets proliferate as features advance

As more companies aim to offer digital wallets the rise in competition is sharpening their features.  

By Payments Dive staff

Payoneer to cut nearly 10% of employees

The cross-border payments company plans to reinvest the savings in future growth, with hiring in research and development.

By James Pothen • July 13, 2023

CFPB urged to abolish deferred interest

Panelists who spoke during the agency’s Tuesday hearing on medical billing and collections identified deferred interest credit cards as a prime culprit saddling patients with medical debt.

By Caitlin Mullen • July 13, 2023

Discover pulls new CIO from Wells Fargo

Jason Strle, a 20-year tech vet, succeeds Amir Arooni, who spent nearly three years as the financial services company's CIO.

By Matt Ashare • July 13, 2023

Twitter snags money transfer license in Arizona

That’s the fourth state in which the social media company has received a license, inching it closer to creating the payments tool and super-app envisioned by owner Elon Musk.

By James Pothen • July 12, 2023

Marqeta expands to Brazil

The corporate card issuer is entering South America by way of a new partnership with Fitbank, as part of broader international expansion ambitions.

By Lynne Marek • July 12, 2023

Bank of America fined $250M over fake accounts, junk fees

Regulators say Bank of America opened credit card accounts without customers’ consent and misled consumers about rewards for card applications.

By Anna Hrushka • July 11, 2023

New Jersey legislature passes credit card surcharge bill

Lawmakers passed a bill that limits the surcharge a merchant can impose on consumers to the cost of processing a credit card transaction.

By Lynne Marek • July 11, 2023

Criminals stole $20M from Revolut via payment loophole: report

Differences in the firm’s U.S. and European systems meant the neobank would use its own money to erroneously refund certain declined payments, the Financial Times reported.

By Anna Hrushka • July 11, 2023

Missouri follows Nevada in enacting EWA law

The new legislation creates a requirement that earned wage access providers operating in Missouri must register with the state.

By James Pothen • July 11, 2023

Feds drill down on medical cards

With consumers increasingly tapping medical credit cards to pay for healthcare costs, the Biden administration is zeroing in on regulations to police such financial services.

By Lynne Marek • July 10, 2023

The FedNow® Service takes instant payments to a new level

The Federal Reserve in July is launching the FedNow Service, an instant-payment service that will help banks and other financial institutions better serve consumers and businesses.

July 10, 2023

Wise CFO nets larger pay than CEO

CFO Matt Briers took home higher compensation as he prepares to step down from the company. The money transfer service’s CEO also is leaving for a planned sabbatical in September.

By Grace Noto • July 7, 2023

Stripe cuts additional jobs

The digital payments services provider pared its workforce last week, following on more extensive cuts last year.

By James Pothen • July 7, 2023

As biometrics use advances, so must hacker defenses

“Hackers are using all sorts of sophisticated methods to trick and bypass biometric technology – like capturing audio clips of individuals’ voices, making fake fingerprints using putty and gelatin, and downloading photos and videos,” an executive writes.

By Alessandro Chiarini • July 7, 2023

FTC revs up money transfer case against Walmart

The Federal Trade Commission revved up its case against Walmart last week, alleging the retailer facilitated fraudulent transactions, despite a court ruling setback in March.

By Lynne Marek • July 6, 2023

Card issuers defend late fees

In responses to a group of U.S. senators, the top 10 credit card issuers outlined their late fee practices and warned of potential consequences if fees are capped as the CFPB has proposed.

By Caitlin Mullen • July 6, 2023

FIS to sell Worldpay stake to GTCR

Fidelity National Information Services will sell a 55% stake in Worldpay to the private equity firm GTCR for $11.7 billion, valuing the company at $17.5 billion. 

By Lynne Marek • July 6, 2023

Debit plagued by security concerns: survey

Just 40% of consumers feel confident in the security and safety of their debit cards, J.D. Power said.

By Caitlin Mullen • July 5, 2023

Goldman in talks to transfer Apple card deal to Amex: reports

The move, if true, would mark a 180-degree turn after Goldman and the tech giant extended their partnership until 2029 in October.

By Gabrielle Saulsbery • July 5, 2023

GTCR makes billion-dollar bid for Worldpay stake: report

Fidelity National Information Services had planned to spin off the merchant processing business Worldpay, but multiple news reports suggest control may be sold instead.

By Lynne Marek • July 5, 2023

NCR outlines ATM spin-off strategy

The separation of NCR’s ATM business and its digital commerce operations occurred in the fourth quarter of last year.

By Caitlin Mullen • June 30, 2023

Moody’s report spotlights FedNow downside

The soon-to-launch real-time payments system from the Federal Reserve may reduce interchange fee revenue for some payments players and increase IT costs for others.

By Lynne Marek • June 30, 2023

Visa to acquire Pismo for $1B

Visa said it has agreed to acquire the Brazilian company to provide more card issuing and banking services to fintechs and financial institutions.

By Lynne Marek • June 29, 2023