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

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

Explore the 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

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

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 Lynne Marek • July 25, 2024

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

Fed fines Green Dot $44M over prepaid cards

The consent order has been expected since February, when Green Dot revealed that reasonable associated losses could total $50 million.

By Gabrielle Saulsbery • July 23, 2024

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

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

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

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 Patrick Cooley • July 18, 2024

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 Lynne Marek • July 16, 2024

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 Patrick Cooley • July 16, 2024

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

Crypto theft doubles to $1.38B

The May theft of over $300 million worth of bitcoin from Japanese cryptocurrency exchange DMM Bitcoin is the largest digital currency heist so far this year.

By Alexei Alexis • July 11, 2024

Visa-Mastercard settlement generates thousands of claim conflicts

Lawyers hope a court-approved extension of the claims filing deadline will provide time for resolution of conflicts and allow other business owners to file new claims in the interchange fee case.

By Lyle Moran • July 9, 2024

Congress members egg on US payments system expansion

A bipartisan group is nudging the Federal Reserve to explain why it can’t speed up a plan to extend the operational availability of the U.S. payments system.

By Lynne Marek • July 8, 2024

Discover to settle card class actions for $1.2B

The card company has warned it could face an additional financial toll related to the misclassification legal matter, in which it overcharged merchants for years.

By Caitlin Mullen • July 8, 2024

CFPB keeps scrutiny on medical cards

The Consumer Financial Protection Bureau has found some patients felt pressured by healthcare providers to use medical credit cards, according to an update on the federal agency’s efforts to protect consumers.

By Lynne Marek • July 8, 2024

BNPL credit reporting hangs in limbo

The Consumer Financial Protection Bureau has long wanted buy now, pay later loans to be listed on consumer’s credit reports. So why didn’t it include that in a March rule for the industry?

By James Pothen • July 3, 2024

Payments industry to use AI to detect fraud, improve efficiency

Research from the investment bank Jefferies suggests generative artificial intelligence could be used in the payments industry to improve fraud detection and make transactions happen faster.

By Patrick Cooley • July 2, 2024

New York BNPL bill is dead, for now

Hopes for passing a 2024 buy now, pay later bill in New York state to regulate the nascent industry expired with the end of the legislative session last month. But next year could be a different story.

By Lynne Marek • July 2, 2024

Visa-Mastercard settlement failed to treat merchants ‘equitably’

A proposed Visa-Mastercard settlement failed partly because a judge overseeing the case determined large merchants wouldn’t benefit as much as smaller merchants.

By Lynne Marek • July 1, 2024

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 Lynne Marek • July 1, 2024

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 Lynne Marek • June 28, 2024

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