Justice debit probe draws in Mastercard

The Justice Department’s antitrust division issued a civil investigative demand to the card company as part of a debit card probe that has also entangled its larger rival Visa.

By Lynne Marek • April 28, 2023

Payments increasingly in regulatory crosshairs, industry lawyers say

Attorneys and payments professionals called out recent areas of interest for regulators during the Electronic Transactions Association’s conference in Atlanta.

By Caitlin Mullen • April 27, 2023

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Payments industry seeks to keep pace with fraudsters

As losses from fraud in payments have climbed, companies are seeking new tools to combat illicit schemes.

By Payments Dive staff

Swift executive calls for payments standardization

“As a standardized format, ISO 20022 creates a common language for international payments the world over,” writes an executive in support of industry collaboration.

By Stephen Lindsay • April 26, 2023

Fiserv lines up bank clients for FedNow

The mega processor has a handful of bank customers in the Federal Reserve’s real-time payments pilot, and a pack signed up for services after the system’s July launch. It’s part of the company’s growth strategy.

By Lynne Marek • April 26, 2023

FedNow won’t bring ‘tidal wave’ of change

“Payments solutions reach scale when they provide better usability, affordability, and security,” write partners at a San Francisco venture capital firm.

By Kevin Jacques and Ben Malka • April 21, 2023

Fed to reduce cross-border payments program

The Federal Reserve plans to discontinue its cross-border ACH payments service to Europe and Canada later this year, Fed officials reiterated at a conference this week.

By Lynne Marek • April 20, 2023

Credit card processor Nexway to pay $650K fine for fraud

A court initially imposed a $49.5 million judgment against a group of Nexway companies over processing payments tied to tech support scams, but they’ll ultimately pay the smaller fine for defrauding consumers.

By Caitlin Mullen • April 19, 2023

CFPB focuses on BNPL consumer disputes

A Consumer Financial Protection Bureau official pointed to how buy now, pay later providers handle consumer disputes as a major area of concern for the agency.

By Lynne Marek • April 19, 2023

FedNow spurs industry intrigue

Financial institutions, payments players and other businesses are being drawn in by FedNow, according to survey results presented at the Nacha Smarter Faster Payments conference.

By Lynne Marek • April 17, 2023

Visa remains cryptic about new surcharge cap

The card giant is set to impose a new surcharge cap of 3% tomorrow, but many payments processing professionals are still searching for details about it.

By Lynne Marek • April 14, 2023

Why card networks should embrace gun codes

Using the new merchant category code for gun and ammunition sales “could help identify dangerous patterns,” one advocacy group lawyer argues.

By Adam Skaggs • April 13, 2023

SBA to open flagship lending program to fintechs

A new rule, which takes effect May 11, ends a 40-year moratorium on admitting new nonbank lenders to the agency’s 7(a) loan program.

By Anna Hrushka • April 12, 2023

CFPB director wants some payments firms labeled systemically important

The bureau's chief, Rohit Chopra, urged users who maintain balances on their digital wallets and money-transfer apps to move that uninsured money to a bank account.

By Anna Hrushka • April 12, 2023

Visa rattles ISOs with surcharge plan

Payment processors and their merchant clients are bracing for Visa’s 3% surcharge cap. “Don’t fight Visa right now – you’re not going to win,” advises one consultant.

By Lynne Marek • April 12, 2023

BlackRock CEO knocks US payments system

The leader of one of the biggest asset managers in the world doesn’t think the U.S. payments system is keeping pace.

By Lynne Marek • April 5, 2023

FedNow gives banks a leg up against fintechs

The instant payment floodgates are about to open when FedNow launches in July, giving banks a chance to win back customers lost to fintechs, says one GFT Group executive.

By Carlos Kazuo Missao • April 3, 2023

FedNow eyes cross-border enhancements

The new real-time payments system from the Federal Reserve will arrive in July, and officials are already considering a cross-border upgrade.

By Lynne Marek • March 31, 2023

Block defends against short seller allegations

The Jack Dorsey-led digital payments company pushed back by underscoring fraud mitigation tactics and account metrics for its Cash App business.

By Caitlin Mullen • March 30, 2023

US remains a laggard in real-time payments: report

Though the U.S. lags behind other countries, the Federal Reserve is preparing to launch its own real-time payments infrastructure.

By Tatiana Walk-Morris • March 30, 2023

Analysts call on Block to share anti-fraud details

Following a controversial short seller’s report, analysts advised digital payments company Block to share more information related to active user numbers and know-your-customer practices.

By Caitlin Mullen • March 29, 2023

Senators urge BNPL crackdown

Three Democratic U.S. senators pressed the Consumer Financial Protection Bureau to bring big buy now, pay later providers under federal oversight.

By Caitlin Mullen • March 28, 2023

BNPL remains mainly absent from consumer credit histories

The lack of BNPL data being furnished to credit bureaus more than a year after inclusion efforts were announced points to the complexity involved with fitting the burgeoning payment method into the traditional credit scoring framework.

By Caitlin Mullen • March 27, 2023

3 ways to increase on-time payments during an economic downturn

Discover how to increase on-time payments and make flexibility and payment convenience a priority at your business.

March 27, 2023

CFPB funding is constitutional, 2nd Circuit court rules

The decision creates a clear conflict between the Second and Fifth Circuits, providing the Supreme Court with further incentive to directly resolve the issue, said an attorney at Dorsey & Whitney.

By Anna Hrushka • March 24, 2023

CFPB seeks to improve credit card transparency

The agency wants to give consumers more information from credit card issuers so that it’s easier to compare the cards’ offers, especially their interest rates.

By Tatiana Walk-Morris • March 24, 2023