Payments industry trade group taps new chair

The American Transaction Processors Coalition picked a new board leader as it maps out new initiatives, including expanding its activities at the state level.

By Lynne Marek • July 7, 2021

Binance.US hires ex-leader of California's 'mini-CFPB'

Manny Alvarez is joining Binance.US after leaving the California Department of Financial Protection and Innovation. He will oversee risk, compliance and legal developments at the company under Binance.US CEO Brian Brooks, who formerly led the Office of the Comptroller of the Currency.

By Dan Ennis • July 7, 2021

Explore the Trendline➔

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

Crypto exchange Binance responds to Barclays move to halt payments

The crypto exchange said Barclay's decision to block U.K. consumers' credit and debit card payments to Binance is based on a misunderstanding regarding a U.K. regulatory action. Binance is facing increased regulatory scrutiny elsewhere too.

By Vaidik Trivedi • July 7, 2021

Fintechs' letter, panel hearing put CFPB's lending, credit stances in spotlight

Lawmakers are debating putting CFPB in charge of credit reporting as fintechs like Varo and Square seek clarity from the agency on its disparate impact.

By Dan Ennis • June 30, 2021

Mastercard CEO, FDIC Chair call on fintech industry to press financial inclusion

In a post-pandemic world, financial institutions and companies are putting more effort into leveraging technological advances to bring more people into the financial system, while innovating to remove digital barriers.

By Lynne Marek , Vaidik Trivedi • June 30, 2021

U.S. digital currency could "pose considerable risks," Fed official says

Federal Reserve Board Governor Randal Quarles also said the benefits of developing a central bank digital currency are "unclear," given the "very good" U.S. payment system.

By Dan Ennis • June 29, 2021

On-demand pay catches on, but scrutiny persists

Employers are gravitating to new ways to pay workers more quickly, thanks to fintechs providing payroll innovations, but state lawmakers are scrutinizing the new approaches too.

By Lynne Marek • June 28, 2021

Growing divide on crypto in international banking report

Central banks strike a second blow against digital assets and stablecoins. The dissonance between market and government may come down to timing, or an age-old pattern concerning risk.

By Dan Ennis • June 24, 2021

Regulators increase scrutiny of cryptos in money-laundering

The decentralized and anonymous nature of cryptocurrency makes it susceptible to money laundering, and governments across the globe must respond, industry experts said during Payments Canada Summit last week.

By Vaidik Trivedi • June 7, 2021

Fintechs attack cross-border business payments as banks and legacy players rush to innovate

Nonbank fintechs are gaining ground, mainly with small company customers, but target larger ones for cross-border business, even as competition gives way to symbiotic 'coopetition' with larger bank incumbents.

By Suman Bhattacharyya • May 25, 2021

Credit Rich offers millennials, marginalized communities more credit tools

"We created Credit Rich to provide people with the opportunity to take the burden [of debt] off them by helping them understand how the credit system works," said Angel Rich, CEO of Credit Rich parent WealthyLife.

By Vaidik Trivedi • May 21, 2021

Federal Reserve to kick off conversation on CBDC

Federal Reserve Chairman Jerome Powell said yesterday that the Fed will issue a paper this summer to begin a public discussion about the possibility of a central bank digital currency.

By Lynne Marek • May 21, 2021

Major payments trade group weighs in on CBDC development

The Electronic Transactions Association is touting principles on interoperability, consumer protections and risk safeguards in Washington discussions about a central bank digital currency.

By Lynne Marek • May 20, 2021

Fed proposes review of debit transaction routing, but leaves fee alone

The Fed will review whether a rule requiring options in routing debit transactions is being followed, but angered merchants when it kept the cost basis for a national debit fee cap unchanged.

By Lynne Marek • May 13, 2021

Cryptocurrency fuels ransomware payments

The rapid ascent of crypto, like other emerging technologies before it, has challenged the federal government's ability to regulate the new arena.

By Samantha Schwartz • May 12, 2021

Biden plan would boost P2P payments services data sharing with IRS

The effort would require banks and P2P payment services to report annual account inflows and outflows to the IRS in an attempt to capture up to $460 billion in unpaid taxes, mostly from businesses.

By Dan Ennis • April 30, 2021

Retail organizations sue Fed over debit law enforcement

Two North Dakota retail associations allege in a new federal lawsuit the Fed hasn't properly fulfilled its duty to determine "reasonable" debit card processing fees under a 2010 law.

By Lynne Marek • April 29, 2021

Crypto firm Ripple Labs remains squarely in regulator's sights

The Securities and Exchange Commission pressed on with a new court filing against the blockchain payments company, despite a leadership change.

By Dan Ennis • April 27, 2021

Visa, Mastercard face biggest challenges in a decade

Regulatory, legislative and court confrontations over the card network companies' fees are ratcheting up pressure again for reform of the behemoths' practices.

By Lynne Marek • April 22, 2021

Crypto exchange Binance lands ex-OCC chief for US CEO post

Former Acting Comptroller Brian Brooks will become chief executive of Binance's U.S. operation on May 1.

By Dan Ennis • April 21, 2021

US mulls CBDC options in international race to advance payment systems

Bank Policy Institute's chief examines the benefits and drawbacks of various central bank digital currency models, and how they would affect payment systems.

By Anna Hrushka • April 20, 2021

Payments industry faces potential 'destructive attacks,' Biden cybersecurity official warns

A new Biden administration cybersecurity official told the American Transaction Processors Coalition that ransomware and infrastructure attacks are the biggest threats.

By Lynne Marek • April 8, 2021

Over 110 fintechs, banks flood into FedNow real-time payments pilot

The test case, a precursor to an expected 2023 debut, is "the Fed's effort to get into the instant payments space," said Anne Sharkey, senior vice president of operations at First Internet Bank.

By Anna Hrushka • April 7, 2021

Visa rolls out stablecoin pilot program with partner Crypto.com

Visa is diving into digital assets with a new credit card program that will settle partly with a stablecoin using the cryptocurrency Ethereum. 

By Lynne Marek • March 29, 2021

Payments trade group eggs on federal Covid relief programs

The new Payments Leadership Council is throwing its support behind legislation to extend the Paycheck Protection Program that has delivered billions of dollars to small businesses.

By Lynne Marek • March 29, 2021