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Industry balks at FDX standard-setting monopoly
Regulators and industry participants worry that FDX will have an unfair monopoly and will advantage its own members if no other organization applies.
By Patrick Cooley • Oct. 24, 2024 -
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Payments trade groups caution World Bank on digital infrastructure
U.S. payments associations urged the World Bank this week to consider interoperability and private sector involvement in its development of a digital public infrastructure.
By Tatiana Walk-Morris • Oct. 24, 2024 -
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TrendlinePayments 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 -
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Goldman, Apple to pay CFPB $89.8M over Apple Card issues
The bank and tech firms failed to address disputed transactions in their joint Apple Card program, and misled cardholders about interest-bearing products, the bureau alleged.
By Gabrielle Saulsbery • Oct. 23, 2024 -
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Stripe to buy stablecoin company Bridge for reported $1.1 billion
The CEOs for Stripe and Bridge confirmed the news on the social media platform X on Monday, but offered few details on the deal.
By Patrick Cooley • Oct. 21, 2024 -
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Discover discloses SEC accounting criticism
The federal agency disagrees with the way the card network is allocating card misclassification charges, Discover said in its third-quarter earnings report.
By Patrick Cooley • Oct. 17, 2024 -
Courtesy of Mastercard
Payments players tap M&A to build tech stacks
The Fed’s recent interest rate cut could spur even more deal-making in the remaining months of the year and into 2025. Mastercard, Global Payments and Payoneer are among the companies that have bought businesses this year.
By Shefali Kapadia • Oct. 16, 2024 -
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More authentication leads to fewer approvals
Research from payments software firm Stripe shows credit and debit card transactions using an advanced security tool are less likely to be approved.
By Patrick Cooley • Oct. 15, 2024 -
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Treasury official calls for new regulatory framework
The department’s undersecretary for domestic finance, Nellie Liang, suggested state oversight of money transmitters was outdated in an era of electronic payments.
By Lynne Marek • Oct. 11, 2024 -
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New York Governor signs gun code law
Gov. Kathy Hochul signed a new law Wednesday requiring merchants to use a gun code, saying it could help prevent mass shootings.
By Patrick Cooley • Oct. 10, 2024 -
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MoneyGram attack exposed sensitive customer data
The attack led to a days-long outage in September. The money transfer firm hasn’t described the nature of the incident or said how many people have been impacted.
By Matt Kapko • Oct. 9, 2024 -
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Visa expected to temper competitive moves after DOJ action
The card network may bend to emboldened fintech rivals and more assertive merchants following the Justice Department’s antitrust lawsuit.
By Lynne Marek • Oct. 3, 2024 -
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P2P payments tools lack transparency, consumer group says
Zelle, the popular peer-to-peer payment service, and rivals should be more upfront with consumers about the ability to ask for money back, Consumer Reports says.
By Patrick Cooley • Oct. 2, 2024 -
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Visa boosts litigation funding ahead of US antitrust fight
The company added $1.5 billion to a litigation escrow account as it battles a Justice Department lawsuit and ongoing legal case with merchants.
By Justin Bachman • Oct. 1, 2024 -
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Trump interest rate cap draws criticism
Fewer people would be approved for credit cards, and credit card issuers would offer fewer perks, opponents of the longshot proposal say.
By Patrick Cooley • Sept. 30, 2024 -
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Fiserv, Wells Fargo to end joint venture
The venture between the payments processor and the bank will expire in April, prompting a cash payment from one to the other.
By Patrick Cooley • Sept. 27, 2024 -
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Visa to buy cybersecurity firm Featurespace
The cybersecurity acquisition is the latest move in a race by card networks to meet their clients’ needs in keeping up with fraud threats.
By Lynne Marek • Sept. 26, 2024 -
Retrieved from Lynne Marek on March 04, 2022
Moneygram faces backlog after outage
The international wire transfer company has restarted some services after a cyberattack, but is battling to fulfill transactions after taking its systems offline for much of the week.
By Lynne Marek • Sept. 26, 2024 -
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DOJ suit accuses Visa of illegal debit payment monopoly
The company threatens merchants with high fees, and "makes its potential rivals business partners to thwart competition in debit card processing," the DOJ says.
By Justin Bachman • Sept. 24, 2024 -
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Visa faces possible DOJ lawsuit, news reports say
The card network may soon be sued by the Department of Justice over its debit card practices, according to multiple news reports citing anonymous sources.
By Lynne Marek • Sept. 24, 2024 -
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Fed payments proposal pits big banks against small rivals
The Federal Reserve’s proposal to extend the operating hours of two interbank payments systems has been welcomed by large banks, but panned by many small financial institutions.
By Lynne Marek • Sept. 18, 2024 -
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CFPB sues credit card company over excessive fees
The agency says Horizon Card Services violated the Truth in Lending Act by charging fees as high as 60% of a customer’s credit limit, and all but refusing to cancel their cards.
By Patrick Cooley • Sept. 16, 2024 -
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Mastercard acquires cybersecurity firm for $2.65B
The acquisition is the latest in a series of cybersecurity firm purchases by the card network over the years.
By Lynne Marek • Sept. 12, 2024 -
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Amex taps troves of customer data
American Express eschews preset spending limits and instead relies on credit scores and spending history to manage risk, a company executive explained at a conference last week.
By Patrick Cooley • Sept. 10, 2024 -
Courtesy of Discover
Discover’s top lawyer leaves for Ally
Hope Mehlman is expected to take her new Ally role on Dec. 2, even as Discover faces high legal hurdles in completing an acquisition of its business by Capital One.
By Patrick Cooley • Sept. 9, 2024 -
Retrieved from Polaris Dawn on September 06, 2024
The fintech CEO who is becoming a frequent flier with SpaceX
On Jared Isaacman’s second trip to space, the billionaire plans to become the first private spacewalker. Shift4 investors will need to follow space news to learn about it.
By Justin Bachman • Sept. 9, 2024
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