Payments


  • U.S. Bank CEO Andy Cecere is pictured speaking.
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    Drew Angerer / Staff via Getty Images
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    U.S. Bank CEO talks payments split, a rising DOGE

    Dividing its payments unit into two segments under different leaders points to the significance of the business at the bank, Andy Cecere, the lender’s chief executive, said this week.

    By Dec. 12, 2024
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    Courtesy of Coinbase
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    FDIC letters give credence to ‘Choke Point 2.0’ claims: Coinbase CLO

    The agency asked nearly two dozen banks to pause crypto-related activity in 2022, according to letters unveiled via Coinbase’s FOIA requests.

    By Dec. 11, 2024
  • Explore the Trendline
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    Morris MacMatzen / Stringer via Getty Images
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    Trendline

    Data-driven disruption

    More often than not, an innovator may see disruption as an enhancement to be embraced. And sometimes the innovators are the establishment.

    By Banking Dive staff
  • Bank of America signage is shown with a reflection in the glass above it
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    Spencer Platt / Staff via Getty Images
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    BofA corporate client app surpasses $1 trillion in payments

    Payments approved over the app are expected to rise 25% this year, echoing a similar increase last year over 2022.

    By Lynne Marek • Dec. 11, 2024
  • The Federal Reserve building is seen January 22, 2008 in Washington, DC. People walk by.
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    Chip Somodevilla via Getty Images
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    FedNow racks up nearly $246M in annual expenses

    The Federal Reserve projects the real-time payment system’s costs will climb slightly next year, from the $245.5 million it expects to spend this year.

    By Lynne Marek • Dec. 4, 2024
  • Closeup shot of a woman paying using NFC technology in a cafe
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    Cecilie Arcurs via Getty Images
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    Q&A

    Worldpay exec talks digital wallet security

    The head of fraud prevention for the processor said the company leverages data to block hackers and fraudsters seeking digital wallet information.

    By Patrick Cooley • Dec. 3, 2024
  • A smartphone displaying the Affirm app
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    Courtesy of Affirm
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    BNPL use may rise this year for holiday shopping

    With credit card interest rates at a historic high, consumers are likely to gravitate to lower-cost alternatives, including potentially buy now, pay later options, industry consultants say.

    By Patrick Cooley • Nov. 27, 2024
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    Retrieved from OCC.
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    OCC admonishes Texas’ Clear Fork Bank for not correcting AML problems

    The lender’s board was given one week to appoint a compliance committee to oversee the bank’s adherence to the OCC order’s provisions.

    By Nov. 22, 2024
  • New BNY logo, rebranding
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    Courtesy of BNY Mellon newsroom
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    BNY nabs 5-year deal for Treasury’s Direct Express program

    Comerica, Treasury’s previous partner on the program, reportedly drew flak for allowing a third-party vendor to work on dispute resolution from overseas.

    By Nov. 22, 2024
  • Rohit Chopra, Director of the Consumer Financial Protection Bureau, giving a speech in an auditorium.
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    Anna Moneymaker via Getty Images
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    CFPB tweaks big tech payments rule

    In finalizing the new rule to oversee digital wallet providers Thursday, the Consumer Financial Protection Bureau said it made important changes to its initial proposal.

    By Lynne Marek • Nov. 21, 2024
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    Justin Sullivan via Getty Images
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    Deep Dive

    PayPal CEO pushes beyond payments

    After a year as CEO of the digital payments pioneer, Alex Chriss is spearheading an expanded role in commerce for the company.

    By Lynne Marek • Nov. 20, 2024
  • Securities and Exchange Commission (SEC) Chair Gary Gensler listens during a meeting.
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    Anna Moneymaker via Getty Images
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    18 AGs sue SEC over crypto actions

    A group of attorneys general led by Kentucky’s Russell Coleman allege the agency and its commissioners “sought to unilaterally wrest regulatory authority away from the States” through crypto enforcement.

    By Nov. 15, 2024
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    Joe Raedle via Getty Images
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    Block recalibrates crypto approach

    The payments firm is winding down its bitcoin-focused TBD business and investing in its self-custody wallet and bitcoin mining businesses.

    By Nov. 13, 2024
  • A person with their back to the camera conducts a transaction at an ATM in a subway station. A bitcoin ATM and another ATM sit next to the first machine.
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    Michael M. Santiago / Staff via Getty Images
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    Underbanked US population grows to 14.2%, FDIC finds

    Separately, the unbanked proportion of U.S. households dropped to 4.2% last year, the regulator said in its biennial survey. But racial disparity persists: 32.3% of unbanked households are Black and 33.4% are Hispanic, the FDIC found.

    By Nov. 13, 2024
  • Federal Reserve Governor Christopher Waller sits on a chair on stage.
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    Lynne Marek/Banking Dive
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    Fed’s Waller: Payments industry needs public-private balance

    The Federal Reserve must consider when to make up for private sector shortcomings in payments, while keeping its role limited, board governor Christopher Waller said Tuesday.

    By Tatiana Walk-Morris • Nov. 13, 2024
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    John Phillips via Getty Images
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    Klarna files for IPO

    The buy now, pay later company announced Tuesday it had filed confidentially with the Securities and Exchange Commission for an initial public offering.

    By Patrick Cooley • Nov. 13, 2024
  • A building is shown with a sign that reads, "Comerica Bank" in the foreground
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    Courtesy of Comerica
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    Comerica sues CFPB over ‘costly’ prepaid card probe

    The agency “failed to acknowledge” that Comerica “generally acted with the oversight … or approval of the federal government” in handling a Treasury Department program, the bank said.

    By Nov. 12, 2024
  • former binance ceo changpeng zhao
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    David Ryder via Getty Images
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    FTX suing Binance, founder for $1.76B

    The FTX estate is looking to recoup funds it alleged were “fraudulently” transferred to Binance in 2021.

    By Nov. 11, 2024
  • Paze's logo is displayed on a smart phone.
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    Photo illustration: Shaun Lucas/Industry Dive; Getty Images; Paze

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    Paze gets new leader amid slow start

    Early Warning Services, the bank-owned company that operates Paze, tapped a new leader last month for the digital wallet operation after slow progress in launching the new service.

    By Patrick Cooley • Nov. 7, 2024
  • Cross River Bank
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    Permission granted by Cross River Bank
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    Cross River drops lawsuit against Fiserv subsidiary

    The Fort Lee, New Jersey-based lender dismissed its lawsuit against First Data Merchant Services, which was filed in October 2023, without disclosing a reason. 

    By Nov. 6, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Banking Dive
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    Fed aims to make instant payments the norm

    “It's going to be up to us to move instant payments from being novel to being normal,” Federal Reserve Financial Services’ chief payments executive told attendees at an industry conference last week.

    By Lynne Marek and Patrick Cooley • Nov. 5, 2024
  • A close up view of a stack of visa bank cards.
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    Justin Sullivan via Getty Images
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    Stablecoins face obstacles to widespread adoption

    The digital currencies could simplify cross-border payments, but consumers are wary of using them, payments and fintech executives say.

    By Patrick Cooley • Nov. 4, 2024
  • Phone in hand with 'pay' button showing
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    Tero Vesalainen via Getty Images
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    AI increases fraud risk, fintechs say

    Financial firms monitor for fraud by looking for unusual activity, but an artificial intelligence model can be trained to transact like a real person.

    By Patrick Cooley • Oct. 31, 2024
  • A person uses a red Bank of America ATM.
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    David McNew via Getty Images
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    BofA discloses Zelle probe, says it may result in litigation

    The bank also said it’s in contact with regulators over its Bank Secrecy Act/anti-money laundering and sanctions compliance programs, and a regulatory order could stem from those discussions.

    By Oct. 30, 2024
  • Hand holding Saphire Preferred credit card reaches to tap the card at a fuel pump.
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    Justin Sullivan via Getty Images
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    How open banking will shape the future of payments

    The Consumer Financial Protection Bureau released its open banking final rule last week, leading the payments and financial services industries to begin preparing for a new era in data sharing.

    By Patrick Cooley • Oct. 29, 2024
  • A person uses a credit card to pay for a purchase on a computer
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    Poike via Getty Images
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    Pay-by-bank to be used for bills, Plaid CEO predicts

    Plaid CEO Zach Perret expects consumers to use pay-by-bank services for mortgage and utility payments, but is skeptical they will be used to pay at restaurants or for groceries any time soon, he said.

    By Patrick Cooley • Oct. 28, 2024