Payments: Page 6
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Permission granted by Cross River Bank
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 Rajashree Chakravarty • Nov. 6, 2024 -
Lynne Marek/Banking Dive
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 -
Explore the Trendline➔
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TrendlineFintech disruption in the banking industry
There are as many schools of thought on how to disrupt the banking space as there are disruptors.
By Banking Dive staff -
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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 -
Tero Vesalainen via Getty Images
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 -
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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 Caitlin Mullen • Oct. 30, 2024 -
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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 -
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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 -
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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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Goldman, Apple to pay CFPB $89.8M over Apple Card issues
The bank and tech firm failed to address disputed transactions from their joint Apple Card program, the bureau alleged, and misled cardholders about interest-bearing products.
By Gabrielle Saulsbery • Oct. 23, 2024 -
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CFPB issues final rule on open banking
Payment apps are included in the data-control rule, in a change from last year’s proposal. Banks and credit unions with less than $850 million in assets are exempt.
By Dan Ennis • Oct. 22, 2024 -
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Fiserv may grab competitive edge with new bank charter
The payments processor can undercut rivals on price because it won’t be paying bank fees, industry consultants say.
By Patrick Cooley • Oct. 21, 2024 -
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Truist CEO: No ‘merger hangover’ with expenses
As the bank approaches five years since the completion of the SunTrust-BB&T merger, Truist CEO Bill Rogers sought to assure analysts Thursday that it’s on offense rather than defense.
By Caitlin Mullen • Oct. 17, 2024 -
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Discover discloses SEC accounting criticism
The agency disagrees with the way the company 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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Harris tries to court Black men voters with forgivable loans, crypto
Vice President Kamala Harris’ plans are part of her Opportunity Economy pledge, “an economy where people don't just get by, but get ahead,” and come as polls show she could stand to gain more support from Black men voters.
By Gabrielle Saulsbery • Oct. 14, 2024 -
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Barclays replaces Goldman Sachs as GM card issuer
The London-based bank will issue two credit cards for the automaker in the U.S., beginning next summer.
By Patrick Cooley • Oct. 14, 2024 -
Joe Raedle / Staff via Getty Images
LendingClub, Pagaya acquire tech assets of defunct Tally
Tally’s assets will be integrated into the existing products of both firms, according to company spokespeople. Tally shuttered in August this year over failure to raise funds.
By Rajashree Chakravarty • Oct. 10, 2024 -
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Citi urges judge again to dump NY AG’s fraud suit
Lawyers for the bank argue the state is trying to rewrite the Electronic Fund Transfer Act through “litigation” and that when consumers are deceived into sending money to criminals, it’s “not a Citi issue.”
By Dan Ennis • Oct. 9, 2024 -
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Tech costs, regulatory demands among community bankers’ top worries
A recent survey of community bankers also cited cost of funds as a top risk, amid the higher rate environment. “Right now, our motto is ‘Survive until 2025,’” a Pennsylvania community bank CEO said.
By Caitlin Mullen • Oct. 8, 2024 -
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Fiserv teams with Canadian company on open banking
Fiserv has allowed Zūm Rails to use its embedded finance system to bring open banking and instant payments to Fiserv’s U.S. business customers.
By Patrick Cooley • Oct. 4, 2024 -
Retrieved from OCC.
OCC seeks to halt Illinois card interchange fee law
The Office of the Comptroller of the Currency blasted an Illinois law that prohibits credit and debit card interchange fees on tips and excise taxes.
By Lynne Marek • Oct. 3, 2024 -
Jonathan Drake/Reuters
Hurricane Helene aftermath prompts card, cash troubles
After the storm ripped through the southeastern U.S., consumers and merchants have been left grappling with card network outages and cash shortages.
By Lynne Marek • Oct. 3, 2024 -
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Oportun inks deal to sell credit card portfolio
The deal, expected to close in November, is a push by the online lender to pursue profitability by simplifying its business and focusing on its core products.
By Rajashree Chakravarty • Oct. 2, 2024 -
Courtesy of Adyen
Kansas City Fed dissects consumer use of digital payments
About 95.5% of U.S. households have a bank account, and 46.4% use a nonbank payment service, a new report says. Meanwhile, the Boston Fed found more consumers are using credit cards to make ends meet.
By Tatiana Walk-Morris • Sept. 30, 2024 -
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Wells Fargo, Fiserv to end joint venture
Fiserv will receive an unspecified cash payment from the bank. The payments processor will also take a $400 million to $600 million impairment charge this year related to the joint venture.
By Patrick Cooley • Sept. 30, 2024
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