PAYMENTS NEWS
Visa CEO stands fast against DOJ
Oct 30, 2024
Visa CEO Ryan McInerney took a defiant stance Tuesday regarding the Justice Department’s lawsuit against the card network company.
A complete guide to the CFPB's open banking rule
Oct 29, 2024
On Tuesday, the Consumer Financial Protection Bureau finalized a long-awaited rule that promises to enable consumers to better control their financial data, marking a major step in a regulatory process that started in 2010.
Chopra Fires Back at Critics of the CFPB’s New Data-Privacy Rule
Oct 28, 2024
Rohit Chopra, director of the Consumer Financial Protection Bureau, spent his Sunday afternoon highlighting key elements of the CFPB’s new data-privacy rule and criticizing banking organizations that have targeted the rule. The assault on the regulation includes a lawsuit filed the same day the final rule, in development for more than two years, was released.
The big pay-by-bank projects launching right now
Oct 28, 2024
Making payments directly between bank accounts is not a new idea — it's not even novel. But a convergence of factors are making what's called pay-by-bank one of the hottest trends in the payments industry.
BankThink A unified standard for QR codes is the next step in real-time payments
Oct 28, 2024
Today, the high cost of accepting credit card fees is a burden, especially for small businesses. Instant payments can reduce costs while allowing banks to keep interchange fees and consumers to maintain loyalty points, ensuring buy-in from all parties. Banks, after all, face credit risk and capital costs, justifying the interchange fee.
AI Explained: Zero-Shot Learning Pushes AI Capabilities
Oct 28, 2024
A new breed of artificial intelligence is emerging, capable of tasks it was never explicitly taught. This technology, known as zero-shot learning, is pushing the boundaries of AI capabilities and raising questions about the future of machine intelligence.
Mastercard Goes Networkwide With Its Installments Program
Oct 25, 2024
Mastercard Inc. announced early Friday it is expanding its Installments payments program to all eligible digital points of sale within its network in the United States.
Capital One acknowledges Discover merger won't close this year
Oct 25, 2024
The credit card heavyweight said that it expects its acquisition of rival Discover will close in early 2025, pending the approval of shareholders and regulators.
How the CFPB’s Data Privacy Rule for Open Banking Could Impact Merchants’ Swipe Fees
Oct 24, 2024
While the Consumer Financial Protection Bureau is being sued over its data-privacy rule, merchants remain optimistic the regulation will help them reduce the impact of swipe fees by making account-to-account payments widely available at the point of sale.
Trade Associations Sue to Block FTC ‘Click-to-Cancel’ Rule
Oct 24, 2024
Three trade associations filed a lawsuit Wednesday (Oct. 23), aiming to block the Federal Trade Commission’s (FTC) “click-to-cancel” rule.
Why Some Republicans Are Praising An Agency They Hate
Oct 24, 2024
Not long ago, the CFPB’s survival was a question mark. Its latest rule looks built to last.
CFPB Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures
Oct 23, 2024
Companies illegally mishandled transaction disputes and misled iPhone purchasers about interest-free payment options
Open banking rule unlikely to spur payment innovation
Oct 23, 2024
Pay by bank has been touted as one of the alternative payment methods to compete with credit cards, and the Consumer Financial Protection Bureau's finalized rule on open banking was supposed to help drive innovation in the space. Payment experts think it missed the mark.
CFPB's 1033 rule sparks ire from banks over data security
Oct 23, 2024
The Consumer Financial Protection Bureau's open banking rule provided no additional liability protection for banks, putting the financial institutions on the hook for potential fraud and data breaches of third-party fintechs and setting up a clash with the bureau.
CFPB's 1033 open banking final rule expands scope to payment apps
Oct 22, 2024
The Consumer Financial Protection Bureau added payment apps and other financial products to its final open banking rule and in keeping with its focus on innovation, provided for some secondary uses of data.
FinTech Association Sues CFPB; Says BNPL Rule ‘Oversteps Legal Bounds’
Oct 22, 2024
The Financial Technology Association (FTA) has filed a lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) final interpretive rule on pay-in-four buy now, pay later (BNPL) products, saying the rule “oversteps legal bounds.”
Payment fintechs invest in stablecoin, but where are the users?
Oct 22, 2024
Stripe, Circle and Ripple all made deals in recent days to boost scale for a form of cryptocurrency that has struggled to reach mainstream consumers and businesses.
Visa Wanted a Vast Empire. First, It Had to Beat Back Its Foes.
Oct 22, 2024
Visa is winning the decades long battle for control over how U.S. consumers pay for everything. It got here in part by paying for competition to go away and by using fees as weapons to make partners bend to its wishes.
Retailers Rethink Policies as Returns Fraud Spikes Everywhere
Oct 18, 2024
Returns fraud is a growing global issue, costing retailers billions annually. Recent estimates suggest that fraudulent returns account for up to 13% of total returns in the U.S., significantly impacting profit margins. With the rise of eCommerce, the potential for abuse has expanded, prompting brands to rethink their return policies.
Google's court loss also challenges payment rivals
Oct 18, 2024
Epic Games won a major victory in its long legal battle with Alphabet over Google's payment policies, but parts of the judge's decision will make it difficult for other firms to take advantage of the ruling.