PAYMENTS NEWS
State interchange fee legislation makes meager progress
Nov 20, 2024
As Illinois fights to preserve its landmark law exempting state taxes from the calculation of card interchange fees, other states are making little progress with bills aimed in the same direction.
Republicans to Visa and Mastercard: Figure it out, or we will
Nov 20, 2024
Lawmakers on both sides of the aisle pressed executives from Visa and Mastercard on the cost of so-called swipe fees to small businesses and consumers.
Why Visa's making it easier to access a credit card alternative
Nov 20, 2024
Even though buy now/pay later is a rival product to credit cards, Visa and Mastercard have both embraced installments, with Visa adding BNPL fintech Affirm as the card brand's initial U.S. partner for Visa's Flexible Credential, a product that enables consumers to use a single card account for different payment options.
Senate grills Visa, Mastercard executives over swipe fees
Nov 19, 2024
Card network titans Visa and Mastercard were on the defensive Tuesday when their executives were grilled by members of Congress at a Senate Judiciary Committee.
Comerica sues CFPB over investigation into prepaid card program
Nov 13, 2024
The Dallas-based bank is accusing the Consumer Financial Protection Bureau of "pursuing an aggressive and overreaching investigation" into its role in a Treasury Department prepaid card program.
Fed's Waller: SCOTUS rulings should delay interchange rule
Nov 13, 2024
A top official with the Federal Reserve Board of Governors wants a better understanding of recent Supreme Court decisions before the central bank changes its cap on debit interchange fees.
What Lies Ahead for the CFPB as Trump 2.0 Takes Shape?
Nov 7, 2024
As Donald Trump retakes the reins of power, the uncertainty over who occupies the White House is over.
Tiny Neural Networks Could Slash Computing Costs for Business AI
Nov 5, 2024
A startup has built artificial intelligence systems that can reportedly match current capabilities while using fewer neurons, potentially slashing the massive computing costs that have kept many businesses from deploying AI.
A Court Hears Arguments Over a Possible Injunction Against the Illinois Interchange Law
Nov 1, 2024
Arguments over whether the U.S District Court for the Northern District of Illinois should grant a preliminary injunction to block the scheduled implementation of the Illinois Interchange Fee Prohibition Act were heard yesterday in Chicago.
The DOJ-Visa Suit: Does it Mean the End of Free Checking?
Nov 1, 2024
The U.S. Department of Justice lawsuit against Visa could affect banking institutions’ fee income from interchange and the role they play in the payments systems. Here’s why DOJ filed suit, how it wants to change Visa’s role in the marketplace, and the strategic implications that should be on banking executives’ minds.
BofA discloses CFPB probe of Zelle payments
Nov 1, 2024
Bank of America is responding to a Consumer Financial Protection Bureau inquiry related to the bank’s processing of electronic payments through Zelle, the lender disclosed in a regulatory filing.
Financial Technology Association sues CFPB challenging buy now, pay later final rule
Nov 1, 2024
The Financial Technology Association (FTA) sued CFPB in the United States District Court for the District of Columbia to enjoin the bureau from implementing its BNPL final rule.
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.