FedNow draws 1,300 financial firms

The instant payments service has attracted mostly small and mid-sized financial services firms as it inches up adoption by financial institutions.

Trade group pushes directory for instant payments

The U.S. Faster Payments Council advocated for an open and secure directory service to increase real-time payment adoption, per a report earlier this month.

Card holders rail about Uber in FTC lawsuit

Uber user complaints about recurring monthly charges, unclear enrollment and a frustrating cancellation process spur a Federal Trade Commission lawsuit.

Instant payments could improve video games: KC Fed

Moving away from in-game currencies may make the gaming experience simpler for players and reduce costs for video game companies, Kansas City Fed specialists argue.

Write off paper checks, ACI Worldwide CEO advises

Tom Warsop praised the Trump administration’s move to eliminate paper checks and suggested businesses should do the same.

Fiserv, Kansas to open fintech hub

The hub will open later this year in Overland Park, Kansas, and help Fiserv better serve Midwestern customers, the company said in a news release Monday.

Fed, FDIC force more oversight of Discover

The Federal Reserve and the FDIC penalized the card network for overcharging merchants on interchange fees and said the company must pay $250 million in fines, make restitution to merchants, and change its practices as a condition to merging with Capital One.

Ramp reportedly angles for part of $700B US credit card program

The fintech is seeking to handle a piece of the SmartPay federal employee charge card program, assisted by its close ties to the Trump administration, the media outlet ProPublica reported.

Capital One-Discover wins approvals

The Federal Reserve and the Office of the Comptroller of the Currency will allow a merger creating the largest U.S. credit card issuer.

Paper check use surged last year, AFP says

Use of paper checks by U.S. businesses jumped last year, according to an annual survey by the Association for Financial Professionals, which struggled to explain the results.

CFPB to ‘deprioritize’ payments oversight

An agency memo directs the agency’s staff to bring redress directly to affected consumers, “rather than imposing penalties on companies.”

Visa’s Pismo names new CEO

The Brazilian payments software business promoted new executives as it pursues growth under the auspices of its giant card network owner.

FIS, Global Payments agree to Worldpay deal

Fidelity National Information Services and Global Payments unveiled a deal Thursday in which FIS plans to buy the latter’s issuer business and sell its Worldpay stake. 

Pay-by-bank should offer perks: Deloitte

Banks must persuade merchants and consumers the payment method is an acceptable alternative to credit cards, the consulting firm suggested.

Spire pushes pay-by-bank model

Direct bank payments at the point of sale will become more attractive to merchants through a Discover Financial tie, the CEO says.

Klarna partners with Fiserv’s Clover

A recently signed deal will bring Klarna’s installment loans to Clover checkout at merchants across the U.S.

Shazam sheds merchant services to focus on debit

 The network company divested its merchant services portfolio this month to concentrate on its core business.

For medical debt, ‘care now, pay later’ models abound

As healthcare expenses grow, fintech startups look to boost the affordability — and profitability — of medical payments.

NY AG alleges two wage access providers made illegal loans

The state’s lawsuits against DailyPay and MoneyLion seek to wind down their earned wage access practices in New York.

Worldpay delivers payments industry insights in DC

Executives of the merchant services company visited Capitol Hill this month to connect with congressional staffers and share their views on payments.

Credit card 90-day delinquencies rise to record: report

The percentage of U.S. credit card accounts past due for 90 days was the highest in 12 years during the fourth quarter, a Philadelphia Federal Reserve report said.

Republicans pressure Fed on debit card fees

Some House Financial Services Committee members are pressuring the Federal Reserve to reverse a proposal to lower the debit card fees that banks can charge.

Stripe CEO to become a Meta director

Patrick Collison will join the board of the public social media company as speculation persists about the possibility of his payments company filing for an initial public offering.

Block agrees to pay $40M New York penalty

The payments technology company agreed to pay the fine under a consent order to settle allegations related to lax oversight of its Cash App payments tool.

How one startup coordinates your payments

Payments orchestration is an increasingly critical task as merchants seek cost efficiencies and the ability to add new payment alternatives and technologies.