Banking: Page 10

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    Opinion

    CFPB seeks to thwart cross-border junk fees. Now what?

    “Putting these regulations into practice is challenging, and the success of such regulatory measures largely hinges on enforcement,” writes a Wise executive.

    By Rina Wulfing • May 30, 2024
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    Investments for payments startups trickle in

    Venture capital flowing to startups in the payments sphere remains reduced this year, extending a rut from last year.

    By • May 30, 2024
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    Trendline

    Payments players eye digital B2B opportunity

    Companies offering digital payments services envision billions of dollars in U.S. business payments flow ripe for transitioning to the electronic realm.

    By Payments Dive staff
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    Courtesy of Klarna
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    Klarna uses AI to cut marketing costs

    The Stockholm-based buy now, pay later company said more than a third of its first-quarter savings on sales and marketing expense was attributable to artificial intelligence.

    By Chris Kelly • May 29, 2024
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    Debit cards face rising digital wallet competition

    Roughly 72% of consumers say they swipe, dip or tap a debit card at the point of sale, a larger portion than credit cards, checks and digital wallets, according to a consumer survey by research firm J.D. Power.

    By • May 29, 2024
  • DailyPay CEO Kevin Coop
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    DailyPay CEO exits for another top job

    Kevin Coop left the earned wage access provider for a healthcare market research firm, with Stacy Greiner appointed CEO on an interim basis.

    By • May 29, 2024
  • An over-the-shoulder shot of a person using a smartphone to check the balance of a digital wallet while standing on a city street at night.
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    Paze targets nationwide coverage by year-end shopping season

    The big bank-backed digital wallet is now accepted by about 80,000 "primarily small" merchants according to Early Warning Services Managing Director James Anderson.

    By • May 28, 2024
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    Visa preps for US pay-by-bank services

    The card network is focused on “stubborn categories” where large account-to-account payments have taken hold, such as in healthcare, education and rent, a Visa executive said.

    By • May 28, 2024
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    Walmart and Capital One break up

    The retail behemoth and its credit card issuer said in a terse, joint press release Friday that they’re parting ways.

    By • May 24, 2024
  • A Person With a Phone Using a Mobile Wallet Application At Workplace
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    Businesses boost use of digital wallets: Fed

    Business use of digital wallets rose last year more than their use of many other forms of payment, according to a survey commissioned by the Federal Reserve’s financial services unit.

    By Tatiana Walk-Morris • May 24, 2024
  • Block Head Jack Dorsey testifies during a Senate Intelligence Committee hearing on Capitol Hill.
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    Cash App aims to add more features

    Block’s Jack Dorsey wants to improve Cash App’s customer service experience in order to entice more users to make it their primary bank, he said this week.

    By • May 24, 2024
  • Person taps credit card at payment terminal
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    Opinion

    Let’s avoid legal patchwork for credit card surcharging

    “All parties in the payments ecosystem would benefit greatly from state laws that provide clarity and consistency between jurisdictions,” write two legal professionals.

    By Jonathan Razi and Keturah Taylor • May 23, 2024
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    Courtesy of Mastercard
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    Mastercard CEO outlines int’l ambitions

    Mastercard has set its sights on expanding in China, Japan and elsewhere, Michael Miebach said in spelling out the company’s worldview. Last year, the company drew two-thirds of revenue from outside North America.

    By • May 21, 2024
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    Sorry Cash App, Gen Z still wants bank branches

    Young consumers are open to using the peer-to-peer payments app as their primary bank, but many say they won’t switch because they value having a physical branch. 

    By • May 21, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    Deep Dive

    Real-time lessons for FedNow from Brazil, India

    The fledgling U.S. instant payments system can learn from real-time systems that have flourished in Brazil and India using QR codes and broad missions, say industry professionals.

    By Christiana Sciaudone • May 21, 2024
  • Federal Reserve Governor Christopher Waller sits on a chair on stage.
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    Lynne Marek/Payments Dive
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    Fed plays crucial role in payments standard-setting

    Federal Reserve Governor Christopher Waller last week underscored the central bank’s role for setting standards in the rapidly evolving payments arena.

    By • May 20, 2024
  • The exterior of the Consumer Financial Protection Bureau building
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    The image by Ted Eytan is licensed under CC BY-SA 2.0
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    Opinion

    CFPB should reconsider prepaid rule

    The Consumer Financial Protection Bureau should revisit its rule affecting digital wallets, peer-to-peer payments and prepaid cards, writes one fintech group leader.

    By Brian Tate • May 17, 2024
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    Brex CFO mulls long-term IPO scenario

    The prevailing attitude among companies seeking to go public is to achieve profitability beforehand, Ben Gammell said.

    By Grace Noto • May 17, 2024
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    Central banks seek firms for cross-border payment project

    The Bank for International Settlements is seeking private sector participation in a smart-contract project designed by seven central banks to improve cross-border payments.

    By Tatiana Walk-Morris • May 17, 2024
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    Supreme Court upholds CFPB’s funding structure

    The 7-2 ruling puts an end to a case that threatened the bureau's existence and pushed at least two federal judges to pause CFPB rules, pending the high court's opinion.

    By Dan Ennis • May 16, 2024
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    EWA could create wage violations, Connecticut warns

    The warning comes as states and the federal government weigh options for regulating earned wage access products.

    By Kate Tornone • May 16, 2024
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    Courtesy of FIS

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    FIS eyes growth via acquisitions

    Fidelity National Information Services is targeting revenue growth of as much as 4.5% this year as it scans the landscape for “tuck-in” acquisitions following the spin-off of Worldpay.

    By • May 16, 2024
  • A sign for Discover Financial Services
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    Scott Olson via Getty Images
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    Fed, OCC to hold meeting on Capital One-Discover deal

    Concerns about the $35B merger proposal, which has already faced opposition, are likely to surface again at the July public meeting.

    By • May 15, 2024
  • The US Federal Reserve building in Washington DC
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    Fed bombarded by debit card fee commentary

    The Federal Reserve Board said it has received some 2,500 comment letters regarding its Regulation II proposal to cut the fees that merchants are charged when they accept debit cards.

    By • May 14, 2024
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    Courtesy of 7-Eleven
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    7-Eleven testing financial services in stores

    The retailer will add terminals to 3,000 of its Speedway locations and test services like cryptocurrency purchases with ATM solution provider FCTI.

    By Jessica Loder • May 14, 2024
  • Rohit Chopra, Director of the Consumer Financial Protection Bureau, giving a speech in an auditorium.
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    CFPB will keep defending late fee cap

    The 5th Circuit Court of Appeals blocked the Consumer Financial Protection Bureau’s $8 late fee cap on Friday, but the federal agency said it will continue to “defend” the rule.

    By • May 13, 2024