Green Dot faces Fed’s proposed consent order

The digital bank set aside $20 million to cover a potential penalty stemming from compliance risk management issues predating the company’s current management.

By Gabrielle Saulsbery • Feb. 29, 2024

Fiserv ponders M&A

CEO Frank Bisignano declined to comment Wednesday on a potential acquisition of Shift4, but would like to see Fiserv make more purchases that further its digital capabilities.

By Caitlin Mullen • Feb. 29, 2024

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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

Discover deal may trigger more competition

The merger at least raises the possibility that there won’t be two card networks that dominate the future of tokenized transactions, writes one fintech lawyer.

By Ravieshwar Singh • Feb. 28, 2024

Capital One tackles Discover compliance issues

Capital One is betting the resolution of Discover’s compliance issues will take longer and cost more than expected, Capital One CEO Richard Fairbank said.

By Caitlin Mullen • Feb. 28, 2024

Warren calls out OCC over merger policy ahead of Capital One-Discover

The senator urged regulators to block the deal and took the OCC to task for its approval record. Meanwhile, JPMorgan CEO Jamie Dimon advocated for Capital One to get a fair shake.

By Dan Ennis • Feb. 27, 2024

Fed official makes a case for the dollar’s hegemony

Can the dollar’s reign as the world’s reserve currency persist? This Fed official makes a strong case, but digital doubts may remain.

By Lynne Marek • Feb. 27, 2024

FIS ex-CFO stays to oversee Worldpay transition

Erik Hoag, a long-time FIS executive who stepped down from the CFO seat in August after just one year, was named chief integration officer.

By Maura Webber Sadovi • Feb. 27, 2024

Capital One-Discover deal may spur payments M&A

The blockbuster deal is set “to trigger a bunch of rethinking across the industry,” said Erin McCune, a partner at consulting firm Bain & Company.

By Caitlin Mullen • Feb. 27, 2024

FIS promises expanding profit margins

Fidelity National Information Services promised bigger profit margins this year from its newly reconfigured business focused on banking and capital markets.

By Lynne Marek • Feb. 26, 2024

EWS launches wallet in South Carolina, Arizona ahead of wider rollout

Launching the Paze wallet will require preloading about 150 million cards, meaning the launch will occur as “more of a ramp up over a few months,” EWS Managing Director James Anderson said.

By James Pothen • Feb. 26, 2024

Congress members lob dueling gun code bills

Democratic and Republican Congress members took opposing stances this month in introducing bills on the use of a new gun merchant category code.

By Caitlin Mullen • Feb. 26, 2024

Capital One-Discover deal carries $1.38B termination fee

The fee would apply if Discover chooses another buyer or if either board has a change of heart, but not if regulators block the deal.

By Dan Ennis • Feb. 23, 2024

Google Pay app to be retired in US this year

“To simplify the app experience, the U.S. version of the standalone Google Pay app will no longer be available,” the tech giant said in a Thursday blog post.

By James Pothen • Feb. 23, 2024

PayPal finance exec jumps to Flywire CFO seat

Cosmin Pitigoi’s appointment comes six months after Flywire announced its long-time finance chief would be exiting.

By Maura Webber Sadovi • Feb. 23, 2024

Cash-strapped consumers turn to BNPL: Fed survey

Consumers facing financial hardships turned to buy now, pay later services more last year than stable consumers, according to survey results from the Philadelphia Federal Reserve Bank. 

By Tatiana Walk-Morris • Feb. 23, 2024

CFPB may take legal action against Block

The bureau has informed the digital payment company it’s weighing legal action related to a Cash App probe.

By Caitlin Mullen • Feb. 23, 2024

OCC’s Hsu calls for federal payments licensing

The head of the OCC called on Congress to replace the current state-by-state money transmitter licensing system for payments companies with a federal regulatory framework.

By James Pothen • Feb. 22, 2024

Mastercard to be dinged by Discover deal

While both Mastercard and Visa will be impacted by Discover Financial Services’ plan to be acquired by card issuer Capital One, the former is likely to bear the brunt of the blow.

By Lynne Marek • Feb. 21, 2024

Capital One-Discover deal may spark antitrust concern

While the $35 billion acquisition is expected to prompt antitrust concerns related to consumer card lending, regulators may see competition benefits in the card network arena.

By Caitlin Mullen • Feb. 21, 2024

Amex to expand ATM cash access

The card issuer has partnered with ATM operator NCR Atleos to provide cash access for its checking account clients at 40,000 more machines.

By James Pothen • Feb. 20, 2024

Cross-border payments remain focus for Fed

Tools that “automate processes, reduce costs and promote effective safeguards across jurisdictions” may help improve cross-border payments, a Federal Reserve official said last week.

By Lynne Marek • Feb. 20, 2024

PayPal invests in AI startup Rasa

The investment is the first that the digital payments pioneer is making from its new artificial intelligence venture fund.

By Tatiana Walk-Morris • Feb. 20, 2024

Capital One to acquire Discover in $35.3B deal

The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.

By Dan Ennis • Feb. 20, 2024

Same-day payments drive ACH increase: Nacha

Peer-to-peer transactions also contributed to a 4.8% increase in payments volume for the ACH Network last year over 2022.

By Tatiana Walk-Morris • Feb. 15, 2024

Global Payments may pare operations

While there has been industry speculation about the company making an acquisition, CEO Cameron Bready was more ready to talk “pruning” this week.

By Lynne Marek • Feb. 15, 2024