Visa boosts litigation funding ahead of US antitrust fight

The company added $1.5 billion to a litigation escrow account as it battles a Justice Department lawsuit and ongoing legal case with merchants.

By Justin Bachman • Oct. 1, 2024

Trump interest rate cap draws criticism

Fewer people would be approved for credit cards, and credit card issuers would offer fewer perks, opponents of the longshot proposal say.

By Patrick Cooley • Sept. 30, 2024

Fiserv, Wells Fargo to end joint venture

The venture between the payments processor and the bank will expire in April, prompting a cash payment from one to the other.

By Patrick Cooley • Sept. 27, 2024

Visa to buy cybersecurity firm Featurespace

The cybersecurity acquisition is the latest move in a race by card networks to meet their clients’ needs in keeping up with fraud threats.

By Lynne Marek • Sept. 26, 2024

Moneygram faces backlog after outage

The international wire transfer company has restarted some services after a cyberattack, but is battling to fulfill transactions after taking its systems offline for much of the week.

By Lynne Marek • Sept. 26, 2024

DOJ suit accuses Visa of illegal debit payment monopoly

The company threatens merchants with high fees, and "makes its potential rivals business partners to thwart competition in debit card processing," the DOJ says.

By Justin Bachman • Sept. 24, 2024

Visa faces possible DOJ lawsuit, news reports say

The card network may soon be sued by the Department of Justice over its debit card practices, according to multiple news reports citing anonymous sources.

By Lynne Marek • Sept. 24, 2024

Fed payments proposal pits big banks against small rivals

The Federal Reserve’s proposal to extend the operating hours of two interbank payments systems has been welcomed by large banks, but panned by many small financial institutions.

By Lynne Marek • Sept. 18, 2024

CFPB sues credit card company over excessive fees

The agency says Horizon Card Services violated the Truth in Lending Act by charging fees as high as 60% of a customer’s credit limit, and all but refusing to cancel their cards.

By Patrick Cooley • Sept. 16, 2024

Mastercard acquires cybersecurity firm for $2.65B

The acquisition is the latest in a series of cybersecurity firm purchases by the card network over the years.

By Lynne Marek • Sept. 12, 2024

Amex taps troves of customer data

American Express eschews preset spending limits and instead relies on credit scores and spending history to manage risk, a company executive explained at a conference last week.

By Patrick Cooley • Sept. 10, 2024

Discover’s top lawyer leaves for Ally

Hope Mehlman is expected to take her new Ally role on Dec. 2, even as Discover faces high legal hurdles in completing an acquisition of its business by Capital One.

By Patrick Cooley • Sept. 9, 2024

The fintech CEO who is becoming a frequent flier with SpaceX

On Jared Isaacman’s second trip to space, the billionaire plans to become the first private spacewalker. Shift4 investors will need to follow space news to learn about it.

By Justin Bachman • Sept. 9, 2024

Ex-Discover exec alleges age, gender bias in lawsuit

Diane Offereins is suing the card network over roughly $7 million in clawed-back equity, claiming she was a “convenient scapegoat” for Discover’s card misclassification issue.

By Caitlin Mullen • Sept. 5, 2024

Grabango CEO pushes for more partnerships

The Berkleley, California-based company is looking to expand by building ties with established retailers, CEO Will Glaser said. 

By Patrick Cooley • Sept. 5, 2024

Viral JPMorgan Chase glitch is ‘fraud, plain and simple,’ bank says

Some customers deposited bad checks and immediately withdrew funds before the checks bounced in a glitch that went viral on TikTok. Now, some users have holds on their accounts.

By Gabrielle Saulsbery • Sept. 4, 2024

Fed official questions faster cross-border payments ties

Federal Reserve Governor Christopher Waller suspects there could be more fraud and money-laundering if countries move too quickly to link their faster payments systems, he said at a conference.

By Lynne Marek • Aug. 29, 2024

Shoppers’ online fraud fears escalate

Four in five consumers are worried about identity theft or someone stealing their credit card numbers, according to a report this month from the credit monitoring agency Experian.

By Patrick Cooley • Aug. 28, 2024

Marqeta isn’t a ‘single-trick pony,’ CEO says

The embedded finance firm’s partnerships with Varo Bank, Affirm, Visa and Zoho and its new office launch in Warsaw, Poland, underscore the expansion of the payment platform's market presence.

By Rajashree Chakravarty • Aug. 22, 2024

Capital One, Citi plan to join FedNow in ‘near future’

The two big banks say they’ll soon connect to the Federal Reserve’s new instant payment system, even as other major banks remain on the sidelines.

By Lynne Marek • Aug. 20, 2024

The forgotten threat: In an automated world, check fraud still thrives

Electronic payments have become the norm for most B2B transactions. Oddly enough, that has been accompanied by a rise in check fraud. Here's what businesses need to know.

By Laura McGortey, Synovus Bank • Aug. 19, 2024

Credit card users struggle with inflation

JD Power’s annual credit card survey found that more than half of U.S. credit card users don’t pay their balances in full every month, and less than half are considered financially healthy.

By Patrick Cooley • Aug. 16, 2024

JPMorgan, Zelle may have upper hand if litigation ensues

If the banks that own Zelle’s parent battle the Consumer Financial Protection Bureau in court, they may find some federal judges open to their arguments, lawyers specializing in the area said.

By Patrick Cooley • Aug. 15, 2024

Fintechs ramp up lobbying over earned wage access, crypto

Chime, PayPal and Block, for example, spent more on lobbying in the first half of 2024 than for the same span last year, OpenSecrets reported.

By Suman Bhattacharyya • Aug. 15, 2024

Finance professionals grapple with payments fraud

About a fifth of finance professionals in a recent survey said their organization has already been targeted by AI-driven deepfake or executive impersonation attacks.

By David McCann • Aug. 13, 2024