A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.
Search Payments News
July 11, 2025
On the web
How Bank of America Cracked the Code on AI Adoption by Making Erica Indispensable to Both Customers and Employees
Tearsheet
"Bank of America transformed its customer chatbot Erica into an employee productivity powerhouse, achieving 50% IT service desk automation by strategically targeting common pain points and building adoption incrementally over five years."
Behind the Unraveling of Wells Fargo’s Rewards-for-Rent Credit-Card Partnership [Subscription Required]
WSJ
"Wells Fargo is ending a flashy credit-card partnership that lets people earn rewards points for charging their rent. The partnership with Bilt had been scheduled to end in 2029, but Wells decided to exit early after it became a money-losing venture, according to people familiar with the matter. Wells warned Bilt it could change the card’s terms otherwise, including tacking on an annual fee of around $250 to $300 for cardholders."
On the wires
Cobre Becomes the First Platform to Enable Real-Time Interbank B2B Payments in Colombia
Business Wire
"Cobre, the leading platform for real-time business payments in Latin America, unveiled that starting in September, it will become the first participant in Colombia’s financial system to enable instant interbank payments exclusively for businesses. As a long-time advocate of financial digitalization in Colombia, Cobre will accelerate the adoption of the new interoperable real-time payment system for businesses under the Bre-B framework, transforming the way money moves across the country."
July 10, 2025
Top Post
Apple, Visa and Mastercard Win Dismissal of Merchant Antitrust Lawsuit Over Payment Fees
Reuters
"Apple, Visa and Mastercard have persuaded a U.S. judge to dismiss a lawsuit accusing them of conspiring to suppress competition in the payments network market and causing merchants to pay inflated transaction fees."
On the web
Powering the Software Platforms of Tomorrow, Worldpay Expands Embedded Payments Across the Globe
Worldpay
"The demand for embedded financial services is growing fast with 90% of small- and medium-sized businesses indicating access to financial products and services from within their software platforms is critical, according to Worldpay® research. To meet this demand, Worldpay is expanding its Worldpay for Platforms offering to Canada and the United Kingdom, while deepening its presence in Australia."
Worldline Partners With Commercetools to Enhance Payment Solutions for E-commerce Businesses
Worldline
"Worldline has announced a strategic partnership with commercetools, the most versatile platform for enterprise commerce innovation. This partnership enables commercetools customers to seamlessly integrate Worldline’s comprehensive suite of payment services."
Financial Stability Board Publishes Recommendations to Address Financial Stability Risks Created by Leverage in Nonbank Financial Intermediation
Financial Stability Board
The Financial Stability Board (FSB) published three reports related to its work programme to enhance resilience in nonbank financial intermediation (NBFI). The recommendations on NBFI leverage, which have been delivered to the G20, set out an integrated approach for addressing financial stability risks created by NBFI leverage. Under this approach, authorities should identify such risks and have appropriate policy measures in place to address the risks they identify."
UK Launches First Compliance Wallet
Banking Exchange
"The UK has introduced its first compliance wallet, designed to reduce the average number of property ID checks from 5.4 to just one through a single, reusable solution. Credas Technologies has launched a compliance wallet, a reusable solution that aims to streamline the homebuying process by removing repeat compliance checks and tackling growing fraud risks across regulated sectors. The wallet is built for use across all regulated sectors but will first launch in the property market, where repeat compliance checks have been identified as a persistent issue."
Amazon Pay Launches ‘Rewards Gold’ Cashback Program: How It Works [India]
CNBCTV18
"Amazon Pay has launched ‘Rewards Gold’, a cashback program that offers up to 5% cashback on everyday spending. The new program is available to both Prime and non-Prime users. Transactions that count include UPI payments, money transfers, QR code scans, recharges, and shopping orders."
On the wires
Dubai’s Emirates Signs Preliminary Deal to Add Crypto to Payments
Reuters
"Emirates has signed a preliminary deal with Crypto.com that will allow its customers to make payments through the crypto trading platform's payment service. The partnership, which is expected to come into effect next year, is aimed at tapping into "younger, tech-savvy customer segments who prefer digital currencies", Adnan Kazim, Emirates' deputy president and chief commercial officer, said in a statement."
July 9, 2025
Top Post
Appeals Court Voids FTC’s ‘Click to Cancel’ Rule Just Before It Starts
The Hill
"The Federal Trade Commission’s (FTC) “click-to-cancel” rule was struck down by an appeals court on Tuesday, just days before it was set to take effect. The rule, announced in October 2024, would have required sellers to make it “as easy for consumers to cancel their enrollment as it was to sign up.”"
On the web
Apple Account Card Expanding to More Countries
MacRumors
"Apple is expanding the ability to add an Apple Account Card to the Wallet app to more countries, according to backend Apple Pay changes...Now, backend changes to Apple Pay spotted by MacRumors suggest the feature is expanding to additional countries in Europe: Ireland, Finland, Denmark, Norway, Belgium, Luxembourg, and Portugal."
Mastercard and Pay4You Partner to Enhance Tail Spend Management for Corporations
Mastercard
"Mastercard and Pay4You, a self-service payment portal, have announced a new partnership to deliver a comprehensive tail spend management solution for corporations across Europe. This collaboration leverages Mastercard's Virtual Card Network (VCN) technology and guarantees card acceptance, providing a seamless and efficient way for corporations to manage their travel spend. Tail spend refers to the portion of a company's expenditures that are not actively managed by procurement."
House Announces Week of July 14th as “Crypto Week”
U.S. House Committee on Financial Services
"House Committee on Financial Services Chairman French Hill (AR-02), House Committee on Agriculture Chairman GT Thompson (PA-15), and House Leadership announced that the week of July 14th will be “Crypto Week.” The House of Representatives looks forward to considering the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act as part of Congress’ efforts to make America the crypto capital of the world."
Mastercard, Visa’s Merchant Fees Breach Competition Law, UK Tribunal Rules
MSN
"Global payments processors Visa and Mastercard's default multilateral interchange fees which are charged to retailers infringe competition law, a London tribunal ruled on Friday in the latest round of the long-running legal saga. London's Competition Appeal Tribunal unanimously ruled that Visa and Mastercard's multilateral interchange fees breach European competition law, in a ruling in linked lawsuits brought by hundreds of merchants."
Truist’s Merchant Engage Combines Banking and Payments in One
Digital Transactions
"Truist Financial Corp. is courting merchants and their banking and payment needs with a new service called Merchant Engage. The free service is an integrated merchant-services platform, enabling small businesses up to large merchants to view all of their transaction data in one location."
Adyen Launches Capital for Canadian Platform Customers
Adyen
"Adyen launched Capital in Canada, which enables platform businesses to offer fast and flexible loans to the small and medium-sized businesses (SMBs) they serve."
Nice Actimize 2025 Fraud Insights Report Shows Scams Still the Method of Choice in Attempted Fraud Transactions
Nice
"NiCE Actimize has released the "2025 NiCE Actimize Fraud Insights Report, U.S. Retail Payments Edition," which explores the latest findings on the evolution of fraud attacks across various transaction types, including check fraud, domestic and international wires, and Zelle payments."
Stablecoins Are Trending, but What Frictions and Risks Are Getting Overlooked?
Atlantic Council
"The world is enthusiastic about stablecoins. Circle * , the issuer of the $62 billion USDC stablecoin, completed its initial public offering earlier in June and just applied for a banking license. Stripe, by acquiring the Texas-based company Bridge, now enables its business customers to hold, send, and receive stablecoins. Visa has unveiled a bank stablecoin issuance platform, and major non-financial firms like Amazon and Walmart are reportedly considering stablecoin issuance. On June 17, the US Senate passed the GENIUS Act, the country’s first federal regulation for stablecoins backed by the US dollar (USD), and the bill is heading for approval in the House of Representatives."
Combating Financial Crime in the Era of Instant Payments
Thomson Reuters Law Blog
"Instantaneously completed financial transactions are quickly becoming an expectation across all financial services industries. Customers want the convenience of a frictionless experience, with the tremendous popularity of newer instant payment systems like Venmo and Zelle driving this expectation."
Intelligent Routing via Payment Hubs
Cleveland Fed
"A payment hub is a centralized technology platform that acts as a financial institution’s center for payment processing and connectivity. There are several potential benefits of payment hubs, including more efficient orchestration of different payment types across various payment rails (that is, payment clearing and settlement systems), reduction in payment processing costs, increased automation rates, and decreased compliance incidents (Chinnapa, 2025)."
On the wires
Payfinia Brings Paze Digital Wallet to Community Financial Institutions
Business Wire
"Payfinia, an independent payment services firm providing an open payments framework, announced its partnership with Early Warning Services to offer PazeSM, an online checkout solution developed by Early Warning Services and offered by participating banks and credit unions. Star One Credit Union, one of the nation’s largest credit unions with more than $9 billion in assets, is the first financial institution onboarding Paze through Payfinia."
Bank of England Fines Vocalink More Than $16 Million for Compliance Failure
Reuters
"The Bank of England has fined payment systems firm Vocalink Ltd 11.9 million pounds ($16.19 million) for falling short of its obligation to have adequate risk management and governance arrangements.Owned by U.S. payment processor Mastercard, Vocalink designs, builds and operates bank account-based payment systems in Britain, processing over 90% of salaries, more than 70% of household bills and 98% of state benefits, according to its website."
July 8, 2025
On the web
Banks in Slovakia to Introduce Real-Time Name Checks on Payments Under EU Rules
The Slovak Spectator
"From October, bank customers across Slovakia will be able to verify the recipient’s name before making a transfer, under a new European Union regulation designed to reduce payment errors and fraud. Mistakes when entering IBAN numbers can lead to money being sent to the wrong account – a problem that can take weeks or even months to resolve. The new system allows customers to instantly check whether the account number they entered matches the intended recipient’s name, free of charge."
Mastercard Expands Small Business Navigator With Penny Rental Offer for Clover
Mastercard
"Mastercard has expanded its U.S. Small Business Navigator platform with a new offer from Fiserv’s Clover, one of the country’s largest point-of-sale and business management systems. As part of this broader collaboration, the first 1,000 small businesses to apply and qualify under the offer terms before December 31 will receive a select Clover device for just one penny per month in hardware rental fees."
Innovations in Payments Acceptance Play Out in Consumer Check Use
Atlanta Fed
"Consumers avoid using checks for many reasons, as reported in the Survey and Diary of Consumer Payment Choice. Consumers rated checks poorly for convenience, security, and speed of payment. Instead, we say we prefer to use cards or an electronic method to pay both purchases and bills. But there's another side to the decrease in the share of consumer payments via check: the payee's increased capacity to be paid by other means."
Revolut Partners With Ant to Enable Alipay Transfers to China
The Asian Banker
"Revolut has partnered with Ant International, a global digital payment and financial technology provider. This partnership allows Revolut customers globally-especially overseas Chinese to send money to China in Chinese yuan, with the recipient’s Alipay ID, powered by Ant International’s global remittance solutions. China remains one of the top five global recipients of remittances in 2024, with an estimated inflow of $48 billion."
On the wires
Powering the Software Platforms of Tomorrow, Worldpay Expands Embedded Payments Across the Globe
Business Wire
"The demand for embedded financial services is growing fast with 90% of small- and medium-sized businesses indicating access to financial products and services from within their software platforms is critical, according to Worldpay® research. To meet this demand, Worldpay is expanding its Worldpay for Platforms offering to Canada and the United Kingdom, while deepening its presence in Australia."
July 7, 2025
Top Post
Confirmed: ISO® 20022 Will Be Implemented July 14 for the Fedwire® Funds Service
FRB Services
"For the past several years, Federal Reserve Financial Services has worked with the industry to prepare for the upcoming ISO 20022 implementation for the Fedwire Funds Service on July 14, 2025. As announced on June 18, FRFS will move forward with implementing the new ISO 20022 message format on July 14, as planned."
On the web
Barclays Halts Credit Card Support for Customer Crypto Transactions
MSN
"Barclays Bank is informing customers it will no longer allow debit or credit card payments to crypto exchanges, including Binance. The decision was disclosed earlier this week, following a June 23 decision from the United Kingdom’s Financial Conduct Authority (FCA) targeting Binance Markets Limited."
Take us with you
Payments on Fire is available on iTunes, Spotify, Google, Stitcher, Pocket Casts, and other podcast apps and services. Or just say “Alexa, play Payments on Fire podcast.”
