Industry

Lummis, Gillibrand Stablecoin Bill Deep Dive- Precludes Bigtech

Ledger Insights

"U.S. Senators Cynthia Lummis (Republican) and Kirsten Gillibrand (Democrat) released a bipartisan Bill, the Lummis-Gillibrand Payment Stablecoin Act."

Industry

Uptake, Use, and Inclusion Gains from Fast Payment Systems: Early Comparative Data

CSIS

"The purpose of this brief is to promote data-driven, policy-relevant discussion on the role of different types of Faster Payment Systems and other payment systems in inclusive development."

Industry

FICO Partner Awards Showcase Game-Changing Innovators Worldwide

Business Wire

"At FICO® World, FICO recognized seven of its partners that are transforming the way their industries operate using FICO analytics and decision management technology; AWS, Dock, Fiserv, Infosys, TCS, Teradata and TSYS apply FICO analytics and decision management technology to advance customer centricity, fight fraud and streamline operations."

Industry

Survey: 80% of Organizations Experienced Payments Fraud in 2023, Significant Uptick from Previous Year

PR Newswire

"Eighty percent of respondents report that their organizations were victims of attempted or actual payments fraud activity in 2023, according to the 2024 AFP Payments Fraud and Control Survey, underwritten by Truist."

Industry

How Can Banks Stop Fraud in a World of Instant Payments?

Economy Middle East

"Instant payments are processed in real-time, 24 hours a day, 365 days a year, with funds made available within seconds...Moreover, they will require re-engineering of their entire processes, including fraud detection, sanctions screening and anti-money laundering checks to comply with strict SLA terms."

Industry

BankShift Unveils Patent-Pending Innovation to Revolutionize Embedded Banking: Brand On Banking

PR Newswire

"ShiftCents, Inc. aka BankShift announced in the realm of embedded banking the attainment of a patent-pending status for its Brand On Banking technology."

Industry

XRP Goes Instant! Uphold Enables Fast USD Withdrawals via FedNow

Coinpedia Fintech News

"A major U.S. crypto exchange, confirms a groundbreaking development: FedNow, the payment system of the U.S. Federal Reserve, now facilitates instant XRP withdrawals directly to select U.S. bank accounts."

Industry

SymphonyAI Announces AI-Based SensaAI for Sanctions, Powering Risk Detection and Turbocharging Sanctions Screening

Business Wire

"SymphonyAI announced SensaAI for Sanctions, a platform-agnostic “AI upgrade” for any sanctions solution dramatically impacting sanctions evasion efforts by optimizing match accuracy with deep, context-aware AI-based matching algorithms."

Industry

Credit Cards Are the Most Popular Payment Method in the US

EMarketer

"Credit cards will remain the most popular retail payment method in the US through next year, with total credit card transaction value reaching $3.843 trillion in 2025, per our forecast."

Industry

Coinme Intros Cash-To-Crypto at Coinstar Kiosks

Atmmarketplace

"Coinme, a cryptocurrency cash exchange, announced a service with Coinstar to allow customers to purchase cryptocurrency and add it to their wallet by depositing cash or coins at more than 9,700 Coinstar kiosks in the U.S."

Industry

How the Visa-Mastercard Swipe-Fee Settlement Could Affect Your Credit-Card Rewards

MarketWatch

"The country’s largest credit-card networks have struck a deal that will change what happens behind the scenes when you swipe your credit card — but those doing the swiping won’t see much of a benefit."

Industry

Evaluating Fednow: Banks Are Still Warming up to Instant Payments

ABA Banking Journal

".. According to FedNow, three of the most common use cases are: Earned wage access: Businesses that employ hourly or contract workers can instantly deposit a day’s paycheck in employees’ bank accounts. Loan funding: Consumers can immediately receive and access funds from personal and student loans. Insurance payouts: When an insurance company issues a payout, consumers immediately see the funds in their account."

Industry

Zelis® and Availity® Announce Strategic Alliance to Streamline Administrative Workflows and Advance Healthcare Payments for Shared Clients

Yahoo Finance

"Zelis, a leading provider of healthcare financial solutions, and Availity, the nation’s largest real-time health information network, announced a strategic alliance to streamline the end-to-end process between healthcare payers and providers, from administrative workflows through payments."

Industry

Alipay Updates Digital Wallet With More Foreign Language Translations

SHINE

"The newest version of the Alipay digital wallet has been updated to feature translation services covering 15 foreign languages amid continued efforts to benefit overseas travelers."

Industry

How the CFPB’s Mobile Wallet Rule Is Raising More Questions Than Answers

Digital Transactions

"The Consumer Financial Protection Bureau released its proposed rule on mobile wallets back in November, and comments on it closed Jan. 8, but that doesn’t mean the proposal isn’t still stirring up discussion as lawmakers, payments experts, and technology firms wrestle with its implications."

Industry

Stripe Co-founder John Collison on Startups, State of Consumer and Impact of AI [Video]

CNBC

"Stripe co-founder and president John Collison joins 'Squawk Box' to discuss the company's 2023 annual letter, his thoughts on startups, future of payments, impact of AI, state of crypto, Charlie Munger's legacy, and more."

Industry

U.S. Chamber Files Suit Against CFPB Over Rule to Limit Credit Card Late Fees

Financial Regulation News

"The U.S. Chamber of Commerce filed a lawsuit against the Consumer Financial Protection Bureau (CFPB) to stop it from implementing a rule that limits credit card late fees."

Industry

Fednow® Participants Share Insights on Instant Payment Use Cases

CUNA

"Instant payment use cases: The possibilities are endless, but there are several instant payment use cases that credit unions and other organizations say are especially relevant."

Industry

Fraudsters are Targeting Younger Consumers

Banking Exchange

"The younger generation is more likely to be targeted and fall victim to fraud or scams than their older counterparts, according to TD Bank. The report revealed that 41% of consumers aged between 13 and 34 have been targeted by fraudsters through social media and nearly a third have fallen victim to financial fraud."

Industry

BRICS Will Create Payment System Based on Digital Currencies and Blockchain

Coindesk

"The five-nation BRICS group comprising Brazil, Russia, India, China and South Africa will work on creating a payment system based on blockchain and digital technologies, a report by Russian news agency TASS said."

Industry

Frictionless Isn’t Always Better When It Comes to Banking

Tearsheet

Words like seamless and frictionless seem to have become permanent fixtures of product releases and announcements pertaining to financial products...In fact, there can be and are negative consequences of removing friction as a report by the Center for Financial Inclusion (CFI) shows.

Industry

Zelle Soars With $806 Billion Transaction Volume, up 28% From Prior Year

PR Newswire

"Consumers and small businesses sent 2.9 billion transactions totaling $806 billion in 2023, both up 28% year-over-year."

Industry

BankSocial Announces "Web3-Powered" RTP Open Banking Payments Features for Credit Unions at CUNA Governmental Affairs Conference

PR Newswire

"BankSocial today announced active implementation of payments capabilities designed with Web3 compatibility in mind. BankSocial future-proofs Credit Union payment platforms to support their members in the exploding world of open banking and digital assets."

Industry

ABA, Associations: Cross-Border Payments Standards Would Disadvantage U.S. Banks

ABA Banking Journal

"The proposed industry standards by a Bank for International Settlements committee seek to promote greater interoperability in payments between entities in different countries...the associations said the proposal presents challenges for U.S. depository institutions and non-wire payment systems that facilitate cross-border payments."

Industry

Senate Bill Would Halt Creation of CBDC by Federal Government

Financial Regulation News

"A group of Senate Republicans introduced legislation this week that seeks to halt any efforts by the federal government to create a central bank digital currency (CBDC)."

Industry

Linux Foundation Launches Tazama for Real Time Fraud Management

Linux Foundation

"Linux Foundation Charities (LF Charities), with support from the Bill & Melinda Gates Foundation, is proud to announce the launch of Tazama, a groundbreaking open source software solution for real-time fraud prevention."

Industry

Trust Stamp Listed as Fraud Mitigation Provider for Federal Reserve

Biometric Update

"Digital identity and trust provider Trust Stamp has announced it has been listed by the Federal Reserve as a synthetic identity fraud mitigation provider."

Industry

AppBrilliance and ZOCCAM Technologies Forge Groundbreaking Partnership to Revolutionize Real Estate Payments

Investors Observer

"ZOCCAM, a trusted entity among the largest national title insurance underwriters, banks, and real estate conglomerates in the United States , will harness the potential of AppBrilliance's Money API™ for instant and good-funds payments over The Clearing House's Real Time Payment and FedNow's networks."

Industry

EMVCo and FIDO Alliance Provide Essential Guidance on Use of FIDO with EMV 3DS

FIDO Alliance

"EMVCo released a white paper with FIDO Alliance’s inputs, “EMV® 3-D Secure White Paper – Use of FIDO® Data in 3-D Secure Messages,” which explains how the use of FIDO authentication data in EMV 3DS messages can streamline e-commerce checkout while reducing friction for consumers."

Industry

Credit Card Interest Rate Margins at All-time High

Consumer Financial Protection Bureau

"In 2022 alone, major credit card companies charged over $105 billion in interest, the primary cost of credit cards to consumers. While the effects of increases to the target federal funds rate have received considerable attention, the average APR margin (the difference between the average APR and the prime rate) has reached an all-time high."