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

April 11, 2022

On the web

TD Bank, U.S. Bank Putting Car Payments in the Fast Lane

American Banker

“Banks are pushing for greater adoption of real-time payments by focusing on specific activities that are in and of themselves time consuming, such as selling a car…Automotive transactions are emerging as an early use case for the Clearing House’s RTP rail. TD Bank has introduced a similar product and JPMorgan Chase has also mentioned auto-related purchases as a pain point in need of addressing.”

Crypto Use Is More Prevalent in Corrupt Countries, IMF Study Finds


“Cryptocurrencies are more popular in countries perceived as corrupt or with strict capital controls, boosting the case for greater regulation of the industry, the International Monetary Fund said in a recent report. The report shows why countries might want to require intermediaries, such as digital currency exchanges, to implement know-your-customer procedures — ID verification standards that are designed to prevent fraud, money laundering and terrorism financing, the organization said. Some countries, like the U.S., have already instituted those kinds of controls.”

April 8, 2022

On the web

Does Zelle Make Sense at the Point of Sale?

American Banker

“The biggest question surrounding the concept is why banks, who earn billions in their cut of credit and debit card interchange fees, would potentially undermine that revenue stream by providing Zelle as a cheaper alternative at the point of sale. But observers say U.S. financial institutions are wise to begin contemplating how their future roles will be shaped by rapid changes in the payments technology landscape, and crafting strategic responses.”

Terra Expands Stablecoin Reserve Beyond Bitcoin With Avalanche


“Public blockchain Terra, which captured the attention of the cryptocurrency world by pledging to buy $10 billion in Bitcoin to build a reserve for its UST stablecoin, is diversifying that strategy. Luna Foundation Guard, a Singapore-based nonprofit organization built to support Terra, will acquire Avalanche tokens worth $100 million from the Avalanche Foundation to boost the stablecoin reserve. The native token of the Avalanche blockchain has a total market capitalization of $22.1 billion as of Thursday, according to data aggregator CoinGecko. The over-the-counter purchase will make the token the second asset in the UST reserve after Bitcoin.”

Toomey Unveils Stablecoin Bill Granting OCC Authority for Payments Charter

American Banker

“Introduced by Sen. Pat Toomey, R-Pa., on Wednesday as a discussion draft , the Stablecoin Transparency of Reserves and Uniform Safe Transactions (TRUST) Act would allow stablecoin issuers to choose from one of three regulatory regimes, including one novel approach that would authorize the Office of the Comptroller of the Currency to charter a “national limited payment stablecoin issuer.””

South Africa Finishes Technical PoC for Wholesale CBDC Settlement System


“South Africa has taken another step closer to implementing its central bank digital currency (CBDC) as the South African Reserve Bank (SARB) concludes a technical proof-of-concept for the project. The project titled Project Khokha 2 (PK2) is the second phase of SARB’s Project Khokha (PK1), launched in 2018. It experimented with distributed ledger technology (DLT) for interbank payments‘ settlement, successfully replicating the banks’ “SAMOS” real-time gross settlement system.”

On the wires

April 7, 2022

On the web

Block’s Cash App Rolls Out Service to Automate Getting Paid in Bitcoin


“Cash App, the mobile payment service developed by Block (SQ) (formerly Square), the company led by Twitter (TWTR) co-founder Jack Dorsey, announced at the Bitcoin 2022 conference in Miami on Thursday that it’s rolling out three new services, including the following: Get Paid in Bitcoin allows customers to auto-invest a percentage of their paycheck into bitcoin. Fiat currency coming in through automated clearing house (ACH) rails will be automatically converted into bitcoin. Bitcoin Roundups lets users round up payments to the nearest dollar to buy bitcoin with the difference. Lightning Network (LN) Receives enables users to receive bitcoin in Cash App through the Lightning Network. The ability to send bitcoin through that network was enabled in January .”

Sweden’s Central Bank Completes Second Phase of E-krona Testing


“The Swedish central bank’s digital currency project, a proposed CBDC, known as the e-krona has successfully finished its second phase of trials. According to Riksbank, the nation’s central bank, the asset is now technically ready to be integrated into banking networks and facilitate transactions.  During the second phase of the e-krona pilot project — which began in February 2021 — the CBDC was investigated on the matter of its technical ability to function within the country’s existing digital banking infrastructure. Participating banks included Handelsbanken and Tietoevry.”

On the wires

American Express Increases Speed for Fintechs to Launch Cards on the Amex Network, Powered by i2c

“American Express (NYSE:AXP) and i2c Inc , a provider of digital payment and banking technology, today announced an expanded global, multi-product agreement that will enable fintechs and financial institutions around the world to develop and scale innovative payments solutions for consumers and businesses on the American Express global payments network. The agreement signals that the American Express network is ‘open for business’ with fintechs by creating a plug-and-play onboarding platform to bring innovative products to market at speed.”

The Race to Digital Money Is on – PwC’s 2022 CBDC Global Index Shows Which Central Banks Are in the Lead

“The future of money is digital. It is estimated that more than 80% of central banks are considering launching a central bank digital currency (CBDC) or have already done so.1  The 2022 PwC CBDC Global Index analyzes and ranks the leading retail and wholesale CBDC projects. The Index evaluates the current stage of CBDC project development also taking into account central bank opinion and public interest.”

April 6, 2022

On the web

Debit Card Antitrust Case Against Visa Revived, With New Judge


“A U.S. appeals court on Tuesday revived an antitrust case against Visa Inc over debit card services and reassigned the dispute to a different Texas federal court, after criticizing the slow pace of the litigation and questioning whether the trial judge was biased against the plaintiff. The 5th U.S. Circuit Court of Appeals panel in New Orleans ruled unanimously 3-0 for plaintiff Pulse Network LLC, a subsidiary of Discover Financial Services, which sued Visa in 2014 over claims it was using its dominance to reduce competition in the market for debit card services.”

On the wires

Worldpay From FIS Becomes First Global Merchant Acquirer to Offer Direct USDC Settlement, Driving Digital Currency Adoption to Businesses

“Financial technology leader FIS ® (NYSE: FIS) announces that its Worldpay from FIS business will be the first global merchant acquirer to offer merchants the ability to receive settlement directly in USD Coin (USDC), a fully reserved dollar digital currency. Stablecoins are a type of cryptocurrency pegged to a ‘stable’ reserve asset (such as the U.S. dollar) and can be redeemed one-to-one. USDC is one of the fastest growing, regulated dollar digital currencies with more than $51 billion in circulation as of April 2022.1″

TCH to Raise RTP® Network Transaction Limit to $1 Million

“On April 18, The Clearing House (TCH) will increase the general transaction value limit to $1 million on the RTP® network. TCH, the operator of the RTP network, is increasing the value limit for payments on the network as the transaction volume and number of users on the RTP network continues to grow. Increasingly, corporate users are looking for ways to transfer higher value payments for various use cases, including real estate closings, commercial loan funding, merchant settlement, supplier payments, and more. The increase to $1 million, from the current transaction limit of $100,000, follows a similar increase to the Same-Day ACH transaction limit, which took place on March 18. The RTP network limit increase provides financial institutions and their customers with another similar choice for moving up to $1 million via a faster payment.”

April 5, 2022

On the web

EU Consultation Looks at Issues With a Digital Euro


“If the European Union issued a digital euro, it would need to establish laws in areas such as privacy and anti-money laundering, the European Commission, the EU’s executive branch, said in a consultation published on Tuesday. The call for ideas , which is seen as the first step toward legislation from Brussels on the topic, is being made even before any formal decision has been taken on whether to issue a digital currency in the first place.”

Britain Sets Out Plan to Exploit Crypto Potential


“Britain set out a detailed plan on Monday to exploit the potential of cryptoassets and their underlying blockchain technology to help consumers make payments more efficiently. As part of creating a global cryptoasset hub, financial services minister John Glen said Britain will legislate to bring some stablecoins under the regulatory net such as complying with existing payment rules.”

On the wires

PayPal Introduces New Cashback Credit Card to Make Checkout With PayPal Even More Rewarding

“PayPal (NASDAQ: PYPL ), today announced the introduction of the new PayPal Cashback credit card, issued by Synchrony, which gives customers even more cash back when they shop with PayPal. With the new card, customers earn unlimited 3% cash back when paying with PayPal at checkout – online, mobile, or in-store with PayPal QR Code where eligible – and unlimited 2% cash back on all other purchases anywhere Mastercard is accepted.”

Nacha Releases Top 50 Financial Institution ACH Originators and Receivers for 2021 | Nacha

“Nacha’s Top 50 rankings of financial institution originators and receivers of ACH payments for 2021 are now available.  The Top 50 originating institutions saw total ACH volume of nearly 25 billion payments last year, an increase of 8.2% over 2020. They accounted for 92.1% of the ACH Network’s total commercial payments volume. The 2021 Top 50 receiving institutions recorded ACH volume totaling 18.2 billion payments, up 11% from 2020. They accounted for 62.6% of total ACH Network volume, which includes payments received from the federal government.”

Payments Canada Partners With TCS to Evolve Payments With RTR

“Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has entered into a strategic partnership with Payments Canada, the country’s largest payment organization, to transform its payment system operations and help implement the Real-Time Rail (RTR), the new real-time payments system that will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365.”

April 4, 2022

On the web

Visa Changes Rules for Gas Stations to Avoid $125 Pump Limit


Visa Inc. and Mastercard Inc. are planning a raft of changes to rules for gas stations to allow larger transactions after a surge in fuel prices across the U.S. made it hard for some drivers to fill up using credit cards. Many gas stations have a $125 limit for Visa transactions at the pump because larger transactions trigger higher fees for certain cards, as well as additional liability in the event of fraud. In recent months, that’s forced some customers — those who drive large SUVs in states with high fuel prices, for example — to pay using two transactions to top off their tanks.”

April 1, 2022

On the web

Bank of Jamaica Rolls Out Its Digital Currency ‘Jam-Dex’

The St Kitts Nevis Observer

“Jamaica’s Central Bank’s decision to pursue its own digital currency is as much an effort to reach out to the relative unbanked segment of the population as it is to continue the Western Caribbean country’s effort to digitise its economy. The Sunday Business Guardian reached out to the Bank of Jamaica’s deputy governor and Central Bank Digital Currency (CBDC) implementation committee chair Natalie Haynes to discuss the Jam -Dex’s introduction to the Jamaican population. She explained the development of the digital currency served a dual purpose.”

On the wires

TD Auto Finance Rolls Out Real-Time Payments for Dealers

TD Bank, America’s Most Convenient Bank® , today announced that TD Auto Finance has launched real-time payments for its network of dealers, becoming the first indirect auto lender to roll out the ability to send real-time payments nationwide. With real-time payments, TD Auto Finance can fund dealers as contracts are booked throughout the day, rather than sending batch payments overnight via ACH. This provides dealers with improved cash flow management and greater visibility into their financial position.”

March 31, 2022

On the web

Visa and Mastercard caught in legal storm over card fees

The Telegraph

“More than 100,000 British companies are to sue Mastercard and Visa over claims they charge fees on corporate credit cards at up to six times the maximum level. A class action claim will be filed on Thursday with the Competition Appeal Tribunal (CAT) by boutique law firm Harcus Parker, on behalf of travel and hospitality businesses. Lawyers claim that Mastercard and Visa are exploiting their dominant position in the market through a loophole that allows them to charge up to 1.8pc per transaction on corporate credit cards.”

On the wires

The Digital Dollar Project Applauds President Biden’s Executive Order on Central Bank Digital Currency; Gains Support of Leading Financial and Nonprofit Partners

The Digital Dollar Project (DDP) , a nonprofit leading the exploration of central bank digital currency (CBDC) in the United States (U.S.), today applauded President Joseph R. Biden’s recent Executive Order directing a whole-of-government effort to understand and evaluate the benefits and risks of a U.S. CBDC for individuals and businesses alike.”

Payments News

Give us your email address or link to our RSS feed and we’ll push the daily Payments News headlines to you.

Glenbrook Payments Boot camp®

Register for the next Glenbrook Payments Boot Camp®

An intensive and comprehensive overview of the payments industry.

Train your Team

Customized, private Payments Boot Camps tailored to meet your team’s unique needs.

OnDemand Modules

Recorded, one-hour videos covering a broad array of payments concepts.

Glenbrook Press

Comprehensive books that detail the systems and innovations shaping the payments industry.