American Express is falling in line with Mastercard and Discover in eliminating the signature requirement for authorization on all card transactions at the point of sale, starting in April of 2018.
In a rare show of public support for a security technology, the banks are leading a $40 million funding round for Menlo Security, provider of browser technology that keeps malware at bay — and they’re using it, too.
The Office of Financial Research said the failure of a large financial institution could still ignite a crisis; hotel chain plans to use both issuers for its credit cards.
America’s largest lenders made an epic mistake a decade ago when they cashed out of Visa and Mastercard through initial public offerings, says Chenault, who will step down in February as CEO of American Express.
Chenault to leave credit card giant helm after 16 years, vice chairman will take his place; Brett Redfearn named the agency’s director of trading and markets.
There's never an easy time to change leaders, but for American Express it's a particularly challenging time as it faces legal challenges to a core part of its fee structure and is still revamping its business model after a stinging client loss.
In a surprise move, the Supreme Court will decide whether Amex may bar merchants from steering customers to less expensive card networks. The card issuer will have to prove the consumer gain from its practices outweighs the merchant pain.
