News Topic: Mastercard

Thanks to their close relationship with the card networks, banks stand to benefit most from deals like Mastercard’s agreement to buy Finicity and Visa’s pending purchase of Plaid. The prospects for fintechs and consumers are dicier. ... Read full article

Mastercard has agreed to acquire Finicity for a reported price of $825 million, a move the card brand says will strengthen its open banking platform and expand financial services through more real-time access to data. ... Read full article

Payments processors are keeping a portion of payments as a reserve against potential disputes between cardholders and merchants. Small-business owners say the practice is eating into their profits. ... Read full article

An investment firm that has been pressuring large companies to enhance disclosures said that its efforts at JPMorgan Chase, Wells Fargo, Bank of America and Bank of New York Mellon are gaining ground. ... Read full article

Mastercard disclosed its gender pay gap for the first time on Monday, saying that its female employees worldwide make 7.8% less than the men. The company said it is working toward parity. ... Read full article

JPMorgan would consider buying other businesses; collectors would be allowed to pursue debt past the statute of limitations, if they warn borrowers. ... Read full article

Payments firm announces leadership changes; the bank will place restrictions on fossil fuel lending while adding to sustainable projects. ... Read full article

Higher rates are looming for transactions on e-commerce sites, while merchants in certain services categories, such as real estate and education, will see fees decline, according to a document Visa sent to banks. ... Read full article

The bank raised its return-on-equity goals, based mostly on cost cuts and its core trading business; the Fed did raise the rate it pays on bank reserves. ... Read full article

The city would join San Francisco and Philadelphia among cities that prohibit stores and restaurants from only accepting electronic payments. ... Read full article

The acquisition will vastly expand Visa's platform, giving it nearly Amazon-like influence. ... Read full article

The purchase price is double the fintech's valuation in a 2018 funding round. ... Read full article

Though many merchants remain wary of alienating their customers with fees, others now see an opportunity to recoup the growing costs associated with accepting plastic. ... Read full article

The bank is working with a Swedish fintech to offer a tool that lets account holders track how their spending choices might be contributing to climate change. The tool may never be a big moneymaker, but it could help the San Francisco bank attract ... Read full article

BMO Harris Bank in Chicago recently became the first financial institution to offer a Mastercard that allows transgender and nonbinary people to use their preferred names. Members of that community often experience disproportionate financial hardship, in ... Read full article

Visa and Mastercard are once again in the crosshairs of U.S. antitrust regulators over policies that can prohibit merchants from routing card transactions over alternative debit networks. ... Read full article

The financial services industry has struggled with how best to explain privacy and data-sharing practices to customers. Mastercard is offering a new framework. ... Read full article

Treasury Secretary says regulators could look to help ease liquidity logjam in money markets; workers will get special bonuses for the third straight year. ... Read full article