Payment processing

Former McKinsey & Company associate partner Liz Oakes has been named Mastercard's executive vice president of market development for the New Payments Platforms division.

Payday lenders scored a victory when the bureau committed to proposing changes next year, but they expressed disappointment that the revamp will not address a key payment-processing provision.

A $245 million funding round for the payments processor Stripe contributed to heavy venture capital investment in the third quarter.

Citi and other banks are investing in automation aimed at speeding up the old-fashioned process for institutional clients' receivables and payables.

The simplified pricing of fintechs like Square and Stripe has finally caught up with banks' more complex fees, prompting Wells Fargo to restructure its billing for small businesses. Other banks will also face consequences—particularly community banks that depend on local merchants.