News Topic: payments

In the new role, Kenneth Montgomery will lead the Fed’s efforts to reduce fraud risk and improve the security and resiliency of the U.S. payments system ... Read full article

More regulation, more regulators and more regulatory uncertainty both increase the cost of and inhibit financial services and payments innovation. ... Read full article

The Federal Reserve Board's vice chair of supervision said that digital currencies hold the potential for innovation but that the financial system's security and resiliency are more important. ... Read full article

A week before he is due to resign, CFPB Director Richard Cordray sent a letter to 29 CEOs at banks, credit unions and other financial companies, urging them to help consumers exert more control over credit cards, debit cards and other payment methods. ... Read full article

Banks are revamping and investing in new wholesale systems to solve the frustrations felt by corporate customers. ... Read full article

Following an antitrust review that lasted almost a year, the approval would appear to cement The Clearing House's status as the front-runner in a race to modernize the U.S. payments system. ... Read full article

The central bank said Wednesday that it will assess a range of options regarding its operational role in a modernized payment system, an issue that divides large and small banks. ... Read full article

Dubbed Intelligent Receivables and created in partnership with a fintech company called HighRadius, the service seeks to help companies match incoming payments with invoices. ... Read full article

Business customers are demanding technology that's as good as what they use in their personal lives. ... Read full article

Ten years ago the global financial crisis began with subprime mortgage problems in the U.S.; the more you have, the more you get. ... Read full article

Push Payments' Travis Dulaney discusses the Fed task force report; Brian Roemmele talks voice pay. ... Read full article

New entrants don’t pose a disruptive threat to the incumbent cohort of issuers, credit card networks and acquirers primarily because the incumbents — Visa, Mastercard and First Data — are prepared to compete in all segments of the market. ... Read full article

A task force convened by the Federal Reserve released its evaluations last week of 16 proposals to build a faster U.S. payment system. What follows is a brief look at some of the plans that received high marks. ... Read full article

Citigroup is expanding its payments partnership to allow its card members to use their ThankYou rewards points for purchases at PayPal checkout in the U.S. ... Read full article

Why choose a former Visa chief to run a custody bank? Because to survive long term, Bank of New York Mellon will have to look more and more like a payments company. ... Read full article

On the discussion table: Alipay, Jack Ma, blockchain, AI, building a true digital system, payments, financial inclusion. ... Read full article

British bank to pay $5.5 billion to settle mortgage issues, but faces Justice Department fine; Payments company offers restaurants $10,000 to stop accepting cash. ... Read full article

Readers this week highlighted the need for banks to upgrade payments systems, debated a small bank’s decision to ditch its legacy core vendor, lamented populist initiatives of the GSEs, and more. ... Read full article