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.
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.
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.
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.
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.
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.
