The Consumer Financial Protection Bureau made final a rule that would put Big Tech companies offering digital payment apps on a regulatory par with large banks and other financial institutions that already are subject to CFPB oversight.

read more

Visa wants to become an everything network. Not just the rails over which credit and debit card transactions are routed, but all manner of payments. And the first new payment type coming out of the gate looks to be buy now, pay later (BNPL).

read more

Time is running out for the Credit Card Competition Act to pass in the current Congress, but that doesn't mean change isn't in the cards. At a hearing today before the Senate Judiciary Committee lawmakers from both sides of the aisle said the current model of setting interchange and routing card transactions is unsustainable. And some of the harshest criticism came from Republicans.

read more

Shift4 Payments Inc. will join the S&P MidCap 400, replacing R1 RCM Inc., effective before the opening bell on Wed., Nov. 20, 2024. This change follows the planned acquisition of R1 RCM by TowerBrook Capital Partners and Clayton, Dubilier & Rice, set to close on or around Nov. 19.

read more

The Democrats may have lost their slim majority in the U.S. Senate, but that hasn't kept Senator Dick Durbin, the Illinois Democrat who authored the Durbin Amendment to the 2010 Dodd-Frank Act, from one more attempt at advancing the Credit Card Competition Act. Sen. Durbin, who chairs the Senate Judiciary Committee, called for a hearing before the panel on Tues., Nov. 19, 2024, on what some have dubbed Durbin 2.0.

read more

Fraud protection and resolution have become an unrelenting problem, as well as a critical component of customer satisfaction for financial institutions and credit card companies, a new J.D. Power survey revealed.

read more

Recently, The Green Sheet touched base with Randy Modos, president and co-founder of PayJunction, to learn about how no-code payments help merchants meet the demand for expanded payment options. PayJunction's No-Code Payments Integration platform is an example the company's focus on redefining the payment processing industry through innovation, customer advocacy and transparent pricing. Following is the Q&A with insights Modos shared.

read more

Score one for ISOs paralyzed by unscrupulous lenders. On Oct. 29, 2024, following a seven-week trial and nearly three years of litigation, a 12-person jury awarded $8 million to an ISO that was held "captive" by an unscrupulous lender.

read more

Visa CEO Ryan McInerney said the card giant is standing firm on its position in the debit marketplace, rejecting a Department of Justice lawsuit that it has created a monopoly in the debit card marketplace.

read more

Financial services companies are facing unprecedented increases in fraud of all types. But perhaps most surprisingly, given the growth in payments digitization, is the growth being experienced with check fraud. A new study from Unit21 revealed that nearly a third of banks (30 percent) have seen dramatic increases in check fraud, on the order of 25 to 75 percent in the last 12 months.

read more

As holiday shopping ramps up, consumers are increasingly turning to pay later options for both gift purchases and self-gifting, according to new research by Splitit and PYMNTS. Their study, The Use of Card-linked Installment Plans in Holiday Shopping, revealed that 38 percent of consumers plan to use pay later options for treating themselves this holiday season.

read more

This week, we're highlighting two sets of predictions for 2025, one from a technology research and consulting firm and another from a payments industry CEO; a new collaboration between long-time Chinese rivals; and a Chinese platform seeking to do business with U.S. retailers.

read more