BIS Proposes Hybrid Model for CBDC That Includes Retail Banks
Amid controversy surrounding the central bank digital currency (CBDC) model, the Bank for International Settlements (BIS) has proposed a new solution for the digital asset that would incorporate both a central bank and retail financial institutions. In the BIS model, the CBDC would be issued and governed by the central bank, while retail banks would […]
CFPB Files Lawsuit Over Inadequate Fraud Protection
The Consumer Financial Protection Bureau’s long-simmering probe into Zelle has come to fruition. A lawsuit has been filed against the peer-to-peer payment app’s parent company, Early Warning Services, along with three major banks for failing to combat fraud. The suit alleges that JPMorgan Chase, Wells Fargo, and Bank of America—in their efforts to catch up […]
Regulation and Technology Trends That Are Reshaping the Financial Sector
As we enter 2025, financial institutions—from banks to fintechs—must be ready to adapt to changes, particularly when it comes to regulations and technology. The geopolitical landscape remains turbulent, a new administration is preparing to take the helm in the U.S., and regulatory changes related to shifts in governments and governmental strategies will drive wider changes […]
Visa Builds Out AI Capacity with Acquisition of Featurespace
With artificial intelligence gaining prominence as the next frontier in fraud detection, Visa has completed its acquisition of Featurespace, a developer of real-time AI-powered payment protection technology. Featurespace works with many of the world’s largest banks and financial institutions, including HSBC, NatWest, Worldpay, and Danske Bank. The company processes more than 100 billion payment events […]
Citi Is Pushing the Envelope on BNPL Integration for Merchants
Buy now, pay later has emerged as one of the most transformative innovations in the payments industry in recent years. While no longer considered a new technology, financial institutions like Citi continue to find novel ways to integrate the tech into their offerings. Citi has incorporated BNPL into its Citi Pay suite of services, launched […]
Section 1033 Rules Make Compliance Top-of-Mind for Technology Professionals
Open banking has been lauded as the future of the global financial system, and the U.S. is now beginning to adopt a model that has already gained significant traction overseas. After the Consumer Financial Protection Bureau (CFPB) released its rules governing open banking, many are wondering about the impact these regulations will have on financial […]
CFPB Takes Action Against Deceptive Rewards Points Practices
The Consumer Financial Protection Bureau (CFPB) has issued a warning to credit card issuers about deceptive practices in their rewards programs. Card companies may be violating federal law if they devalue rewards points, fail to deliver promised benefits, or hide conditions in the fine print of card agreements. This warning follows a public hearing hosted […]
AI, Biometrics Fuel Emerging Payment Trends in Opposite Ways
Despite the buzz surrounding both the promise and risks of artificial intelligence, its impact is likely to remain limited over the next few years. While companies rush to develop uses for AI, they are less enthusiastic about the costs associated with biometrics—even though the technology is much closer to delivering more immediate benefits to payment […]
Lawmaker Says a Bitcoin Reserve Is a Better Alternative to an EU CBDC
As European lawmakers continue to discuss the merits of a digital euro, a French magistrate said that plans for the central bank digital currency (CBDC) should be scrapped in favor of an EU bitcoin reserve. In a speech before the legislature, Sarah Knafo, who joined the European Parliament in June, said that a digital euro […]
Mid-Tier Banks Are Ramping Up to Support Real-Time Payments
Real-time payments will be the next significant challenge for mid-tier banks in the U.S. More than half (59%) of mid-tier bank business customers believe their use of real-time payments will increase in the next year, prompting banks to make substantial investments to meet these needs. According to data from Volante’s Mid-Tier Bank Payments Report, the […]