Patelco Credit Union Faces More Blowback from Ransomware Attack
The fallout from last summer’s ransomware attack on California’s Patelco Credit Union continues. State regulators have fined Patelco $100,000 and ordered it to implement a new cybersecurity program, which includes hiring a security consultant and providing training for all employees. But Patelco’s troubles don’t end there. The credit union is also facing a class-action civil […]
Capping Credit Card Interest Rates at 10% Would Disrupt the Industry
Following up on a pledge made by President Donald J. Trump during his campaign, the unlikely team of Josh Hawley and Bernie Sanders has proposed a law capping credit card interest rates at 10%. The two senators have proposed similar legislation in the past, but both senators’ previous proposals would have capped rates at a […]
After AI Implementations, Financial Institutions See Tangible Gains
With artificial intelligence being deployed at scale in many financial services firms, scrutiny has increased on the measurable impacts of the technology. According to a recent survey by Nvidia, nearly 70% of financial leaders said that AI had driven a revenue increase of 5% or more for their organizations, and there was a marked year-over-year […]
How Financial Institutions Can Unlock Growth
A significant portion of the U.S. population is active in the digital world but remains invisible to financial institutions. These consumers are actively seeking a bank or financial firm that can help them access an economy that, for the most part, is out of their reach. In a recent PaymentsJournal webinar, Joshua Linn, Senior Vice […]
FIS Adds FedNow Send Capabilities for Comprehensive Instant Payments
Amid the continued push for U.S. instant payments adoption, FIS announced that it is one of the first fintech providers to be certified to enable send capabilities for credit transfers on FedNow. The U.S. Federal Reserve launched its FedNow instant payments service in July 2023, and roughly 1,000 financial institutions are currently participating. However, with […]
How Do BNPL Loans Affect Credit Scores?
Pretty much since their introduction, buy now, pay later plans have been a point of contention regarding their impact on users’ credit scores. BNPL providers worried that sharing users’ data could harm them in the long run. But now, Affirm has teamed up with Fair Isaac Corp. (FICO) to show that BNPL loans have little […]
The Looming Cyber Threats Targeting Smaller Financial Institutions
Cyber fraud presents a unique threat to small and mid-sized financial institutions, which often lack the resources or expertise that major banks possess to fend off account takeovers and other cyberattacks. However, they face the same risks from hackers as any larger institution. In a PaymentsJournal podcast, Mike Kosak, Senior Principal Intelligence Analyst at LastPass, […]
UK Banking Outages Could Stem from Dependence on Technology
A series of service outages have impacted major British financial institutions in recent days, causing payment delays that have affected hundreds of customers. The Lloyds and Halifax banking apps were down for hours, preventing customers from transferring funds and accessing mobile and online banking. Lloyds advised its customers not to attempt duplicate payments and assured […]
Aldi’s No-Checkout Stores May Not Be Ready for Prime Time
Aldi’s Shop and Go stores, an attempt at a cashierless grocery chain in the UK, are facing criticism for requiring a £10 deposit from each entering shopper. Many customers are unaware of the deposit amount, and if they spend less than £10, the refund can take several days to process. To enter, shoppers must either […]
Transforming Economies: The Global Impact of Real-Time Payments
Beyond accelerating settlement and clearing times or giving merchants a pathway to better liquidity, real-time payments hold transformative power on a global scale. According to ACI Worldwide’s Real-Time Payments: Economic Impact and Financial Inclusion report, real-time payments are bringing millions of people into the financial ecosystem, opening new markets for financial institutions, and bringing lower […]