Making Zelle Work Better for Users—and Banks
By any measure, Zelle has been a success in its nearly ten years of existence. Total volume on the platform reached $1.2 trillion last year—a 20% increase over the previous year—far surpassing Venmo and Cash App, which handled roughly $325 billion and $280 billion, respectively. But that success doesn’t mean Zelle—or the member banks that […]
U.S. Federal Reserve Considers Taking FedNow Global
The real-time payments system FedNow has rapidly gained from over 1,600 financial institutions across the United States. However, these participants have so far been restricted to using only Reserve Banks as intermediaries. This limitation has prevented banks and credit unions from leveraging the network for cross-border payments. The U.S. Federal Reserve, which operates FedNow, is […]
Facing a Precarious Economy, Gen Z Turns to Credit
Despite faltering credit scores, Gen Z is charging ahead—literally—opening credit card accounts at higher rates than any other generation. In the past year, more than one in four of American adults ages 18 and 29 got at least one new card, underscoring the tough choices and high-stakes gamble facing both young consumers and the issuers […]
As Fraud Escalates, Taking a Beat Becomes a Critical Defense
There has been little respite from the relentless onslaught of fraud in recent years—and there are few signs of it slowing down. The FBI’s annual Internet Crime Report found that Americans lost nearly $21 billion last year, soaring to an all-time high. At the same time, the Internet Crime Complaint Center (IC3) received 1,008,597 complaints, […]
Visa Unveils Agentic Commerce Platform for Merchants
Visa is introducing an on-ramp for merchants to tap into its AI-driven Intelligent Commerce platform. The new offering, Intelligent Commerce Connect is designed to let AI agents discover merchants and complete purchases on behalf of users. The service is currently being piloted with a number of partners, including AWS, with general availability expected to occur […]
Fiserv and Ahold Delhaize USA Bring Pay-by-Bank to Online Grocery Orders
Ahold Delhaize USA and Fiserv have partnered to launch pay-by-bank as a digital payment option for online grocery orders. If you’re unfamiliar with pay-by-bank, it’s all the buzz in the payment space as an emerging method to pay directly from a bank account, bypassing the traditional card networks. The key selling point for consumers is […]
As Open Banking Fuels Interconnectivity, Privacy Matters More
More emails about privacy practices and data disclosures are landing in consumers’ inboxes. As users’ digital footprints expand, these messages seem to come from every direction—big-box retailers, healthcare providers, financial services firms, and even streaming services. While these emails may feel like a rote legal exercise to some—or an unwelcome intrusion to others—the growing emphasis […]
Unseen Momentum Could Be Mounting Behind the Yuan
The U.S. dollar dominates global finance, but that dominance may face a credible challenge sooner than expected. Harvard economist Kenneth Rogoff recently suggested that the Chinese yuan could become a global reserve currency within five years, potentially rivaling even the fast-growing digital assets industry. That said, the dollar’s position remains deeply entrenched. According to data […]
Bolt, Facing Financial Struggles, Pivots from Super App to AI
Bolt, the one-click checkout solution turned financial super app that has raised nearly $1 billion in venture capital, has laid off a third of its staff and announced a pivot to AI—apparently a last-ditch effort to save the company. The layoffs come amid reports of financial strain and difficulty paying vendors. Fintech Business Weekly reports […]
ACH Is Thriving, and Banks Are Struggling to Keep Pace
Although new payments rails and formats continue to emerge, all signs point to ACH remaining the dominant payment network. In fact, volume on the network is expected to accelerate, placing a strain on many financial institutions’ longstanding payment infrastructures. In a recent PaymentsJournal webinar, Finastra’s Radha Suvarna, Chief Product Officer, Payments and Mihail Duta, Director […]