RTP’s Instant Payment Limit to Jump to $10 Million, Expanding Business Use Cases
In a move that could jump-start instant payments in the U.S., the Clearing House is raising the payment limit on its RTP network from $1 million to $10 million. The new limit will take effect on February 9, 2025. “The higher transaction limit would enable more real-time payments use cases, especially higher-value transactions such as […]
As Payments Speed Up, Slowing Down Fraud Is More Critical
As the world hurtles headlong toward real-time payments, speed and efficiency have often been prioritized over security. However, with faster payments comes faster fraud, and just as organizations deploy technology to streamline their systems, criminals are deploying complex schemes on a global scale. In a recent PaymentsJournal podcast, Dal Sahota, Director of Trusted Payments at […]
BNPL Is Boosting Consumer Spending and Fulfilling Vendor Promises
Buy now, pay later (BNPL) is a product that got its boom in the pandemic as consumers went online to make their purchases. The product has continued to skyrocket upwards in popularity and has been a widely successful payment method among consumers. According to data from Javelin Strategy & Research, one quarter of consumers had […]
Apple Pay Users Can Buy Crypto Through Coinbase Integration
After taking a cautious approach to crypto for years, Apple will now integrate with Coinbase to allow crypto purchases in Apple Pay. Coinbase said that app makers will soon be able to integrate the capability to buy crypto through Apple Pay directly within their apps using its Coinbase Onramp product. Previously, converting fiat currencies into […]
Barclays’ Credit Business Remains Strong, Despite Losing American Airlines
American Airlines’ decision to make Citigroup its exclusive credit card partner might be seen as a setback for the partner it’s dropping, Barclays. However, despite Barclays’ ambitions to grow its U.S. presence, the departure from American makes sense for several reasons. The partnership between American and Barclays traces back to the airline’s 2013 takeover of […]
How Rules-Based Fees Engines Drive Innovation
Organizations seeking more flexibility and sophistication in devising transaction fee and commission structures are increasingly turning to rules-based fees engines. Billing systems are designed to handle invoicing and collect payments, but they are limited in their ability to help companies create new fees and commissions. Rules-based fees engines allow payment processors to stay competitive and […]
What Brought Down Comerica’s Direct Express Prepaid Program?
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Comerica Bank, alleging that it systematically failed members of its Direct Express government benefits program. A partnership between the U.S. Department of the Treasury, Comerica Bank, and Mastercard, Direct Express provides millions of U.S. individuals with prepaid cards to receive federal benefit payments, like […]
Circle’s USDC Is the First to Meet Criteria for Canada’s New Stablecoin Rules
A wave of crypto regulations is set to take effect worldwide, and Circle has announced that USDC is the first digital asset to reach compliance with Canada’s new stablecoin laws. The Canadian Securities Administrators has passed a set of standards defining Value-Referenced Crypto Assets (VCRA), which will go into effect next year. These laws describe […]
Personal Account Reference Numbers Could Link Disparate Digital Accounts
Consumers today manage more accounts across various platforms than ever before, and a payment account reference (PAR) number could be the solution to linking them all seamlessly, according to a report from the U.S. Payments Forum. Tokens are issued when consumers use digital wallets like Apple Pay or Google Pay, or input payment information while […]
Why the CFPB Needed to Curb Data Brokers’ Access to Financial Data
While credit bureaus collect detailed information about individuals’ personal and financial lives, they are legally restricted in how they use it, limiting its application to specific permissible purposes such as evaluating someone’s eligibility for credit or employment. In contrast, the data brokerage industry has operated with no such constraints—until now. Currently, would-be identity thieves and […]