Why Store Credit Card Rates Are Staying So Stubbornly High
The average interest rate for retail credit cards has reached a record high of 30.45%—well above the average rate for general-purpose credit cards, which is about 21%. The priciest cards now top out at a 36.99% interest rate, according to a survey from Bankrate. Among the cards in this range are those from Big Lots, […]
Exploring the Top Players in ePayables
More enterprises are adopting commercial credit card programs to streamline their financial operations, leveraging tools and simplify transactions while improving control and oversight. To gain deeper insights into how various players in the space compare, Javelin Strategy & Research released its 2024 Commercial ePayables Scorecard. The scorecard guides commercial enterprises in assessing potential ePayables partners, […]
CFPB Finalizes Rules Holding Fintechs Accountable to Banking Regulations
A year after the U.S. Consumer Financial Protection Bureau said it wanted to strengthen regulations governing the growing number of non-bank companies offering financial services, it has now made its framework official. One big change from the initial proposal is that the CFPB’s rules will only apply to fintech firms that process over 50 million […]
Keeping Up with Fraud Attacks in the Age of AI
Fraud always seeks the path of least resistance. In the world of payments, hackers look for vulnerable spots to exploit. The rise of artificial intelligence introduces yet another layer that criminals can manipulate and enhance their methods. In a recent PaymentsJournal webinar, Juan Funes, Director of Fraud and Decisioning Products at Mastercard, and James Wester, […]
U.S. Treasury Official Underscores Risks in Emerging Cross-Border Payments Systems
A senior U.S. Treasury official expressed concerns that establishing a cross-border payments system outside a transparent regulatory framework could pose risks to economic stability, potentially leading to international ramifications. According to Bloomberg, Brent Neiman, Assistant Secretary for International Finance at the U.S. Treasury, was particularly concerned about the potential for misuse of improperly regulated systems […]
After the Success of the Bitcoin ETF Options, What Comes Next?
The success of options trading on BlackRock’s iShares Bitcoin Trust ETF (IBIT) serves as yet another signal that cryptocurrencies are here to stay as a viable investment class. The ETF traded 73,000 options contracts within its first 60 minutes on the Nasdaq market, ranking it among the top 20 most active nonindex options, reports CNBC. […]
How FIs Can Get Ready for Nacha’s Upcoming New Rule
As fraudsters become more innovative in their schemes, Nacha is rolling out new rules to address emerging fraud risks, particularly scams involving business email compromise, vendor impersonation, and the increasing use of money mules. These key changes, centered around the ACH rules, began rolling out in October and will continue through 2026. In a recent […]
Collaboration May Be the Strongest Weapon Against Payment Fraud
A payments platform grappling with fraud losses grew frustrated when its risk scoring system failed to differentiate effectively, leaving every transaction in the same neutral-risk category. Even high-risk transactions slipped through undetected. The organization then turned to a collaborative intelligence network that was focused on flagging suspicious email accounts. This shift led to a 327% […]
From Ghosts to Customers: Transformative Approaches to Financial Inclusion
Tue, Dec 3, 2024 1:00 PM – 2:00 PM EDT Register Now A transformative demographic shift is on the horizon for the United States. As baby boomers age and millennials establish themselves with their preferred financial services providers, new consumer populations—especially Gen Z and new-to-country individuals—are growing rapidly. But as these populations attempt to use […]
Google Lens Gets AI Upgrade to Take the Guesswork Out of Holiday Shopping
Just in time for the holidays, Google is updating the artificial intelligence engine behind its visual search tool Google Lens, aiming to help shoppers make more informed decisions at brick-and-mortar retailers. According to Google, 72% of consumers use their smartphones in-store to find the right item at the right price. However, over half of these […]