Instant Payments on the RTP Network Surge Ahead of the Holidays
The RTP network now averages over 1 million payments per day, positioning the platform for strong momentum going into the holiday season. Between September and October, transaction volume on RTP, which is operated by The Clearing House, increased by 6.2%. On November 1, the instant payments powerhouse reached a new single-day record, processing 1.45 million […]
Taking On the AI-Assisted Fraudsters
Artificial intelligence is fueling a major transformation in the financial fraud landscape. AI has democratized criminal sophistication and fraud at a very low cost of conducting business, generating more malignant actors that financial institutions have to fight against. What can these institutions do to mitigate increasingly sophisticated frauds and scams? In a recent PaymentsJournal podcast, […]
Visa’s All-in-One Card Comes to the U.S.
Visa is betting that the world needs a single card that covers debit, credit, buy now, pay later services, and potentially cross-border payments, and it’s bringing this concept—already thriving in Asia—to the U.S. The new Flexible Credential card isn’t issued by a bank but through a partnership with BNPL giant Affirm. Cardholders have the flexibility […]
Credit Card Debt Is Soaring Among Retirees
Over two-thirds of U.S. retirees had outstanding credit card debt this year, marking a substantial increase from previous years, according to data from the Employee Benefit Research Institute (EBRI). This increased dependence on credit cards is an alarming trend given the fixed budgets many seniors live on. According to the survey, roughly 83% of retirees […]
Very Real and Very Here: The Proliferating Use Cases for Instant Payments
Instant payments have been a global phenomenon, but the momentum for real-time payments is building in the U.S. There is a growing expectation among both businesses and consumers that when they send funds, the recipient should be able to access them instantly. In a recent PaymentsJournal podcast, Justin Jackson, SVP, Head of Enterprise Payments, Fiserv, […]
Credit Card Reader Cyberattack Exposes Point-of-Sale Risks in Israel
Thousands of credit card readers at gas stations and supermarkets in Israel experienced issues this past weekend, potentially linked to a suspected cyberattack. According to The Jerusalem Post, this incident is the latest in a series of point-of-sale (POS) threats. The challenges and disruptions caused by these attacks arise partly from the unpredictability of which […]
Detroit to Accept Crypto Payments with PayPal’s Aid
Next year, Detroit will become the largest U.S. city to accept crypto payments for taxes and fees. This feat will be accomplished with the assistance of PayPal, which will handle the crypto payments and convert them into U.S. dollars. Detroit will not hold any digital assets, as all conversions will take place before funds are […]
How Virtual Cards and AI Revolutionize Safer Operational Purchases
Virtual cards—digital versions of physical credit or debit cards typically used for online transactions or recurring payments—offer a powerful opportunity to streamline operations while enhancing security. When combined with the power of AI, virtual cards provide a safe way for individuals both inside and outside of the organization to purchase the goods and services they […]
JPMorgan to Rebrand and Expand its Blockchain and Tokenization Platform
JPMorgan has rebranded Onyx, one of the world’s first bank-operated blockchains, and plans to enhance the platform to drive broader adoption of blockchain technology and tokenization across mainstream financial services. The platform will now be called Kinexys, and the company’s payment settlement system, JPM Coin, will be rebranded as Kinexys Digital Payments. In addition to […]
Embedded Finance Is More Than an Efficiency Play—It’s a Growth Tool
When we talk to organizations that have thus far not gotten involved in embedded finance, we frequently hear key decision-makers refer to it as an efficiency play. And because they see it as a streamlining tool, they often push it to one side, seeing it as nice-to-have rather than must-have. Such thinking overlooks the enormous […]