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 […]
Cross-Border Payments Take Another Step Forward on the Blockchain
Swiss financial giant UBS is the latest bank to launch a blockchain-based solution designed to facilitate cross-border payments. With the persistent delays and other challenges associated with international transactions, the financial landscape is evolving to one where individuals can easily move money worldwide. Blockchain’s potential to reduce fraud, lower transaction costs, and increase transparency is […]
The U.S. Is Leading the Way in Embedded Finance
The U.S. has lagged behind other countries in the widespread adoption of financial innovations like open banking and digital assets. However, in the world of embedded finance—where financial products are integrated into non-bank software—the United States is leading the way. According to a report from PSE Consulting and The Strawhecker Group (TSG), a third of […]
Pix Launches Contactless Payments for Google Wallet Users
Instant payments platform Pix will integrate NFC contactless payment functionality for customers who have linked their bank accounts to Google Wallet. Brazil’s central bank unveiled Pix by Proximity at a joint presentation with the president of Google Brazil. Initially, this feature will be available only to Google Wallet users on Android phones. However, the platform […]
After the TGI Fridays Bankruptcy, a Battle Over Gift Cards
TGI Fridays has declared bankruptcy, leaving holders of nearly $50 million in gift cards uncertain about how they will be able to redeem them. The main question is whether the parent company or its franchisees are responsible for this debt. The bankruptcy filings include TGI Fridays’ 39 company-owned stores, but not the franchise locations. Franchisees […]
The Most Vital Instant-Payment Use Cases for Small Businesses
Seven years after the launch of The Clearing House’s RTP network and 15 months into the FedNow era, instant payments are proliferating, if not quite a household name. Small businesses and the bankers who serve them are searching for a set of “killer use cases” that will serve as catalysts for widespread adoption. A new […]
Robinhood, Galaxy Digital, Kraken Unite for New Paxos Stablecoin Network
Robinhood, Galaxy Digital, and Kraken will collaborate on a network to support Paxos’ newly launched stablecoin, USDG. The consortium of crypto companies said the Global Dollar network is designed to accelerate worldwide stablecoin adoption. USDG is currently available only on the Ethereum blockchain, though Paxos said the stablecoin could be available on other blockchains soon. […]
School Lunch Payment Processor Hit with Lawsuit over ‘Exorbitant’ Fees
We are starting to see the first fallout from the Consumer Financial Protection Bureau’s report this summer exploring the excessive payment fees charged by school lunch programs. A class action lawsuit claims that a New Jersey-based processor charges exorbitant transaction fees when it processes children’s school lunch payments. The suit says that PAMS Lunch Room […]
Payment Orchestration Can Mitigate Tech Complexity for Banks
More factors are involved in processing a payment than ever before, including new payment types, a variety of processors and acquirers, and geographic considerations. Payment orchestration means unifying all those aspects into a single, functional solution that maximizes the benefits to the organization. Merchants are increasingly reaching out to third-party providers for payments orchestration solutions, […]
How Many Charge-Offs Are There for Small Credit Card Issuers?
Small credit card issuers are facing a significant challenge in today’s economic environment as charge-off rates rise across the industry. Unlike larger, well-capitalized institutions, smaller issuers often have less flexibility in managing credit risk, which can make even a slight uptick in charge-offs more impactful to their bottom lines. As charge-offs continue to climb, understanding […]