HSBC Shutters Zing After Struggling to Compete with Fintechs
A year ago, HSBC launched its cross-border payments app, Zing, aiming to show fintechs in this space what Europe’s largest bank could accomplish. Now, Zing has shut down, leaving many to question whether a major international bank has any role to play in cross-border payments. Zing was designed as a standalone product that didn’t require […]
Why Painless Payouts Matter
The buzz is growing louder. Many merchants are tired of navigating intricate payout processes that drain valuable time and resources. They want to be rid of payment headaches and welcome more seamless efficiency. Merchants demand a cutting-edge payout solution that helps them focus on their business while giving them the peace of mind that the […]
Brazil’s Pix Set Records, Surpassing Credit Card Transactions Last Year
In its continued success story, Brazil’s instant payment system Pix processed over six billion transactions per month in 2024. A report from Matera, Pix by the Numbers, detailed the platform’s transactions and found dramatic increases in both consumer and business-to-business payments, which were up 94% and 56%, respectively, year-over-year. December 20, Pix reached its high-water […]
Flipping the Script, CardWorks Buys Ally’s Credit Card Business
In a reversal of a deal that was supposed to happen four years ago, CardWorks is now buying Ally Financial’s credit card business. The news follows reports from last December that Ally was seeking a buyer for the credit card division it had acquired in 2021. Ally, which began as GMAC, the lending arm of […]
Digital Assets in North America: Trends, Use Cases and Challenges
The institutional adoption of crypto and digital assets is at a higher level than ever. According to Ripple’s 2024 New Value Survey, the overwhelming sentiment among North American respondents is that digital assets and crypto will have a dramatic impact on business, finance, and society. That being said, there is still some reticence, especially among […]
Highnote Adds Acquiring Solution to Offer a Unified Payments Platform for Businesses
Highnote announced the launch of its acquiring solution, which, combined with the firm’s existing issuing solution, will create a unified card payments platform for organizations. While more aspects of payments processing have been embedded into software solutions, many businesses still rely on multiple providers to meet all their payments needs. Highnote’s platform, however, is designed […]
JetBlue Now Accepts Venmo Payments in a Bid to Attract Younger Travelers
JetBlue has become the first airline to accept Venmo as a payment option. The peer-to-peer payment app has seen varying levels of success in other business use cases. However, partnering with an airline—especially a discount carrier like JetBlue—could prove to be different. Venmo is currently available on JetBlue’s website and will roll out on the […]
The Ramifications of the EU’s DORA Regulations Go Far Beyond Cybersecurity
The Digital Operational Resilience Act (DORA) went into effect last week in the European Union, and many of the region’s financial institutions are not yet compliant with the new cybersecurity laws. DORA is a set of tough regulations designed to strengthen the technology operations of financial institutions. These laws also extend to their partners. The […]
How American Express Got Out in Front of the IRS Probe
The headlines surrounding the American Express settlement trumpet that the credit card giant is paying $138 million to rectify concerns over niche products intended for small and mid-sized businesses. What the headlines don’t mention is that the company took steps to resolve this issue long before federal authorities became involved. Amex not only discontinued the […]
How Consumers Justify Friendly Fraud
Friendly fraud results in losses to retailers of more than $100 billion a year. However, most people who commit this crime feel justified in their actions. According to data from Socure, more than half of respondents who engaged in friendly fraud over the recent holiday season cited financial struggles—such as rising interest rates and inflation—as […]