The American Bankers Association on Thursday issued a long and detailed letter it has sent to the Federal Reserve Board to argue its case against a Fed proposal that would reduce a longstanding cap on the interchange banks can earn on debit card transactions. The ABA’s action follows an analysis …

Visa Inc.’s move to speed up its Visa Direct service to no more than one minute, starting in April, is likely to cement the global card network’s place in the payments industry’s steady movement toward real-time transfers, some observers say. The network, which announced the move early Thursday, says it …

Google Inc. has sued the Consumer Financial Protection Bureau following the CFPB’s action Friday asserting federal supervision of the company’s Google Pay wallet. In the suit, filed in U.S. District Court in Washington, D.C., the same day the CFPB acted, the tech giant argues the case targets a payment service …

President-elect Donald Trump has nominated Fiserv Inc. chief executive Frank Bisignano to be the next commissioner of the Social Security Administration, headquartered in Woodlawn, Md. The move follows by a day news that Trump has named Jared Isaacman, founder and chief executive of Shift4 Payments Inc., a Fiserv rival, to …

The Real Time Payments network operated by The Clearing House Payments Co. said early Wednesday it will raise its transaction limit to $10 million, a tenfold jump from the current $1-million cap. The new limit will take effect Feb. 9, following a 60-day notice period required by The Federal Reserve. …

Artificial intelligence emerged last year as a trending technology in payments, and now differences are starting to emerge in how businesses are viewing and deploying the technology, with small businesses showing the most enthusiasm, a new report from the big Atlanta-based processor Global Payments Inc. shows. In fact, some 94% …

Federal regulation is coming to payments apps offered by the country’s biggest tech companies. The Consumer Financial Protection Bureau said early Thursday it has “finalized” a rule that will regulate wallets and digital money transfers offered through payments services such as those of Apple Inc., Block Inc., Google LLC, and …

PayPal Holdings Inc. has made another move in its efforts to leverage its Xoom cross-border payments platform for its stablecoin, PYUSD. The payments giant early Tuesday said Xoom users will be able to use PYUSD to settle money transfers they make through the service. The news comes just seven months …

Since he took over as chief executive in 2022, Paysafe Ltd.’s Bruce Lowthers has stressed what he sees as a crucial need for stronger, and direct, merchant sales to effect the turnaround he wanted to see at the international processing giant. Early Wednesday, he noted the company is ahead of …

Shift4 Payments Inc. reported a strong third quarter early Tuesday, but by some measures it wasn’t strong enough, and the big processor’s top management frankly admitted as much in a morning call with equity analysts to discuss the results. “We’re clearly number-one in hospitality payments in the world,” said the …