Bank of America Corp. has again run afoul of the Consumer Financial Protection Bureau for alleged illicit credit card practices. On Tuesday, the CFPB and the Office of the Comptroller of the Currency announced they are fining the banking giant $150 million for double-dipping on fees imposed on customers with …

Real-time payments platform provider Pidgin Inc. has published an eBook detailing key steps financial institutions should be taking to prepare for real time payments. The eBook, published just ahead of the debut of Federal Reserve’s FedNow real-time payments network this month, details how financial institutions can use real-time payments to …

FIS Inc. is the latest processor to be certified for the Federal Reserve’s FedNow real-time payments network, which is scheduled to launch later this month. FIS, which announced yesterday it is selling a sell a 55% interest in its merchant-processing business, joins a growing list of certified FedNow participants, including  ACI …

Merchant Lynx Services has acquired National Credit Card Processing Group, a provider of B2B payment solutions, for an undisclosed sum. National Card Processing specializes in payment acceptance for the construction and heavy-duty trucking parts and repairs, concrete ready mix, asphalt and aggregate supply, and highway civil construction industries. The acquisition …

The global digital gift card market is projected to reach $1.2 trillion in 2032, up from $310.1 billion in 2022, according to a report from market research firm Custom Market Insights. In 2023, CMI projects sales of digital gift cards will total $399 billion, a more than 28% year over …

Criminals can purchase more than just stolen card account numbers on the so-called dark Web. A recent study by virtual private network provider NordVPN reveals that 51.5% of cards on the dark Web came with addresses, 39.8% came with phone numbers, and 28.7% came with an e-mail address. In addition, …

Jack Henry & Associates has launched PayrailzFraud Monitor, a real-time fraud-monitoring technology for payments. The cloud-native solution, which Jack Henry describes as an enhancement to its Payrailz platform, uses artificial intelligence, machine learning, and behavioral analytics to detect payments fraud as the fraud is occurring, with a scope including peer-to-peer and …

ACI Worldwide Inc. has launched its Instant Pay real-time payment solution in Europe and the United Kingdom. The move comes against the backdrop of a regulatory push in Europe mandating that financial institutions across the Single Euro Payments Area (SEPA) countries in Europe offer instant payments under the SEPA Instant …

For decades, payments providers have sought to displace cash by attempting to move merchants toward card-based and digital payments, arguing that they are faster, more convenient, and more secure to accept than cash. Now they are finding that proponents of cash acceptance are pushing back. Late Thursday, legislation was reintroduced …

Relay Payments, an Atlanta-based fintech, is rolling out its digital diesel-payment platform at more than 800 Pilot Travel Centers LLC locations. Pilot, which is owned by investment firm Berkshire Hathaway Inc. and Pilot Corp., operates a chain of truck stops across the United States and Canada. In addition to its …