The Supplemental Nutrition Assistance Program (SNAP), which provides low-income families with benefits to supplement their food budget, suffered a nationwide outage on Sunday, according to news reports. The cause of the outage, which reportedly affected millions of recipients, is unknown. On Sunday several state agencies that help the U.S. Department …

To make modern fraud detection technology more accessible to community banks, Jack Henry & Associates Inc. late Thursday announced plans to launch early next year Financial Crimes Defender, a cloud-native platform for detecting fraud and other suspicious account activity that can hurt consumer’s financial health, as well as financial crimes, such …

The drive to create a data security standard designed for digital financial services applications that use cloud-computing, such as open banking, continues to gain momentum. Anecdotes AI Ltd, Codat Ltd., Skyflow Inc., and Very Good Security Inc. are the latest digital finance companies to join a group of financial technology …

Gift cards are expected to be popular presents this holiday season as 60% of consumers say they will buy the cards to fill a void in product availability created by disruptions to product supply chains, says Fiserv Inc.’s Q3 2022 Gift Card Gauge. Discount stores and big-box retailers will be …

Fraud-management platform Riskified Ltd. is partnering with Aurus Inc., a payments-platform provider. The deal will enable merchants relying on the Aurus platform to know in real time across multiple sales channels whether to accept or reject an order, which in turn can potentially increase approval rates and reduce fraud costs, …

Payments provider Celero Commerce has acquired Community Bankers Merchant Services, a provider of electronic transaction processing through community and regional banks across the country. Terms of the deal, announced late Thursday, were not disclosed. The acquisition of CBMS will open the door for Celero to provide processing services to merchants …

Consumers are spending significantly less on their primary credit cards, says J.D. Power’s 2022 U.S. Credit Card Satisfaction Study. Overall, credit card holders are allotting 42% of their monthly spending to their primary credit cards, down from 47% in 2021 and 2020, and down from 50% from 2019. That decline …

To help e-commerce merchants reduce shopping cart abandonment, Sezzle Inc. is partnering with customer platform provider Klaviyo. The deal will allow Klaviyo merchants to offer online shoppers a buy now, pay later loan when they abandon their shopping cart. Shopping cart abandonments are a nettlesome problem for e-commerce merchants, with …

Bread Financial Holdings Inc. on Monday released a performance update for July, indicating it posted credit card and other loans totaling $17.8 billion last month, a 12% year-over-year increase. The Columbus, Ohio-based provider of personalized payment, lending, and savings solutions said average credit card and other loans for the month …

While the recent partnership between fintech Wise US Inc., which specializes in cross-border payments, and Plaid Inc. is another example of the momentum open banking is gaining globally, one overlooked element of the deal is the role the open-banking standard developed by the Financial Data Exchange played in making the …