Law and Regulation

American Express Co. announced AmEx Business Link, a business-to-business payments ecosystem for network issuing and acquiring clients to offer their business customers. Payments provider Newtek Business Services said it has received conditional approval from the Office of the Comptroller of the Currency to close on its acquisition of the National Bank of New …

A prominent merchant trade group on Thursday began running a TV commercial that uses Visa Inc.’s sponsorship of the FIFA World Cup to decry credit card acceptance fees and advocate for a bill backed by Sen. Richard Durbin, D-Ill., that would regulate those costs. The 30-second commercial, which lays heavy …

Newtek Business Services Corp., a small-business lender and payment processor, has received approval from the Federal Reserve to become a bank-holding company and financial-holding company through its acquisition of National Bank of New York City. Newtek entered into an agreement to acquire the bank in August 2021. Approval of the …

The PCI Security Standards Council released its PCI Mobile Payments on COTS standard that addresses security requirements for services that enable merchants to accept cardholder PINs or contactless payments using a smart phone or other commercial off-the-shelf mobile device.Private equity firms Centerbridge Partners L.P. and Bridgeport Partners completed the acquisition of transaction processor Computer Services Inc. for $1.6 …

Varo Bank early Tuesday announced it has become the first digital neobank to be admitted to the Zelle peer-to-peer payments network. The bank, a unit of the 7-year-old, San Francisco-based Varo Money Inc., said it will now offer payments via Zelle through its mobile app. “Adding Zelle to our product …

The Clearing House Payments Co. LLC early Tuesday issued a white paper alleging that federal regulators are effectively blocking national banks from issuing stablecoins. This is despite the agencies’ own conclusion that the banks have the authority to issue the digital currency, the paper says. The paper also follows an …

As one who has spent an entire career working with community banks, credit unions, and merchants, I can say it’s abundantly clear how they all suffer from a broken payments system, with the Fed’s automated clearing house being the lone exception. While merchants and community banks don’t share the same …

The payments platform Orum said it will rely on account-verification technology from open-banking provider MX Technologies Inc. to offer money-transfer capability targeted at fintechs.Checkout-free shopping provider Grabango said its in-store contactless checkout service is available at a Chevron U.S.A. Inc. location in California.Bluefin Payment Systems acquired TECS Payment Systems, an Austria-based omnichannel payments provider. Terms were not …

Socure Inc., a provider of digital-identity verification and fraud detection, has become the latest company to join the expanding universe of open-banking technology providers. On Tuesday, Socure announced the launch of Socure Account Intelligence, an application that verifies domestic bank-account status and ownership of the account into which funds are …

With data sharing via open-banking arrangements becoming increasingly vital in the payments business, the Consumer Financial Protection Bureau on Thursday released an outline of a “data-rights rule” it is preparing that would govern how consumers’ financial information is shared among players such as banks and payments companies. The proposed rule …