Transaction Processing

Consumers with subprime or deep subprime credit scores accounted for the majority of Buy Now, Pay Later originations from 2021 to 2022, a report by the Consumer Financial Protection Bureau finds. Within those two subsets, 45% of BNPL loans during that period were taken out by consumers with deep subprime …

The U.S Faster Payments Council has released fresh guidelines to help financial institutions add send capabilities to their instant-payments functions, a component just as critical as the ability to receive fast transfers. Among the pieces of the “Guideline.02: Operational Considerations for Instant Payments Send-Side Primer” are items explaining the instant-payment …

Payments platform FreedomPay has partnered with Mastercard Inc. to provide businesses with a global payment gateway that it says streamlines sellers’ ability to connect with acquirers, enables them to accept a wider range of payment methods, and simplifies cross-border transactions. The partnership will provide access to more than 230 acquirers …

Magtek launched its Magensa Cloud Service eCommerce line of software, which it developed with PAAY, a provider of technology that authenticates consumer transactions. Payroc said it has combined its payment-processing capabilities with electric-vehicle chargers from EVMode and payment readers from UIC to offer a new EV charging platform. HTeaO, an iced-tea franchise, …

Adyen NV has introduced Uplift, an artificial intelligence-based payment optimization app that leverages data from Adyen’s processing platform to help merchants looking to boost conversions, streamline fraud management, and reduce payment costs. The app leverages data linked to global transactions on Adyen’s processing platform. The extent of payment data on …

Verione on Thursday unveiled a new line of payments devices that observers say represent a a sweeping effort by the 44-year-old company to establish a leading position in fast-moving markets like point of sale, mobile POS, and biometric authentication. The product launch includes a new set of point-of-sale devices available …

Opponents of the proposed Credit Card Competition Act expect the bill will be reintroduced in Congress, so the Electronic Payments Coalition launched a pre-emptive strike late Wednesday with a report detailing the bill’s potential economic impact. The study, conducted by Oxford Economics Research, claims the CCCA’s impact on the U.S. …

The Consumer Financial Protection Bureau said Thursday U.S. open-banking standards will be developed under the aegis of Financial Data Exchange Inc., a standards-setting body. The CFPB recognized FDX as the standard-setting body under the bureau’s Personal Financial Data Rights rule. The final version of that rule was released in October, …

A state senator in Oklahoma has introduced the Bitcoin Freedom Act, a bill that would legalize payroll and vendor transactions in Bitcoin in that state. The move follows the state’s passage last May of a Bitcoin Rights bill. FV Bank, a digital financial institution, has expanded its stablecoin offerings with an integration …

Consumers and businesses are embracing instant payments at a fast clip, even as volume growth makes double-digit increases harder to maintain. And while businesses account for a large portion of dollar volume, most of those blink-of-an-eye transactions involve consumers, says The Clearing House Payments Co., which early Wednesday released the …