Transaction Processing

Losses to identity fraud fell 17% last year, to $43 billion, compared to 2021, thanks to beefed-up prevention at banks and credit unions and more active outreach by consumer-advocacy groups, according to the 20th edition of Javelin Strategy & Research’s Identity Fraud Study. Payments provider Paysafe said Greyhound Lines Inc. will use the Paysafecash …

Early Warning Services LLC, a fintech owned by seven of the nation’s largest banks, will launch its digital wallet with a pilot this summer followed by general availability in the fall, the top official in charge of the project said Monday. The new wallet, called Paze and aimed exclusively at …

Cryptocurrency marketplace and services provider Coinbase Global Inc. says it’s ready to fight the Securities and Exchange Commission if the commission takes an enforcement action against it. But the SEC’s possible action comes as no surprise to some observers of the crypto market. The SEC last week issued a so-called …

First Citizens Bank & Trust Co. reached an agreement with the Federal Deposit Insurance Corp. to buy Silicon Valley Bridge Bank after a competitive bidding process. Terms include FCB’s assumption of $110 billion in assets, $56 billion in deposits, and $72 billion in loans. Starting Monday, the 17 SVB branches will operate as …

ChatGPT, the artificial intelligence-based chatbot developed by OpenAI, is being rolled out by Klarna AB to provide what the payments platform calls personalized and intuitive shopping experiences. Online shoppers will be able to ask Klarna, through the chatbot, for product recommendations, as well as receive links to shop recommended products …

With a federal appeals court ruling on Thursday upholding the Consumer Financial Protection Bureau’s constitutionality, the CFPB, along with its severest critics, find themselves at a crossroads at a time when the agency has become significantly more energetic in overseeing the payments industry. The latest ruling, from the Federal Court …

Account-to-account payments is becoming a growing force in the payments landscape, totaling $525 billion in global e-commerce transaction value in 2022, up from $463 billion in 2021, a 13% increase, according to the FIS Global Payments Report 2023. The volume was funneled through about 70 real-time payment schemes providing high-speed …

Plenty of attention has been given recently to the tracking of gun sales, with no lack of argument for and against. This article lies outside of any market motives or political opinions. It speaks only to the underlying mechanism of tracking purchases. As an engineer and a pragmatist, I can …

The Federal Trade Commission issued a proposed rule that would require sellers to offer a “click to cancel” button that customers could use to more easily stop subscriptions and recurring payments. A global survey on cross-border payments found 29% of mid-size and large U.S. businesses cite high transaction cost as a challenge, …

Panera Bread on Wednesday announced it is adopting Amazon One, Amazon.com Inc.’s biometric-payment technology, at select locations in the St. Louis area. The deployment of Amazon One, which links a customer’s payment card to his or her palm print, is expected to make it easier for Panera customers to access …