An international organization set up to promote the concept of allowing consumers to pay online merchants via Web-based banking programs plans to have a structure in place by the third quarter next year to traffic the first payments across borders. The International Council of Payment Network Operators, established earlier this …

Mastercard Inc.’s top management on Thursday made it plain its ambitions for the card payments company have widened dramatically in recent months as the network looks for expansion in such areas as open banking, cybersecurity, tokenization, and consulting for merchants. It’s also eyeing its opportunities in the massive China market, …

While the two global payments networks have been embroiled in a controversy over merchant debit card fees in the U.S. market, they also face trouble in the United Kingdom over an even bigger issue: credit card interchange fees. That fact was thrown into relief early Thursday when Reuters reported the …

As cross-border transfers become a priority with merchants and processors across multiple payment methods, the risk of fraud losses multiplies. That pressure has led Rapyd Financial Networks Ltd. to launch a feature aimed at detecting fraudulent transactions across the company’s network, which operates in more than 100 countries and supports …

The Electronic Transactions Association joined seven other financial trade groups in opposing a Republican-backed bill in the House of Representatives that would levy a 5% tax on cross-border money transfers to fund President Trump’s proposed border wall. Introduced in January by U.S. Rep. Andy Biggs, R-Ariz., H.R. 85 would require …

Denizen Financial Inc., a San Francisco-based startup backed by one of Spain’s biggest banks, has created what it calls “the first true global, borderless account” that allows customers to receive money in one country and pay it out in another while avoiding international transfer fees and foreign-exchange fees. Denizen says …

European banks are beginning to roll out a new digital wallet called wero that initially provides account-to-account payments and is expected to be expanded to retail payments as well. If so, wero could prove to be a competitive threat to Visa Inc. and Mastercard Inc., which dominate European payments, raising …

The increasing complexity of modern payments can be managed effectively through a relatively new entrant in the transaction chain. Merchants have to deal with an increasingly complex payments ecosystem. Companies are looking for the flexibility to harmonize their payments processing, profit from local market conditions for better authorization rates and …

Open-banking technology provider Plaid Inc. is pairing-up with The Western Union Co. to bring its account-verification services to the wire-transfer giant’s European customers. Under the so-called collaboration San Francisco-based Plaid announced Thursday, Western Union will be able to tap Plaid’s open-banking system for account verification, thereby simplifying remittances and digital …

The world of global payments is undergoing major changes as new technologies and players enter the payment space. While banks and financial institutions have historically dominated international payments, we are seeing new innovations and non-traditional competitors redefine how money moves across the globe. In recent years, the entire payments chain …