Independent sales organizations can’t do much without a sponsor bank, also known as an acquiring bank, to get them access to the payment card networks. As with most business endeavors, the complexity of finding a sponsor bank has increased. It’s a challenge that attendees at the 2023 Midwest Acquirers Association …

American Express Co. is working to sign more card deals like the one it has with merchants using Block Inc.’s Square merchant-processing unit, while cardholder spending and revenue for the company have rebounded to hit record quarterly highs, top executives for the travel-and-entertainment giant said early Friday. The good news …

Discover Financial Services late Wednesday reported net income of $901 million for the second quarter of 2023, down 18% from a year earlier. Credit card loans for the quarter totaled $94 billion, a 19% year-over-year increase. As part of its earnings statement, Discover stated that “the comparative prior quarter ended …

Risk-management technology provider Feedzai has harnessed artificial intelligence with the introduction of Railgun, its latest fraud-detection engine. What differentiates Railgun, according to Feedzai, is that it taps real-time data such as customer behavior patterns and the use of specific cards across merchant networks over longer periods of time. As a …

Open banking, the system enabling seamless sharing of financial data via application programming interfaces between banks and third-party service providers, has captured global attention over the past several years. In 2018, the Second Payment Services Directive (PSD2) marked the official open-banking era by mandating data sharing in Europe. This milestone paved …

Financial services was the most impersonated industry by criminals launching phishing attacks during the first half of 2023, according to a report from cybersecurity firm Vade. Financial services accounted for more than 33% of all phishing URLs, followed by the social media (22%) and cloud (21%) industries. Phishing is the …

With the Federal Reserve’s rollout of the FedNow real-time payments service expected by the end of the month, a regional Federal Reserve Bank official on Wednesday outlined a roadmap for the new network that includes network interoperability, the possible addition of peer-to-peer payments, and, overall, the prospect of fewer payment …

As digitalization of payments information continues to permeate society, the allure of getting a hold of that data illicitly is unabated. Already, for the first half of 2023, the number of U.S. data compromises is higher than the total compromises for every full year between 2005 and 2020, except for …

Bank of America Corp. has again run afoul of the Consumer Financial Protection Bureau for alleged illicit credit card practices. On Tuesday, the CFPB and the Office of the Comptroller of the Currency announced they are fining the banking giant $150 million for double-dipping on fees imposed on customers with …

Entertainment-streaming platform Roku says a partnership with Shopify Inc. will provide viewers the ability to purchase products from Shopify merchants directly from their TV through Roku Action Ads. It works like this: When viewing an ad for a Shopify merchant, viewers press OK on their Roku remote to learn more …