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Square’s AmEx Card Expands its Banking Reach; PayPal’s Tap to Pay Arrives; DoorDash Adds EBT Payments
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Square Unveils Its AmEx Card for Merchants as Part of Its Banking Expansion
Fulfilling a promise it made seven months ago, Block Inc.’s Square merchant-acquiring unit on Wednesday announced it will offer an American Express-branded credit card to its sellers that gives rewards in the form of lower processing costs. Square also announced several enhancements to its financial services to get more of …
Read More »CFPB Open to Industry Open Banking Standards; New Restaurant POS Gambits; Mastercard Processing Woes
The CFPB Sees Room for Industry Standard-Setting Bodies in Open Banking
Although the Consumer Financial Protection Bureau plans to develop a federal regulation governing the protection of consumer financial data shared through open banking, the agency says that open banking will be best served if it does not “micromanage” open banking itself. In October, the CFPB announced its intention to develop regulation …
Read More »Canadians Prefer Personal Financial Management Tools for Credit Card and Banking Apps
Card issuers and banks in Canada that offer apps featuring personal financial management tools are scoring higher in customer satisfaction and engagement than issuers and banks that don’t, according to research by J.D. Power. In a series of studies conducted earlier this year, J.D. Power found that many Canadian banks …
Read More »Fiserv Teams Up With Central Payments to Deliver Banking-as-a-Service to Fintechs
Fiserv Inc. is partnering with Central Payments LLC, a provider of banking-as-a-service for fintechs and embedded-finance businesses, to enable fintechs to bring financial products and services to market faster. Central Payments will leverage Fiserv’s real-time card-processing and -issuance capabilities to enhance its Open CP Fintech API Marketplace, a banking-as-a-service platform …
Read More »An Embedded Banking Future; Mercedes Turns Car into Payment Device; Spreedly’s Multiple Integrations
Embedded Banking Solutions Are Assuming a Higher Profile for Software Vendors
Businesses are increasingly looking for software developers that can integrate payments and other traditional banking products and services and generate new revenue for the platforms that offer them, according to a recent report from The Strawhecker Group (TSG) and KeyBank. The trend, known as embedded banking, is a way for …
Read More »Observers Split on Banking Groups’ Effort to Get the Fed to Extend Time for Debit Compliance
Industry opinions are mixed regarding a move by banking trade groups to plead for more time to act on a ruling issued in October by the Federal Reserve. The ruling orders all banks to comply by July 1 with an 11-year-old requirement that merchants have a choice of at least …
Read More »Many Still Favor Plastic Over Mobile; Mastercard Marks Record 2022 Results; Netevia Banking To Debut
