Cross-border payments are a huge business. Here’s what banks and a handful of non-bank specialists are learning from fintechs about how to get better at it. Whether it’s a transaction initiated by an overseas worker sending money home or a business sending a payment to an out-of-country supplier, the dollar …

Last year, Chime got in trouble with the regulators for marketing itself as a bank. At the time, industry observers responded with a lot of snark about how it didn’t matter to the end users whether or not Chime actually held a charter, so the regulators were being ridiculous. This …

Online attacks in which criminals seize control of victims’ data are rising, and government agencies are far from immune. That’s now leading states to consider laws prohibiting state agencies from paying ransoms to get the decryption key that would unlock what are often vital files. North Carolina in May and …

Digital payments are on the rise, and so is payment fraud. As of 2020, nearly 80% of Americans used at least one form of digital payment. Between 2020 and 2021, payment fraud attacks rose dramatically on digital wallets (200%), payment service providers (169%) and crypto exchanges (140%). To keep up …

Digital identity, new ways to move funds, the speedy pace of innovation, and changing consumer payment preferences are all quickly altering the payments arena, suggests the latest payments report from Deloitte Consulting LLP. “The things that really stood out the most for us when we looked at the data is …

Payments provider Celero Commerce has acquired Community Bankers Merchant Services, a provider of electronic transaction processing through community and regional banks across the country. Terms of the deal, announced late Thursday, were not disclosed. The acquisition of CBMS will open the door for Celero to provide processing services to merchants …

For years, payments fintechs with a bank charter have labored under a requirement that, for money movement, deposit-taking, and other related services, they largely had to work with another federally chartered bank. This week, the nation’s top banking regulator announced an important change to its rules that could sweep away …

Choice Hotels International Inc. launched Choice Direct Pay, which allows businesses to make reservations for employees and guests at multiple properties with billing through a centralized invoice. The service works with more than 5,000 U.S. properties.Grocery Outlet Holding Corp. announced customers can order groceries for delivery from nearly 400 stores via online-delivery …

Technology startup BankiFi, which seeks to enable payments and banking functions for small businesses, announced it has received a $4.8 million investment to fund its expansion into North America. Praetura Ventures led the funding round.Focused Labs, a developer of custom payments software, said it has joined the Stripe Partner Ecosystem. Stripe Inc.’s …

While the recent partnership between fintech Wise US Inc., which specializes in cross-border payments, and Plaid Inc. is another example of the momentum open banking is gaining globally, one overlooked element of the deal is the role the open-banking standard developed by the Financial Data Exchange played in making the …