The Huntington National Bank launched a secured credit card offering 1% cashback rewards and no annual fee. Secured cards require cardholders to make a one-time, refundable deposit to back activity on the card. Mastercard Inc. and BOK Financial Corp. expanded their agreement making Mastercard the exclusive payments network in BOK’s debit and …

FedNow, the real-time payments network operated by the Federal Reserve, announced late Tuesday it has 400 financial institutions participating as senders or receivers after six months of operation. The much-anticipated Fed service launched last July with 35 participating financial institutions. Participating institutions range in size from less than $500 million …

Giant payment processor Fiserv Inc. wants to take on another aspect of the business with its application for a special bank charter in Georgia. The charter for a merchant-acquirer limited purpose bank, if approved, would enable Brookfield, Wis.-based Fiserv to interact with card networks directly instead of operating through a …

On Nov. 20, 2023, Mastercard Inc. announced that its Chinese joint venture with Netsunion to process domestic payments had been approved by the People’s Bank of China and the National Administration of Financial Regulation. Was it a victory for, or a mockery of, free trade? If this landmark approval were …

Are you considering the advantages of digital card issuing? You can be sure your competitors are. People are permanently anchored to their mobile devices today. The average American spends more than five hours on their device each day, checking their phone on average 96 times, or approximately once every 10 …

The data-sharing routines undergirding a wide variety of payments services offered by fintechs like PayPal and Block depend on open banking, which has emerged to enable crucial information transfers from financial institutions while keeping sensitive account data from falling into the wrong hands. Now the latest update to the rules …

With the payments industry abuzz since late Thursday with reports that the big processor Shift4 Payments Inc. is in talks to be acquired by Global Payments Inc.—reports Global Payments has denied— questions are emerging as to whether Shift4’s plans to grow through the exploration of strategic initiatives include a sale. …

Navy Federal Credit Union reported it took in more than $2.7 million in real-time deposits on its first full day of real-time payments service on The Clearing House Payments Co.’s Real Time Payments (RTP) network. Shift4 Payments said it will process ticket and in-venue concession sales for the Baltimore Ravens National Football League …

The payments market is enjoying more vitality and growth than most can remember. So what’s behind the recent market rout? The payments market is enormous and growing. Capgemini forecasts a 15% compound annual growth rate for global noncash digital payments through 2027. The Boston Consulting Group estimates global acquiring revenue …

It will take some time and effort, but with proper planning and research financial institutions can minimize the hassles. Many people in banking and financial technology aren’t aware that the word “core” in “core banking provider” started out as an acronym for “Centralized Online Real-time Exchange” (or “Environment”). This “real-time” …