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- President Trump issued an executive order requiring a move to electronic processing for all federal payments and receipts “by digitizing payments to the extent permissible under applicable law.” The order specifically rules out the creation of a central bank digital currency.
- The Financial Crimes Enforcement Network issued an interim rule that removes the requirement for U.S. companies and individuals to report beneficial ownership information under the Corporate Transparency Act, following a March 2 Treasury Department decision to suspend enforcement of BOI rule. FinCEN said it intends to finalize the rule this year.
- U.S. Bank is working with Grazzy, a digital platform for tips, to introduce a prepaid card aimed at hourly employees to access tip income.
- Prepaid card platform Paysign Inc. reported 2024 revenue of $58.4 million, up 23.5% from 2023. Net income dropped 41% to $3.82 million, in part owing to a 12.7% increase in cost of revenues.
- Toast Inc., a point-of-sale provider specializing in hospitality, said it is working with food critic Keith Lee to award $50,000 to each of three restaurants, starting Wednesday and extending over coming weeks. Criteria for the awards include commitment to hospitality, community connection, and employee care and engagement.
- Payments platform FreedomPay said it will work with reservation-app provider OpenTable to offer payments and other services to restaurants, including prepaid capabilities.
- The big French processor Worldline will ally with Castles Technology, a provider of point-of-sale payment technology, to offer payment services in North America, including softPOS, the ability to accept payments on an off-the-shelf mobile device.
- Visa Inc. has concluded a referral agreement with Extend, a platform aimed at allowing businesses to manage spending through the use of virtual cards.
- Early Warning Services LLC, the company behind the Zelle and Paze payments services, has widened its use of Aria Billing Cloud to include more data for financial institutions, Aria announced.
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