The global payments firm launched a new brokerage payments solution that lets international FIs settle transactions with certain U.S. brokerages. This system is up to 90% cheaper for customers than SWIFT.
Read MoreIndian regulators have forced the country’s payments giant to pause the onboarding of new customers during an IT audit. This is the second time Paytm has faced such a ban in five years.
Read MoreOn Thursday, Stripe CEO John Collison announced that Stripe is re-entering the crypto space. FTX US said it will use Stripe to automate KYC processes, approvals, and crypto purchases from debit cards and ACH transactions.
Read MoreThe People’s Bank of China (PBOC), the country’s central bank, may levy record fines against Tencent’s WeChat Pay for failing to comply with KYC and AML regulations. The PBOC discovered these violations during an inspection of the company in 2021.
Read MoreReal-time payments provider ACI Worldwide announced these new digital payments options for U.S. federal taxpayers, not for state filings. ACI is the first platform to offer tax payments through Venmo.
Read MoreMore than 17 million Americans were the victims of fraud on digital wallets or peer-to-peer payment apps in 2020. A large proportion of these crimes took place on Zelle, according to the New York Times.
Read MoreBinance announced this morning that it would launch Bifinity, a payments technology company and fiat-to-crypto payments provider. Bifinity will partner with payments platform Paysafe as well as Checkout.com to scale its operations.
Read MoreOn Saturday, Visa and Mastercard announced that they had suspended network operations in Russia, which prevents cards issued in Russia from working abroad, and disables cards within Russia that were issued outside the country. Amex and PayPal have enacted similar measures.
Read MoreIn an earnings call with analysts on Tuesday, the coffee chain’s executives said they would invest in expanding customer use of the Dutch Rewards app. Between 20% and 25% of rewards transactions include stored-value activity, according to the company’s CFO.
Read MoreOn Monday, Equifax started adding “pay-in-four” installment loans to its credit reports. Experian and TransUnion said they would roll out similar developments this year as well.
Read MoreVisa and Mastercard have blocked several Russian financial institutions from its payments systems. A run on Russian banks has begun.
Read MoreIn a joint statement on Saturday, the U.S., U.K., E.U., and others announced that they would move to exclude “selected Russian banks” from SWIFT, the international payments system. The group of countries has also frozen assets belonging to Russia’s central bank in response to the country’s invasion of Ukraine.
Read MoreHours into the Russian invasion of Ukraine, the foreign ministers of Estonia, Latvia, and Lithuania encouraged “disengaging Russia from SWIFT,” the international payments system. Polish and UK officials echoed these calls as well.
Read MoreThrough AmEx’s Plan It BNPL tool, AmEx U.S. Customer Card members can now split payments made on Delta.com. The airline’s app will offer the same feature this spring.
Read MoreIn a settlement with regulators, BlockFi agreed to register with the SEC and pay $100M in federal and state fines. It plans to launch an SEC-approved crypto interest-bearing security.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
