Payments News

On The Web

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Regulation

Banking Regulator Fines Capital One $80 Million Over 2019 Hack

“A top banking regulator has fined Capital One Financial Corp. $80 million over a 2019 hack that compromised the personal information of about 106 million card customers and applicants. The Office of the Comptroller of the Currency said the bank failed “to establish effective risk assessment processes“ before transferring information-technology operations to the public cloud […]
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On The Wires

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Systems

Federal Reserve Announces Details of New 24x7x365 Interbank Settlement Service With Clearing Functionality to Support Instant Payments in the United States

“The Federal Reserve Board on Thursday announced details of the FedNow℠ Service, a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States. The features and functionality described in the accompanying Federal Register notice represent a key milestone in the FedNow Service’s development and are based on input received from the […]
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Providers

Lightspeed Capital Launches for U.S. Retail Customers

“As the retail industry continues to adopt innovative solutions amidst the global pandemic, Lightspeed announces the initial availability of Lightspeed Capital , powered by Stripe . Through financing offers, this new product will help U.S.-based merchants with overall business growth, more specifically to buy inventory, invest in marketing, or manage cash flows. It is available […]
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Tech

BankMobile Technologies, a Subsidiary of Customers Bank, and Megalith Financial Acquisition Corp. Agree to Combine to Bring a Digital Banking Platform to the Public Market Under the New Name BM Technologies

“BankMobile Technologies, a subsidiary of Customers Bank, and one of America’s largest digital banking platforms, and Megalith Financial Acquisition Corp (“MFAC”), a special purpose acquisition company, announced today that they have entered into a definitive merger agreement.  Upon closing of the transaction, the combined company (the “Company”) will operate as BM Technologies Inc. and expects […]
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Providers

Rellevate Launches Digital Consumer Financial Services Platform for People Who Need It Most

“Rellevate™, a digital fintech company aimed at facilitating access to consumer financial services for middle and lower income Americans, officially launched its platform today. The announcement was made by Stewart A. Stockdale, Rellevate’s Co-Founder, Chairman & CEO, who also announced that the Rellevate platform will facilitate banking services through Sutton Bank.”
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Domains

Kroger Launches Contactless Payments Pilot in QFC Division

“The Kroger Co. today announced the launch of a contactless payments pilot across the QFC division, located in Seattle, Wash., allowing customers to use their mobile device for a more seamless checkout experience. The pilot includes the acceptance of Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, mobile banking apps and contactless chip cards, underpinned by near-field […]
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Domains

 Western Union Expands International Payment Services in Brazil

“The Western Union Company, a leader in cross-border, cross-currency money movement and payments, today announced an expansion of services between its Western Union Business Solutions division and Banco SEMEAR in Brazil to offer the WU® GlobalPay for FI platform, the Company’s solution for financial institutions that enables customers to make international payments simply and efficiently.”
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Domains

PayU Enables Merchants to Scale up Financial Operations With Enhanced Payouts Solutions Suite

“PayU, India’s leading online payment solutions provider, has enhanced its flexible fund source management and beneficiary management capabilities with its enhanced Payouts product suite. With the newly launched Payouts from Payins feature, merchants can receive payins (settlements and payments) directly into virtual accounts created by PayU, eliminating the need for constant recharging. From pay-ins received in the accounts, […]