Payments News

On The Web

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Providers

Repayment Problems Mount As BNPL Surges

“New research by financial advice service OpenMoney finds almost three fifths (57%) of adults aged 18 to 50 have now used buy now, pay later schemes (BNPL), up from half (49%) last year. The largest rise in usage has been among 45 to 50-year-olds, where 16% growth in the last year makes it the age […]
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Providers

Buy Now, Pay Later in Consumer Finance Watchdog’s Crosshairs

“The CFPB plans to ask the big players in the buy now, pay later industry for information about consumer protection concerns that have arisen about the burgeoning product. The Consumer Financial Protection Bureau is expected to send letters to Affirm, Afterpay and Klarna and other companies that dominate the market, according to multiple sources with […]
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Providers

TrueLayer and NatWest Make the First Open Banking VRP Transaction

“TrueLayer , Europe’s leading open banking platform, has reinforced its reputation as an industry innovator by making the industry’s first Open Banking variable recurring payment (VRP) transactions with NatWest…VRPs are an additional Open Banking API that the nine largest UK banks have been instructed to build by the Competition and Markets Authority (CMA) for sweeping. […]
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On The Wires

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Providers

National Advertising Division Finds Chime’s “No Overdraft Fees” Claims Supported; Recommends Qualification of “No Hidden Fees” Claims

“The National Advertising Division (NAD) of BBB National Programs determined that Chime Financial, Inc.’s advertising for its “SpotMe” program disclosed the material information necessary to ensure that claims about its program are substantiated and that Chime’s “no overdraft fees” claims are supported. Further, NAD found that the Chime homepage adequately qualifies its “no fees” claim […]
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Providers

Amazon Teams up With Barclays | Barclays

“From today, Amazon customers in the UK will have access to a new, flexible payment method – Instalments by Barclays, helping them to finance purchases of £100 or more on amazon.co.uk. The reusable credit account can be used on millions of products, including those from thousands of small and medium businesses selling on Amazon. With […]
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Providers

ENACOMM and PSCU Partner to Bring Prepaid Mobile Apps and Websites to Credit Unions

“NACOMM, a FinTech enablement company equipping financial services companies with affordable solutions that empower them to compete with technology offerings of the largest financial institutions, today announced it is helping to streamline mobile application and website development for credit unions through a partnership with PSCU, the nation’s premier credit union service organization (CUSO). The agreement […]
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Providers

Launching the First-Ever Point-to-Point Debit Transfer Product

“Astra, Inc. (“Astra”), the automation platform for money movement, today announced the launch of its first-ever card-to-card instant payment API. Through a strategic partnership with Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, Astra is providing the critical infrastructure that will, for the first time, […]
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Providers

Built Technologies Introduces the Future of Construction Payments: Built Pay

“Built Technologies , the fastest growing construction finance platform in the U.S., today announced Built Pay , which eliminates common pain points associated with making and receiving construction payments. Built Pay is a digital payment solution that is purpose built to simplify construction payment processes and provide payors and payees the flexibility to choose the payment […]
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Providers

Klarna Partners With GoCardless to Accelerate Expansion in the US

“Klarna, a leading global retail bank, payments and shopping service, today announced that it has chosen GoCardless, a global leader in account-to-account payments, to offer bank debit payments to its over 21 million US customers. Klarna will use GoCardless for its popular Pay in 4 offering and its financing solution, creating a more convenient shopping […]