Payments News

On The Web

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Providers

Coronavirus Prompts Renewed Calls for Postal Banking, Faster Payments

“Federal efforts to provide stimulus checks to Americans hit by the coronavirus’ economic fallout have revived calls for better government-backed financial delivery systems. Millions of households haven’t received their $1,200 payments nearly a month and a half after Congress authorized them. That has led some progressives and other observers to demand reforms to improve underbanked […]
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Providers

Google and Gates Foundation Join Forces to Promote Digital Payments in the Developing World

“A coalition of nonprofits and tech companies including Google and the Bill and Melinda Gates Foundation want to [make] it easier for developing countries to build real-time digital payments systems. On Wednesday, they announced the formation of the Mojaloop Foundation, which will develop and promote a free, open-source real-time payments platform intended for nations and […]
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Companies

Visa Gives Kenya’s Safaricom ‘Missing Link’ for Global Payments

“Visa and Safaricom have agreed a deal which will connect the Kenyan telecom operator’s M-Pesa financial services platform with Visa’s global network of merchants and cards. Under the deal, which requires regulatory approval, announced on Thursday by both companies, M-Pesa’s 24 million users and 173,000 local merchants will be linked to Visa’s 61 million merchants and […]
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Deals

Modulr raises £18.9M for its ‘Payments as a Service’

“Modulr, the U.K. fintech that offers ‘Payments as a Service’ as an alternative to commercial and wholesale transaction banking, has secured £18.9 million in growth funding. Leading the round is Highland Europe, with participation from existing investors including Frog Capital. Last year, this saw Modulr became one of only a few non-banks to gain direct […]

On The Wires

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Providers

100 Financial Institutions to Provide Real-Time Payments With Jack Henry

“Jack Henry & Associates, Inc. (NASDAQ: JKHY ) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. The company announced today that there are more than 100 financial institutions implementing its faster payments hub, JHA PayCenter™, to connect to Early Warning Services’ Zelle Network® and The Clearing House’s […]
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Providers

Marriott International Raises $920 Million In Cash Through Amendments To Co-Brand Credit Card Agreements With JPMorgan Chase & Co. And American Express

“Marriott International, Inc. (“Marriott” or “the company”) today announced it has signed amendments to its existing co-brand credit card agreements with JPMorgan Chase & Co. (“Chase”) and American Express.  These amendments will provide the company with $920 million of cash, further enhancing its liquidity, with $570 million coming from Chase and $350 million coming from American Express.”
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Companies

Global Payments to Provide Credit Card Processing Services for Truist Financial Corporation

“Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology and software solutions, today announced that TSYS, its Issuer Solutions business, has signed a long-term agreement with Truist Financial Corporation (NYSE: TFC), to process the bank’s consumer, commercial and small business credit card portfolios. Truist, the sixth largest commercial bank in the United […]
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Systems

National Coalition Formed to Protect Cash Payment Option for U.S. Consumers

“A broad spectrum of consumer representatives and businesses committed to preserving the right of American consumers to pay with cash has announced formation of the Consumer Choice in Payment Coalition (CCPC). The purpose of the coalition is to advocate for the continued availability of cash as a payment option for consumers throughout the U.S.”
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Companies

Mastercard Updates Second-Quarter 2020 Operating Metrics

“We are monitoring the impact of the pandemic and related actions being taken by governments as it relates to border restrictions, social distancing measures and opening of businesses, and the resultant impact on spending levels. With an additional two weeks of activity, we believe that we are starting to see the transition from the Stabilization […]