Credit Cards

The Consumer Financial Protection Bureau’s most recent analysis of card issuing practices found that in the first half of 2023 small banks and credit unions tended to offer lower interest rates than the top 25 issuers. For consumers with scores between 620 and 719, the median annual percentage rate for a large …

Days after Sen. Dick Durbin, D-Ill., sent letters to the chief executives of Visa Inc. and Mastercard Inc. demanding they testify before the Senate Judiciary Committee about their opposition to the Credit Card Competition Act, the Electronic Payments Coalition is asking why the committee is not requesting that leaders of …

FIS Inc. said it is working with Banked, an open-banking provider, to develop new pay by bank services for businesses and consumers. Gateway provider Trice Technologies Inc. said it is a technology provider and real-time payments gateway for the RTP network from The Clearing House Payments Co. LLC. Web services and payments provider GoDaddy …

The digital-tipping provider eTip announced late Monday it has partnered with Davidson Hospitality Group to make its service available to Davidson’s 85 hotels and resorts, as well as the company’s more than 200 restaurants, bars, and lounges in the United States. To initiate a payment through eTip’s application, consumers scan …

E-commerce platform Radial Inc. is giving its merchants a new payment option that bypasses traditional credit and debit card payments and instead relies on account-to-account transfers. Dubbed Pay by Bank, the service was developed by Link Financial Technologies Inc., which does business as Link Money, an open-banking platform. King of …

Bank of America reported an all-time high 21.5 million customers now use the peer-to-peer payments network Zelle. BofA customers last year sent and received 1.24 billion Zelle payments totaling $373 billion, both also record highs. In the fourth quarter, Zelle send transactions were double the number of checks written, the bank …

Just as Visa Inc. is expanding its Commercial Pay service to the Latin American and Caribbean region, it is making virtual card issuance for its commercial card clients a reality. Visa says Commercial Pay clients, which have access to a host of B2B payment services, now can add virtual corporate …

CUSIP Global Services announced late Wednesday that it will be taking over day-to-day operations of the administration of the issuer identification number system from the American Bankers Association. The change is not monumental as CUSIP has a long history of managing numbering programs for the financial services industry. The ABA …

Payments provider Lightspeed Commerce Inc. reported December-quarter revenue of $239.7 million, up 27% year-over-year. The company narrowed its net loss to $40.2 million from $814.8 million a year ago. Payments platform FleetCor Technologies Inc. reported December-quarter revenue of $937.3 million, up 6% year-over-year. Net income rose 6% to $255.9 million. For full-year 2023, revenue …

Credit union service organization PSCU/Co-op Solutions released its buy now, pay later service to credit unions, enabling their cardholders to make installment payments on their card-based purchases. PSCU/Co-op, which merged Jan. 1, says cardholders whose credit unions enroll in the service can choose qualifying transactions to pay back in installments. …