Issuing/Originating

Discover Financial Services late Wednesday reported net income of $901 million for the second quarter of 2023, down 18% from a year earlier. Credit card loans for the quarter totaled $94 billion, a 19% year-over-year increase. As part of its earnings statement, Discover stated that “the comparative prior quarter ended …

The Federal Reserve’s instant-payment service, FedNow, is officially live with 35 banks and credit unions participating, the nation’s banking regulator announced early Thursday. The launch, which culminates four years of work since the Fed first announced its intention to build a real-time payments rail, comes as the payments industry moves …

The Federal Reserve could launch its FedNow real-time payments service as early as tomorrow, sources tell Digital Transactions News. The network, which has been under development for nearly four years, represents the regulator’s first effort to create a nationwide network for instant payments, a service that other countries, and at …

Open banking, the system enabling seamless sharing of financial data via application programming interfaces between banks and third-party service providers, has captured global attention over the past several years. In 2018, the Second Payment Services Directive (PSD2) marked the official open-banking era by mandating data sharing in Europe. This milestone paved …

Adyen NV said it has become one of the earliest payments providers to finish testing and receive certification on the Federal Reserve’s FedNow real-time payments service, set to launch later this month. The payments platform Flywire is working with Tencent Financial Technology to allow Chinese students to use WeChat Pay to make education-related payments while …

Financial services was the most impersonated industry by criminals launching phishing attacks during the first half of 2023, according to a report from cybersecurity firm Vade. Financial services accounted for more than 33% of all phishing URLs, followed by the social media (22%) and cloud (21%) industries. Phishing is the …

With the Federal Reserve’s rollout of the FedNow real-time payments service expected by the end of the month, a regional Federal Reserve Bank official on Wednesday outlined a roadmap for the new network that includes network interoperability, the possible addition of peer-to-peer payments, and, overall, the prospect of fewer payment …

Music-technology provider SoundExchange announced it is adding PayPal and Venmo as options for royalty payments to registered creators. The two payments channels join CashApp and Zelle as payout options on the platform. Tulip, a point-of-sale technology provider for retailers, said it will incorporate payments services from Stripe Inc. Dollar General announced DG Cash …

Bank of America Corp. has again run afoul of the Consumer Financial Protection Bureau for alleged illicit credit card practices. On Tuesday, the CFPB and the Office of the Comptroller of the Currency announced they are fining the banking giant $150 million for double-dipping on fees imposed on customers with …

Point-of-sale technology provider Adyen NV has added Tap to Pay on Android, which allows merchants to accept contactless card payments directly on a mobile device with no additional hardware. Adyen is adding the technology initially in the United States and Singapore. Checkout.com launched Identity Verification, a tool based on artificial intelligence that allows …