The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Comerica Bank, alleging that it systematically failed members of its Direct Express government benefits program. A partnership between the U.S. Department of the Treasury, Comerica Bank, and Mastercard, Direct Express provides millions of U.S. individuals with prepaid cards to receive federal benefit payments, like […] The post What Brought Down Comerica’s Direct Express Prepaid Program? appeared first on PaymentsJournal ..read more

A wave of crypto regulations is set to take effect worldwide, and Circle has announced that USDC is the first digital asset to reach compliance with Canada’s new stablecoin laws. The Canadian Securities Administrators has passed a set of standards defining Value-Referenced Crypto Assets (VCRA), which will go into effect next year. These laws describe […] The post Circle’s USDC Is the First to Meet Criteria for Canada’s New Stablecoin Rules appeared first on PaymentsJournal ..read more

The correspondent banking system that has been the framework for cross-border payments for decades has become inadequate to meet the demand for global remittances. However, with so many technology solutions available, many financial institutions might be unsure how they can participate in the growing cross-border payments segment. In a recent PaymentsJournal webinar, Gary Palmer, President […] The post How Financial Institutions Can Change the Paradigm for Cross-Border Payments appeared first on PaymentsJournal ..read more

Consumers today manage more accounts across various platforms than ever before, and a payment account reference (PAR) number could be the solution to linking them all seamlessly, according to a report from the U.S. Payments Forum. Tokens are issued when consumers use digital wallets like Apple Pay or Google Pay, or input payment information while […] The post Personal Account Reference Numbers Could Link Disparate Digital Accounts appeared first on PaymentsJournal ..read more

American Airlines’ decision to make Citigroup its exclusive credit card partner might be seen as a setback for the partner it’s dropping, Barclays. However, despite Barclays’ ambitions to grow its U.S. presence, the departure from American makes sense for several reasons. The partnership between American and Barclays traces back to the airline’s 2013 takeover of […] The post Barclays’ Credit Business Remains Strong, Despite Losing American Airlines appeared first on PaymentsJournal ..read more

Organizations seeking more flexibility and sophistication in devising transaction fee and commission structures are increasingly turning to rules-based fees engines.  Billing systems are designed to handle invoicing and collect payments, but they are limited in their ability to help companies create new fees and commissions. Rules-based fees engines allow payment processors to stay competitive and […] The post How Rules-Based Fees Engines Drive Innovation appeared first on PaymentsJournal ..read more

On Me has signed a five-year deal with Mastercard and secured $1.7 million in venture capital to build out its personalized digital gift card platform. Unlike the traditional single-store gift card model, On Me’s platform centers each gift card around a particular interest or hobby. For example, a recipient could use a “Running, On Me” […] The post On Me Secures Mastercard Partnership for Tailored Digital Gift Card Platform appeared first on PaymentsJournal ..read more

In a move that could jump-start instant payments in the U.S., the Clearing House is raising the payment limit on its RTP network from $1 million to $10 million. The new limit will take effect on February 9, 2025. “The higher transaction limit would enable more real-time payments use cases, especially higher-value transactions such as […] The post RTP’s Instant Payment Limit to Jump to $10 Million, Expanding Business Use Cases appeared first on PaymentsJournal ..read more

As the world hurtles headlong toward real-time payments, speed and efficiency have often been prioritized over security. However, with faster payments comes faster fraud, and just as organizations deploy technology to streamline their systems, criminals are deploying complex schemes on a global scale. In a recent PaymentsJournal podcast, Dal Sahota, Director of Trusted Payments at […] The post As Payments Speed Up, Slowing Down Fraud Is More Critical appeared first on PaymentsJournal ..read more

Buy now, pay later (BNPL) is a product that got its boom in the pandemic as consumers went online to make their purchases. The product has continued to skyrocket upwards in popularity and has been a widely successful payment method among consumers. According to data from Javelin Strategy & Research, one quarter of consumers had […] The post BNPL Is Boosting Consumer Spending and Fulfilling Vendor Promises appeared first on PaymentsJournal ..read more