Payments News from American Banker

Wise grew its net revenue 19% year over year to $2.5 billion in its fiscal 2026, aided by increased deposits, cross-border volume and spending on the Wise card. It's the latest sign that interest in cross-border payments and multicurrency accounts is heating up.

X Money includes rudimentary functions like deposits and P2P transfers. But it's also laying groundwork for a potential move into agentic commerce and broader financial services — which analysts say is necessary for the app to thrive in a crowded market.

The global payments platform, which recently expanded to the U.S., also plans to build new autonomous finance and agentic commerce products.

The bank is part of a trend of financial institutions trying to streamline a complicated industry that paper has dominated for years.

Speaking at the New York Federal Reserve's Innovation Conference on Friday, New York Department of Financial Services acting Superintendent Kaitlin Asrow said the regulator was interested in maintaining long-standing consumer protections as AI adoption increases.

Banks face conceptual, operational and other hurdles that threaten further adoption of real-time payments.

The card network's recent partnerships attempt to build demand for new forms of artificial intelligence while feeding "value added" revenue — a nonpayment fee metric that investors watch closely.

CEOs of payments companies and fintechs such as Block and Bolt have pointed to AI as a driving force behind layoffs at their organizations. But Tania Babina, an associate professor of finance at the University of Maryland's Smith School of Business, says there is no systematic evidence that AI is taking jobs.

The shutdown came in the middle of a match, knocking out processing at small businesses, a segment expected to see transactions spike during such an event.

The payment company is expanding the Afterpay buy now/pay later network and offering a Cash App mobile plan as it tries to draw consumers from legacy financial institutions and rival payment firms.

The company's forthcoming stablecoin, PAYO-USD, is designed to spur increased transaction volume revenue rather than interest income on reserves, a model championed by most stablecoin issuers.

The Bank of England's new guidance changes restrictions following criticisms and concerns about U.S. dominance.

Banks that don't embrace embedded payments now risk losing out to more nimble rivals in the near future.

Back-office automation fintech BILL Holdings is using JPMorgan Payments white-label digital wallet to subledger its own clients' accounts. Reconciling client payments for BILL's corporate card, the BILL Divvy Card is the company's first use case.

Like the Olympics, the event is used to push and measure engagement and appetite for emerging checkout options.

The Treasury's Financial Crimes Enforcement Network and federal banking and credit union agencies limited issuers' know-your-customer obligations to direct-to-consumer services, preliminarily rejecting a "global" customer due diligence requirement they say is unfeasible. 

The state would join New York in governing the up-and-coming credit product. Industry and consumer advocacy groups say there's still room for improvement.

The payment company is "exploring options" for PayPal Ventures as new CEO Enrique Lores tries to reverse an earnings slump.

As the Ohio-based bank absorbs a pair of banks in Texas, it's also enhancing its ability to quickly move larger sums for business clients.

The fintech's recently installed U.S. CEO said at American Banker's Digital Banking conference that Revolut's goal is to become "the first truly global bank."