Fintech

As bitcoin plays an ever-larger role in cross-border transactions, what remains to be seen is how prepared the various bodies overseeing global finance are to engage with an asset that operates largely beyond their ability to meaningfully control it.

Australia's national Payments Systems Board has decided to remove surcharges on prepaid, debit and credit cards for electronic funds transfers, while lowering the cap on interchange fees. Also, Wells Fargo is seeking banks for its international payment network, and more in American Banker's global payments and fintech roundup.

Recurring payments for stuff like streaming content can get lost in the shuffle, creating an opportunity for the big card brands.

The Minneapolis-based bank will issue the cards, and Mastercard will act as the network provider. American Express formerly ran the e-commerce giant's business credit card programs.

Federal Reserve Chair Jerome Powell said the central bank is cautiously monitoring consumer sentiment as tensions from the Iran war push energy prices higher, complicating efforts to bring inflation down to the Fed's target.

A database that holds the details about every attack on databases is itself at risk of being compromised, which would leave banks and other businesses on their own when it comes to network defense.

The bank-led companion to the Zelle P2P app faces a market where tech giants such as Apple have huge market share and a headstart of more than a decade. Paze exec Eric Hoffman told American Banker there is still a large addressable market for digital wallet users.

From transaction to transaction, it is impossible for merchants accepting major credit cards to know with certainty what interchange fees they are being charged. Until that's fixed, the interchange wars will continue.

The Canadian bank laid out its rationale Thursday for opening new branches in California. The objective is to increase density in the Golden State, and subsequently achieve greater market share and higher returns.