Fintech

Amex is working with Worldpay to reach businesses in the U.K., Western Union has resumed remittances to Cuba after shutting down that corridor in 2020, and more.

The number of borrowers who are at their credit limits is approaching its pre-pandemic level, and the percentage of balances that are sliding into delinquency has hit its highest rate in more than a decade, according to new research. Still, card companies are generally expressing optimism about their credit outlooks.

Stearns Bank in Saint Cloud is working with the on-demand payment technology firm Reset to launch an earned-wage card for blue collar and immigrant families struggling with access to money.

Regulation, credit quality and AI-fueled fraud are among the big concerns for banks and payment companies.

Part of the Consumer Financial Protection Bureau's mandate is to educate consumers by providing reliable information. With its credit card late fee "report" and the associated rulemaking, it has failed to live up to that responsibility.

Executives of Allegiant, Breeze and Spirit complained to the heads of the Consumer Financial Protection Bureau and Department of Transportation that the relationships between big banks and big airlines are anticompetitive. Consumer advocates also questioned whether large airlines are delivering on promised rewards and if consumers are racking up debt to accrue miles and points.

Bank stocks are up this year as interest rates have leveled off and there are hopes that pressure on lenders' profits could moderate.

National Australia Bank is adding a Pay By Bank option for near-instant payments, Italy is bringing open-loop payments to buses in Tuscany, and more.

Incumbents face the challenge of updating their infrastructure for digital payments, while newcomers are pushing to compete by using artificial intelligence, cloud hosting and other technologies.

Big national retailers will capture all the financial benefits from proposed reductions in swipe fees, while consumers will be left with fewer benefits programs and less secure transactions.