Fintech

Federal Reserve Gov. Stephen Miran sidestepped whether policy setting pressure from the administration is a welcomed development, but reiterated that he wants to avoid succumbing to "groupthink."

Many banks lowered the interest rates they pay on certificates of deposits and high-yield savings accounts in September, capitalizing on the Fed's 25-basis-point cut.

The CardWorks subsidiary has officially taken over Ally Financial's Ollo credit card portfolio, ending a five-year dance between the two companies that first had Ally buying CardWorks for $2.7 billion.

As consumers use digital subscriptions for everything from streaming movies to cooking meals, financial apps are taking different approaches to helping their customers navigate recurring payments. Should banks get in on the action?

The payments company is opening its real-time payments network, Visa Direct, to stablecoins through a prefunding pilot that will allow businesses to move money across borders when banks are closed.

Real-time cross-border payments are in demand, but lack interoperability — creating demand for Swift and Ripple to add new tech. Plus, PayPal pledges to add payment technology in the Middle East and Africa, and more international payments and fintech news.

The cards, which are expensive, have not grown quickly. But payment companies are angling for a pickup.

The bank teamed up with Euronet Worldwide subsidiary Dandelion for cross-border payments to digital wallets in the Philippines, Indonesia, Bangladesh and Colombia in an optionality play.

Federal Reserve Bank of Kansas City President Jeff Schmid said that the central bank should continue its focus on curbing inflation, as the job market is "largely in balance."

Federal Reserve Chair Jerome Powell said in a speech Tuesday that the central bank's policy stance is "modestly restrictive," a stance that will give the central bank flexibility to react to an uncertain economic future.