A proposed bill to impose network routing requirements on banks that issue credit cards is anti-consumer, anti-competitive and will harm everyone except large merchants, ABA and 51 state bankers associations said in a joint letter to congressional leaders.
The more card issuers can do to digitally empower cardholders, the more likely the card will be used, building loyalty and connection.
The CFPB issued a consumer advisory warning that many popular nonbank payment apps lack deposit insurance and therefore the protection of keeping money in a bank account.
The Bank for International Settlements’ proposed harmonization requirements for cross-border payments have not struck the right balance, and if mandated in their current form, would make cross-border payments slower, more expensive and less accessible than they are today, according to ABA, BAFT and the Clearing House
Newer payments systems such as social tokens and virtual cards are growing more popular among midsize businesses to conduct financial transactions, but traditional payment methods such as checks and physical credit cards still dominate, according to a new survey by Citizens Bank.
BAFT, the ABA’s global transaction banking subsidiary, has elected Suresh Subramanian as chair of its board for the 2023-24 association year.
After years of being “FedSoon,” the Federal Reserve’s instant payment network FedNow is preparing to go live this summer. What do banks need to know in the final months before launch?
A bipartisan group of lawmakers reintroduced the SAFE Banking Act, an ABA-championed bill that would address the conflict between state law and federal law over cannabis banking.
Most Americans say they are personally at fault when authorizing a real-time payment to a scammer, although most also believe their bank should refund the lost money, according to a new survey by FICO.
The value of core noncash payments in the U.S. grew faster from 2018 to 2021 than at any time since the Federal Reserve began measuring the metric more than two decades ago, the agency said.