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PNC has become the latest financial institution to join the FedNow® Service.
The bank announced its entry into the Federal Reserve-run service Tuesday (Oct. 21), saying it would allow it to send and receive instant payments around the clock.
“PNC Treasury Management has seen firsthand the transformative value immediate payments solutions can bring to organizations,” Sarah Billings,...
U.S. Bank Avvance launched a new developer portal that enables its partner financial institutions and FinTechs to provide their customers with embedded financing options.
With the new API-driven integration options offered through the portal, institutions can embed point-of-sale financing into their platforms and tailor it to the needs of their business customers, U.S. Bank said in a...
Affirm wants the U.S. to find ways to cap late fees on pay-later loans.
In an interview with the Financial Times (FT) published Tuesday (Oct. 21), Affirm co-founder/CEO Max Levchin said limits on fees for late buy now, pay later (BNPL) payments would let leaders focus on their underwriting models rather than banking on missed payments.
“If buy now, pay later … was capping its ability...
Apple lawyer Daniel Beard reportedly told the General Court in Luxembourg on Tuesday (Oct. 21) that the European Union’s Digital Markets Act “imposes hugely onerous and intrusive burdens” on the company.
Apple is challenging the DMA on multiple fronts, Bloomberg reported Tuesday.
The company says that the antitrust rule’s requirement that Apple make competitors’ hardware work with its...
Specific-purpose payments solutions provider Edenred partnered with Visa.
“This collaboration strengthens Edenred’s platform through the certification of its in-house issuing and processing infrastructure with Visa Europe,” according to a Tuesday (Oct. 21) news release. It allows Edenred to issue Visa credentials across its activities like benefits, mobility and B2B payments.
The...
Bank examiners offer an initial line of defense in spotting weaknesses that can ripple across the U.S. financial system. They scrutinize credit portfolios, cyber controls and the third-party vendors linking traditional banks to FinTech partners. Yet, as risk grows more digital and diffuse, the examiner corps charged with keeping it in check is shrinking.
The Government Accountability...
Cash management is king in an uncertain world.
For treasury management and services providers, big banks and small firms, business is booming.
Bank earnings reports show strong performance in treasury and payments divisions, with bulge bracket firms like Citi, Bank of America, JPMorgan and more all reporting robust growth across their business lines.
Citi’s treasury and trade services...
An artificial intelligence system from UnitedHealth Group has reportedly sped up prior authorization requests and reduced medical claims denials “meaningfully” during testing at Minneapolis-based hospital system Allina Health.
The Optum Real system, which is designed to streamline medical claims processing, has reduced denials by flagging claims that need more documentation before they...
Investors are reportedly seeking signs of stress within the regional banking sector.
That’s according to a report Tuesday (Oct. 21) from Reuters, which notes that these concerns came after a week in which some regional banks reported bad loan and fraud issues.
Analysts told the news organization that, in the wake of the 2023 banking crisis, investors have no appetite for uncertainty,...
PayPal is reportedly taking over a stake in eCommerce company Shopware from the Carlyle Group.
The company’s stake in the German company will jump from 11% to 41% in this deal, Bloomberg News reported Tuesday (Oct. 21), citing sources familiar with the matter.
Carlyle and PayPal invested $100 million in Shopware in 2022, pointing to the company’s presence in the crucial eCommerce...