The Federal Reserve has announced a timeline for the launch of its long-awaited FedNow payment service that will let banks offer customers instantly available funds and execute real-time payments, with critics flagging concerns like lack of cross-border payment processing and raising questions about surveillance. The Fed announced on Wednesday that it will begin formal certification…
Fed Announces Launch of ‘FedNow’ Real-Time Payment System, Sparking Debate
Google to Allow App Developers to Use Rival Payment Systems, to Cut Fees
BRUSSELS—Alphabet unit Google said it will from Tuesday cut fees to 12 percent, from 15 percent, for non-gaming app developers on its Google Play App Store which switch to rival payment systems, as it moves to comply with new EU tech rules. The world’s most popular internet search engine said the fee cut applies only…
Russian Parallel Payment System Bypasses Sanctions
Domestic credit and debit transactions in the Russian Federation have been largely unaffected by Western sanctions and the voluntary withdrawal of card companies from the country, due to an alternative system for managing domestic payments that was developed in the late 2010s. In the aftermath of President Vladimir Putin’s 2014 annexation of Crimea and the…
Payment Processor CEO Fights Cancel Culture, Aims to Stop Deplatforming
While I was in Florida, I took the unique opportunity to sit down and speak with Wendy Kinney, CEO of Revere Payments—and we discussed, in light of what happened with the Canadian truckers’ fundraiser, how people can shield themselves from ideologically driven financial warfare. Stay tuned for our newsletter so you won’t miss out on…
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