Payments Dive

Merchants have opened a new front in the legal battle over Illinois' Interchange Fee Prohibition Act. A group of nine retail and restaurant trade associations sued the Office of the Comptroller of the Currency and the National Credit Union Administration (NCUA) on Thursday in federal court, alleging that the agencies' actions to preempt the state law ran afoul of the National Bank Act and the Administrative Procedure Act. If you like Payments Dive's news coverage, please subscribe to our free daily newsletter at the below link. #payments https://lnkd.in/g_kWEQCc

A potential legal battle is brewing between Western Union and Intermex - International Money Express over the former's decision late Tuesday to abandon its $500 million Intermex purchase. Western Union walked away after deeming as unacceptable several conditions imposed by California financial regulators for the deal to proceed. Intermex said Wednesday it will "vigorously" pursue its legal rights under the merger agreement. #payments #remittance https://lnkd.in/gj8s98HQ

Lots of #payments news this week ... Fiserv may shut a debit network if it can't sell one ... Western Union and Intermex - International Money Express shift into battle ... and Block ponies up data for Federal Trade Commission. See our coverage below and sign up for the free Payments Dive newsletter! https://lnkd.in/dwwDyW-2 https://lnkd.in/gj8s98HQ https://lnkd.in/gBYrSUPj

Block and the Federal Trade Commission have struck a deal under which the company will turn over information the agency requested 11 months ago as part of an investigation into some 1,500 merchant complaints about Block's Square point-of-sale business. Merchants allege that Square froze and deactivated their accounts, with "at least $2.5 million" in #payments affected, according to the agency's filing last month in federal court in San Francisco. The FTC had sought a magistrate judge's help to enforce its civil investigative demand sent in January. https://lnkd.in/dwwDyW-2

The rent now, pay later market is attracting new users amid consumers' persistent battle with U.S. inflation and affordability concerns. Multiple fintechs, including Flex, Esusu and Realpage's Livble, have entered the domain of housing #payments, allowing renters to split their monthly rent. These startups have also moved onto the radar of consumer advocates and regulators. If you enjoy Payments Dive coverage, please sign up for our free daily newsletter. https://lnkd.in/g99QS6at

Shift4 is going through some things this year as macroeconomic conditions beset its point-of-sale processing business. The Iran war has depressed travel from the Middle East and parts of Asia to Europe, while inflation-weary U.S. consumers are spending less dining out with Shift4's restaurant customers. Shareholders are not pleased given the stock's decline over the past year, CEO D. Taylor Lauber conceded this week on an earnings conference call. If you like Payments Dive's news coverage, please subscribe for free. #payments https://lnkd.in/gTnDMJjB

In #payments news this week ... will a new Congress move the Credit Card Competition Act, or move on ... Toast and Fidelity National Information Services CFOs depart ... and Marqeta's CEO believes "there’s almost nothing more engaging than a card." Hmmm, really? Maybe, in any case, check out our Payments Dive coverage below, and if you like it, subscribe for free. https://lnkd.in/gFJwcqVu https://lnkd.in/gfqDAweq https://lnkd.in/gS_q4UT2

Payment cards carry strong customer-engagement elements, drawing a variety of non-financial companies that want to embed financial services into their existing customer platforms, Marqeta CEO Mike Milotich said this week in an interview. #payments #fintechs https://lnkd.in/gFJwcqVu

In #payments today ... can the Credit Card Competition Act live on with Senator Peter Welch after the defeat of Sen. Roger Marshall ... Block moves toward anti-money laundering settlement ... and Marqeta CEO Mike Milotich believes #cards have staying power. See our coverage below and subscribe for free to Payments Dive https://lnkd.in/gFJwcqVu https://lnkd.in/gkBHUrZg https://lnkd.in/gS_q4UT2

Two large players in the payments world, Fidelity National Information Services and Toast, are bidding farewell to their financial chiefs. FIS said Wednesday that CFO James Kehoe is stepping down this week, while Toast announced Tuesday that President and CFO Elena Gomez will leave at the end of 2026 after nearly six years at the company. Both executive departures came as part of the companies' third-quarter income reports this week. https://lnkd.in/gfqDAweq