Opinion
Surcharges Are Not a Scourge: Revisiting the Strategic Value of Card Surcharging
The controversy over card surcharging in the payments and accounts receivable sector has a long history. Nick Izquierdo, Executive Vice President at Billtrust, writes that surcharges are not a customer-unfriendly "necessary evil," but rather a strategic advantage that can benefit both businesses and customers. Through transparent communication, flexible payment options, and compliant operations, companies can leverage surcharges to optimize cost structures, improve cash flow, and boost customer satisfaction.
Why the CFPB's Latest Earned Wage Advance Rule Is Misguided
The U.S. Consumer Financial Protection Bureau (CFPB) recently proposed regulating earned wage advance (EWA) products under traditional credit rules (TILA). Brian Tate, CEO of the industry group Innovative Payments Association, argues that the rule would stifle competition, increase costs for workers accessing their earned wages, and could, due to credit checks, shut out the low-income groups most in need, pushing them back toward payday loans.
Credit Card Competition Act: A Necessary Redundancy for Electronic Payments
Following the global CrowdStrike outage, a former Senate Judiciary Committee counsel urges Congress to pass the Credit Card Competition Act, which would mandate backup networks for credit cards, mirroring the Durbin Amendment's debit card safeguards and fostering competition.
Three Key Pillars to Accelerate FedNow Adoption
Since FedNow launched in July 2023, over 900 financial institutions have signed up, but enterprise-level adoption still faces challenges in trust, efficiency, risk, and security. Ani Narayan, product lead at Modern Treasury, proposes that by strengthening infrastructure (unified directories, real-time reconciliation), standardizing interfaces (RFP experience, unified identity, QR codes), and clarifying rules (legal updates, risk attribution), the adoption of FedNow and RTP can be accelerated, benefiting businesses and consumers with more efficient instant payments.
How the Payment Industry Is Becoming the Frontline Against Deepfakes
Deepfake technology is being abused for disinformation and social engineering attacks, and the payment industry, because it controls the flow of funds, has become a critical link in identifying and blocking malicious services. This article explores how payment service providers use a combination of technology and human review to combat deepfake services.