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Banks like BNY Mellon can compete with payment tech startups, or they can partner with them to make the most of their innovations. But in doing so, they give a potential competitor a direct line to the bank's sizable customer base.
The card company has rapidly expanded its business products this year, focusing on the hardships caused by inflation and supply-chain issues.
Bank of the West and Mastercard are separately advancing use cases for digital issuance to overcome the supply-chain slowdowns and other issues straining the global economy.
In global news this week, Virgin Atlantic upgrades its payment system, Ireland proposes cash preservation regulation, PayPal's under pressure in Poland, and more.
The Swedish buy now/pay later lender insists it is on a path to profitability, despite mounting losses.