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FX

SMBs’ FX Woes Thrown Back In The Spotlight By Amex Allegations

Allegations that American Express secretly hiked currency conversion rates for small businesses (SMBs) have shed a light on SMBs' FX struggles. Research suggests banks lack transparency in their FX fee structures, while many small businesses fail to look into their existing agreements — or hedge against FX risk at all.

Payroll

Payroll Cards No Longer Just For Low-Wage, Underbanked Employees

The payroll industry may assume that employees choose payroll cards because they have no other option; the tools have a reputation as an expensive tool for underbanked, low-wage workers. Not so, says a new report from the Center for Financial Services Innovation, and providers have an opportunity to enhance the technology as new users get on board.

TRENDING: Real-Time Payments Networks — For Real In Retail?

Retailers say that card processing fees take a bite out of sales. Then why not, says Marion King, director of payments at NatWest, remove card rails and replace them with new, real-time payment rails? In this month's Faster Payments Tracker, King says using new real-time rails to transfer funds directly from a consumer's bank account into a merchant's account speeds up settlements, and lowers costs — provided they do all the things that card rails do now. That interview and more details, inside the Tracker.

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