Daily briefing

FinTech & AI on 3 October: 7 stories

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01EMVCo Framework Targets Consumer Intent in Agentic PaymentsEMVCo closed public comments on 30 September on its Agentic Payments framework, which proposes Intent Services to register, retrieve and manage what a consumer authorised an AI agent to do. The standards body may also consider know-your-agent capabilities and agentic transaction indicators; its task force is now reviewing the feedback.Why it matters: A shared way to carry an agent's mandate through card payments would give issuers and merchants something to decide on beyond a valid credential. It would also turn disputes over agent purchases into a question of evidence rather than guesswork.Takeaway: Design agent-initiated payment flows so the consumer's mandate (amount, merchant, period) is stored and can be matched to each transaction. Track the EMVCo specifications and plan for an agent indicator in authorisation and dispute data.paymentsPYMNTS
02Operation Economic Outcast Takes Unprecedented Action Against Sanctions Evasion Network Used by IranThe US Treasury on 1 October designated the Russia-linked A7 Network as a significant transnational criminal organisation, and FinCEN proposed a rule barring funds transmittals involving its Sub-Agents. FinCEN says the Sub-Agents processed more than $17bn between January 2025 and June 2026, including flows used for Iranian oil sales and weapons procurement.Why it matters: A rule aimed at payment intermediaries in third countries shifts the burden onto every bank and money transmitter whose flows touch trading companies in those jurisdictions. The accompanying FinCEN alert gives examiners a ready checklist to test compliance programmes against.Takeaway: Load the red flags from the FinCEN alert into screening and transaction-monitoring rules now, before the proposed rule is final. Review which corridors and trade counterparties in your flows could involve A7 Sub-Agents and route them to enhanced review.regulationUS Treasury
03Visa and Lloyds test faster, round-the-clock cross-border settlement using stablecoinsLloyds Banking Group and Visa completed a seven-day live pilot in which Lloyds settled $750,000 of payment obligations with Visa in USDC bought through Archax, with funds reaching Visa in under an hour, including at the weekend. Lloyds used its own node on Canton, while Visa settled on a separate public blockchain.Why it matters: Settlement between a bank and a card scheme decides when funds actually move, so settling within an hour at the weekend attacks a real liquidity cost. The pilot also shows a bank can keep a private ledger and still settle with partners on public chains.Takeaway: If you prefund card or cross-border settlement, model how much liquidity weekend settlement would free up. Ask your bank partners whether they plan stablecoin settlement with the schemes and on which networks.cryptoVisa
04Thunes Adds EURC Stablecoin Prefunding to its Global Payments NetworkThunes has integrated Circle's euro stablecoin EURC across its Direct Global Network, letting payment firms prefund euro treasury 24/7 on Ethereum, Solana, Base and Stellar. It is the second phase of a partnership with Circle that began in October 2024 with USDC liquidity.Why it matters: Euro prefunding outside banking hours removes one reason cross-border players hold idle euro buffers over weekends. A MiCA-regulated euro token in a global payout network also tests real demand for non-dollar stablecoins.Takeaway: If you prefund payout partners in euros, compare the full cost of EURC funding, including conversion and custody, with bank transfers. Check that treasury and reconciliation tools can track on-chain prefunding as a separate funding source.paymentsThe Fintech Times
05Warren, Van Hollen pressure OppFi to ditch bank dealSenators Elizabeth Warren and Chris Van Hollen urged nonbank lender OppFi to abandon its bid for Arizona-based BNCCORP and its subsidiary BNC National Bank, alleging predatory lending with rates as high as 195% APR. The letter came weeks after Enova scrapped its bid for Grasshopper Bank.Why it matters: Political pressure is becoming a real obstacle for nonbank lenders trying to buy a charter rather than apply for one. Fintechs counting on a bank acquisition should price in a longer and less predictable path.Takeaway: If your lending partners plan to acquire a bank, do not assume the charter arrives on schedule. Keep existing bank partner arrangements in place until any deal closes.bankingBanking Dive
06Visa Data Shows Stablecoins Gaining Traction in Business PaymentsVisa said on 1 October that about 17% of stablecoin-linked card volume in fiscal 2026 to date came from business and commercial card programmes. It supports more than 160 stablecoin-linked card programmes, and payments volume across them has grown nearly 200% year on year.Why it matters: About a sixth of volume from business cards suggests stablecoin cards are moving into expenses and supplier payments, not just crypto spending. Issuers and programme managers will need the same commercial controls on these products as on ordinary corporate cards.Takeaway: If you run commercial card programmes, check that spend controls treat a stablecoin-funded balance the same way as a fiat one. Watch for scheme rule changes on stablecoin-linked cards.cryptoVisa
07New York, Wyoming Will Coordinate on Crypto Oversight EffortsThe New York Department of Financial Services and the Wyoming Division of Banking announced a memorandum of understanding to coordinate examinations and enforcement actions for crypto firms licensed and operating in both states. Wyoming Banking Commissioner Jeremiah Bishop said the agreement shows the strength of the state regulatory system.Why it matters: Joint examinations could cut duplicate supervision for firms licensed in both states, but they also mean findings travel faster between regulators. The move shows states organising to defend the value of state charters for crypto firms.Takeaway: If your crypto or stablecoin partners hold licences in New York and Wyoming, expect findings in one state to reach the other. Keep compliance evidence consistent across state regulators.regulationBloomberg Law

FinTech & AI on 3 October: 7 stories

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02Past issues