Just finished lunch in Hallstat. Back to blogging Sunday.

$V / $MA volumes exploded in Europe post 2015 IFR.

(And there is NO WAY this proposed dual routing for credit will ever pass in this congress)

Drop in $V and $MA from proposed interchange fee regulation (Durbin for credit) makes no sense at all. As I described in this blog, a reduction in interchange fees leads to increased volume and increased revenue for the networks.

Well done @Affirm and @AmazonWallet this is an amazing partnership. I’m very high on both teams. $AFFM is also my largest holding. Why? Great people with strong experience and a great idea. I believe that their next moves will involve processor deals (economics above card) and…

NomuPay, formed from pieces of failed fintech Wirecard, says it's raised $53.6M for cross-border payments via @techcrunch

WSJ - claims issues with Apple savings withdraw. No issues here, balance cleared in 12 hours with Bank of America

Boeing postpones the first crewed mission of Starliner (again). Thank goodness for SpaceX (Dragon and Starship). While I root for my old MDSSC team (now Boeing) the execution and cost (vs SpaceX) is just unacceptable.

Worldpay to offer merchants Affirm checkout option. Where issuers want to cut processors out.. Affirm creates new economics and value. via @Finextra

Mood darkens at Macy’s - Retail Sales

Costco’s recent results show the upper middle class is feeling the economic squeeze too

@Matt_Cochrane7 @mario_cibelli @ElliotTurn it should be.. as it makes little sense to gain investor confidence in strategic priorities just weeks before a new CEO signs up for them.

$PYPL just reached 5 yr low at $60. I just bought. Hope I’m not wrong

Starling founder Anne Boden relinquishes CEO role via @Finextra

Beyond "pay names" I also need a common reference for healthcare, phone/whatsapp, twitter, social, retail, travel, ...etc. I want the sensitive information/accounts and providers resolved/managed where I have control.

Threats to the global banking system have ebbed, but the industry might be forced to curtail lending and revamp business models in an era of higher interest rates, industry executives say via @WSJ

Recent bank failures are upending the theory that the value of a lender’s deposit business goes up when interest rates rise via @WSJ

JPMorgan’s investor day - Jamie Dimon Says Be Prepared for Rates to Go Higher From Here

Walmart and Target Earnings Offer Up a Tale of Two eCommerce Platforms  -

As I outlined in blog.. V/MA may want to consider legal structures and "subnets" that can run under local control.

Indonesia to pull the plug on Visa and Mastercard, president calls them a 'problem'. The downside of effective Russia Sanctions

$PYPL concerns: 1) Branded growth showing exposure to better card based experiences and fraud management 2) Mgmt team turnover beyond CEO/CFO 3) Loss of MAU, 4) take rate/expense growth, 5) ?

Great new Survey and RTP "101" out from World Bank on Real Time Settlements by country. Focus on participant access. In most markets, RTP is a bank only service with banks managing both auth and pricing.