Payments Daily · Tuesday, October 13, 2026Daily
PAY.NEWS
OCC and Federal Reserve Take Enforcement Action Against American Express
The OCC and Federal Reserve have simultaneously taken enforcement action against American Express and its subsidiaries over deficiencies in their anti-money laundering programs. American Express National Bank was ordered to pay a $350 million civil money penalty. OFAC warned that sanctions risks may be transmitted through correspondent banks and intermediaries into the cross-border payments chain.
Payments & Infrastructure
SAP Launches SAP Pay Embedded in SAP Cloud ERP, Supporting Bank Transfers and Stablecoin Settlement
SAP launched SAP Pay, embedding payment execution and transaction reconciliation into SAP Cloud ERP and supporting ACH payments, wire transfers, checks, and cross-border settlement with stablecoins. The service is now officially available in the United States and the United Kingdom for supplier payment and treasury management use cases, with the aim of reducing delays from bank file processing, external payment processing, and manual reconciliation.
Cards & Issuing
Payments Cards & MobileMastercard to Introduce Offline Payment Requirements for Bank Cards in Europe
Starting in February 2027, Mastercard will require newly issued credit and debit cards in Europe to support offline payments, and from May will require new and replacement terminals at key retailers to support the feature. When offline, terminals can locally approve transactions within a maximum limit of €200 based on spending parameters preset by the issuer in the card chip, then submit them for clearing once connectivity is restored. The feature is intended for essential spending scenarios such as supermarkets, grocery stores, gas stations, pharmacies, and travel or ticketing terminals.
Stablecoins & On-chain
ZachXBT Criticizes Ripple for Paying Only $250,000 for XRP Ledger Vulnerability That Could Mint 18.45 Trillion XRP
ZachXBT criticized Ripple for paying a $250,000 bounty to Veria Labs for discovering a critical vulnerability in the XRP Ledger, which could have credited 18.45 trillion XRP to 256 accounts in a single transaction.
Regulation & Compliance
OCC and Federal Reserve Take Enforcement Action Against American Express Over AML Deficiencies
The OCC and Federal Reserve have simultaneously taken enforcement action against American Express and its subsidiaries over deficiencies in their AML programs. American Express National Bank was ordered to pay a $350 million civil money penalty and received a cease-and-desist order.
PYMNTSOFAC Warns: Sanctions Risks May Be Hidden Deep Within the Cross-Border Payments Chain
OFAC warned that foreign financial institutions continuing to transact with sanctioned entities may be targeted at any time without prior notice, and that sanctions risks may be transmitted through correspondent banks and intermediaries into cross-border payments. The article states that companies need to review not only the recipient but also the payment route, dollar-clearing relationships, and alternative channels. Richer payment data, such as ISO 20022, can help reduce opacity across the chain.
CoinDeskRain Applies for OCC National Trust Bank Charter to Custody Digital Assets and Manage Stablecoin Reserves
Rain has applied for an OCC national trust bank charter and plans to use its New York subsidiary to custody digital assets and USD for institutional clients, manage stablecoin reserves, and provide issuance and redemption services for dollar stablecoins. The proposed bank would not accept deposits, issue commercial loans, provide consumer accounts, or have FDIC insurance. Customer assets would be segregated from the bank’s own assets. The application still requires OCC approval and a public comment process, and has faced opposition from traditional banking groups.
Fintech News SingaporeSingapore Parliament Passes Bill Giving MAS Authority to Establish D-SIB Loss-Absorption Rules
On 6 October 2026, the Singapore Parliament passed the Financial Services and Markets Amendment Bill, allowing MAS to require domestic systemically important banks (D-SIBs) to hold additional loss-absorbing instruments and other financial resources, and to implement the TLAC framework. The bill also allows MAS to set TLAC requirements and require banks to disclose their size and composition. Violators may, upon conviction, be fined up to S$250,000. The amendment also clarifies MAS’s supervisory responsibilities regarding proliferation financing risks.
PYMNTSU.S. Community Banking Association Sues OCC, Challenging Crypto Trust Bank Charter Rules
The Independent Community Bankers of America (ICBA) has sued the OCC in federal court, challenging its granting of national trust bank charters to crypto companies that do not accept deposits and do not primarily conduct traditional fiduciary activities.
U.S. Senator Investigates Relationship Between Cantor Fitzgerald and Tether and $250M in Revenue
U.S. Senator Richard Blumenthal is asking Cantor Fitzgerald to explain its oversight of Tether’s banking and sanctions compliance, as well as related communications and investigative actions.
CoinDeskFSB Calls for Stronger Cross-Border Information Sharing and Stablecoin Crisis Response Plans
The Financial Stability Board (FSB) warned that global stablecoins and national regulatory frameworks have not yet been tested by a severe market crisis and may expose cross-border regulatory gaps involving redemptions, reserve transfers, and the recovery of holders’ funds. The FSB recommended stronger cross-border information sharing, monitoring, and contingency planning for stablecoin distress or failure. Stablecoin market capitalization has increased from approximately $206 billion at the beginning of 2025 to $306 billion. The recommendations are not legally binding, but members generally commit to implementing common standards domestically.
Kraken Obtains Full VARA License Through Payward, Entering UAE Spot and Margin Trading
Kraken has obtained a full crypto brokerage, management, and investment license from Dubai VARA through its parent company, Payward, allowing it to provide services to retail and institutional investors in the UAE. UAE users can trade spot and margin products in AED and deposit and withdraw directly in UAE dirhams. Institutional clients can also use OTC trading services and Kraken Prime.
Companies & Markets
Securitize Launches Tokenized Stocks Backed by Real Shares on Solana
Securitize launched Securitize Stocks, allowing eligible investors in the United States, the European Union, and other approved jurisdictions to trade 12 tokens backed by real shares on Solana, with transactions settled in USDC. Token holders may receive dividends and voting rights corresponding to the relevant share class, but will not be registered as shareholders of the issuing company unless they convert the tokens into shares. Trading is currently available during extended U.S. market hours, with 24/7 trading planned for the future.
Anchorage Digital Acquires Payments Platform Routable
Anchorage Digital has acquired payments platform Routable; the terms of the transaction were not disclosed. Routable will operate under the “Routable by Anchorage Digital” brand, with native stablecoin and tokenized deposit settlement embedded into its services. The parties plan to launch integrated products over the coming quarters.