Australia cuts card fees; Wells Fargo pushes cross-border pay rail

Australia’s national Payments Systems Board has decided to remove surcharges on prepaid, debit and credit cards for electronic funds transfers, while lowering the cap on interchange fees. Also, Wells Fargo is seeking banks for its international payment network, and more in American Banker’s global payments and fintech roundup.

Bankers say AI is not eating jobs, yet

New survey data finds little correlation between increased AI spending and layoffs in financial services. But many executives said they expect job cuts at their companies in the next 12 months.