Payments deals may climb in 2023

While the number of deals in the payments industry declined 14% last year, and even more by value, there are reasons to believe 2023 will be more active.

By Lynne Marek • Jan. 4, 2023

2 FTX executives plead guilty; Ellison faces 110 years in prison

The SEC announced separate charges Wednesday, accusing both executives of defrauding investors.

By Gabrielle Saulsbery • Dec. 22, 2022

Explore the Trendline➔

Data-driven disruption

More often than not, an innovator may see disruption as an enhancement to be embraced. And sometimes the innovators are the establishment.

By Banking Dive staff

Toomey bill would put stablecoin oversight in OCC’s hands

The outgoing senator said he wanted to shield stablecoin activity from the Fed, which is still debating whether to issue a central bank digital currency. Toomey noted the Fed’s “significant skepticism” of stablecoins.

By Gabrielle Saulsbery • Dec. 22, 2022

Investors press FIS, Fiserv for divestitures

The big processors mushroomed in 2019 acquisitions, with promises that scale would pay off, but shareholders now urge them to consider divestitures.

By Lynne Marek , Caitlin Mullen • Dec. 22, 2022

Fiserv hired ‘thousands’ of workers this year, CEO says

Even as the payments and fintech company cut employees this year, it hired “thousands” of workers, Fiserv CEO Frank Bisignano said in an interview. 

By Caitlin Mullen • Dec. 19, 2022

Citi settles with Revlon creditors over $500M piece of payments blunder

The legal action ends a two-year battle over $900 million the bank wired to creditors years ahead of schedule. But fallout from the error remains, in the form of regulatory legwork.

By Anna Hrushka • Dec. 19, 2022

Wise, VizyPay target US hiring

Some payments companies have plans for extensive hiring next year, despite the economic headwinds that led other players to contract this year.

By Lynne Marek • Dec. 19, 2022

Chime made two offers up to $2B to buy DailyPay: report

DailyPay, which was founded in 2015 by Jason Lee, may be content to wait for a better offer, or perhaps lean on its track record of successful fundraising going forward.

By Anna Hrushka • Dec. 16, 2022

CFPB to face reckoning in next Congress, Republicans warn Chopra

“Next month there will be a new majority in the House of Representatives. I think you'll wish you tried harder to play by the rules,” Rep. Patrick McHenry, R-NC, told the CFPB director.

By Anna Hrushka • Dec. 15, 2022

How Current pivoted to free

"We had a lever that other people didn't have, which was we can actually cut costs sufficiently that we don't need to fill that hole with a subscription fee,” said Trevor Marshall, the company's CTO.

By Suman Bhattacharyya • Dec. 14, 2022

Discover pulls back on checking account over fraud concerns

The card company expects to resume taking applications early next year for the product, which offers cash-back and debit features, CEO Roger Hochschild said this week.

By Caitlin Mullen • Dec. 8, 2022

BlockFi files for bankruptcy amid FTX contagion

The crypto lender has initiated a cost-cutting plan that involves “major layoffs,” according to Decrypt. Monday’s announcement follows earlier rumors that the company had been mulling bankruptcy.

By Gabrielle Saulsbery • Nov. 28, 2022

Banks discuss refund rule for Zelle customer fraud: report

Under measures being discussed, banks would share liability inside Zelle’s system and guarantee to reimburse one another, sources told The Wall Street Journal.

By Anna Hrushka • Nov. 28, 2022

PayPal counts on its digital app for gains

The digital payments pioneer is scouting for new ways to increase customer use of its digital wallet, including plans to add a new Venmo teen account.

By Lynne Marek • Nov. 28, 2022

Regulatory challenges more prominent in eyes of fintech industry leaders this year

Private firms are adopting a more defensive posture, delaying new funding rounds, planning for modest growth and addressing regulatory risks, according to a report.

By Gabrielle Saulsbery • Nov. 23, 2022

JPMorgan’s crypto wallet trademark is approved

The green light comes more than two years after the bank submitted paperwork to the U.S. Patent and Trademark Office, and runs counter to CEO Jamie Dimon’s opinion on virtual currencies.

By Dan Ennis • Nov. 22, 2022

Can Congress come together on crypto?

Perhaps even a divided Congress can make bipartisan headway in crafting a regulatory framework for crypto following FTX’s failure.

By Lynne Marek • Nov. 18, 2022

Visa names its next CEO

The card network’s president, Ryan McInerney, a former consumer-banking chief at JPMorgan Chase, will succeed Al Kelly on Feb. 1.

By Lynne Marek • Nov. 18, 2022

Cryptexodus: A running list of crypto execs who’ve quit since May

The crypto market has been volatile since spring. While some executives have run for the hills, others have opted to transition to back-seat roles.

By Gabrielle Saulsbery • Nov. 14, 2022

Sam Bankman-Fried steps down as FTX CEO amid bankruptcy filing

FTX.com’s assets were frozen in the Bahamas, where the company is headquartered. Crypto lender BlockFi also paused withdrawals because of its exposure to FTX.

By Gabrielle Saulsbery • Nov. 11, 2022

Green Dot focuses on tech modernization amid leadership shakeup

The company named a CFO, COO and chief revenue officer, and said two BaaS partners recently extended their contracts.

By Suman Bhattacharyya • Nov. 11, 2022

Elon Musk wants to turn Twitter into ‘the people’s financial institution’

During a Thursday call with Twitter staff, Musk shared his plans to allow users to maintain a cash balance on the platform. He also hinted at the possibility of offering loans.

By Anna Hrushka • Nov. 11, 2022

Binance to acquire rival FTX amid ‘liquidity crunch’

FTX founder Sam Bankman-Fried announced the deal two days after Binance CEO Changpeng Zhao said he’d dump his holdings of FTX native coin FTT.

By Gabrielle Saulsbery • Nov. 8, 2022

A CBDC could make cross-border payments faster, safer: NY Fed

Researchers designed a prototype digital currency and blockchain and simulated foreign exchange spot transactions that cleared within 10 seconds but said the study doesn’t endorse a CBDC or assume the Fed will issue one.

By Rajashree Chakravarty • Nov. 8, 2022

FedNow gives fee holiday in 2023

The Fed reiterated the fees the banks will ultimately charge — namely, customer credit transfer and customer credit transfer return fees of $0.045 per-item and a participation fee of $25 per routing transit number per month.

By Lynne Marek • Nov. 7, 2022