Payments: Page 16
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Courtesy of Early Warning Services (parent company of Zelle)
Zelle counters scam talk with growth rates
The instant payments brand is highlighting a double-digit growth rate for its peer-to-peer payments tool and downplaying scams on its system.
By Lynne Marek • Sept. 12, 2022 -
Justin Sullivan via Getty Images
Wells Fargo to pay $145M to settle Labor probe into 401(k) plan
The plan paid between $1,033 and $1,090 per share for Wells Fargo preferred stock that had a set value of $1,000, the DOL found. The bank will pay $131.8 million to reimburse participants and a $13.2 million penalty.
By Dan Ennis • Sept. 12, 2022 -
Explore the Trendline➔
Morris MacMatzen / Stringer via Getty Images
TrendlineData-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 -
Chris Hondros via Getty Images
JPMorgan Chase buys payments firm Renovite
Financial terms of the deal were not disclosed. The transaction builds on the bank's recent nonbank acquisitions, including stakes in Volkswagen’s payments business and Greek fintech Viva Wallet.
By Lynne Marek • Sept. 12, 2022 -
Mario Tama via Getty Images
Citi wins appeal on $500M Revlon loan blunder
“Put simply, you don’t get to keep money sent to you by mistake unless you’re entitled to it anyway,” one judge wrote in his opinion.
By Anna Hrushka • Sept. 9, 2022 -
Win McNamee via Getty Images
10 takeaways from Michael Barr’s first speech as Fed’s supervision czar
The regulator pushed a tiered set of capital requirements and stricter living wills for regional banks. He also clarified the central bank’s stance on climate risk.
By Dan Ennis • Sept. 8, 2022 -
Permission granted by Visa
Who’s afraid of FedNow? Not Visa
“The fact that there is a pipe, right, doesn't mean there's going to be traffic or volume on that pipe,” said the card network’s CFO, Vasant Prabhu. “If the pipe doesn't serve [specific] needs, the pipe will not be used.”
By Lynne Marek • Sept. 6, 2022 -
Retrieved from Federal Reserve Bank of Boston.
FedNow aims for September testing
Central bank officials put a finer point on the start date for the instant payments service, saying it would launch as early as May 2023 and no later than July.
By Lynne Marek • Aug. 30, 2022 -
Courtesy of State Street
JPMorgan Chase, State Street push back against CBDC
In comments to the Federal Reserve, trade groups and Wall Street banks stressed the risks of a digital dollar and largely rejected the idea that it would accomplish stated goals.
By Lynne Marek • Aug. 29, 2022 -
Permission granted by Rho
Rho woos bigger clients as fintechs vie to fill Brex’s small-biz void
The business banking startup added an automated expense-management tool for its middle-market clients. But the company won't be tempted to aim small to snatch a share of Brex's core audience.
By Suman Bhattacharyya • Aug. 23, 2022 -
(2024). [Photo]. Retrieved from Federal Reserve.
FedNow to launch by mid-2023, Bowman says
The Fed’s request for input on a potential central bank digital currency has generated some 2,000 responses so far. The central bank plans to publish a summary of the comments, the Fed governor said.
By Lynne Marek • Aug. 22, 2022 -
Permission granted by Modern Treasury
Sponsored by Modern TreasuryCommercial banks and embedded finance: Growth engine or existential threat? It’s a matter of timing
The opportunities to unlock new revenue growth are unparalleled. But for banks that fail to see it, or aren’t prepared, embedded payments could prove an existential threat.
By Dimitri Dadiomov, CEO and Co-Founder of Modern Treasury • Aug. 22, 2022 -
Courtesy of Marqeta
Marqeta executive exodus follows IPO
Of 10 top executives leading the company at its IPO last year, only three remain, including CEO Jason Gardner, who said he plans to exit that role and become executive chairman.
By Jonathan Berr , Lynne Marek • Aug. 17, 2022 -
crbellette via Getty Images
Fed master account guidance includes tiered review framework
Firms that lack deposit insurance or traditional regulatory frameworks would undergo the highest level of scrutiny, while companies with federal deposit insurance would be subject to a “streamlined” process.
By Anna Hrushka • Aug. 16, 2022 -
Courtesy of U.S. Bank
U.S. Bank builds out its real-time payments capabilities for auto dealers
The Minneapolis lender is issuing instant loan funds using the RTP Network — a move that follows U.S. Bank’s partnership with Lithia Motors to provide instant payments for car sellers using the same network.
By Tatiana Walk-Morris • Aug. 12, 2022 -
Green Dot
Green Dot is locked in Uber contract dispute, loses other clients
“I don't want to be out there opening up our [bank] charter for every Joe fintech that wants to do something in payments,” Green Dot CEO Dan Henry said last week on a call with analysts.
By Lynne Marek • Aug. 11, 2022 -
Chris Hondros via Getty Images
ColumnGoldman, Citi, Jefferies reveal ‘August surprises’ to stave off September ones
Warnings of a CFPB probe into Goldman's credit-card business, Citi's rising Russia exposure and Jefferies' $80 million WhatsApp set-aside give investors time to settle in to bad news.
By Dan Ennis • Aug. 5, 2022 -
Dan Kitwood via Getty Images
How Credit Suisse is bucking a trend in incentives
The Swiss lender paid out $302 million in July alone to retain its top bankers. That stands in contrast to a Johnson Associates prediction that some investment bankers could see a 45% in bonuses from last year.
By Dan Ennis • Aug. 4, 2022 -
Courtesy of USAA
USAA sues Truist in patent case over mobile deposit tech
The U.S. District Court for the Eastern District of Texas has awarded USAA three nine-figure judgments since 2019 (against Wells Fargo and PNC) in patent cases.
By Dan Ennis • Aug. 4, 2022 -
Permission granted by Terry Banks
OpinionBanks and fintechs don't need to fight
Customers win when banks’ strengths — customer relations, scale, profitability and brand — are paired with best-in-class cloud-based software to complement existing systems, writes Modern Treasury CEO Dimitri Dadiomov.
By Dimitri Dadiomov • July 19, 2022 -
abdoudz via Getty Images
Deep DiveFedNow chases real-time payments front-runners
The Federal Reserve plans to unleash a U.S. real-time payments system next year in the form of FedNow, but it’s an open question as to whether, or how, consumers and businesses will adopt instant payments.
By Lynne Marek • July 18, 2022 -
Chris Hondros via Getty Images
Banks aren’t doing enough to address Zelle fraud, senators say
Months after writing the CEO of Zelle’s parent company, Sens. Bob Menendez and Elizabeth Warren — with six other lawmakers signing on — are seeking information from seven banks with ownership stakes in the platform.
By Anna Hrushka • July 8, 2022 -
Viorika via Getty Images
Payactiv jettisons some fees in wake of CFPB move
The earned wage access provider said it was eliminating some fees just as the bureau decided to remove a prior order giving the company leeway under certain laws.
By Jonathan Berr • July 5, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB terminates Payactiv's sandbox protection
The earned wage access provider told the CFPB last week it wanted to make changes to its fee model without review by the bureau. The bureau, in turn, expressed concern over potentially misleading public statements by Payactiv.
By Dan Ennis • July 1, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB strikes at debt collector fees
The collectors may refer to the fees as “convenience fees,” but the agency called them “pay-to-pay” fees and said they are prohibited under the Fair Debt Collection Practices Act.
By Jonathan Berr • June 30, 2022 -
Chainarong Prasertthai via Getty Images
Fintech Amount cuts about 18% of workforce
The Chicago-based banking technology provider, valued at $1 billion last year, said this week it had pared 108 workers in what the company called “proactive adjustments.”
By Caitlin Mullen • June 28, 2022
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