Payments: Page 16

  • goldman sachs headquarters
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    Mario Tama via Getty Images
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    Goldman launches digital asset classification system

    Datonomy is intended to help institutional investors make sense of the new asset class.

    By • Nov. 4, 2022
  • U.S. Bank
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    Permission granted by U.S. Bank
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    CFPB investigating U.S. Bank over pandemic-era unemployment payments

    The bank is the latest lender to face regulatory scrutiny over its administration of the payments. Bank of America was handed a $225 million fine in July after regulators said its efforts to tamp down fraud went too far.

    By • Nov. 3, 2022
  • Explore the Trendline➔
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    Morris MacMatzen / Stringer via Getty Images
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    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
  • The photo shows cannabis plants growing in a greenhouse.
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    Drew Angerer via Getty Images
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    Safe Harbor to buy cannabis banking, payments fintech

    The deal will add 300 accounts to Safe Harbor’s portfolio and expand the firm’s operations to more than 30 states.

    By • Nov. 2, 2022
  • brett harrison
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    Gabrielle Saulsbery/Banking Dive
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    Here’s what Brett Harrison expects in the crypto market

    The "decade of free money" is ending, but the future is bright, said the former president of FTX US. 

    By • Oct. 27, 2022
  • Consumer Financial Protection Bureau Director Rohit Chopra with his hand raised while speaking.
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    Win McNamee via Getty Images
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    CFPB aims to give ‘open banking’ rule teeth in 2024

    The bureau's chief, Rohit Chopra, laid out a timeline on a rule change meant to make it easier for consumers to break up with their banks.

    By • Oct. 26, 2022
  • Federal Reserve Governor Christopher Waller sits on a chair on stage.
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    Lynne Marek/Banking Dive
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    FedNow will be a ‘public utility model,’ Waller says

    The central bank governor equated the nascent system with an interstate highway on which private companies will provide "on-ramps" and "off-ramps."

    By Lynne Marek • Oct. 26, 2022
  • marqeta bill pay fintech
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    Permission granted by MARQETA
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    Marqeta launches demand deposit accounts in banking push

    The company's suite of seven banking products includes early wage access, bill pay and instant funding. The latter two will be available in beta next year.

    By • Oct. 25, 2022
  • Diagram of FedNow payments
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    Federal Reserve. "FedNow Instant Payments". Retrieved from FRB Services.
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    Opinion

    FedNow may stumble without nonbanks, cross-border payments

    “In addition to cross-border payments, the benefits of FedNow must be widely available to Americans through competitive, diverse providers — including nonbanks,” writes a U.S.-based Wise executive.

    By Rina Wulfing • Oct. 19, 2022
  • founder of ftx sam bankman-fried
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    Craig Barritt via Getty Images
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    Texas securities regulators investigate FTX, Sam Bankman-Fried

    FTX shouldn't be allowed to buy Voyager's digital assets while the regulator is looking into whether the company is illegally offering interest-bearing accounts, an enforcement official asserted.

    By • Oct. 18, 2022
  • Federal Reserve building in Washington, D.C.
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    Chip Somodevilla via Getty Images
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    Fintechs clamor for FedNow access

    The association representing Block, Stripe and others is asking the central bank to make access to the faster payments system more widely available.

    By Lynne Marek • Oct. 18, 2022
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    Green Dot
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    Green Dot fires CEO, names replacement

    The company terminated Dan Henry, its CEO since 2020, on Friday, it said. George Gresham, the firm’s chief financial and operating officer, is stepping into the top role.

    By • Oct. 17, 2022
  • The Federal Reserve building is seen January 22, 2008 in Washington, DC.
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    Chip Somodevilla via Getty Images
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    Fed’s Waller expresses skepticism on CBDC

    Launching a digital currency could introduce costs and risks that could harm the U.S. dollar's standing internationally, Waller said. The dollar’s primacy, he added, has little to do with technology.

    By • Oct. 17, 2022
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    Scott Olson via Getty Images
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    Warren roasts Wells Fargo’s ‘severely bad performance’ on Zelle fraud

    Four of the seven banks that own Zelle reported specific data to the senator, but she focused on Wells CEO Charlie Scharf specifically in a letter Thursday.

    By • Oct. 14, 2022
  • A man in shadow looks at his mobile device near a lit up Apple logo.
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    Drew Angerer/Getty via Getty Images
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    Apple to launch high-yield savings account with Goldman Sachs

    The move is the logical next step for the Apple-Goldman partnership, according to one consultant, who said the day-to-day banking product complements Apple’s Goldman-powered credit-card offering.

    By • Oct. 14, 2022
  • Michael Barr
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    Win McNamee via Getty Images
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    Column

    4 takeaways from Michael Barr’s DC Fintech Week speech

    The Federal Reserve’s vice chair for supervision stressed caution with banks’ ties to crypto and spotlighted what sets stablecoins apart from other digital assets.

    By • Oct. 13, 2022
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    Flickr Creative Commons
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    Banks reimburse less than half of Zelle-related fraud claims, Warren says

    The senator pushed to bolster a key CFPB rule after releasing a report tallying claims of fraud and scams on the P2P platform submitted by Truist, PNC, U.S. Bank and Bank of America.

    By • Oct. 4, 2022
  • PNC Bank
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    "PNC" by ParentingPatch is licensed under CC BY-SA 3.0
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    PNC buys restaurant point-of-sale firm Linga

    The Pittsburgh-based bank is boosting its payments footprint as banks from Banc of California to JPMorgan Chase are making similar large investments.

    By • Sept. 27, 2022
  • A person holds a credit card in front of a laptop computer.
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    Poike via Getty Images
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    Banc of California acquires Deepstack in payment processing play

    The acquisition gives the bank access to predictable fee income and enables it to capture a larger share of revenue per transaction, Banc of California said.

    By • Sept. 26, 2022
  • Varo Bank debit card
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    Permission granted by Varo Bank
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    Varo’s tech unit looks to speed development, find efficiencies

    The neobank aims to diversify its offerings in payments and lending, but there are unresolved questions about the company’s path to profitability.

    By • Sept. 26, 2022
  • Bank CEOs sit in front of the Senate Banking Committee.
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    Drew Angerer via Getty Images
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    Bank CEOs defend Zelle in Senate hearing

    Sen. Elizabeth Warren, D-MA, called the peer-to-peer payments network “unsafe,” claiming Zelle users were defrauded out of $500 million last year.

    By • Sept. 23, 2022
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    Dan Kitwood via Getty Images
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    Kraken CEO Jesse Powell steps aside, as COO takes the reins

    The crypto exchange’s top executive raised ire over a culture document that addressed preferred pronouns, diversity-focused hiring and abortion. He told Fortune he had “grown tired of long hours and day-to-day management tasks.”

    By • Sept. 22, 2022
  • The CEOs of the nation's largest banks face members of the House Committee on Financial Services.
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    Alex Wong via Getty Images
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    Republicans grill bank CEOs on handling of new merchant gun code

    GOP lawmakers, during a wide-ranging hearing Wednesday, demanded the CEOs of the nation’s top banks share how they plan to respond to a new category code for gun and ammunition retailers.

    By • Sept. 22, 2022
  • Zelle's new ad campaign
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    Courtesy of Early Warning Services (parent company of Zelle)
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    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
  • A Wells Fargo flag flies in front of a Wells Fargo bank branch.
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    Justin Sullivan via Getty Images
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    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 • Sept. 12, 2022
  • JPMorgan Chase sign in front of building in street level view.
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    Chris Hondros via Getty Images
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    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