Payments: Page 17
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Brex's move has fellow fintechs ready to pounce
Brex’s cutting of small-business customers — the handling of which prompted a mea culpa from the co-founder — may provide opportunity for B2B fintechs like Ramp or Divvy. But big banks still dominate the space.
By Caitlin Mullen • June 27, 2022 -
Green Dot pays Republic Bank $13M to settle suit over failed acquisition
The payout comes atop a $5 million termination fee Republic received in January after Green Dot pulled out of a proposed $165 million purchase of the bank's tax refund processing unit.
By Dan Ennis • June 8, 2022 -
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 -
Lawsuits over Zelle pile up
Bank of America and Wells Fargo have both been sued recently by consumers who allege they were defrauded by scam artists using Zelle payments.
By Lynne Marek • June 6, 2022 -
NMI aims to equip banks with modern payments tech
The payments gateway is focused on attracting mid-market banks that "want to have the ability to have a modern tech stack, but don’t have the means to develop it," CEO Vijay Sondhi said.
By Caitlin Mullen • June 1, 2022 -
AmEx, Discover get top marks in direct banks survey
The No. 3 and No. 4 card companies, which also hold bank licenses, scored highly in customer satisfaction among online-only banks, J.D. Power found.
By Caitlin Mullen • May 16, 2022 -
Cannabis payments companies focus on compliance, creativity
Federal restrictions have kept many banks and payments companies on the sidelines regarding cannabis. That has given the ACH network a foothold to facilitate payments in states where pot is legal.
By Caitlin Mullen • May 9, 2022 -
AmEx CEO snags $28.5M total compensation
While the 2021 target for Stephen Squeri's long-term incentive awards was $14.5 million, the actual amount was $19 million.
By Caitlin Mullen • May 3, 2022 -
First Century Bank scraps First Internet deal
The Federal Reserve signed off on the combination April 29, but the banks couldn't close the tie-up by an April 30 deadline because of statutory waiting periods, and could not agree on extension terms, First Internet said.
By Dan Ennis • May 2, 2022 -
Sponsored by Finastra
From Uber to Grubhub, embedded finance is an everyday reality for consumers
From buying delivery through Grubhub to requesting a ride from Uber, what exactly is embedded finance and how can banks participate in this evolution?
By Angus Ross • April 25, 2022 -
CFPB, New York AG sue MoneyGram
Thursday's lawsuit accuses the remittance giant of repeatedly giving senders inaccurate information about when their transfers would be available to recipients abroad. MoneyGram denounced the suit as "frivolous."
By Jonathan Berr • April 22, 2022 -
Robinhood's acquisition of crypto firm puts UK, Europe in its sights
The purchase of Ziglu, which is in the good graces of the Financial Conduct Authority, marks the second attempt by the stock-trading app to broach the U.K. market. Terms of the deal were not disclosed Tuesday.
By Dan Ennis • April 19, 2022 -
AmEx takes on banks in bid for new generation of clients
With the launch of its new checking service, the payment network aims to expand its relationship with cardholders — and not miss out on attracting consumers drawn to debit cards.
By Caitlin Mullen • April 13, 2022 -
CBDC will take years, not months, to develop, Yellen says
Transactions need to be faster but responsible, and regulation should be "tech-neutral," the treasury secretary said in her first remarks on digital assets since a March executive order.
By Dan Ennis • April 8, 2022 -
Sen. Cruz seeks to restrict Fed role for CBDC
The Texas Republican's legislation, which follows a House bill introduced this year, would prevent the central bank from issuing a digital currency directly to consumers.
By Jonathan Berr • April 4, 2022 -
Citizens Bank offers on-demand pay product for corporate clients
The bank said the service can be up and running within 30 days. Citizens is working with an unnamed third-party vendor to provide the offering, an executive said.
By Anna Hrushka • April 1, 2022 -
House bill would put CBDC alternative in Treasury's hands
Legislation proposed Monday emphasizes privacy, financial inclusion and anti-money laundering protections, and would "preserve a role in our financial system for smaller anonymous cash-like transactions," backers said.
By Lynne Marek • March 29, 2022 -
BNPL critics, backers join last-minute surge in feedback to CFPB
The Bank Policy Institute, the Consumer Bankers Association and a litany of state attorneys general and nonprofits submitted their views to the bureau just before the comment period's Friday deadline.
By Jonathan Berr • March 29, 2022 -
Cannabis firm's CFO works to bring industry's financing out of the 'gray'
Item 9 Labs' net revenues more than doubled last fiscal year. But pot's federal status can still make financial partners skittish, CFO Bobby Mikkelsen finds.
By Maura Webber Sadovi • March 29, 2022 -
Sponsored by Finastra
If collaboration is key to BaaS, how can we nurture new partnerships?
More than one-third of distributors expect to increase their BaaS offerings by more than 15% per year over the next three years.
By Jeff Manghillis, Lead Client Partner, BaaS at Finastra • March 28, 2022 -
Fed's Powell lists his 4 qualifications for a US CBDC
A digital dollar must ensure user privacy, be "identity verifiable," be "intermediated" and be widely accepted as a means of payment, the central bank chief said at an event hosted by the Bank for International Settlements.
By Dan Ennis • March 24, 2022 -
White House lays out digital-asset priorities
An executive order issued Wednesday details six priorities in "harnessing the potential benefits" of the emerging technologies.
By Lynne Marek • March 9, 2022 -
US extends sanctions to Russia's 2 largest banks
Russia's access to the SWIFT financial messaging service remains intact for now, a move that sparked criticism from both Democrats and Republicans. But President Joe Biden said he wouldn't eliminate that option.
By Dan Ennis • Feb. 25, 2022 -
Washington policymakers spout off on CBDCs
A Friday speech by Fed Gov. Lael Brainard and a Feb. 7 report from the Congressional Research Service underscore the U.S. government's rising interest in a digital dollar.
By Lynne Marek • Feb. 22, 2022 -
Coinbase muscles in on popular remittance corridor
The company is partnering with Remitly to let users in Mexico cash out crypto transfers in pesos — a service that will be free through March.
By Robin Bradley • Feb. 16, 2022 -
Discover backs card-free payments
Atlanta-based fintech Buy It Mobility is partnering with the card network to enable consumers to make direct payments from their checking accounts to merchant apps.
By Caitlin Mullen • Feb. 16, 2022