Payments: Page 19
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Drew Angerer/Getty via Getty Images
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 Anna Hrushka • Oct. 14, 2022 -
Win McNamee via Getty Images
Column4 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 Dan Ennis • Oct. 13, 2022 -
Explore the Trendline➔
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TrendlineM&A
President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.
By Banking Dive staff -
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 Dan Ennis • Oct. 4, 2022 -
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 Anna Hrushka • Sept. 27, 2022 -
Poike via Getty Images
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 Anna Hrushka • Sept. 26, 2022 -
Permission granted by Varo Bank
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 Suman Bhattacharyya • Sept. 26, 2022 -
Drew Angerer via Getty Images
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 Anna Hrushka • Sept. 23, 2022 -
Dan Kitwood via Getty Images
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 Gabrielle Saulsbery • Sept. 22, 2022 -
Alex Wong via Getty Images
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 Anna Hrushka • Sept. 22, 2022 -
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 -
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
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