Payments: Page 22
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Chris Hondros via Getty Images
Senators probe allegations of JPMorgan ‘robo-signing’ in debt collection
A CFPB consent order barring the bank from that practice expired in 2020, but a ProPublica report alleges JPMorgan has resumed an “affidavit-signing assembly line.”
By Robin Bradley • Feb. 8, 2022 -
Permission granted by Revolut
Revolut to offer 30-minute, fee-free remittances from US to Mexico
Remittances sent from the U.S. to Mexico increased by 37.7% between November 2020 and 2021, according to research published by BBVA.
By Robin Bradley • Jan. 31, 2022 -
Explore the Trendline➔
wildpixel via Getty Images
TrendlineThe Banking Dive Outlook on 2022
Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.
By Banking Dive staff -
Permission granted by Diem Association
Diem to end crypto project, sell its assets to Silvergate Bank for $182M
The California bank said Monday it intends to launch a stablecoin this year using the assets it acquired in the deal.
By Dan Ennis • Updated Feb. 1, 2022 -
Al Bello via Getty Images
Walmart fintech buys earned wage access firm Even in ‘super app’ pursuit
Former Goldman Sachs exec Omer Ismail will serve as CEO of the combined business, which includes One Finance, a digital financial services company the retailer also bought Wednesday.
By Lynne Marek • Jan. 27, 2022 -
JPMorgan buys 49% stake in Greek fintech Viva Wallet
The U.S.’s largest bank is continuing an acquisition spree it accelerated in 2021, when it made more than 30 deals — many either banking-adjacent or outside banking entirely.
By Dan Ennis • Jan. 25, 2022 -
Retrieved from Ono Kosuki from Pexels.
ATMs may have peaked in 2019, research finds
A Euromonitor International executive predicts the once-revolutionary dispensers may be gone within 25 years — a consequence of reduced demand and higher costs for servicing the machines.
By Lynne Marek • Jan. 10, 2022 -
Pablo Blazquez Dominguez via Getty Images
Santander finds itself in a Citi moment with $175M error
In looking to claw back duplicate payments, Santander may find varying levels of cooperation from other banks. The incident may also prompt regulators to examine the lender’s risk management framework and history.
By Dan Ennis • Jan. 5, 2022 -
Courtesy of Tricia Harte
BNPL growth prompts change from credit bureaus
Paying in installments has become wildly popular, but many of these plans aren’t reflected on consumers’ credit reports. Credit agencies say adaptations are coming.
By Caitlin Mullen • Dec. 24, 2021 -
Delmaine Donson via Getty Images
Community banks form payments network to compete with Zelle: report
Community bank innovation consortium Alloy Labs Alliance will manage the network in partnership with Payrailz, a digital payments company, Forbes reported.
By Anna Hrushka • Dec. 20, 2021 -
Jack Taylor / Stringer via Getty Images
Crypto custody firm Anchorage Digital raises $350M in $3B valuation
The company’s latest raise comes as the firm is ramping up its strategy to partner with financial institutions that want to provide their clients with custody services for their digital assets.
By Anna Hrushka • Dec. 15, 2021 -
Chime customers can deposit funds at Walgreens for free
The retailer joins CVS, Walmart and 7-Eleven in allowing Chime’s customers to make deposits at their brick-and-mortar locations. Walgreens, however, is the only retailer to do so without charging a fee.
By Anna Hrushka • Dec. 14, 2021 -
Matt Cardy/Getty via Getty Images
Wells Fargo to use HSBC’s blockchain tech to settle forex transactions
Through the arrangement, the banks will sidestep CLS, a Federal Reserve-regulated third party, to settle matched foreign-exchange transactions in U.S. and Canadian dollars, euros and British pounds.
By Robin Bradley • Dec. 13, 2021 -
Permission granted by Citizens Financial Group
Citizens Bank’s Microsoft partnership takes the BNPL ‘training wheels off,’ exec says
“We’re not just throwing a checkout widget online on their checkout page,” the bank’s Andrew Rostami said of a deal Citizens inked to let users choose no-interest financing when shopping through the Microsoft Store.
By Caitlin Mullen • Dec. 10, 2021 -
Column
Coinbase’s revenge, CFTC shade-throwing highlight return of ‘winter filter’
Coinbase debuted an interest-bearing product for non-U.S. users a day after warning lawmakers the U.S. is at risk of being left behind. Also, “regulating through enforcement” comes under fire — from a regulator.
By Dan Ennis • Dec. 10, 2021 -
Bank trade groups urge CFPB to keep an eye on big tech in payments probe
“Consumers can make better-informed choices if they more fully understand a big tech’s ability to collect and use a consumer’s financial transaction data, or directly and regularly access their bank account,” the groups wrote.
By Jonathan Berr • Dec. 8, 2021 -
Dan Kitwood via Getty Images
The decentralization in DeFi just an illusion, BIS says
DeFi is ripe for regulation before the ecosystem becomes more popular, the Basel, Switzerland-based organization says in its quarterly report.
By Robin Bradley • Dec. 7, 2021 -
Chip Somodevilla via Getty Images
New York Fed, BIS partner on fintech research center
The innovation hub is meant to support the U.S. central bank’s analysis of digital currencies, including CBDCs, and to help make cross-border payments faster and less expensive, Fed Chair Jerome Powell said.
By Robin Bradley • Dec. 3, 2021 -
Lintao Zhang via Getty Images
Quotable Quarles: 5 takeaways from the Fed governor’s farewell speech
The outgoing central bank official suggested a change to big banks’ stress-testing framework, warned against stifling digital-asset innovation and cautioned the misuse of Fed emergency funds.
By Dan Ennis • Dec. 3, 2021 -
Steve Jennings via Getty Images
Diem co-creator Marcus to leave Facebook parent Meta by end of year
In a series of tweets and Facebook posts Tuesday, David Marcus said he is leaving to pursue other projects. Stephane Kasriel, vice president of product at Novi, will take over his role leading the stalled crypto effort.
By Anna Hrushka • Dec. 1, 2021 -
Courtesy of KeyBank
KeyBank buys fintech XUP to streamline merchant payments business
The acquisition will help the bank address challenges regarding its legacy infrastructure, and help it create a singular experience for its merchant clients, KeyBank’s head of commercial product and innovation said.
By Anna Hrushka • Nov. 23, 2021 -
German challenger bank N26 to shutter US operations
Accounts for the fintech’s 500,000 U.S. customers will be closed Jan. 11. The company is aiming to expand into more countries in eastern Europe and still plans to launch services in Brazil.
By Dan Ennis • Nov. 18, 2021 -
Permission granted by U.S. Bank
U.S. Bank to buy travel and expense management fintech TravelBank
After a yearlong partnership, the Minneapolis lender opted to buy the fintech outright, in a deal reportedly worth $200 million.
By Robin Bradley • Nov. 17, 2021 -
Permission granted by Current
Why Current built its core technology in-house
Curbing the need for a third-party processor helps money move faster, said the fintech’s CTO, Trevor Marshall. “When I think of a checking account, I think of a parking lot,” he said. “Current is about movement.”
By Suman Bhattacharyya • Nov. 8, 2021 -
Opinion
Is finance ready for the super-app revolution?
With a market of specialized fintech offerings and a customer base hungry for streamlined solutions, there’s a race to become the provider of all services. The burden lies on the platform provider to deliver an exceptional experience.
By Kathryn Petralia • Nov. 5, 2021 -
Permission granted by First Internet Bank
First Internet Bank to expand into payments with $80M First Century purchase
First Internet CEO David Becker said the deal solidifies the bank’s position as a “growth-oriented financial services company,” and First Century’s payments business will be a key source of revenue going forward.
By Anna Hrushka • Nov. 3, 2021
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