Payments: Page 23
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Behind BNY Mellon's war against B2B checks
Peer-to-peer payments have made consumer transactions cheap and efficient. BNY Mellon wants to do that for business payments, with additional communication, reporting and security measures.
By Suman Bhattacharyya • Nov. 25, 2020 -
Google revamps Google Pay, adds 3 new partner banks
With a redesigned app and an expanded network of banks that have signed on to offer co-branded accounts, the tech giant continues its push into the consumer financial services space.
By Anna Hrushka • Nov. 19, 2020 -
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 -
Twitter to invest $100M in CDFIs in effort to combat racial wealth gap
The social media giant follows a growing number of corporations, including Netflix and PayPal, that have embarked on similar initiatives to funnel more capital to Black and Latinx financial institutions and businesses.
By Anna Hrushka • Nov. 13, 2020 -
DOJ challenge to Visa-Plaid deal could change financial services landscape
The outcome will decide how the industry might evolve in an ever-changing world of technology — through acquisition of small, innovative fintechs or organic growth, an antitrust attorney said.
By Anna Hrushka • Nov. 10, 2020 -
DOJ sues to block Visa's $5.3B Plaid acquisition
The Justice Department cited Visa CEO Al Kelly's description of the deal as an "insurance policy" to neutralize a "threat to our important US debit business" as evidence the deal represents an anti-competitive move.
By Anna Hrushka • Nov. 6, 2020 -
Visa's Plaid deal faces antitrust scrutiny from Justice Department
The DOJ may be concerned Visa's purchase of Plaid would result in a "killer acquisition" — when a legacy company purchases a smaller, innovative player to preempt future competition, a Bloomberg Law analyst said.
By Anna Hrushka • Oct. 28, 2020 -
Fed, FinCEN want to make banks report international transfers of as little as $250
Friday's proposal to lower the threshold from $3,000 is meant to catch bad actors using low-dollar cross-border transactions to facilitate terrorist financing and other illicit activity.
By Anna Hrushka • Oct. 26, 2020 -
PayPal launches crypto payment platform
The payments company will convert consumers' Bitcoin, Ethereum, Bitcoin Cash and Litecoin holdings into fiat currencies when they check out. That cuts the risk merchants assume from any volatility in cryptos' value.
By Dan Ennis • Updated March 30, 2021 -
Fed chair remains cautious on regulator's digital dollar efforts
The central bank's chief, Jerome Powell, told a panel Monday he'd rather the U.S. "get it right" than be first — and that such a currency should aim to complement rather than replace the dollar.
By Dan Ennis • Oct. 20, 2020 -
Bank of America enters the small-dollar loan fray
Balance Assist, which will launch in January, will offer loans of up to $500 — to be repaid in three installments over 90 days — for a flat $5 fee to customers who have held Bank of America checking accounts for a year or more.
By Dan Ennis • Oct. 9, 2020 -
Venmo launches its first credit card
After teasing it last October, the payment platform this week unveiled the card, through which users can earn 1% to 3% cash back on eligible purchases, track their spending, make payments and split expenses through the Venmo app.
By Tatiana Walk-Morris • Oct. 6, 2020 -
Goldman Sachs tops Barclays to buy GM's card portfolio for $2.5B
The deal feeds into Goldman's goal to nearly triple its consumer loans and card balances by 2025. It also marks the bank's second victory over Barclays: Apple phased out a rewards deal with the British lender before Apple Card's launch.
By Dan Ennis • Oct. 2, 2020 -
With stimulus in legislative limbo, market may see boost in small-dollar loans
Four regulators issued guidance on the products in May, but banks have been slow to roll out offerings. Higher demand may provide the catalyst they need.
By Suman Bhattacharyya • Oct. 1, 2020 -
OCC's Brooks defends special-purpose charters amid growing 'unbundling'
"Unbundling is not going away," the acting comptroller said Tuesday at a LendIt Fintech conference. "Customers want what they want. The question is, is our platform flexible enough to accommodate that? And I think it has to be."
By Anna Hrushka • Sept. 30, 2020 -
Opinion
3 ways to reimagine loyalty redemption in a post-COVID world
Providing offers consumers care about is not enough, writes Mastercard executive Jamie Samaha. A clunky, manual redemption process can leave cardholders feeling disengaged or duped.
By Jamie Samaha • Sept. 28, 2020 -
Crypto exchange Kraken gets Wyoming banking license
The company pulled out of New York in 2015, after executives saw the state's BitLicense as too invasive.
By Ted Jackson • Sept. 21, 2020 -
Stripe offers $20K bonus — and a pay cut — to relocating workers
About 49% of 6,000 users polled in the workplace forum Blind said they wouldn't take a pay cut for doing the same work, but 44% said they'd agree to lower pay in exchange for better work-life balance and a lower cost of living.
By Dan Ennis • Sept. 17, 2020 -
PayPal expands its point-of-sale arsenal
The payments company is looking to wrest part of a burgeoning buy-now-pay-later market from the likes of Afterpay, Affirm and Klarna with a six-week installment plan for purchases between $30 and $600.
By Dan Ennis • Sept. 1, 2020 -
Ally partners with Mastercard's Vyze to enter retail point-of-sale lending
The bank will offer installment loans on retail purchases between $500 and $40,000 with interest rates ranging from 9.99% to 26.99%. Monthly fixed-rate installment loans will range from six to 60 months, the company said.
By Dan Ennis • Aug. 26, 2020 -
Advocacy groups urge CFPB, OCC to probe PayPal over school ties
The company said it had begun reviewing a list of 150 mostly unaccredited career training institutions the Student Borrower Protection Center said were offering high-interest PayPal Credit as a tuition payment option.
By Dan Ennis • Aug. 25, 2020 -
Citi sues Revlon creditors, wins temporary freezes on $412M after errant transfer
The court action comes after the bank made a more than 100-fold overpayment while serving as administrative agent on a 2016 loan.
By Dan Ennis • Updated Aug. 19, 2020 -
Sponsored by Accenture
10 ways COVID-19 is impacting payments
Payments organizations should now act urgently to moderate the damage it does to their customers, their people, their partners and their businesses.
By Sulabh Agarwal, Margaret Weichert, Graham Rothwell & Will Hay • Aug. 18, 2020 -
Facebook unveils payments umbrella
Facebook Financial, the social network's latest effort to lend brand consistency among its payment and commerce plans, will be overseen by Libra co-creator David Marcus.
By Dan Ennis • Aug. 11, 2020 -
Online payments provider Stripe hires GM CFO
"Stripe's mission to increase the [gross domestic product] of the internet is more important now than ever," Dhivya Suryadevara said. "I hope to use my skills to help accelerate Stripe's already steep growth trajectory."
By Jane Thier • Aug. 11, 2020 -
American Express makes Kabbage acquisition official
Not included in the deal is Kabbage's pre-existing loan portfolio. Kabbage and AmEx will establish an entity to manage and retain those loans once the acquisition is complete. Neither company disclosed the purchase price.
By Dan Ennis • Updated Aug. 18, 2020