Payments: Page 24
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Anna Hrushka/Banking Dive
Fed gives new details on its real-time payments system
One year after committing to FedNow, the central bank emphasized its effort to bolster 24/7/365 operability, the development of fraud deterrents, and a liquidity management tool that lets RTP participants help.
By Dan Ennis • Aug. 7, 2020 -
EBay partners with LendingPoint for merchant loans
The tie-up gives merchants an alternative to PayPal Working Capital, a financing solution eBay sellers have used in the past. PayPal's five-year operating agreement with eBay expired last month.
By Anna Hrushka • Aug. 6, 2020 -
Explore the Trendline➔
Morris MacMatzen / Stringer via Getty Images
TrendlineData-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 -
Opinion
The digital transformation of payments reaches its next phase
In addition to providing the technology tools, banks must help educate clients and provide guidance to help ease client transformations from paper to electronic solutions, writes Carl Slabicki of BNY Mellon Treasury Services.
By Carl Slabicki • Aug. 4, 2020 -
Permission granted by Office of the Comptroller of the Currency
Bank trade groups push back on OCC's payments charter plans
The regulator should take care not to introduce risks that would encourage regulatory arbitrage, the groups said, urging the OCC to be transparent when considering a new charter.
By Anna Hrushka • July 30, 2020 -
JPMorgan Chase, Marqeta partner to launch virtual corporate cards
The deal comes as payment networks have seen contactless transactions spike by as much as 150% since March 2019.
By Anna Hrushka • July 29, 2020 -
Bank of the West rolls out climate-conscious checking account
The bank will donate 1% of net revenues generated from the account to support environmental nonprofits. The account's tracking tool lets customers see the carbon impact of purchases made with the debit card.
By Dan Ennis • July 22, 2020 -
What US fintechs can learn from Wirecard's collapse
"Think about diversifying your supply chain and your partners," said Kim Muhota, vice president at SSA & Company. "It's really just a risk management play — the classic, don't have all your eggs in one basket."
By Anna Hrushka • July 22, 2020 -
Courtesy of Kabbage Media
Kabbage launches small-business checking account
The fintech said it plans to roll out several additional features connected to the account this year, including wire transfers and mobile remote deposits.
By Anna Hrushka • July 22, 2020 -
Chime, Apple debut credit score-boosting products
The challenger bank's entry into the credit card market comes a day after Goldman Sachs and Apple launched an initiative that gives rejected Apple Card applicants suggestions as to what they can do to be approved.
By Dan Ennis • July 2, 2020 -
Permission granted by Upgrade
How Upgrade plans to use its latest $40M investment
Upgrade's latest funding round boosts the startup's valuation to $1 billion, giving it "unicorn" status alongside other neobanks such as Chime, Dave, Monzo, Revolut, N26 and NuBank.
By Anna Hrushka • June 25, 2020 -
Verizon, Synchrony launching consumer credit card
The mobile-phone provider joins Samsung among telecom giants offering cards this year. In a nod to pandemic spending, groceries net the card's richest reward — 4% back. But rewards are redeemable only on Verizon purchases.
By Dan Ennis • June 24, 2020 -
Andrew. (2011). "Los Angeles" [Photograph]. Retrieved from Flickr.
Welcome Technologies, Green Dot target Hispanic immigrants with bank account, card
Welcome is banking on the trust it says it's built to serve a community largely reluctant to use traditional financial institutions. But the company faces a twofold challenge, an analyst tells Banking Dive.
By Ken McCarthy • June 19, 2020 -
Uber
Kabbage rolls out simplified PPP process for Uber drivers, contractors
At least 40% of coronavirus relief applicants through the online lender are self-employed, said the company's co-founder, Kathryn Petralia, adding that Kabbage is the fourth-largest PPP provider.
By Kate Patrick Macri • June 16, 2020 -
Fotolia
Will COVID-19 push contactless payments into the mainstream?
Reports show contrasting figures on the adoption of touch-and-go tech, but the coronavirus — and perhaps a push from card issuers or retailers — may prove the catalyst to change consumer behavior.
By Tatiana Walk-Morris • June 11, 2020 -
Alibaba rolls out interest-free financing for small businesses
The program isn't a replacement for loans the conglomerate offers with Kabbage, an Alibaba executive said. But Kabbage stopped processing new loan requests through Alibaba in March in favor of financing PPP loans.
By Dan Ennis • June 5, 2020 -
Gijs Bolmeijer
Western Union offers to take over MoneyGram: Bloomberg
Traditional money-sending businesses have seen their model undercut by startups offering lower remittance fees — and by the coronavirus, as people lean away from cash-handling transactions in brick-and-mortar locations.
By Dan Ennis • June 2, 2020 -
Fotolia
Brex lays off 62 employees amid 'restructuring'
"Three months in, it's clear that the impact of COVID-19 won't be short-lived," Brex's co-founders wrote in a blog post. "We know that the pace of growth won't be what we expected for the foreseeable future."
By Anna Hrushka • June 1, 2020 -
American Express moves 'hundreds' of salespeople into collections roles
Spending on the company's cards is down about 35% from a year ago. Meanwhile, a half-million AmEx customers are enrolled in short-term forbearance and other relief, accounting for $5 billion in balances.
By Dan Ennis • May 29, 2020 -
JPMorgan, Mastercard data reveal coronavirus spending impact, potential recovery
The more than 40% drop in credit card spending the JPMorgan Chase Institute found in March and early April is eight times steeper than average during the first month of unemployment.
By Dan Ennis • May 15, 2020 -
Remitly partners with Cross River Bank to speed up cross-border payments
As the coronavirus limits access to brick-and-mortar locations across the globe, the digital remittance company's CEO says the deal gives its customers more choices to send money internationally.
By Anna Hrushka • May 14, 2020 -
Courtesy of Samsung
Samsung to launch US debit card this summer with SoFi
The South Korean company joins competitors Apple and Google, as more tech giants announce plans to offer banklike products.
By Anna Hrushka • May 11, 2020 -
More than half of US consumers paying contactless, Mastercard finds
Banks such as HSBC, JPMorgan Chase and Bank of America have ramped up their efforts to push consumers toward tap-and-go technology. The coronavirus may prove the catalyst for behavioral shift.
By Dan Ennis • April 30, 2020 -
Visa, Fiserv tapped to get stimulus payments to hard-to-reach taxpayers
The CFPB made the move to deliver money via prepaid card possible by issuing an interpretive rule reclassifying the coronavirus relief so it would not be considered a government benefit.
By Dan Ennis • April 30, 2020 -
Sen. Gillibrand calls on Congress to reestablish postal banking service
A return to the postal banking system would aid in the delivery of coronavirus stimulus checks, said Mehrsa Baradaran, a law professor specializing in banking law at the University of California, Irvine.
By Anna Hrushka • April 28, 2020 -
Mastercard turns brand-building effort toward streaming as consumers stay home
"The brand has to be visible. We cannot go dark," Chief Marketing Officer Raja Rajamannar said. "But the time is not to sell, this is a time to serve."
By Peter Adams • April 23, 2020
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