Payments: Page 27
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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 -
Trendline
Fraud and AML in banking
The past year has been one of reckoning with regard to fraud — from TD’s $3 billion AML penalty to the continuing punitive phase connected to PPP misdeeds, crypto bankruptcies and pig butchering.
By Banking Dive staff -
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 -
Hannelore Foerster via Getty Images
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 -
Christopher Furlong via Getty Images
Valley Bank unveils payments app for cannabis businesses
Valley Bank is partnering with a large processor to offer the service, which is similar to using a reloadable Starbucks wallet gift card, Chief Digital Product Officer Stuart Cook said.
By Anna Hrushka • Oct. 27, 2021 -
Retrieved from ATPC on July 07, 2021
U.S. Bank's Elavon eyes BNPL arena
The payments processor will likely both build and buy its way into the buy-now-pay-later market, Elavon CEO Jamie Walker said in an interview last week.
By Lynne Marek • Oct. 26, 2021 -
Chris Hondros via Getty Images
Goldman Sachs, AmEx debut cloud-based payments service for corporate clients
The investment bank is partnering with the world's largest card issuer for businesses in an effort to make payments easier and more efficient for institutional clients.
By Robin Bradley • Oct. 20, 2021 -
Retrieved from Novi on May 27, 2020
Facebook's Novi launches digital currency wallet pilot
The announcement was met nearly immediately with pushback from five senators urging that the project be discontinued.
By Dan Ennis • Oct. 20, 2021 -
Permission granted by Stripe
Stripe agrees to buy Indian software company Recko
The acquisition — the financial details of which are not disclosed — is expected to allow the fintech to give its business clients more accounting capabilities.
By Lynne Marek • Oct. 20, 2021 -
Cross-border payments competition heats up
Three bank-backed payments companies are attempting to increase the speed of cross-border payments, jumping into an arena teeming with fintech rivals.
By Lynne Marek • Oct. 14, 2021 -
Courtesy of Google
British payments firm SumUp pushes into US with $317M deal
The company's purchase of San Francisco-based Fivestars will help it scale "dramatically" in a market dominated by the likes of Square and PayPal, a spokesperson said.
By Lynne Marek • Oct. 14, 2021 -
Drew Angerer via Getty Images
Fed won't go it alone on CBDC
The central bank will work with Congress and the Biden administration on any digital currency development, Chair Jerome Powell emphasized Wednesday.
By Lynne Marek • Sept. 23, 2021
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