Walmart can break off Capital One card partnership early, judge says

It won’t be easy for Walmart to find a new partner to replace Capital One, though, said Brian Riley, co-head of payments at Javelin Strategy & Research.

By Caitlin Mullen • March 27, 2024

Capital One pledges to give Discover’s network a boost

Dominated by Visa and Mastercard, card network markets “sorely need an injection of competitive rivalry,” Capital One argued in its application to regulators to purchase Discover.

By Caitlin Mullen • March 26, 2024

Explore the Trendline➔

Fraud and AML in banking

It’s not just big banks like Citi, TD or Morgan Stanley that face stiffer AML oversight from regulators. The FDIC is looking closely at banks offering BaaS alongside fintechs.

By Banking Dive staff

DOJ calls Apple card fees ‘significant expense’ for banks

The tech giant’s fees for credit card transactions “cut into funding for features and benefits that banks might otherwise offer smartphone users,” the Justice Department said in suing the company this month.

By James Pothen • March 26, 2024

JPMorgan seeks embedded payments niches

The biggest U.S. bank aims to offer embedded payments software solutions in more industries for its corporate clients.

By Lynne Marek • March 25, 2024

Robinhood co-founder steps down

Baiju Bhatt, who co-founded the fintech 11 years ago and was most recently chief creative officer, is moving on to “focus on his next enterprise.”

By Gabrielle Saulsbery • March 25, 2024

He could get 5 years. He could get 100. For how long will Sam Bankman-Fried go to prison?

Ryan Lee O'Neill, a New Jersey-based defense attorney, has represented countless defendants in the FTX founder's place. She has her own estimates.

By Gabrielle Saulsbery • March 20, 2024

Marqeta CFO touts EWA expansion

The card-issuing fintech has seen adoption of its debit card-linked EWA product increase as hourly workers at Walmart and Uber have been added, CFO Mike Milotich said.

By James Pothen • March 18, 2024

CFPB warns of ‘dangers’ on standards for open banking

“We know dangers exist when more powerful players weaponize industry standards,” the agency's director, Rohit Chopra, said in advance of finalizing an open banking rule later this year.

By Lynne Marek • March 15, 2024

Klarna’s IPO prospects grab spotlight

The BNPL provider’s CEO has suggested the company could IPO “quite soon,” but fintech investors expect the market will first want to see a stronger track record of profitability.

By Caitlin Mullen • March 13, 2024

Stripe reports payments volume increase

The digital payments company processed $1 trillion in total payments volume last year, according to its annual letter released Wednesday.

By James Pothen • March 13, 2024

Capital One angles to push Discover upmarket

With its acquisition of the card network, Capital One seeks to elevate Discover’s brand while also working to expand its acceptance abroad.

By Caitlin Mullen • March 7, 2024

Ansa cuts fees for merchants with white-labeled wallets

With an Ansa wallet, a merchant “doesn’t have to maintain ... what is at its core really tricky and regulated payments infrastructure,” co-founder Sophia Goldberg said.

By Gabrielle Saulsbery • March 6, 2024

i2c pursues bank clients abroad

The issuing-processing fintech sees a bigger opportunity in regions outside the U.S. to sell its core banking services, founder and CEO Amir Wain said.

By Caitlin Mullen • March 6, 2024

Gemini to return more than $1.1B to Earn customers

The crypto exchange and New York's Department of Financial Services reached an agreement Wednesday that included a $37 million penalty for compliance failures.

By Gabrielle Saulsbery • Feb. 29, 2024

Capital One sets out to tackle Discover compliance issues

The bank projects it will spend $2.8 billion in integration costs, CFO Andrew Young said Tuesday. That's on top of the $500 million Discover is planning to spend on compliance this year.

By Caitlin Mullen • Feb. 28, 2024

Warren calls out OCC over merger policy ahead of Capital One-Discover

The senator urged regulators to block the deal and took the OCC to task for its approval record. Meanwhile, JPMorgan CEO Jamie Dimon advocated for Capital One to get a fair shake.

By Dan Ennis • Feb. 27, 2024

Fed official makes a case for the dollar’s hegemony

Can the dollar’s reign as the world’s reserve currency persist? This Fed official makes a strong case, but digital doubts may remain.

By Lynne Marek • Feb. 27, 2024

Capital One-Discover deal may spur payments M&A

The blockbuster deal is set “to trigger a bunch of rethinking across the industry,” said Erin McCune, a partner at consulting firm Bain & Co.

By Caitlin Mullen • Feb. 27, 2024

Kraken wants SEC suit dismissed

The playbook for Kraken's motion to dismiss looks a lot like those of Binance and Coinbase.

By Gabrielle Saulsbery • Feb. 23, 2024

Capital One-Discover deal carries $1.38B termination fee

The fee would apply if Discover chooses another buyer or if either board has a change of heart but not if regulators block the deal.

By Dan Ennis • Feb. 23, 2024

Mastercard to be dinged by Capital One-Discover deal

While both Mastercard and Visa will be impacted by Discover’s plan to be acquired by card issuer Capital One, the former is likely to bear the brunt of the blow.

By Lynne Marek • Feb. 22, 2024

Capital One-Discover deal may spark antitrust concern

While the $35.3 billion acquisition is expected to prompt antitrust concerns related to consumer card lending, regulators may see competition benefits in the card network arena.

By Caitlin Mullen • Feb. 21, 2024

Cross-border payments remain focus for Fed

Tools that “automate processes, reduce costs and promote effective safeguards across jurisdictions” may help improve cross-border payments, a Federal Reserve official said last week.

By Lynne Marek • Feb. 20, 2024

Warren probes Zelle scam policy

Three senators, including Elizabeth Warren, asked Zelle owner Early Warning Services to provide detailed information about its fraud reimbursement policy.

By James Pothen • Feb. 20, 2024

PayPal invests in AI startup Rasa

The investment is the first that the digital payments pioneer is making from its new artificial intelligence venture fund.

By Tatiana Walk-Morris • Feb. 20, 2024