Fintech

The latest fintech news for banking professionals.


  • FTX signage is shown with a phone in the foreground
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    FTX funds will be distributed soon

    Creditors will receive up to $16.5 billion, nearly two years after their funds were frozen by the crypto firm’s shocking bankruptcy, according to a plan approved by a judge Monday.

    By Oct. 8, 2024
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    Creative via Getty Images
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    Tech costs, regulatory demands among community bankers’ top worries

    A recent survey of community bankers also cited cost of funds as a top risk, amid the higher rate environment. “Right now, our motto is ‘Survive until 2025,’” a Pennsylvania community bank CEO said.

    By Oct. 8, 2024
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    Trendline

    Compliance in banking

    A trio of fintech execs share their thoughts on partnerships with banks. This collection also explores the most pressing issues faced by three banks — TD, Capital One and Citi — heavily invested in compliance.

    By Banking Dive staff
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    Fiserv teams with Canadian company on open banking

    Fiserv has allowed Zūm Rails to use its embedded finance system to bring open banking and instant payments to Fiserv’s U.S. business customers.

    By Patrick Cooley • Oct. 4, 2024
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    focusstock via Getty Images
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    Banking tech alliance drafts enterprise AI adoption guidelines

    The Fintech Open Source Foundation, which now includes Nvidia and Moody’s, outlined LLM risks and control measures to guide deployment in the industry.

    By Matt Ashare • Oct. 4, 2024
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    OCC seeks to halt Illinois card interchange fee law

    The Office of the Comptroller of the Currency blasted an Illinois law that prohibits credit and debit card interchange fees on tips and excise taxes.

    By Lynne Marek • Oct. 3, 2024
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    Oportun inks deal to sell credit card portfolio

    The deal, expected to close in November, is a push by the online lender to pursue profitability by simplifying its business and focusing on its core products. 

    By Oct. 2, 2024
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    Courtesy of State Street
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    State Street taps BNY exec as head of digital assets

    Vanessa Fernandes, a 25-year financial services veteran, will report to Donna Milrod, who has been overseeing digital asset solutions since Nadine Chakar, the unit’s head, left in January 2023.

    By Oct. 1, 2024
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    2025 banking conference roundup

    Gatherings can serve as idea generators, measuring sticks and connectors, as attendees meet to discuss innovations like AI, banking’s intersection with fintech and the future of capital requirements.

    By Oct. 1, 2024
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    Kansas City Fed dissects consumer use of digital payments

    About 95.5% of U.S. households have a bank account, and 46.4% use a nonbank payment service, a new report says. Meanwhile, the Boston Fed found more consumers are using credit cards to make ends meet.

    By Tatiana Walk-Morris • Sept. 30, 2024
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    FDX seeks to become open banking standard-setter

    The organization also named Kevin Feltes, JPMorgan Chase's head of partnerships and strategy for connected banking, as its first CEO.

    By Patrick Cooley • Sept. 30, 2024
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    Bank of America adds family banking to give parents control of kids’ spending

    The lender isn’t the first to launch such a product, as the opportunity to grow with Gen Z and Gen Alpha draws more players.

    By Sept. 26, 2024
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    da-kuk via Getty Images
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    PNC, Plaid team up on data sharing management

    The agreement ends a long-running lawsuit, filed by the bank in 2020, that accused the fintech of trademark infringement and misleading customers into providing their login credentials.

    By Sept. 25, 2024
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    Justin Sullivan / Staff via Getty Images
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    How Visa stymied big tech rivals

    The U.S. lawsuit paints a picture of the dominant card network using lures and threats to stifle competition from Apple, PayPal and others.

    By Lynne Marek • Sept. 25, 2024
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    Q&A

    Sezzle evolves alongside BNPL industry

    The company now offers more products but also faces more regulatory pressure, Sezzle CEO Charlie Youakim said.

    By Patrick Cooley • Sept. 25, 2024
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    simarik via Getty Images
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    NY credit union-bank tie-up pushes 2024 to brink of M&A record

    Rochester-based ESL's proposed acquisition of Generations Bancorp is the 16th announced whole-bank purchase by a credit union this year, tying it with 2022.

    By Sept. 24, 2024
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    Anna Hrushka/Banking Dive
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    NY’s Five Star Bank pivots away from BaaS

    The bank cited regulators’ changing expectations. Banking-as-a-service accounts for 2% of Five Star’s deposits and less than 1% of its loans and two of its 12 clients have already begun offboarding, it said.

    By Sept. 20, 2024
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    Evolve Bank ‘failed in its most basic duty,’ stole from customers: lawsuit

    The allegations come from Yotta Technologies, a fintech that says its customers are currently locked out of more than $100 million in funds.

    By Sept. 18, 2024
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    Brex rolls out embedded payments tool

    With the new offering, the fintech aims to capture a larger share of the B2B payments market, working with partners in addition to selling directly, Brex's president said.

    By Sept. 18, 2024
  • Sen. Elizabeth Warren, wearing a red jacket, speaks into a microphone during a Congressional hearing.
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    Lawmakers push for crackdown on fintech, ban on false claims

    Sens. Elizabeth Warren and Chris Van Hollen demanded tighter regulations on BaaS and fintech partnerships, saying they pose “a broader threat to the stability of our banking system and the economy.”

    By Sept. 13, 2024
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    Innovation may slow amid bank-fintech partnership scrutiny: analysts

    Additional guardrails, however, are necessary as business connections grow more complex and as fintechs tackle more compliance responsibilities, a regulator said.

    By Sept. 11, 2024
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    Courtesy of FIS

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    FIS draws fintech startups into accelerator

    Fidelity National Information Services this week continued an annual program backing young fintechs that are striving to disrupt the financial services landscape.

    By Lynne Marek • Sept. 11, 2024
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    Ansa debuts in-store digital wallet capabilities

    Ansa last week launched a software development kit, which can be integrated into a brand’s mobile app. “The pain’s on our side to make sure all their systems talk,” co-founder Sophia Goldberg said.

    By Sept. 11, 2024
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    Airwallex eyes embedded payments in globalization push

    Headcount increases in Brazil and Mexico are among the “immediate bets” the company is making, executive GM Ravi Adusumilli said.

    By Grace Noto • Sept. 10, 2024
  • SpringFour team aboard Fifth Third's eBus
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    Debt recovery software firm acquires SpringFour

    Under the acquisition by C&R Software, social impact fintech SpringFour plans to continue innovating and bringing new solutions and products to the collections and debt recovery market.

    By Sept. 4, 2024
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    Just_Super via Getty Images
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    Custodia cuts 25% of its staff amid Fed lawsuit: report

    The digital asset-focused bank, chartered in Wyoming, is putting its resources toward an ongoing lawsuit with the Federal Reserve, which denied the lender a master account last year.

    By Aug. 30, 2024