Fintech
The latest fintech news for banking professionals.
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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 Gabrielle Saulsbery • Oct. 8, 2024 -
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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 Caitlin Mullen • Oct. 8, 2024 -
Explore the Trendline➔
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TrendlineCompliance 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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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 -
Retrieved from OCC.
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 Rajashree Chakravarty • Oct. 2, 2024 -
Courtesy of State Street
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 Rajashree Chakravarty • 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 Dan Ennis • Oct. 1, 2024 -
Courtesy of Adyen
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 -
Justin Sullivan / Staff via Getty Images
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 Caitlin Mullen • Sept. 26, 2024 -
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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 Rajashree Chakravarty • Sept. 25, 2024 -
Justin Sullivan / Staff via Getty Images
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&ASezzle 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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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 Rajashree Chakravarty • Sept. 24, 2024 -
Anna Hrushka/Banking Dive
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 Dan Ennis • 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 Gabrielle Saulsbery • 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 Rajashree Chakravarty • Sept. 18, 2024 -
Michael A. McCoy / Stringer via Getty Images
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 Rajashree Chakravarty • Sept. 13, 2024 -
Retrieved from OCC.
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 Suman Bhattacharyya • Sept. 11, 2024 -
Courtesy of FIS
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 -
Permission granted by Ansa
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 Gabrielle Saulsbery • Sept. 11, 2024 -
Viorika via Getty Images
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 -
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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 Rajashree Chakravarty • Sept. 4, 2024 -
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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 Gabrielle Saulsbery • Aug. 30, 2024
