Fintech: Page 8
The latest fintech news for banking professionals.
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5 lessons learned from Synapse’s collapse
Ledgering issues, bank partner and regulatory lapses and gross mismanagement led to a shortfall of up to $95 million between bank-held funds and amounts owed to fintech end users, a law firm found.
By Rajashree Chakravarty • Oct. 30, 2024 -
Dan Kitwood via Getty Images
Consensys to slash 20% of workforce
The blockchain software firm best known for its self-custodial MetaMask wallet cited regulatory uncertainty and a push toward “rigorous decentralization.”
By Gabrielle Saulsbery • Oct. 30, 2024 -
Explore the Trendline➔
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TrendlineFintech disruption in the banking industry
There are as many schools of thought on how to disrupt the banking space as there are disruptors.
By Banking Dive staff -
Anna Hrushka/Banking Dive
NC bank to buy fintech BM Technologies in $67M deal
First Carolina Bank's acquisition of the Pennsylvania-based digital banking platform is expected to close in the first quarter of 2025.
By Rajashree Chakravarty • Oct. 28, 2024 -
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Pay-by-bank to be used for bills, Plaid CEO predicts
Plaid CEO Zach Perret expects consumers to use pay-by-bank services for mortgage and utility payments, but is skeptical they will be used to pay at restaurants or for groceries any time soon, he said.
By Patrick Cooley • Oct. 28, 2024 -
TU IS
Kraken to launch its own blockchain
Ink will be rolled out to retail and institutional users early next year, with the aim to offer decentralized finance to a larger audience.
By Gabrielle Saulsbery • Oct. 28, 2024 -
Permission granted by SoLo Funds
SoLo Funds hit with lawsuit over ‘tips,’ ‘donations’ features
The proposed class action filed last week in a California federal court alleges the fintech misleads borrowers with advertising that deceptively claims to offer zero-interest loans and no hidden fees.
By Rajashree Chakravarty • Oct. 23, 2024 -
Drew Angerer / Staff via Getty Images
Trade groups challenge CFPB’s open banking rule on Day 1
Liability over data security emerges as a top concern as the Bank Policy Institute and a Kentucky trade group and bank sue the bureau, arguing overreach.
By Caitlin Mullen • Oct. 23, 2024 -
Permission granted by Huntington Bank
Huntington CFO sees acceleration of fintech venture opportunities
Declining interest rates are opening the gateway for a “regrowth” of funding activity, said Zachary Wasserman, CFO of the Columbus, Ohio-based bank.
By Grace Noto • Oct. 23, 2024 -
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Synapse-related funds to be disbursed soon, Evolve says
Customers who are owed money will be asked to choose a payment method Nov. 4, with payments beginning “shortly thereafter,” the bank said Saturday.
By Caitlin Mullen • Oct. 21, 2024 -
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Fiserv may grab competitive edge with new bank charter
The payments processor can undercut rivals on price because it won’t be paying bank fees, industry consultants say.
By Patrick Cooley • Oct. 21, 2024 -
Retrieved from OCC.
OCC hits Florida bank over AML concerns
Maitland-based Axiom Bank agreed to revamp its BSA/AML program and look back at its suspicious activity reporting history.
By Gabrielle Saulsbery • Oct. 18, 2024 -
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SoFi, Best Egg get boosts from private credit
Fortress Investment Group extended $2 billion to SoFi and led a $500 million purchase facility to Best Egg to help grow their loan platforms.
By Gabrielle Saulsbery • Oct. 16, 2024 -
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Crypto firm Copper hires ex-Goldman exec as new CEO
Amar Kuchinad will replace the founder and current CEO, Dmitry Tokarev, in a push to drive the crypto custodian’s global growth strategy with a focus on fortifying its U.S. presence.
By Rajashree Chakravarty • Oct. 16, 2024 -
Courtesy of Mastercard
Payments players tap M&A to build tech stacks
The Fed’s recent interest rate cut could spur even more deal-making in the remaining months of the year and into 2025. Mastercard, Global Payments and Payoneer are among the companies that have bought businesses this year.
By Shefali Kapadia • Oct. 16, 2024 -
(2024). [Photo]. Retrieved from Federal Reserve.
Credit unions, fintechs should face same regulations as banks: Fed’s Bowman
“[Community banks] are also subject to a broader range of restrictions imposed by regulatory requirements…the disparity in the legal framework can have a distortive effect on competition,” Bowman said.
By Rajashree Chakravarty • Oct. 15, 2024 -
Joe Raedle / Staff via Getty Images
LendingClub, Pagaya acquire tech assets of defunct Tally
Tally’s assets will be integrated into the existing products of both firms, according to company spokespeople. Tally shuttered in August this year over failure to raise funds.
By Rajashree Chakravarty • Oct. 10, 2024 -
Permission granted by Grasshopper Bank
Grasshopper Bank to buy Auto Club Trust
Grasshopper's deal with ACT, a subsidiary of The Auto Club Group, would increase its assets to $1.4 billion.
By Rajashree Chakravarty • Oct. 9, 2024 -
Leon Neal / Staff via Getty Images
FTX bankruptcy plan would give ex-customers an extra 19%
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 -
Creative via Getty Images
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 -
Daniel Boczarski via Getty Images
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 -
Monica Schipper via Getty Images
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 -
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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