Payments


  • 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
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    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 Dec. 7, 2021
  • Trendline

    Customer service

    If 2020 was an exercise in banks relearning customer interaction at a core level, 2021 became the year financial institutions revamped their outreach to niches of users.

    By Banking Dive staff
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    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 Dec. 3, 2021
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    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 Dec. 3, 2021
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    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 Dec. 1, 2021
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    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 Nov. 23, 2021
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    N26

    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 Nov. 18, 2021
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    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 Nov. 17, 2021
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    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
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    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 Nov. 3, 2021
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    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 Oct. 27, 2021
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    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
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    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 Oct. 20, 2021
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    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 Oct. 20, 2021
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    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
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    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
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    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
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    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
  • Longtime Mastercard executive Banga to retire at year's end

    Banga's upcoming exit was part of a "planned board leadership transition" initiated last February, the company said, though the timing of his retirement had not been previously announced.

    By Lynne Marek • Sept. 21, 2021
  • Business failure helped Chime CFO build resilience

    Having a business that didn't succeed past its venture stage gave Matt Newcomb a big-picture view that informs his strategic mindset at the fast-growing fintech.

    By Robert Freedman • Sept. 15, 2021
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    Anna Hrushka/Banking Dive

    How BankMobile pivoted its business model in the face of competition

    "Our pillar of being able to have a profitable, sustainable model — and as fast as possible — wasn't happening," CEO Luvleen Sidhu said. "It's challenging when you have other challenger banks spending half a billion dollars on marketing."

    By Sept. 15, 2021
  • Capital One beta-tests BNPL option, marking turnabout

    The McLean, Virginia-based bank barred customers last December from using its credit cards to clear buy-now-pay-later debt.

    By Sept. 14, 2021
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    Chris Hondros via Getty Images

    JPMorgan Chase to acquire company behind Zagat guidebook

    Barred by regulators from buying another deposit-taking institution, the nation's largest bank looked to an adjacent arena to expand culinary perks for its credit-card holders.

    By Sept. 10, 2021
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    Sean Gallup via Getty Images

    JPMorgan to buy majority stake in Volkswagen's payments business

    The deal is the latest in a series of investments the bank has made in the past year, following CEO Jamie Dimon's 2020 promise that it would be "much more aggressive with acquisitions across the board."

    By Sept. 8, 2021