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

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 Robin Bradley • Dec. 7, 2021

Explore the 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

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 Robin Bradley • Dec. 3, 2021

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 Dan Ennis • Dec. 3, 2021

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 Anna Hrushka • Dec. 1, 2021

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 Anna Hrushka • Nov. 23, 2021

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 Dan Ennis • Nov. 18, 2021

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 Robin Bradley • Nov. 17, 2021

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

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

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 Anna Hrushka • Nov. 3, 2021

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 Anna Hrushka • Oct. 27, 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

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 Robin Bradley • Oct. 20, 2021

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 Dan Ennis • Oct. 20, 2021

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

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

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

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

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 Anna Hrushka • 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 Dan Ennis • Sept. 14, 2021

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 Robin Bradley • Sept. 10, 2021

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 Anna Hrushka • Sept. 8, 2021