Payments


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    Block recalibrates crypto approach

    The payments firm is winding down its bitcoin-focused TBD business and investing in its self-custody wallet and bitcoin mining businesses.

    By Nov. 13, 2024
  • A person with their back to the camera conducts a transaction at an ATM in a subway station. A bitcoin ATM and another ATM sit next to the first machine.
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    Michael M. Santiago / Staff via Getty Images
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    Underbanked US population grows to 14.2%, FDIC finds

    Separately, the unbanked proportion of U.S. households dropped to 4.2% last year, the regulator said in its biennial survey. But racial disparity persists: 32.3% of unbanked households are Black and 33.4% are Hispanic, the FDIC found.

    By Nov. 13, 2024
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    Trendline

    Data-driven disruption

    More often than not, an innovator may see disruption as an enhancement to be embraced. And sometimes the innovators are the establishment.

    By Banking Dive staff
  • Federal Reserve Governor Christopher Waller sits on a chair on stage.
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    Lynne Marek/Banking Dive
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    Fed’s Waller: Private sector merits ‘significant’ payments footprint

    The Federal Reserve must consider when to make up for private sector shortcomings in payments, while keeping its role limited, board governor Christopher Waller said Tuesday.

    By Tatiana Walk-Morris • Nov. 13, 2024
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    Klarna files for IPO

    The buy now, pay later company announced Tuesday it had filed confidentially with the Securities and Exchange Commission for an initial public offering.

    By Patrick Cooley • Nov. 13, 2024
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    Courtesy of Comerica
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    Comerica sues CFPB over ‘costly’ prepaid card probe

    The agency “failed to acknowledge” that Comerica “generally acted with the oversight … or approval of the federal government” in handling a Treasury Department program, the bank said.

    By Nov. 12, 2024
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    FTX suing Binance, founder for $1.76B

    The FTX estate is looking to recoup funds it alleged were “fraudulently” transferred to Binance in 2021.

    By Nov. 11, 2024
  • Paze's logo is displayed on a smart phone.
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    Photo illustration: Shaun Lucas/Industry Dive; Getty Images; Paze

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    Paze gets new leader amid slow start

    Early Warning Services, the bank-owned company that operates Paze, tapped a new leader last month for the digital wallet operation after slow progress in launching the new service.

    By Patrick Cooley • Nov. 7, 2024
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    Cross River drops lawsuit against Fiserv subsidiary

    The Fort Lee, New Jersey-based lender dismissed its lawsuit against First Data Merchant Services, which was filed in October 2023, without disclosing a reason. 

    By Nov. 6, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Banking Dive
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    Fed aims to make instant payments the norm

    “It's going to be up to us to move instant payments from being novel to being normal,” Federal Reserve Financial Services’ chief payments executive told attendees at an industry conference last week.

    By Lynne Marek and Patrick Cooley • Nov. 5, 2024
  • A close up view of a stack of visa bank cards.
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    Justin Sullivan via Getty Images
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    Stablecoins face obstacles to widespread adoption

    The digital currencies could simplify cross-border payments, but consumers are wary of using them, payments and fintech executives say.

    By Patrick Cooley • Nov. 4, 2024
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    AI increases fraud risk, fintechs say

    Financial firms monitor for fraud by looking for unusual activity, but an artificial intelligence model can be trained to transact like a real person.

    By Patrick Cooley • Oct. 31, 2024
  • A person uses a red Bank of America ATM.
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    BofA discloses Zelle probe, says it may result in litigation

    The bank also said it’s in contact with regulators over its Bank Secrecy Act/anti-money laundering and sanctions compliance programs, and a regulatory order could stem from those discussions.

    By Oct. 30, 2024
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    Justin Sullivan via Getty Images
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    How open banking will shape the future of payments

    The Consumer Financial Protection Bureau released its open banking final rule last week, leading the payments and financial services industries to begin preparing for a new era in data sharing.

    By Patrick Cooley • Oct. 29, 2024
  • A person uses a credit card to pay for a purchase on a computer
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    Poike via Getty Images
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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
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    Industry balks at FDX standard-setting monopoly

    Regulators and industry participants worry that FDX will have an unfair monopoly and will advantage its own members if no other organization applies.

    By Patrick Cooley • Oct. 24, 2024
  • The Goldman Sachs company logo is displayed on a screen at the New York Stock Exchange during afternoon trading on August 02, 2024 in New York City.
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    Michael M. Santiago via Getty Images
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    Goldman, Apple to pay CFPB $89.8M over Apple Card issues

    The bank and tech firm failed to address disputed transactions from their joint Apple Card program, the bureau alleged, and misled cardholders about interest-bearing products.

    By Oct. 23, 2024
  • Consumer Financial Protection Bureau Director Rohit Chopra testifies before the Senate Banking, Housing and Urban Affairs Committee April 26, 2022 in Washington, DC.
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    CFPB issues final rule on open banking

    Payment apps are included in the data-control rule, in a change from last year’s proposal. Banks and credit unions with less than $850 million in assets are exempt.

    By Oct. 22, 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
  • Truist CEO Bill Rogers speaks into a microphone
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    Truist CEO: No ‘merger hangover’ with expenses

    As the bank approaches five years since the completion of the SunTrust-BB&T merger, Truist CEO Bill Rogers sought to assure analysts Thursday that it’s on offense rather than defense.

    By Oct. 17, 2024
  • A sign that reads "Discover" marks the entrance to the card company's headquarters in Illinois.
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    Scott Olson / Staff via Getty Images
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    Discover discloses SEC accounting criticism

    The agency disagrees with the way the company is allocating card misclassification charges, Discover said in its third-quarter earnings report.

    By Patrick Cooley • Oct. 17, 2024
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    Courtesy of Mastercard
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    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
  • Vice President Harris Holds Campaign Event In Kalamazoo, Michigan
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    Harris tries to court Black men voters with forgivable loans, crypto

    Vice President Kamala Harris’ plans are part of her Opportunity Economy pledge, “an economy where people don't just get by, but get ahead,” and come as polls show she could stand to gain more support from Black men voters.

    By Oct. 14, 2024
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    Barclays replaces Goldman Sachs as GM card issuer

    The London-based bank will issue two credit cards for the automaker in the U.S., beginning next summer.

    By Patrick Cooley • Oct. 14, 2024
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    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 Oct. 10, 2024
  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Citi urges judge again to dump NY AG’s fraud suit

    Lawyers for the bank argue the state is trying to rewrite the Electronic Fund Transfer Act through “litigation” and that when consumers are deceived into sending money to criminals, it’s “not a Citi issue.”

    By Oct. 9, 2024