Payments


  • Revolut card with logo
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    Courtesy of Revolut Press Kit
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    Revolut faces more fraud claims than other UK banks: report

    A spokesperson said the fintech investigates each fraud claim independently of other cases, and that it takes such claims “incredibly seriously.”

    By July 24, 2024
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    Courtesy of Comerica
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    Column

    Dive Deposits: Comerica’s loss may be BNY’s gain

    The Treasury Department will not renew its Direct Express debit card contract with Comerica, the Dallas bank disclosed Friday. Rather, that partnership is going to BNY, sources told American Banker.

    By July 23, 2024
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    Morris MacMatzen / Stringer via Getty Images
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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
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    Dan Kitwood/Getty Images News via Getty Images
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    BlockFi prepares to make customers whole

    The crypto firm’s bankruptcy plan was approved in September. It announced Monday the sale of its FTX claims, part of its plan to pay customers back, at a “substantial premium to the[ir] face value.”

    By July 23, 2024
  • Truist CEO Bill Rogers, wearing a suit and sitting near a microphone, speaks during a Congressional hearing
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    Alex Wong / Staff via Getty Images
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    Truist execs pledge expense discipline

    While the bank is “fully committed” to keeping expenses flat this year compared to last, Truist is spending to bolster its payments and middle market lending teams, CEO Bill Rogers said Monday.

    By July 22, 2024
  • J.P. Morgan's Fourth Quarter Income Drops Over 30 Percent
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    Chris Hondros / Staff via Getty Images
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    JPMorgan Chase invests in B2B payments startup Slope

    The bank’s payments unit and Y Combinator were among investors providing $65 million in financing for the business-to-business upstart this month.

    By Lynne Marek • July 22, 2024
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    sutlafk/Shutterstock.com

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    Sponsored by Form3

    Why orchestration is a key driver in payment modernization

    Payment orchestration solutions give banks flexibility and control around what happens for each payment type they handle.

    July 22, 2024
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    Joe Raedle / Staff via Getty Images
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    Capital One-Discover deal critics, supporters sound off

    Executives with the two companies and a number of community groups spoke in favor of the $35.3 billion merger Friday, while a raft of critics urged regulators to block the deal.

    By July 19, 2024
  • Rohit Chopra, Director of the Consumer Financial Protection Bureau, giving a speech in an auditorium.
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    Anna Moneymaker via Getty Images
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    CFPB to apply lending laws to EWA

    The federal agency weighed in Thursday with a proposed rule to oversee the burgeoning earned wage access industry.

    By Lynne Marek • July 18, 2024
  • The Capital One logo is displayed on the side of its headquarters in McLean, Va.
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    Win McNamee via Getty Images
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    Opponents of Capital One-Discover merger to air grievances

    Consumer advocates say the tie-up will stifle competition and give the combined company an easy avenue to raise fees on card payments.

    By Patrick Cooley • July 18, 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 to sell student loan portfolio to Carlyle, KKR in $10.8B deal

    The student loan sale is the latest loose end Discover seeks to tie up since Capital One announced its intent to purchase the card company.

    By July 17, 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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    FedNow zooms past RTP participation in inaugural year

    The Federal Reserve’s nascent instant payments system has collected hundreds of bank participants across the country in its first year of operations, although a few major banks are holdouts.

    By Lynne Marek • July 17, 2024
  • New BNY logo, rebranding
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    Courtesy of BNY Mellon newsroom
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    Banks should proactively tackle instant payments fraud: BNY

    Use of data-sharing protocols among banks could warn customers before they send money, said Carl Slabicki, a BNY executive.

    By July 12, 2024
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    Win McNamee / Staff via Getty Images
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    Lawmakers egg on US payments system expansion

    A bipartisan group is nudging the Federal Reserve to explain why it can’t speed up a plan to extend the operational availability of the U.S. payments system.

    By Lynne Marek • July 8, 2024
  • A sign for Discover Financial Services
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    Scott Olson via Getty Images
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    Discover to settle card misclassification class actions for $1.2B

    The card company has warned it could face further financial toll related to the issue, in which it overcharged merchants for years.

    By July 8, 2024
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    matt_benoit via Getty Images
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    Silvergate pays $63M to settle with SEC, Fed, California regulator

    The company and two of its executives settled allegations against them. Silvergate’s former CFO, however, did not, and eyes a civil trial.

    By July 2, 2024
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    Permission granted by The Federal Reserve
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    Sponsored by Federal Reserve Financial Services

    Here’s how the FedNow® Service answers the need for fast, safe and reliable instant payments

    A new survey released by the Federal Reserve shows that among all the choices, faster and instant payments are growing in demand.

    July 1, 2024
  • VersaBank’s cross-border acquisition of Minnesota lender gets final nod

    Canada’s Office of the Superintendent of Financial Institutions approved the transaction this week, after the Fed and OCC green-lighted the tie-up.

    By June 28, 2024
  • Close up of easy payment by credit card or smartphone application Greenhouse workers selling pottered flowers.
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    whyframestudio via Getty Images
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    Chuck morphs into a new Alloy Labs-backed effort

    Community banks partnered with Alloy Labs and Payrailz a few years ago on a project called Chuck, in a bid to rival Zelle, but that effort has been subsumed by a stealthy successor.

    By Lynne Marek • June 27, 2024
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    Dan Kitwood / Staff via Getty Images
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    Crypto firm Abra settles with 25 states for operating without a license

    Abra agreed to repay customers some $82 million in crypto. CEO Bill Barhydt said all but $2 million, yet to be claimed, has been repaid.

    By June 27, 2024
  • Bank of America signage is shown with a reflection in the glass above it
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    Spencer Platt / Staff via Getty Images
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    Bank of America zeroes in on innovation with business banking app

    The team behind the bank’s CashPro app aims to stay a step ahead of rivals, in part by working closely with clients on improvements, said Jennifer Sanctis, the app’s product head.

    By June 24, 2024
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    Google Maps

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    JPMorgan’s chief payments exec hired by Fiserv

    The bank announced Takis Georgakopoulos's departure this month "to pursue an opportunity outside the firm," but it didn't detail, at the time, where he was going.

    By Patrick Cooley • June 21, 2024
  • Outside shot of Citigroup HQ with a sign with the Citi logo in the shot
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    Mario Tama via Getty Images
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    Citi leans on services business amid turnaround

    At an investor event Tuesday, bank executives said the services business, which helps about 19,000 clients around the world manage and move money, is at the heart of Citi’s strategy.

    By June 18, 2024
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    Denis Tangney Jr. via Getty Images
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    Gemini to settle with NY AG for $50M

    The $50 million in digital assets will go directly to investors of its defunct Gemini Earn program, who will be made whole, according to the settlement.

    By June 17, 2024
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    Milan Markovic via Getty Images
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    Sponsored by Finastra

    Unlocking cross-border payments: Trends financial institutions should address

    As cross-border payments evolve collaboration and adaptability are paramount. The industry must cater to diverse use cases, meet client expectations and embrace alternative solutions via innovation.

    By Radha Suvarna, Chief Product Officer, Payments Business Unit at Finastra • June 17, 2024
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    Courtesy of Apple
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    Apple unveils new iPhone touch and pay feature

    The P2P ‘Tap to Cash’, which enables iPhone users to transfer money by holding their phones together, was unveiled along with a slate of other features Monday.

    By Patrick Cooley • June 12, 2024