Payments
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Permission granted by Office of the Comptroller of the Currency
OCC's Brooks defends special-purpose charters amid growing 'unbundling'
"Unbundling is not going away," the acting comptroller said Tuesday at a LendIt Fintech conference. "Customers want what they want. The question is, is our platform flexible enough to accommodate that? And I think it has to be."
By Anna Hrushka • Sept. 30, 2020 -
Opinion
3 ways to reimagine loyalty redemption in a post-COVID world
Providing offers consumers care about is not enough, writes Mastercard executive Jamie Samaha. A clunky, manual redemption process can leave cardholders feeling disengaged or duped.
By Jamie Samaha • Sept. 28, 2020 -
Crypto exchange Kraken gets Wyoming banking license
The company pulled out of New York in 2015, after executives saw the state's BitLicense as too invasive.
By Ted Jackson • Sept. 21, 2020 -
Duran-Ortiz, Mario. (2017). "Golden Gate bridge" [Photograph]. Retrieved from Flickr.
Stripe offers $20K bonus — and a pay cut — to relocating workers
About 49% of 6,000 users polled in the workplace forum Blind said they wouldn't take a pay cut for doing the same work, but 44% said they'd agree to lower pay in exchange for better work-life balance and a lower cost of living.
By Dan Ennis • Sept. 17, 2020 -
PayPal expands its point-of-sale arsenal
The payments company is looking to wrest part of a burgeoning buy-now-pay-later market from the likes of Afterpay, Affirm and Klarna with a six-week installment plan for purchases between $30 and $600.
By Dan Ennis • Sept. 01, 2020 -
Courtesy of Ally Financial
Ally partners with Mastercard's Vyze to enter retail point-of-sale lending
The bank will offer installment loans on retail purchases between $500 and $40,000 with interest rates ranging from 9.99% to 26.99%. Monthly fixed-rate installment loans will range from six to 60 months, the company said.
By Dan Ennis • Aug. 26, 2020 -
Advocacy groups urge CFPB, OCC to probe PayPal over school ties
The company said it had begun reviewing a list of 150 mostly unaccredited career training institutions the Student Borrower Protection Center said were offering high-interest PayPal Credit as a tuition payment option.
By Dan Ennis • Aug. 25, 2020 -
Citi sues 3 lenders, wins temporary freezes on $412M after errant transfer
The court action comes after the bank made a more than 100-fold overpayment while serving as administrative agent on a 2016 loan for cosmetics firm Revlon.
By Dan Ennis • UPDATED: Aug. 19, 2020 at 3 p.m. -
Cecilie Arcurs via Getty Images
Sponsored by Accenture10 ways COVID-19 is impacting payments
Payments organizations should now act urgently to moderate the damage it does to their customers, their people, their partners and their businesses.
By Sulabh Agarwal, Margaret Weichert, Graham Rothwell & Will Hay • Aug. 18, 2020 -
Retrieved from Facebook on June 02, 2020
Facebook unveils payments umbrella
Facebook Financial, the social network's latest effort to lend brand consistency among its payment and commerce plans, will be overseen by Libra co-creator David Marcus.
By Dan Ennis • Aug. 11, 2020 -
Courtesy of General Motors Corp.
Online payments provider Stripe hires GM CFO
"Stripe's mission to increase the [gross domestic product] of the internet is more important now than ever," Dhivya Suryadevara said. "I hope to use my skills to help accelerate Stripe's already steep growth trajectory."
By Jane Thier • Aug. 11, 2020 -
American Express makes Kabbage acquisition official
Not included in the deal is Kabbage's pre-existing loan portfolio. Kabbage and AmEx will establish an entity to manage and retain those loans once the acquisition is complete. Neither company disclosed the purchase price.
By Dan Ennis • UPDATED: Aug. 18, 2020 at 7:28 a.m. -
Anna Hrushka/Banking Dive
Fed gives new details on its real-time payments system
One year after committing to FedNow, the central bank emphasized its effort to bolster 24/7/365 operability, the development of fraud deterrents, and a liquidity management tool that lets RTP participants help.
By Dan Ennis • Aug. 07, 2020 -
EBay partners with LendingPoint for merchant loans
The tie-up gives merchants an alternative to PayPal Working Capital, a financing solution eBay sellers have used in the past. PayPal's five-year operating agreement with eBay expired last month.
By Anna Hrushka • Aug. 06, 2020 -
Opinion
The digital transformation of payments reaches its next phase
In addition to providing the technology tools, banks must help educate clients and provide guidance to help ease client transformations from paper to electronic solutions, writes Carl Slabicki of BNY Mellon Treasury Services.
By Carl Slabicki • Aug. 04, 2020 -
Permission granted by Office of the Comptroller of the Currency
Bank trade groups push back on OCC's payments charter plans
The regulator should take care not to introduce risks that would encourage regulatory arbitrage, the groups said, urging the OCC to be transparent when considering a new charter.
By Anna Hrushka • July 30, 2020 -
JPMorgan Chase, Marqeta partner to launch virtual corporate cards
The deal comes as payment networks have seen contactless transactions spike by as much as 150% since March 2019.
By Anna Hrushka • July 29, 2020 -
Bank of the West rolls out climate-conscious checking account
The bank will donate 1% of net revenues generated from the account to support environmental nonprofits. The account's tracking tool lets customers see the carbon impact of purchases made with the debit card.
By Dan Ennis • July 22, 2020 -
What US fintechs can learn from Wirecard's collapse
"Think about diversifying your supply chain and your partners," said Kim Muhota, vice president at SSA & Company. "It's really just a risk management play — the classic, don't have all your eggs in one basket."
By Anna Hrushka • July 22, 2020 -
Courtesy of Kabbage Media
Kabbage launches small-business checking account
The fintech said it plans to roll out several additional features connected to the account this year, including wire transfers and mobile remote deposits.
By Anna Hrushka • July 22, 2020 -
Chime, Apple debut credit score-boosting products
The challenger bank's entry into the credit card market comes a day after Goldman Sachs and Apple launched an initiative that gives rejected Apple Card applicants suggestions as to what they can do to be approved.
By Dan Ennis • July 02, 2020 -
Permission granted by Upgrade
How Upgrade plans to use its latest $40M investment
Upgrade's latest funding round boosts the startup's valuation to $1 billion, giving it "unicorn" status alongside other neobanks such as Chime, Dave, Monzo, Revolut, N26 and NuBank.
By Anna Hrushka • June 25, 2020 -
Verizon, Synchrony launching consumer credit card
The mobile-phone provider joins Samsung among telecom giants offering cards this year. In a nod to pandemic spending, groceries net the card's richest reward — 4% back. But rewards are redeemable only on Verizon purchases.
By Dan Ennis • June 24, 2020 -
Andrew. (2011). "Los Angeles" [Photograph]. Retrieved from Flickr.
Welcome Technologies, Green Dot target Hispanic immigrants with bank account, card
Welcome is banking on the trust it says it's built to serve a community largely reluctant to use traditional financial institutions. But the company faces a twofold challenge, an analyst tells Banking Dive.
By Ken McCarthy • June 19, 2020 -
Uber
Kabbage rolls out simplified PPP process for Uber drivers, contractors
At least 40% of coronavirus relief applicants through the online lender are self-employed, said the company's co-founder, Kathryn Petralia, adding that Kabbage is the fourth-largest PPP provider.
By Kate Patrick Macri • June 16, 2020
