Payments

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

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Trendline

Data-driven disruption

Fintechs are seeing data as a difference maker as they aim to take a broader swath of financial services business.

By Banking Dive staff

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. 08, 2021

Acquisitions heat up amid competition for small-business payments clients

Some companies are buying up businesses that will help them cater to small and midsize clients, while others are getting out of the arena.

By Lynne Marek • Sept. 02, 2021

Fed finds businesses eager for faster payments

About 90% of the 2,010 U.S. businesses in a survey published by the Federal Reserve expect to use faster payments in their operations by 2023, when FedNow is slated for launch. But many are ready for that upgrade now.

By Lynne Marek • Sept. 02, 2021

Robinhood developing early direct deposit access, app code shows

Similar features have gained traction at challenger banks and incumbents as an alternative to overdraft fees. The trading app is looking to broaden its revenue stream beyond trading.

By Dan Ennis • Sept. 02, 2021

Fintech veteran gears neobank toward musicians

Kasasa executive John Waupsh decided to launch Nerve after noticing musicians, struggling to access business accounts, often rely on personal checking accounts for business deposits and expenses.

By Anna Hrushka • Aug. 25, 2021

Fiserv strikes up a bevy of new partnerships

The payments processor has fresh ties to MovoCash, Selecta Group and Venmo that will allow it to keep expanding its digital payment services.

By Lynne Marek • Aug. 24, 2021

Wells Fargo reverses course on personal lines of credit

The lender's July decision to close existing lines generated outcry from customers whose credit could be hurt by the move. Borrowers who haven't used PLOCs in 12 months have until Dec. 2 to activate their lines.

By Dan Ennis • Aug. 19, 2021

How Square's Afterpay deal plays into its SMB, consumer banking goals

The $29 billion deal will bring the Australian firm's point-of-sale financing technology and large merchant portfolio under Square's umbrella, further enabling the fintech to continue its push into banking services.

By Anna Hrushka • Aug. 18, 2021

Wells Fargo combines treasury management, payment units

The bank is also hiring a BNY Mellon executive to oversee the combined business.

By Dan Ennis • Aug. 18, 2021

Column

Walmart, NYCB show 2 ways to angle for blockchain expertise

The retailer posted a job description for a crypto product lead, while New York Community Bank partnered with fintech Figure.

By Dan Ennis • Aug. 17, 2021

Zelle owner doubles down on marketing, targets older group

The digital payment network's owner, Early Warning Services, is trying to break through post-COVID competition for consumers' attention by demonstrating new use cases for the American family.

By Lynne Marek • Aug. 16, 2021

Big bank, merchant groups weigh in on Fed rule clarification

Bank and merchant trade groups weighed in on the Fed's debit rule clarification at the 11th hour, digging in their heels in a long-time battle over whether to ease merchant access to increased debit transaction networks.

By Lynne Marek • Aug. 12, 2021

Revolut readies for US growth with marketing push, product expansions

Since launching quietly stateside last year, the fintech has rolled out a small-business banking product, applied for a bank charter, and has begun offering remittances between the U.S. and Mexico.

By Anna Hrushka • Aug. 11, 2021

Sable taps Wise for cross-border payments

The companies are teaming up on a new tool aimed at simplifying cross-border payments for expatriates and international students, among others.

By Lynne Marek • Aug. 06, 2021

Neobank MovoCash launches real-time cryptocurrency conversion

The fintech, which launched in 2017, introduced a feature that allows users to rapidly convert 10 cryptocurrencies — including Bitcoin and Ethereum — into fiat money. 

By Robin Bradley • Aug. 04, 2021

Square buys BNPL player Afterpay for $29B

The acquisition of the Australian company is Square's biggest ever, and underscores CEO Jack Dorsey's ambitious plans to build his merchant and banking empire in new retail directions and across the globe.

By Lynne Marek • Aug. 02, 2021

Inside MoneyLion's quest to become a financial 'super app'

The neobank is diversifying its revenue sources and aiming to boost engagement frequency to transcend beyond finance to "life transactions."

By Suman Bhattacharyya • Aug. 02, 2021

7 big banks sign on for SWIFT's low-value cross-border offering

The product lets small businesses and individuals send payments of less than $10,000 internationally, giving the network a potential foothold in a fintech-filled remittance space.

By Robin Bradley • July 30, 2021

Clearing House urges caution on CBDCs

A Federal Reserve-backed digital currency could "destabilize both the domestic and foreign banking and financial services sectors," the payments system operator said.

By Lynne Marek • July 30, 2021