Payments

U.S. Bank builds out its real-time payments capabilities for auto dealers

The Minneapolis lender is issuing instant loan funds using the RTP Network — a move that follows U.S. Bank’s partnership with Lithia Motors to provide instant payments for car sellers using the same network.

By Tatiana Walk-Morris • Aug. 12, 2022

Green Dot is locked in Uber contract dispute, loses other clients

“I don't want to be out there opening up our [bank] charter for every Joe fintech that wants to do something in payments,” Green Dot CEO Dan Henry said last week on a call with analysts.

By Lynne Marek • Aug. 11, 2022

Explore the Trendline➔

Fraud and AML in banking

ESG is the latest silo to face fraud-related scrutiny from regulators. Meanwhile, the SEC is staffing up its cyber unit to fight a potential uptick in crypto fraud.

By Banking Dive staff

Goldman, Citi, Jefferies reveal ‘August surprises’ to stave off September ones

Warnings of a CFPB probe into Goldman's credit-card business, Citi's rising Russia exposure and Jefferies' $80 million WhatsApp set-aside give investors time to settle in to bad news.

By Dan Ennis • Aug. 5, 2022

How Credit Suisse is bucking a trend in incentives

The Swiss lender paid out $302 million in July alone to retain its top bankers. That stands in contrast to a Johnson Associates prediction that some investment bankers could see a 45% in bonuses from last year.

By Dan Ennis • Aug. 4, 2022

USAA sues Truist in patent case over mobile deposit tech

The U.S. District Court for the Eastern District of Texas has awarded USAA three nine-figure judgments since 2019 (against Wells Fargo and PNC) in patent cases.

By Dan Ennis • Aug. 4, 2022

Banks and fintechs don't need to fight

Customers win when banks’ strengths — customer relations, scale, profitability and brand — are paired with best-in-class cloud-based software to complement existing systems, writes Modern Treasury CEO Dimitri Dadiomov.

By Dimitri Dadiomov • July 19, 2022

FedNow chases real-time payments front-runners

The Federal Reserve plans to unleash a U.S. real-time payments system next year in the form of FedNow, but it’s an open question as to whether, or how, consumers and businesses will adopt instant payments.

By Lynne Marek • July 18, 2022

Banks aren’t doing enough to address Zelle fraud, senators say

Months after writing the CEO of Zelle’s parent company, Sens. Bob Menendez and Elizabeth Warren — with six other lawmakers signing on — are seeking information from seven banks with ownership stakes in the platform.

By Anna Hrushka • July 8, 2022

Payactiv jettisons some fees in wake of CFPB move

The earned wage access provider said it was eliminating some fees just as the bureau decided to remove a prior order giving the company leeway under certain laws.

By Jonathan Berr • July 5, 2022

CFPB terminates Payactiv's sandbox protection

The earned wage access provider told the CFPB last week it wanted to make changes to its fee model without review by the bureau. The bureau, in turn, expressed concern over potentially misleading public statements by Payactiv.

By Dan Ennis • July 1, 2022

CFPB strikes at debt collector fees

The collectors may refer to the fees as “convenience fees,” but the agency called them “pay-to-pay” fees and said they are prohibited under the Fair Debt Collection Practices Act.

By Jonathan Berr • June 30, 2022

Fintech Amount cuts about 18% of workforce

The Chicago-based banking technology provider, valued at $1 billion last year, said this week it had pared 108 workers in what the company called “proactive adjustments.”

By Caitlin Mullen • June 28, 2022

Brex's move has fellow fintechs ready to pounce

Brex’s cutting of small-business customers — the handling of which prompted a mea culpa from the co-founder — may provide opportunity for B2B fintechs like Ramp or Divvy. But big banks still dominate the space.

By Caitlin Mullen • June 27, 2022

Green Dot pays Republic Bank $13M to settle suit over failed acquisition

The payout comes atop a $5 million termination fee Republic received in January after Green Dot pulled out of a proposed $165 million purchase of the bank's tax refund processing unit.

By Dan Ennis • June 8, 2022

Lawsuits over Zelle pile up

Bank of America and Wells Fargo have both been sued recently by consumers who allege they were defrauded by scam artists using Zelle payments.

By Lynne Marek • June 6, 2022

NMI aims to equip banks with modern payments tech

The payments gateway is focused on attracting mid-market banks that "want to have the ability to have a modern tech stack, but don’t have the means to develop it," CEO Vijay Sondhi said.

By Caitlin Mullen • June 1, 2022

AmEx, Discover get top marks in direct banks survey

The No. 3 and No. 4 card companies, which also hold bank licenses, scored highly in customer satisfaction among online-only banks, J.D. Power found.

By Caitlin Mullen • May 16, 2022

Cannabis payments companies focus on compliance, creativity

Federal restrictions have kept many banks and payments companies on the sidelines regarding cannabis. That has given the ACH network a foothold to facilitate payments in states where pot is legal.

By Caitlin Mullen • May 9, 2022

AmEx CEO snags $28.5M total compensation

While the 2021 target for Stephen Squeri's long-term incentive awards was $14.5 million, the actual amount was $19 million.

By Caitlin Mullen • May 3, 2022

First Century Bank scraps First Internet deal

The Federal Reserve signed off on the combination April 29, but the banks couldn't close the tie-up by an April 30 deadline because of statutory waiting periods, and could not agree on extension terms, First Internet said.

By Dan Ennis • May 2, 2022

From Uber to Grubhub, embedded finance is an everyday reality for consumers

From buying delivery through Grubhub to requesting a ride from Uber, what exactly is embedded finance and how can banks participate in this evolution?

By Angus Ross • April 25, 2022

CFPB, New York AG sue MoneyGram

Thursday's lawsuit accuses the remittance giant of repeatedly giving senders inaccurate information about when their transfers would be available to recipients abroad. MoneyGram denounced the suit as "frivolous."

By Jonathan Berr • April 22, 2022

Robinhood's acquisition of crypto firm puts UK, Europe in its sights

The purchase of Ziglu, which is in the good graces of the Financial Conduct Authority, marks the second attempt by the stock-trading app to broach the U.K. market. Terms of the deal were not disclosed Tuesday.

By Dan Ennis • April 19, 2022

AmEx takes on banks in bid for new generation of clients

With the launch of its new checking service, the payment network aims to expand its relationship with cardholders — and not miss out on attracting consumers drawn to debit cards.

By Caitlin Mullen • April 13, 2022

CBDC will take years, not months, to develop, Yellen says

Transactions need to be faster but responsible, and regulation should be "tech-neutral," the treasury secretary said in her first remarks on digital assets since a March executive order.

By Dan Ennis • April 8, 2022