Payments
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Ocean shippers' digital payment platforms fill post-recession banking void
French carrier CMA CGM seeks to offer financial relief in the form of improved cash flow to companies working to mitigate the instability of the current trade environment.
By Morgan Forde • Oct. 22, 2019 -
MasterCard, PNC partner on real-time B2B payment pilot
"Consumers are used to the convenience of buying and paying for things with a simple swipe on their mobile devices," said Ron Shultz, a MasterCard executive vice president. "Businesses, on the other hand, follow a clunky and inefficient process when it comes to payments."
By Dan Ennis • Oct. 21, 2019 -
Affirm launches mobile app for payment installments
The payment platform is targeting credit card-averse millennials and Gen Z shoppers ahead of the holiday season.
By Tatiana Walk-Morris • Oct. 18, 2019 -
Libra will have 100 backers before launch, exec predicts
Despite the exits of Visa, MasterCard, Stripe and PayPal, banks and financial institutions have expressed interest in joining the Facebook-led crypto project, said Libra's COO, Bertrand Perez.
By Anna Hrushka • Oct. 18, 2019 -
Venmo to roll out credit card through Synchrony next year
The deal gives the bank access to a quickly growing customer base outside the retail sphere, where a messy split with Walmart dealt Synchrony a blow.
By Dan Ennis • Oct. 17, 2019 -
Most Americans still have reservations on going cashless, survey finds
Emergencies were the No. 1 reason respondents said they carry cash (60%), followed by small purchases (50%), tips (42%) and to manage their finances (20%), the J.D. Power report found.
By Anna Hrushka • Oct. 14, 2019 -
Ex-LendingClub CEO rolls out credit card-loan hybrid
The launch comes as his former company debuts a digital same-day settlement platform for institutional investors.
By Dan Ennis • Oct. 11, 2019 -
Digital bank eyes US immigrant market with unlimited money transfers
Remittance fees for Majority's customers are covered in its $5 monthly membership fee.
By Anna Hrushka • Oct. 11, 2019 -
Crypto firm hired actors to pose as Comerica, MasterCard execs, bank says
Comerica said its legal team is aggressively pursuing the takedown of web pages linking the bank with the Asian firm VRB.
By Dan Ennis • Oct. 10, 2019 -
Senators warn Visa, MasterCard and Stripe of risks with Facebook's Libra
The social media giant "has not provided a clear plan for how it will prevent Libra from facilitating criminal and terrorist financing" or "destabilizing the global financial system," the lawmakers wrote.
By Dan Ennis • Oct. 10, 2019 -
ATM fees jump again, but most customers try to avoid them
Machine operators may be raising fees because they're seeing fewer customers, an analyst with Mercator Advisory Group said.
By Dan Ennis • Oct. 07, 2019 -
Square opens digital payments platform to more CBD businesses
The San Francisco-based payment processor's move comes more than four months after it rolled out an invite-only pilot program.
By Anna Hrushka • Oct. 04, 2019 -
PayPal withdraws from Facebook's Libra crypto project
Lawmakers may seek additional congressional hearings to press the company for details on why it walked away, research firm Cowen said.
By Dan Ennis • UPDATED: Oct. 8, 2019 at 4:37 p.m. -
GOP lawmakers push CFPB to extend remittance rule exemption
If the exemption ends, many banks may stop providing money transfers abroad for fear they'd no longer comply with the rule, the 16 members of the House Financial Services Committee wrote.
By Dan Ennis • Oct. 02, 2019 -
Fintech Revolut leans in to Visa, away from MasterCard in market expansion
The U.K.-based digital bank is using the Visa deal to expand into 24 new markets. But it's launching in the U.S. this year with MasterCard.
By Dan Ennis • Oct. 01, 2019 -
Industry execs question cannabis banking bill's potential impact
One compliance officer says she is concerned "there's not enough teeth" to provide safety for banks that service pot-related businesses.
By Anna Hrushka • Oct. 01, 2019 -
Zelle not worried about market saturation
The platform's growth in payments and transactions tapered off slightly, but an executive said there's still plenty of room to expand.
By Anna Hrushka • Sept. 30, 2019 -
Former 'Robin Hood' payments company TransferWise dips toe in US banking market
The company's employees once ran through New York City's streets in their underwear to show they had "nothing to hide" in a jab against banks' fees. Now it's partnering with a credit union and a neobank for small businesses.
By Dan Ennis • Sept. 27, 2019 -
U.S. Bank to test fintech Blend's 'one-tap' mortgage platform
A phased rollout could bring the technology to fellow Blend client Wells Fargo by the end of the year. That bank is the closest competitor to mortgage market leader Quicken.
By Dan Ennis • Sept. 25, 2019 -
Payroll processor exec charged in $70M bank fraud
About 8,000 employees were left temporarily without pay when banks froze Michael Mann's accounts upon suspecting him of "kiting" funds.
By Dan Ennis • Sept. 25, 2019 -
JPMorgan Chase grows blockchain network to more than 340 banks
The nation's largest financial institution launched the program in 2017 to minimize friction in cross-border transactions.
By Anna Hrushka • Sept. 23, 2019 -
UK fintech GoCardless makes a go at US market
A company executive said he sees the greatest potential for growth in a business-to-business market where 42% of payments are still done using paper checks.
By Dan Ennis • Sept. 20, 2019 -
Capital One, Walmart rolling out 2 cards offering 5% back
The cash-back offers — some time-limited — improve upon the retailer's previous deals through Synchrony, and help Walmart keep pace with competitors Amazon and Target.
By Dan Ennis • Sept. 19, 2019 -
Amazon expands cash payment options in US
The no-fee transaction allows a customer to choose "Amazon PayCode" at checkout and bring payment to a participating Western Union location within 24 hours.
By Daphne Howland • Sept. 18, 2019 -
Banks stand to lose $280B in payments revenue to fintechs, report says
"Banks are feeling the heat from new competition and seeing their margins squeezed," Gareth Wilson, Accenture's global payments lead, said in a statement.
By Anna Hrushka • Sept. 18, 2019
