CBDC ecosystem risks fragmentation, trade group says

A set of common rules and standards, allowing for interoperability between public and private blockchains, would be crucial to building an international system, the Faster Payments Council said.

By Lynne Marek • June 5, 2023

CFPB slaps warning on P2P

The federal agency told consumers that money sitting in uninsured accounts, such as some offered by PayPal, Venmo and Cash App, could be at risk.

By Lynne Marek • June 2, 2023

Explore the Trendline➔

Fintech disruption in the banking industry

There are as many schools of thought on how to disrupt the banking space as there are disruptors.

By Banking Dive staff

Marqeta shuts down Australia operations

The fintech has eliminated about 10 jobs in that country and two more in Singapore, a spokesperson said.

By Lynne Marek • May 30, 2023

Payments fraud climbs as banks reach for joint response

Financial institutions and payments players are seeking to coalesce around new efforts to battle skyrocketing payments fraud.

By Lynne Marek • May 26, 2023

Citizens makes wealth-management push with private-client card

The card marks the U.S. debut of Mastercard’s Touch Card feature, a tactile notch to assist visually impaired consumers. It also offers a yearly rebate, 2% cash back, TSA Pre-Check rebates and airport lounge access.

By Suman Bhattacharyya • May 25, 2023

Citizens Bank to pay $9M to settle disputed-charge suit

The bureau claimed the bank, in 2015, improperly denied customer reports of fraud and unauthorized use and, in some cases, failed to fully reimburse users.

By Dan Ennis • May 23, 2023

Fifth Third acquires embedded payments fintech Rize

Acquiring Rize bolsters Fifth Third's existing embedded payments business and adds to its treasury management business, the bank said.

By Gabrielle Saulsbery • May 23, 2023

Legislators spar over stablecoin proposals

Lawmakers agree stablecoin legislation is needed to ensure the U.S. establishes itself as a leader in the space.

By Caitlin Mullen • May 22, 2023

Neobank for retirees offers early access to Social Security checks

Allowing retirees to withdraw their Social Security benefits up to four weeks ahead is a streamlined version of earned wage access, Charlie CEO Kevin Nazemi said.

By Anna Hrushka • May 17, 2023

Warren, other senators call out banks over card late-fee practices

Seven senators asked the CEOs of JPMorgan Chase and nine other card issuers to detail how much money in late fees is collected annually and what portion is collected from low-income families.

By Caitlin Mullen • May 9, 2023

Battle ensues over CFPB proposal to cap late fees

Supporters and opponents of the bureau’s move to limit late fees at $8 clashed during a comment period that ended this week.

By Lynne Marek • May 5, 2023

FDIC orders Cross River to correct ‘unsafe’ lending practices

The $9 billion-asset bank, which neither admitted nor denied the charges, is not allowed to enter into any new partnerships with third parties or offer new credit products without the regulator’s approval.

By Anna Hrushka • May 1, 2023

Global Payments to replace CEO

CEO Jeff Sloan will step down June 1 and be replaced by the payment processor’s president and chief operating officer, Cameron Bready.

By Caitlin Mullen • May 1, 2023

Santander joins PNC, TD as DailyPay client

“What we didn’t realize probably eight years ago is how much impact earned wage access was going to have within this payroll space,” Doug Sturm-Smith, PNC’s head of digital and real-time payments, said at a conference last week.

By Lynne Marek • April 25, 2023

Fed to reduce cross-border payments program

The central bank plans to discontinue its cross-border ACH payments service to Europe and Canada later this year, officials told a conference last week.

By Lynne Marek • April 24, 2023

Synchrony signals openness to Walmart

On a call Wednesday, Synchrony CEO Brian Doubles said his company is generally “always in the market for large portfolio acquisitions.” Walmart is suing card issuer Capital One — but also sued Synchrony in the past.

By Caitlin Mullen • April 20, 2023

Goldman, Apple launch savings account with 4.15% APY

Work on the account was announced in October as part of a series of offerings, including a buy now, pay later platform, meant to generate a greater share of the tech company’s revenue from services.

By Rajashree Chakravarty • April 18, 2023

FedNow spurs industry intrigue

Financial institutions, payments players and other businesses are being drawn in by FedNow, according to survey results presented at the Nacha Smarter Faster Payments conference.

By Lynne Marek • April 17, 2023

CFPB director wants some payments firms labeled systemically important

The bureau's chief, Rohit Chopra, urged users who maintain balances on their digital wallets and money-transfer apps to move that uninsured money to a bank account.

By Anna Hrushka • April 12, 2023

First Republic to suspend dividend on preferred stock

The San Francisco lender is not the only midsize bank to make changes at the board level. A director at Western Alliance, which saw its stock drop 82% last month, is resigning.

By Rajashree Chakravarty • April 10, 2023

Walmart sues Capital One to end credit-card deal

Capital One failed to meet standards outlined in the contract, such as issuing replacement cards and promptly processing payments and posting transactions, Walmart alleged.

By Anna Hrushka • April 10, 2023

Cash App founder stabbed dead, police say

No arrests have been made in the Tuesday morning death of Bob Lee, the chief product officer at crypto firm MobileCoin, police said.

By Gabrielle Saulsbery • April 5, 2023

EWS readies Paze to help banks take on digital wallet market

Even with the backing of the nation’s largest banks, the platform, set for a June launch, will face adoption and security hurdles, industry experts say.

By Anna Hrushka • April 3, 2023

FedNow eyes cross-border enhancements

Instantaneous cross-border payments represent "the holy grail" in the marketplace, "both for us and FedNow," a competitor said, "so we do want to get there as quickly as possible."

By Lynne Marek • March 31, 2023

Synchrony mulls creating a digital wallet

Merchant partners still want physical cards because their names and logos are on the plastic, but Synchrony knows consumers are segueing to digital, said Mike Bopp, the company’s chief growth officer.

By Lynne Marek • March 29, 2023