How banks could fit into Elon Musk’s plans for an ‘everything app’

The billionaire’s intent to bring the social media platform into the banking and payments landscape presents both opportunities and risks for traditional banks, experts said.

By Anna Hrushka • July 31, 2023

Upgrade acquires BNPL firm Uplift for $100M

The deal, Upgrade’s first acquisition, more than doubles the neobank’s customer base by adding 3.3 million users to its existing 2.5 million, CEO Renaud Laplanche said.

By Anna Hrushka • July 27, 2023

Explore the Trendline➔

Mobile banking trends

Whether referring to niches or marketwide adoption, any discussion of mobile banking today can focus on the narrowing of gaps.

By Banking Dive staff

Wyoming looks to hire stablecoin chief

The role comes with a paycheck $10,000 higher than that of Gov. Mark Gordon, who allowed the stablecoin bill to pass without his signature in March.

By Gabrielle Saulsbery • July 27, 2023

Amex pays $15M OCC penalty

The card issuer paid the fine for failing to properly monitor a third-party affiliate and in connection with its courting of small-business clients, the agency said.

By Lynne Marek • July 25, 2023

6 ways FedNow may affect businesses’ cash flow

CFOs may need to lean on their banks for guidance to help them understand the implications of the new real-time payments system.

By Suman Bhattacharyya • July 24, 2023

Capital One bets on tech engine for card, retail banking growth

“Our modern technology capabilities are generating an expanding set of opportunities across our business,” CEO Richard Fairbank said Thursday.

By Matt Ashare • July 21, 2023

Discover facing compliance probe from FDIC

The card company also disclosed Wednesday that a pricing issue affected merchants and merchant acquirers, some of whom will get refunds.

By Caitlin Mullen • July 20, 2023

FedNow goes live for banks, credit unions

The Fed’s long-awaited instant payments system stands to give consumers and businesses a new route for speedier transactions.

By Lynne Marek • July 20, 2023

Cannabis fintech Dama Financial looks to double sponsor bank network

Dama Financial’s network of sponsor banks holds the deposits for cannabis-related businesses which, due to conflicting state and federal laws, often operate outside of the banking sector.

By Anna Hrushka • July 19, 2023

CFPB, European regulator open a dialogue on digital rules

Buy now, pay later platforms, artificial intelligence and other developments “if left unchecked, could increase consumers’ exposure to fraud and manipulation,” the regulators said Monday.

By Rajashree Chakravarty • July 18, 2023

Synchrony braces for late-fee rule

The CEO of the private-label card issuer expects a final rule on the CFPB’s proposed credit card late-fee cap later this year, and litigation could follow, he said.

By Caitlin Mullen • July 18, 2023

Fintech funding drops in Q2

While there was a drought of venture capital for payments startups and other fintechs in the first half of the year, industry reports spot potential for new flows in the second half.

By Lynne Marek • July 18, 2023

Cleveland Fed chief touts FedNow’s fraud tools

In the run-up to the instant payments system’s launch this month, the reserve bank president spelled out some of FedNow’s anti-fraud features.

By Lynne Marek • July 14, 2023

Apple debuts recurring payments

The tech giant, now valued at $3 trillion, is continuing to expand its financial offerings after debuting a buy now, pay later feature and a savings account earlier this year.

By James Pothen • July 14, 2023

Twitter snags money transfer license in Arizona

That’s the fourth state in which the social media company has received a license, inching it closer to creating the payments tool and super-app envisioned by owner Elon Musk.

By James Pothen • July 12, 2023

Criminals stole $20M from Revolut via payment loophole: report

Differences in the firm’s U.S. and European systems meant the neobank would use its own money to erroneously refund certain declined payments, the Financial Times reported.

By Anna Hrushka • July 10, 2023

Kraken ordered to hand over user info to IRS

The IRS requested the information earlier this year, but Kraken refused. The tax agency then asked a judge to enforce a summons issued to the exchange’s holding company.

By Gabrielle Saulsbery • July 6, 2023

Goldman in talks to transfer Apple card deal to Amex: reports

The move, if true, would mark a 180-degree turn after the bank and tech giant extended their partnership until 2029 in October.

By Gabrielle Saulsbery • July 5, 2023

Fed lists 57 FedNow participants as report notes system’s downside

JPMorgan Chase, Wells Fargo, BNY Mellon and U.S. Bank are among the soon-to-launch real-time payments system’s early adopters, while Bank of America, Citi, PNC, Capital One and Truist are not.

By Lynne Marek • June 30, 2023

Visa to acquire Pismo for $1B

Visa said it has agreed to acquire the Brazilian company to provide more card issuing and banking services to fintechs and financial institutions.

By Lynne Marek • June 29, 2023

Remittance fintech launches neobank

Piermont Bank will provide the underlying banking services for Sendwave Pay, which offers users a debit card and reimbursements for international transaction fees when the card is used outside of the U.S.

By Anna Hrushka • June 28, 2023

Fraudsters stole more than $200B in COVID relief loans, watchdog says

At least 17% of $1.2 trillion disbursed through the pandemic-era PPP and EIDL programs may have gone to questionable characters, the SBA's Office of Inspector General said Tuesday.

By Gabrielle Saulsbery • June 28, 2023

FedNow battles conspiracy theories

The central bank has launched a marketing campaign aimed at debunking disinformation that derides the real-time payments system, set to roll out next month, as a government power grab.

By Lynne Marek • June 28, 2023

Capital One expands travel perks with curated list of boutique hotels

The bank’s Lifestyle Collection builds upon earlier travel-related offerings, including revamps to airport lounges and an acquisition this month of digital concierge platform Velocity Black.

By Noelle Mateer • June 28, 2023

Square tests credit card for merchants

The card aimed at providing more financial services to merchants comes amid a slew of competition to serve that clientele.

By Caitlin Mullen • June 28, 2023