Payments: Page 2


  • Michael Barr
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    Tasos Katopodis via Getty Images
    Column

    4 takeaways from Michael Barr’s DC Fintech Week speech

    The Federal Reserve’s vice chair for supervision stressed caution with banks’ ties to crypto and spotlighted what sets stablecoins apart from other digital assets.

    By Oct. 13, 2022
  • Banks reimburse less than half of Zelle-related fraud claims, Warren says

    The senator pushed to bolster a key CFPB rule after releasing a report tallying claims of fraud and scams on the P2P platform submitted by Truist, PNC, U.S. Bank and Bank of America.

    By Oct. 4, 2022
  • Trendline

    Fraud and AML in banking

    Peer-to-peer payments, crypto platforms, ESG investment vehicles and COVID-era relief programs continue to be sources of fraud-related frustration.

    By Banking Dive staff
  • PNC Bank
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    "PNC" by ParentingPatch is licensed under CC BY-SA 3.0

    PNC buys restaurant point-of-sale firm Linga

    The Pittsburgh-based bank is boosting its payments footprint as banks from Banc of California to JPMorgan Chase are making similar large investments.

    By Sept. 27, 2022
  • A person holds a credit card in front of a laptop computer.
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    Poike via Getty Images

    Banc of California acquires Deepstack in payment processing play

    The acquisition gives the bank access to predictable fee income and enables it to capture a larger share of revenue per transaction, Banc of California said.

    By Sept. 26, 2022
  • Varo Bank debit card
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    Permission granted by Varo Bank

    Varo’s tech unit looks to speed development, find efficiencies

    The neobank aims to diversify its offerings in payments and lending, but there are unresolved questions about the company’s path to profitability.

    By Sept. 26, 2022
  • Bank CEOs sit in front of the Senate Banking Committee.
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    Drew Angerer via Getty Images

    Bank CEOs defend Zelle in Senate hearing

    Sen. Elizabeth Warren, D-MA, called the peer-to-peer payments network “unsafe,” claiming Zelle users were defrauded out of $500 million last year.

    By Sept. 23, 2022
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    Dan Kitwood via Getty Images

    Kraken CEO Jesse Powell steps aside, as COO takes the reins

    The crypto exchange’s top executive raised ire over a culture document that addressed preferred pronouns, diversity-focused hiring and abortion. He told Fortune he had “grown tired of long hours and day-to-day management tasks.”

    By Sept. 22, 2022
  • The CEOs of the nation's largest banks face members of the House Committee on Financial Services.
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    Alex Wong via Getty Images

    Republicans grill bank CEOs on handling of new merchant gun code

    GOP lawmakers, during a wide-ranging hearing Wednesday, demanded the CEOs of the nation’s top banks share how they plan to respond to a new category code for gun and ammunition retailers.

    By Sept. 22, 2022
  • Zelle's new ad campaign
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    Courtesy of Early Warning Services (parent company of Zelle)

    Zelle counters scam talk with growth rates

    The instant payments brand is highlighting a double-digit growth rate for its peer-to-peer payments tool and downplaying scams on its system.

    By Lynne Marek • Sept. 12, 2022
  • A Wells Fargo flag flies in front of a Wells Fargo bank branch.
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    Justin Sullivan via Getty Images

    Wells Fargo to pay $145M to settle Labor probe into 401(k) plan

    The plan paid between $1,033 and $1,090 per share for Wells Fargo preferred stock that had a set value of $1,000, the DOL found. The bank will pay $131.8 million to reimburse participants and a $13.2 million penalty.

    By Sept. 12, 2022
  • JPMorgan Chase sign in front of building in street level view.
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    Chris Hondros via Getty Images

    JPMorgan Chase buys payments firm Renovite

    Financial terms of the deal were not disclosed. The transaction builds on the bank's recent nonbank acquisitions, including stakes in Volkswagen’s payments business and Greek fintech Viva Wallets.

    By Lynne Marek • Sept. 12, 2022
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    Mario Tama via Getty Images

    Citi wins appeal on $500M Revlon loan blunder

    “Put simply, you don’t get to keep money sent to you by mistake unless you’re entitled to it anyway,” one judge wrote in his opinion.

    By Sept. 9, 2022
  • Michael Barr
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    Tasos Katopodis via Getty Images

    10 takeaways from Michael Barr’s first speech as Fed’s supervision czar

    The regulator pushed a tiered set of capital requirements and stricter living wills for regional banks. He also clarified the central bank’s stance on climate risk.

    By Sept. 8, 2022
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    Permission granted by Visa

    Who’s afraid of FedNow? Not Visa

    “The fact that there is a pipe, right, doesn't mean there's going to be traffic or volume on that pipe,” said the card network’s CFO, Vasant Prabhu. “If the pipe doesn't serve [specific] needs, the pipe will not be used.”

    By Lynne Marek • Sept. 6, 2022
  • FedNow aims for September testing

    Central bank officials put a finer point on the start date for the instant payments service, saying it would launch as early as May 2023 and no later than July.

    By Lynne Marek • Aug. 30, 2022
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    Courtesy of State Street

    JPMorgan Chase, State Street push back against CBDC

    In comments to the Federal Reserve, trade groups and Wall Street banks stressed the risks of a digital dollar and largely rejected the idea that it would accomplish stated goals.

    By Lynne Marek • Aug. 29, 2022
  • Rho's features are displayed in a row.
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    Permission granted by Rho

    Rho woos bigger clients as fintechs vie to fill Brex’s small-biz void

    The business banking startup added an automated expense-management tool for its middle-market clients. But the company won't be tempted to aim small to snatch a share of Brex's core audience.

    By Aug. 23, 2022
  • A group of six Federal Reserve Board members stand shoulder to shoulder with U.S. and state flags behind them.
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    Drew Angerer via Getty Images

    FedNow to launch by mid-2023, Bowman says

    The Fed’s request for input on a potential central bank digital currency has generated some 2,000 responses so far. The central bank plans to publish a summary of the comments, the Fed governor said.

    By Lynne Marek • Aug. 22, 2022
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    Permission granted by Modern Treasury
    Sponsored by Modern Treasury

    Commercial banks and embedded finance: Growth engine or existential threat? It’s a matter of timing

    The opportunities to unlock new revenue growth are unparalleled. But for banks that fail to see it, or aren’t prepared, embedded payments could prove an existential threat. 

    By Dimitri Dadiomov, CEO and Co-Founder of Modern Treasury • Aug. 22, 2022
  • Jason Gardner, Marqeta
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    Courtesy of Marqeta

    Marqeta executive exodus follows IPO

    Of 10 top executives leading the company at its IPO last year, only three remain, including CEO Jason Gardner, who said he plans to exit that role and become executive chairman.

    By Jonathan Berr , Lynne Marek • Aug. 17, 2022
  • the exterior of the federal reserve building in washington, dc
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    crbellette via Getty Images

    Fed master account guidance includes tiered review framework

    Firms that lack deposit insurance or traditional regulatory frameworks would undergo the highest level of scrutiny, while companies with federal deposit insurance would be subject to a “streamlined” process.

    By Aug. 16, 2022
  • Bank sign
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    Courtesy of U.S. Bank

    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
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    Green Dot

    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
  • A stock ticker scrolls behind a Goldman Sachs banner at the stock exchange
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    Chris Hondros via Getty Images
    Column

    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 Aug. 5, 2022
  • The Credit Suisse logo on a building front
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    Dan Kitwood via Getty Images

    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 Aug. 4, 2022