Payments: Page 2
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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➔
Tero Vesalainen via Getty ImagesTrendlineMobile 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 -
Retrieved from Discover Spokesman Robert Weiss on December 14, 2021
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 -
Retrieved from Consumer Financial Protection Bureau.
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 -
The image by Aeroplanepics0112 is licensed under CC BY-SA 3.0
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 -
Photo by Levi Meir Clancy on Unsplash
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 -
Federal Reserve. "FedNow Instant Payments". Retrieved from FRB Services.
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