Payments: Page 2

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    Stefan Zaklin via Getty Images

    House lawmakers spar over stablecoin regulation

    "Simply labeling something as stable or overly relying on a one-to-one ratio does not, in itself, mean it maintains a stable value," House Financial Services Committee Chair Maxine Waters, D-CA, said Tuesday.

    By Jonathan Berr • Feb. 9, 2022
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    Chris Hondros via Getty Images

    Senators probe allegations of JPMorgan 'robo-signing' in debt collection

    A CFPB consent order barring the bank from that practice expired in 2020, but a ProPublica report alleges JPMorgan has resumed an "affidavit-signing assembly line."

    By Feb. 8, 2022
  • Trendline

    Fraud and AML in banking

    The SEC is staffing up its cyber unit to fight a potential uptick in crypto fraud. Meanwhile, lawmakers want answers concerning a "disturbing" rise in fraud linked to a bank-owned payment network.

    By Banking Dive staff
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    Permission granted by Revolut

    Revolut to offer 30-minute, fee-free remittances from US to Mexico

    Remittances sent from the U.S. to Mexico increased by 37.7% between November 2020 and 2021, according to research published by BBVA.

    By Jan. 31, 2022
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    Permission granted by Diem Association

    Diem to end crypto project, sell its assets to Silvergate Bank for $182M

    The California bank said Monday it intends to launch a stablecoin this year using the assets it acquired in the deal.

    By Updated Feb. 1, 2022
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    Al Bello via Getty Images

    Walmart fintech buys earned wage access firm Even in 'super app' pursuit

    Former Goldman Sachs exec Omer Ismail will serve as CEO of the combined business, which includes One Finance, a digital financial services company the retailer also bought Wednesday.

    By Lynne Marek • Jan. 27, 2022
  • JPMorgan buys 49% stake in Greek fintech Viva Wallets

    The U.S.'s largest bank is continuing an acquisition spree it accelerated in 2021, when it made more than 30 deals — many either banking-adjacent or outside banking entirely.

    By Jan. 25, 2022
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    Retrieved from Ono Kosuki from Pexels.

    ATMs may have peaked in 2019, research finds

    A Euromonitor International executive predicts the once-revolutionary dispensers may be gone within 25 years — a consequence of reduced demand and higher costs for servicing the machines.

    By Lynne Marek • Jan. 10, 2022
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    Pablo Blazquez Dominguez via Getty Images

    Santander finds itself in a Citi moment with $175M error

    In looking to claw back duplicate payments, Santander may find varying levels of cooperation from other banks. The incident may also prompt regulators to examine the lender's risk management framework and history.

    By Jan. 5, 2022
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    Courtesy of Tricia Harte

    BNPL growth prompts change from credit bureaus

    Paying in installments has become wildly popular, but many of these plans aren't reflected on consumers' credit reports. Credit agencies say adaptations are coming.

    By Caitlin Mullen • Dec. 24, 2021
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    Delmaine Donson via Getty Images

    Community banks form payments network to compete with Zelle: report

    Community bank innovation consortium Alloy Labs Alliance will manage the network in partnership with Payrailz, a digital payments company, Forbes reported.

    By Dec. 20, 2021
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    Jack Taylor / Stringer via Getty Images

    Crypto custody firm Anchorage Digital raises $350M in $3B valuation

    The company's latest raise comes as the firm is ramping up its strategy to partner with financial institutions that want to provide their clients with custody services for their digital assets.

    By Dec. 15, 2021
  • Chime customers can deposit funds at Walgreens for free

    The retailer joins CVS, Walmart and 7-Eleven in allowing Chime's customers to make deposits at their brick-and-mortar locations. Walgreens, however, is the only retailer to do so without charging a fee.

    By Dec. 14, 2021
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    Matt Cardy/Getty via Getty Images

    Wells Fargo to use HSBC's blockchain tech to settle forex transactions

    Through the arrangement, the banks will sidestep CLS, a Federal Reserve-regulated third party, to settle matched foreign-exchange transactions in U.S. and Canadian dollars, euros and British pounds.

    By Dec. 13, 2021
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    Permission granted by Citizens Financial Group

    Citizens Bank's Microsoft partnership takes the BNPL 'training wheels off,' exec says

    "We're not just throwing a checkout widget online on their checkout page," the bank's Andrew Rostami said of a deal Citizens inked to let users choose no-interest financing when shopping through the Microsoft Store.

    By Caitlin Mullen • Dec. 10, 2021
  • Column

    Coinbase's revenge, CFTC shade-throwing highlight return of 'winter filter'

    Coinbase debuted an interest-bearing product for non-U.S. users a day after warning lawmakers the U.S. is at risk of being left behind. Also, "regulating through enforcement" comes under fire — from a regulator.

    By Dec. 10, 2021
  • Bank trade groups urge CFPB to keep an eye on big tech in payments probe

    "Consumers can make better-informed choices if they more fully understand a big tech's ability to collect and use a consumer's financial transaction data, or directly and regularly access their bank account," the groups wrote.

    By Jonathan Berr • Dec. 8, 2021
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    Dan Kitwood via Getty Images

    The decentralization in DeFi just an illusion, BIS says

    DeFi is ripe for regulation before the ecosystem becomes more popular, the Basel, Switzerland-based organization says in its quarterly report.

    By Dec. 7, 2021
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    Chip Somodevilla via Getty Images

    New York Fed, BIS partner on fintech research center

    The innovation hub is meant to support the U.S. central bank's analysis of digital currencies, including CBDCs, and to help make cross-border payments faster and less expensive, Fed Chair Jerome Powell said.

    By Dec. 3, 2021
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    Lintao Zhang via Getty Images

    Quotable Quarles: 5 takeaways from the Fed governor's farewell speech

    The outgoing central bank official suggested a change to big banks' stress-testing framework, warned against stifling digital-asset innovation and cautioned the misuse of Fed emergency funds.

    By Dec. 3, 2021
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    Steve Jennings via Getty Images

    Diem co-creator Marcus to leave Facebook parent Meta by end of year

    In a series of tweets and Facebook posts Tuesday, David Marcus said he is leaving to pursue other projects. Stephane Kasriel, vice president of product at Novi, will take over his role leading the stalled crypto effort.

    By Dec. 1, 2021
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    Courtesy of KeyBank

    KeyBank buys fintech XUP to streamline merchant payments business

    The acquisition will help the bank address challenges regarding its legacy infrastructure, and help it create a singular experience for its merchant clients, KeyBank's head of commercial product and innovation said.

    By Nov. 23, 2021
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    German challenger bank N26 to shutter US operations

    Accounts for the fintech's 500,000 U.S. customers will be closed Jan. 11. The company is aiming to expand into more countries in eastern Europe and still plans to launch services in Brazil.

    By Nov. 18, 2021
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    Permission granted by U.S. Bank

    U.S. Bank to buy travel and expense management fintech TravelBank

    After a yearlong partnership, the Minneapolis lender opted to buy the fintech outright, in a deal reportedly worth $200 million.

    By Nov. 17, 2021
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    Permission granted by Current

    Why Current built its core technology in-house

    Curbing the need for a third-party processor helps money move faster, said the fintech's CTO, Trevor Marshall. "When I think of a checking account, I think of a parking lot," he said. "Current is about movement."

    By Suman Bhattacharyya • Nov. 8, 2021
  • Opinion

    Is finance ready for the super-app revolution?

    With a market of specialized fintech offerings and a customer base hungry for streamlined solutions, there's a race to become the provider of all services. The burden lies on the platform provider to deliver an exceptional experience.

    By Kathryn Petralia • Nov. 5, 2021