Payments: Page 20
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Retrieved from Federal Reserve Bank of Boston.
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 -
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 -
Explore the Trendline➔
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TrendlineThe Banking Dive Outlook on 2022
Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.
By Banking Dive staff -
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 Suman Bhattacharyya • Aug. 23, 2022 -
(2024). [Photo]. Retrieved from Federal Reserve.
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 -
Permission granted by Modern Treasury
Sponsored by Modern TreasuryCommercial 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 -
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 -
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 Anna Hrushka • Aug. 16, 2022 -
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 -
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 -
Chris Hondros via Getty Images
ColumnGoldman, 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 Dan Ennis • Aug. 5, 2022 -
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 Dan Ennis • Aug. 4, 2022 -
Courtesy of USAA
USAA sues Truist in patent case over mobile deposit tech
The U.S. District Court for the Eastern District of Texas has awarded USAA three nine-figure judgments since 2019 (against Wells Fargo and PNC) in patent cases.
By Dan Ennis • Aug. 4, 2022 -
Permission granted by Terry Banks
OpinionBanks and fintechs don't need to fight
Customers win when banks’ strengths — customer relations, scale, profitability and brand — are paired with best-in-class cloud-based software to complement existing systems, writes Modern Treasury CEO Dimitri Dadiomov.
By Dimitri Dadiomov • July 19, 2022 -
abdoudz via Getty Images
Deep DiveFedNow chases real-time payments front-runners
The Federal Reserve plans to unleash a U.S. real-time payments system next year in the form of FedNow, but it’s an open question as to whether, or how, consumers and businesses will adopt instant payments.
By Lynne Marek • July 18, 2022 -
Chris Hondros via Getty Images
Banks aren’t doing enough to address Zelle fraud, senators say
Months after writing the CEO of Zelle’s parent company, Sens. Bob Menendez and Elizabeth Warren — with six other lawmakers signing on — are seeking information from seven banks with ownership stakes in the platform.
By Anna Hrushka • July 8, 2022 -
Viorika via Getty Images
Payactiv jettisons some fees in wake of CFPB move
The earned wage access provider said it was eliminating some fees just as the bureau decided to remove a prior order giving the company leeway under certain laws.
By Jonathan Berr • July 5, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB terminates Payactiv's sandbox protection
The earned wage access provider told the CFPB last week it wanted to make changes to its fee model without review by the bureau. The bureau, in turn, expressed concern over potentially misleading public statements by Payactiv.
By Dan Ennis • July 1, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB strikes at debt collector fees
The collectors may refer to the fees as “convenience fees,” but the agency called them “pay-to-pay” fees and said they are prohibited under the Fair Debt Collection Practices Act.
By Jonathan Berr • June 30, 2022 -
Chainarong Prasertthai via Getty Images
Fintech Amount cuts about 18% of workforce
The Chicago-based banking technology provider, valued at $1 billion last year, said this week it had pared 108 workers in what the company called “proactive adjustments.”
By Caitlin Mullen • June 28, 2022 -
Steve Jennings via Getty Images
Brex's move has fellow fintechs ready to pounce
Brex’s cutting of small-business customers — the handling of which prompted a mea culpa from the co-founder — may provide opportunity for B2B fintechs like Ramp or Divvy. But big banks still dominate the space.
By Caitlin Mullen • June 27, 2022 -
Green Dot pays Republic Bank $13M to settle suit over failed acquisition
The payout comes atop a $5 million termination fee Republic received in January after Green Dot pulled out of a proposed $165 million purchase of the bank's tax refund processing unit.
By Dan Ennis • June 8, 2022 -
Justin Sullivan / Staff via Getty Images
Lawsuits over Zelle pile up
Bank of America and Wells Fargo have both been sued recently by consumers who allege they were defrauded by scam artists using Zelle payments.
By Lynne Marek • June 6, 2022 -
PeopleImages via Getty Images
NMI aims to equip banks with modern payments tech
The payments gateway is focused on attracting mid-market banks that "want to have the ability to have a modern tech stack, but don’t have the means to develop it," CEO Vijay Sondhi said.
By Caitlin Mullen • June 1, 2022 -
FG Trade via Getty Images
AmEx, Discover get top marks in direct banks survey
The No. 3 and No. 4 card companies, which also hold bank licenses, scored highly in customer satisfaction among online-only banks, J.D. Power found.
By Caitlin Mullen • May 16, 2022 -
Justin Sullivan via Getty Images
Cannabis payments companies focus on compliance, creativity
Federal restrictions have kept many banks and payments companies on the sidelines regarding cannabis. That has given the ACH network a foothold to facilitate payments in states where pot is legal.
By Caitlin Mullen • May 9, 2022
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