Citi's new 5% cash-back card adapts to users' changing spending habits

Days after Wells Fargo launched a product to compete with the world's top card issuer, Citi rolled out its own offering in a signal that the card space is ready to rebound from a relatively muted 2020.

By Anna Hrushka • June 11, 2021

AmEx, Synchrony bid to wrest Amazon card portfolio from JPMorgan Chase

The nation's largest bank reportedly could get a 15% premium on top of the balance, which is north of $15 billion in loans.

By Dan Ennis • June 9, 2021

Explore the Trendline➔

Fintech disruption in the banking industry

There are as many schools of thought on how to disrupt the banking space as there are disruptors.

By Banking Dive staff

Wells Fargo to launch 2% cash-back offer, ax stagecoach logo on card

The bank intends to triple its spending on a marketing campaign that includes pitches in the opening and closing ceremonies of this summer's Olympics.

By Dan Ennis • June 8, 2021

Walmart partners with PayNearMe, Green Dot to launch faster cash bill-pay in August

Consumers can expect to face a fee of $2.99 per bill, but that amount can vary by company and industry — from zero if the biller absorbs the cost, to as high as $5.99, a PayNearMe executive said.

By Lynne Marek • June 8, 2021

Goldman Sachs taps Visa for cross-border payment upgrade

The investment bank is signing onto existing Visa programs, including a business-to-business network that reaches 97 countries.

By Lynne Marek • June 7, 2021

Mastercard bets on matchmaker of small banks, fintechs

Six-month-old Synctera drew $33 million from investors, including the card network. Synctera aims to make money by smoothing the way for fintechs to offer services using community banks' banking licenses.

By Lynne Marek • June 4, 2021

Fintechs attack cross-border business payments as banks, legacy players rush to innovate

Nonbanks are gaining ground, mainly with small-company customers, but target larger ones, even as competition gives way to symbiotic "coopetition" with banks.

By Suman Bhattacharyya • May 26, 2021

Square may soon offer small-business checking and savings accounts, app code shows

The code indicates the company will not charge monthly service fees, minimum balance fees or overdrafts on its checking account, and will offer a 0.5% interest rate on its savings account through 2021, Bloomberg reported.

By Dan Ennis • May 25, 2021

Fed paper this summer aims to spur 'broad conversation' on CBDC

"Our key focus is on whether and how a [central bank digital currency] could improve on an already safe, effective, dynamic and efficient U.S. domestic payments system," Chair Jerome Powell said Thursday in a video statement.

By Lynne Marek • May 21, 2021

The Clearing House nudges businesses to adopt real-time system

To persuade businesses of the network's billing promise, the CEOs of 23 big banks that own The Clearing House issued a letter underscoring their commitment to the project.

By Lynne Marek • May 17, 2021

Neobank Lili raises $55M as customer base expands

Since its prior funding round in November, Lili's customer base has doubled to more than 200,000 active accounts.

By Vaidik Trivedi • May 11, 2021

'We cannot stay still': Inside Green Dot's path to BaaS growth

The Pasadena, California-based company has made a name for itself as a financial services enabler for some of the nation's biggest brands. But competition in the space could create new headwinds.

By Suman Bhattacharyya • May 10, 2021

Square's Bitcoin revenue soars, eyes lending, Tidal app engagement

After exceeding earnings estimates, Square looks to drive user engagement and individual lending through its CashApp.

By Vaidik Trivedi • May 7, 2021

Traditional banks mirror challengers with new digital offerings

"There's a story behind every one of these kinds of overdrafts," said Jimmy Stead, chief consumer banking officer at Frost Bank, which launched an overdraft grace feature last month.

By Anna Hrushka • May 7, 2021

FIS links with NYDIG to offer Bitcoin services

The rise in Bitcoin's value over the past year has spurred a host of companies to rethink their initial skepticism of cryptocurrencies.

By Lynne Marek • May 5, 2021

Cryptocurrency startup Ripple hires new CFO amid SEC lawsuit

Kristina Campbell spent five years as CFO of billing and payments firm PayNearMe and, previously, served in various operations and management roles at fintech Green Dot.

By Jane Thier • May 5, 2021

Retail organizations sue Fed over debit law enforcement

Two North Dakota retail associations allege in a new federal lawsuit the Fed hasn't properly fulfilled its duty to determine "reasonable" debit card processing fees under a 2010 law.

By Lynne Marek • April 29, 2021

Neobank Current adds crypto to product roadmap after $220M funding boost

"There is a need and a demand for a company like Current to explain and shepherd people into this new world," CEO Stuart Sopp said.

By Anna Hrushka • April 28, 2021

Barclays US to offer merchants buy-now-pay-later feature

"We plan to use this to supercharge our growth and give our partners and our customers more options to buy stuff with," said Barclays US CEO Denny Nealon.

By Anna Hrushka • April 27, 2021

Visa, Mastercard face biggest challenges in a decade

Regulatory, legislative and court confrontations over the card networks' fees are ratcheting up pressure again for reform of the behemoths' practices.

By Lynne Marek • April 22, 2021

Walmart's trademark filing may offer clues to fintech startup

The litany of services "Hazel by Walmart" intends to provide ranges from credit and debit card payment processing services to financial portfolio analysis, credit repair and restoration and virtual currency transaction processing.

By Dan Ennis • April 8, 2021

Chance for early feedback spurs banks to join FedNow pilot program

More than 110 organizations are participating in the real-time payment effort, which is still slated for a 2023 debut.

By Anna Hrushka • April 6, 2021

COVID-19 pushed real-time payments to jump 41% in 2020, study finds

Real-time payments accounted for 9.8% of all electronic transactions in 2020, the report found. That figure is expected to reach 17.4% by 2025.

By Vaidik Trivedi • April 1, 2021

Illinois moves to create special charter for digital assets trust

"I had to get out of the bubble of the way I look at money in our country," said the bill's sponsor, state Rep. Margaret Croke, D-Chicago.

By Lynne Marek • March 26, 2021

Powell reiterates 'no-rush' stance on Fed's digital dollar

Powell insists on Congress's approval before proceeding with a CBDC, but researchers are hoping to unveil prototypes as early as July. Meanwhile, the Senate's new banking panel chair is calling for faster action.

By Dan Ennis • March 23, 2021