Facebook unveils payments umbrella

Facebook Financial, the social network's latest effort to lend brand consistency among its payment and commerce plans, will be overseen by Libra co-creator David Marcus.

By Dan Ennis • Aug. 11, 2020

Online payments provider Stripe hires GM CFO

"Stripe's mission to increase the [gross domestic product] of the internet is more important now than ever," Dhivya Suryadevara said. "I hope to use my skills to help accelerate Stripe's already steep growth trajectory."

By Jane Thier • Aug. 11, 2020

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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

American Express makes Kabbage acquisition official

Not included in the deal is Kabbage's pre-existing loan portfolio. Kabbage and AmEx will establish an entity to manage and retain those loans once the acquisition is complete. Neither company disclosed the purchase price.

By Dan Ennis • Updated Aug. 18, 2020

Fed gives new details on its real-time payments system

One year after committing to FedNow, the central bank emphasized its effort to bolster 24/7/365 operability, the development of fraud deterrents, and a liquidity management tool that lets RTP participants help.

By Dan Ennis • Aug. 7, 2020

EBay partners with LendingPoint for merchant loans

The tie-up gives merchants an alternative to PayPal Working Capital, a financing solution eBay sellers have used in the past. PayPal's five-year operating agreement with eBay expired last month.

By Anna Hrushka • Aug. 6, 2020

The digital transformation of payments reaches its next phase

In addition to providing the technology tools, banks must help educate clients and provide guidance to help ease client transformations from paper to electronic solutions, writes Carl Slabicki of BNY Mellon Treasury Services.

By Carl Slabicki • Aug. 4, 2020

Bank trade groups push back on OCC's payments charter plans

The regulator should take care not to introduce risks that would encourage regulatory arbitrage, the groups said, urging the OCC to be transparent when considering a new charter.

By Anna Hrushka • July 30, 2020

JPMorgan Chase, Marqeta partner to launch virtual corporate cards

The deal comes as payment networks have seen contactless transactions spike by as much as 150% since March 2019.

By Anna Hrushka • July 29, 2020

Bank of the West rolls out climate-conscious checking account

The bank will donate 1% of net revenues generated from the account to support environmental nonprofits. The account's tracking tool lets customers see the carbon impact of purchases made with the debit card.

By Dan Ennis • July 22, 2020

What US fintechs can learn from Wirecard's collapse

"Think about diversifying your supply chain and your partners," said Kim Muhota, vice president at SSA & Company. "It's really just a risk management play — the classic, don't have all your eggs in one basket."

By Anna Hrushka • July 22, 2020

Kabbage launches small-business checking account

The fintech said it plans to roll out several additional features connected to the account this year, including wire transfers and mobile remote deposits.

By Anna Hrushka • July 22, 2020

Chime, Apple debut credit score-boosting products

The challenger bank's entry into the credit card market comes a day after Goldman Sachs and Apple launched an initiative that gives rejected Apple Card applicants suggestions as to what they can do to be approved.

By Dan Ennis • July 2, 2020

How Upgrade plans to use its latest $40M investment

Upgrade's latest funding round boosts the startup's valuation to $1 billion, giving it "unicorn" status alongside other neobanks such as Chime, Dave, Monzo, Revolut, N26 and NuBank.

By Anna Hrushka • June 25, 2020

Verizon, Synchrony launching consumer credit card

The mobile-phone provider joins Samsung among telecom giants offering cards this year. In a nod to pandemic spending, groceries net the card's richest reward — 4% back. But rewards are redeemable only on Verizon purchases.

By Dan Ennis • June 24, 2020

Welcome Technologies, Green Dot target Hispanic immigrants with bank account, card

Welcome is banking on the trust it says it's built to serve a community largely reluctant to use traditional financial institutions. But the company faces a twofold challenge, an analyst tells Banking Dive.

By Ken McCarthy • June 19, 2020

Kabbage rolls out simplified PPP process for Uber drivers, contractors

At least 40% of coronavirus relief applicants through the online lender are self-employed, said the company's co-founder, Kathryn Petralia, adding that Kabbage is the fourth-largest PPP provider.

By Kate Patrick Macri • June 16, 2020

Will COVID-19 push contactless payments into the mainstream?

Reports show contrasting figures on the adoption of touch-and-go tech, but the coronavirus — and perhaps a push from card issuers or retailers — may prove the catalyst to change consumer behavior.

By Tatiana Walk-Morris • June 11, 2020

Alibaba rolls out interest-free financing for small businesses

The program isn't a replacement for loans the conglomerate offers with Kabbage, an Alibaba executive said. But Kabbage stopped processing new loan requests through Alibaba in March in favor of financing PPP loans.

By Dan Ennis • June 5, 2020

Western Union offers to take over MoneyGram: Bloomberg

Traditional money-sending businesses have seen their model undercut by startups offering lower remittance fees — and by the coronavirus, as people lean away from cash-handling transactions in brick-and-mortar locations.

By Dan Ennis • June 2, 2020

Brex lays off 62 employees amid 'restructuring'

"Three months in, it's clear that the impact of COVID-19 won't be short-lived," Brex's co-founders wrote in a blog post. "We know that the pace of growth won't be what we expected for the foreseeable future."

By Anna Hrushka • June 1, 2020

American Express moves 'hundreds' of salespeople into collections roles

Spending on the company's cards is down about 35% from a year ago. Meanwhile, a half-million AmEx customers are enrolled in short-term forbearance and other relief, accounting for $5 billion in balances.

By Dan Ennis • May 29, 2020

JPMorgan, Mastercard data reveal coronavirus spending impact, potential recovery

The more than 40% drop in credit card spending the JPMorgan Chase Institute found in March and early April is eight times steeper than average during the first month of unemployment.

By Dan Ennis • May 15, 2020

Remitly partners with Cross River Bank to speed up cross-border payments

As the coronavirus limits access to brick-and-mortar locations across the globe, the digital remittance company's CEO says the deal gives its customers more choices to send money internationally.

By Anna Hrushka • May 14, 2020

Samsung to launch US debit card this summer with SoFi

The South Korean company joins competitors Apple and Google, as more tech giants announce plans to offer banklike products.

By Anna Hrushka • May 11, 2020

More than half of US consumers paying contactless, Mastercard finds

Banks such as HSBC, JPMorgan Chase and Bank of America have ramped up their efforts to push consumers toward tap-and-go technology. The coronavirus may prove the catalyst for behavioral shift.

By Dan Ennis • April 30, 2020