Payments: Page 6
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House panel passes bill to thwart CBDC
The Financial Services Committee advanced a bill last week that would block the creation of a central bank digital currency.
By Lynne Marek • Sept. 25, 2023 -
Varo aims to displace Venmo, Cash App volume with new P2P feature
The bank on Thursday launched a feature enabling Varo account holders to instantly transfer funds at no cost to anyone with a U.S. debit card.
By Anna Hrushka • Sept. 21, 2023 -
Trendline
Fraud and AML in banking
It’s not just big banks like Citi, TD or Morgan Stanley that face stiffer AML oversight from regulators. The FDIC is looking closely at banks offering BaaS alongside fintechs.
By Banking Dive staff -
JPMorgan taps Gusto to offer embedded payroll services
Chase Payment Solutions’ small and medium-size business customers can use Gusto to combine the payroll process with financial operations.
By Rajashree Chakravarty • Sept. 20, 2023 -
Citi launches token service for institutional clients
The service uses blockchain technology to convert clients’ deposits into digital tokens that can be used for instant cross-border payments 24/7, the bank said.
By Rajashree Chakravarty • Sept. 19, 2023 -
Santander retools its structure
The bank is consolidating its retail and commercial business into a new global unit and creating a global digital consumer banking division in a move meant to enhance profitability.
By Dan Ennis • Sept. 19, 2023 -
Square CEO to depart
Alyssa Henry, CEO of Block’s merchant business Square, will leave the company Oct. 2, handing over the post to co-founder Jack Dorsey.
By Caitlin Mullen • Sept. 18, 2023 -
Regulators need to speed up ‘tepid’ FedNow adoption, Brookings expert says
It’s risky to rely entirely on market forces to drive the use of the Federal Reserve's new instant payments service, said Aaron Klein, a senior fellow at Brookings.
By Suman Bhattacharyya • Sept. 13, 2023 -
Stax CEO zeroes in on embedded payments
Stax is honing its strategy to build on embedded payments as the company pushes its payment facilitation offering, CEO Paulette Rowe said.
By Caitlin Mullen • Sept. 12, 2023 -
5 takeaways from Michael Barr’s views on CBDCs, stablecoins and more
The Federal Reserve’s vice chair for supervision spoke about “responsible innovation” Friday at a Philadelphia Fed fintech conference.
By Suman Bhattacharyya • Sept. 11, 2023 -
Sponsored by Federal Reserve Financial Services
How the FedNow® Service makes instant payments easy for businesses and consumers
In an era of always-on, digitized consumer experiences, people expect to make payments and receive money instantly.
Sept. 11, 2023 -
Fourth former FTX executive pleads guilty
Ryan Salame pleaded guilty to violating campaign finance laws and operating an unlicensed money transfer business. Salame could lose $1.5 billion if he fails to forfeit assets including two properties and a Porsche 911 Turbo.
By Gabrielle Saulsbery • Sept. 8, 2023 -
Q&A
Turmoil at Discover may make it a bank acquisition target
Discover, hunting for a new CEO while it addresses compliance issues, might catch the eye of a large regional bank, said Joe Silvia, an attorney who advises on mergers and acquisitions.
By Caitlin Mullen • Sept. 8, 2023 -
JPMorgan Chase revs up payments lab hiring
The bank is venturing further into fintech and payments for new product development at its lab in Greece.
By Tatiana Walk-Morris • Sept. 7, 2023 -
Elavon, Ingenico team on new payments tool
U.S. Bank’s payments software unit is locking arms with the French hardware-maker to take on a raft of competitors targeting small businesses.
By Lynne Marek • Aug. 30, 2023 -
Zelle parent hires new CEO
Early Warning Services gets a new executive in the midst of rolling out a bank-backed digital wallet, while also coming under scrutiny from lawmakers and regulators.
By James Pothen • Aug. 15, 2023 -
PayPal names Intuit exec as CEO
The digital payments pioneer tapped Intuit’s Alex Chriss to lead the company, starting next month, as Dan Schulman heads for an exit.
By Lynne Marek • Aug. 14, 2023 -
New Fed unit to supervise crypto, nonbank partnerships
The central bank clarified that any state bank it supervises must get the regulator’s green light before issuing, holding or transacting in dollar tokens, such as stablecoins, to facilitate payments.
By Anna Hrushka • Aug. 9, 2023 -
PayPal launches stablecoin
PayPal is planting a flag in the stablecoin space despite the slow uptake of digital assets in consumer payments and the lingering crypto chill.
By Caitlin Mullen • Aug. 8, 2023 -
Q&A
Fintech Wisetack bets on bank partnerships for growth
Wisetack, which recently teamed up with Citizens, seeks to add more large bank partners to handle the lending aspect of its pay-over-time offering for the services industry.
By Caitlin Mullen • Aug. 7, 2023 -
Senate ‘making good progress’ on pot banking bill, Schumer says
There may be bipartisan agreement on SAFE Banking’s goal to help the cannabis industry enter the banking fold, but lawmakers are reportedly haggling over some of the bill’s details.
By Anna Hrushka • Aug. 1, 2023 -
Shopify taps Ramp to save on corporate expenses
E-commerce company Shopify is adopting more artificial intelligence by automating its corporate expenses through Ramp.
By James Pothen • Aug. 1, 2023 -
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 -
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