Technology: Page 12
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VersaBank completes purchase of tiny Minnesota bank
The purchase gives the Canadian lender a bank charter and access to federal deposit insurance as it strives to grow its primary point-of-sale lending product.
By Gabrielle Saulsbery • Sept. 4, 2024 -
Win McNamee via Getty Images
CFPB slammed with EWA commentary
The Consumer Financial Protection Bureau asked for public feedback on its earned wage access rule proposal and it got an earful.
By Lynne Marek • Sept. 4, 2024 -
Explore the Trendlineâž”
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TrendlineFintech 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 -
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Viral JPMorgan Chase glitch is ‘fraud, plain and simple,’ bank says
Some customers deposited bad checks and immediately withdrew funds before the checks bounced in a glitch that went viral on TikTok. Now, some users have holds on their accounts.
By Gabrielle Saulsbery • Sept. 3, 2024 -
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Custodia cuts 25% of its staff amid Fed lawsuit: report
The digital asset-focused bank, chartered in Wyoming, is putting its resources toward an ongoing lawsuit with the Federal Reserve, which denied the lender a master account last year.
By Gabrielle Saulsbery • Aug. 30, 2024 -
Permission granted by TDECU
Texas credit union discovers year-old data breach
TDECU fell victim to last year’s MoveIt data breach, but only found out in July. The credit union said the incident is not expected to impact its acquisition of a Louisiana bank.
By Gabrielle Saulsbery • Aug. 29, 2024 -
Courtesy of U.S. Bank
U.S. Bank works to simplify SMB banking, payments
To stand out from competitors, the Minneapolis-based lender has also expanded its SBA loan program over the last year, said Shruti Patel, chief product officer for business banking.
By Caitlin Mullen • Aug. 29, 2024 -
Sarah Silbiger via Getty Images
Fed’s Waller questions faster cross-border payments ties
There could be more fraud and money laundering if countries move too quickly to link their faster payments systems, the central bank governor said Wednesday at a conference.
By Lynne Marek • Aug. 29, 2024 -
Permission granted by Unit Finance
Unit launches business continuity tool for bank partners of fintechs that fail
If a fintech powered by one of Unit’s partner banks fails, the bank can immediately connect to end users, with no service disruption, CEO Itai Damti said.
By Gabrielle Saulsbery • Aug. 28, 2024 -
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Abra settles SEC charges over unregistered securities
All assets, plus interest, have been returned to Abra Earn customers since the program shuttered in 2023, CEO Bill Barhydt said Monday on social media.
By Gabrielle Saulsbery • Aug. 27, 2024 -
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Kraken must face SEC lawsuit, judge rules
The Securities and Exchange Commission sued the crypto firm in November for allegedly operating an unregistered securities exchange. A judge denied Kraken’s motion for dismissal Friday.
By Gabrielle Saulsbery • Aug. 26, 2024 -
Permission granted by Kenady Ghent
Zions vet looks to optimize TAB’s ‘sweet spot’ as new CIO
“Technology can be as critical an enabler as you want it to be,” said Tami Fisher, who spent 18 years at the Salt Lake City regional before jumping to TAB in July.
By Caitlin Mullen • Aug. 26, 2024 -
Leon Neal / Staff via Getty Images
Partner of former FTX exec hit with campaign finance charges
Now, Ryan Salame has asked a New York judge to void his guilty plea, which he attests was made following a verbal agreement with prosecutors that they would drop their probe into his partner Michelle Bond.
By Gabrielle Saulsbery • Aug. 23, 2024 -
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Lettuce Financial gets $15M in fresh funding
The tax and accounting fintech has had a busy year announcing two funding rounds, launching a major product and inking several partnerships to serve the solopreneur community.
By Gabrielle Saulsbery • Aug. 21, 2024 -
Permission granted by Money 20/20
Q&AMarqeta CEO says his platform is no ‘single-trick pony’
Simon Khalaf cites the need for banks to change their behavior to focus on customer service. He also says upcoming underwriting tech could put the banking sector “on steroids.”
By Rajashree Chakravarty • Aug. 21, 2024 -
Courtesy of U.S. Bank
U.S. Bank doubles down on AR with Billtrust
The Minneapolis-based bank’s new offering seeks to accelerate the accounts receivable process — sometimes viewed as a laggard in the race to automate finance.
By Maura Webber Sadovi • Aug. 20, 2024 -
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Goldman CTO to leave for Citadel: report
Atte Lahtiranta, Goldman’s top tech exec since 2019, becomes the bank’s latest high-profile departure in a year when other alums have gone on to run other banks, crypto firms and a Fed outpost.
By Dan Ennis • Aug. 20, 2024 -
Michael M. Santiago / Staff via Getty Images
JPMorgan, Zelle may have upper hand if litigation ensues
If the banks that own Zelle’s parent battle the Consumer Financial Protection Bureau in court, they may find some federal judges open to their arguments, said lawyers specializing in the area.
By Patrick Cooley • Aug. 16, 2024 -
Drew Angerer via Getty Images
How embedded payments are changing the way we pay
As payments technology advances, more companies are embedding the payments process in websites and apps. Here’s a primer on how this trend is advancing and changing the payments arena.
By Patrick Cooley • Aug. 14, 2024 -
Courtesy of Funding Circle UK
TrackerA running list of fintech layoffs in 2024
Thousands of fintech employees have been let go since the start of the year. Many firms cited cost cuts.
Aug. 9, 2024 -
Leon Neal / Staff via Getty Images
FTX to pay $12.7B to fraud victims
An order by a New York judge resolves a lawsuit filed by the Commodity Futures Trading Commission in late 2022 and permanently bans FTX from trading digital assets.
By Gabrielle Saulsbery • Aug. 9, 2024 -
Chip Somodevilla via Getty Images
Ripple to pay $125M penalty in XRP case against SEC
The fine was not nearly the $2 billion the SEC sought. The judge in the case, though, issued an injunction requiring Ripple to register if it intends to sell securities in the future.
By Dan Ennis • Aug. 8, 2024 -
Truist names JPMorgan, Wells vet as next CIO
Steve Hagerman spent 17 years and five years at JPMorgan and Wells Fargo, respectively. He will replace interim CIO Brad Bender in October.
By Gabrielle Saulsbery • Aug. 8, 2024 -
Courtesy of Whataburger
JPMorgan fires up biometric payments processing
The biggest U.S. bank is piloting payments processing for biometric transactions, with plans to use it at the hamburger chain Whataburger, which lets customers pay with a face scan.
By Lynne Marek • Aug. 7, 2024 -
Dan Kitwood via Getty Images
Genesis completes restructuring, begins payouts
The company filed for bankruptcy in January 2023. User funds had been frozen since November 2022 when the crypto lender ran into liquidity issues following the collapse of FTX.
By Gabrielle Saulsbery • Aug. 5, 2024 -
Lynne Marek/Banking Dive
Outdated tech could slow instant payment adoption: survey
Financial institutions expect business clients to be a driver of instant payment revenue, but adopting the technology comes with hurdles, the results of a recent survey showed.
By Tatiana Walk-Morris • Aug. 2, 2024
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