Technology: Page 2

Visa, crypto startup BlockFi team up on card giving 1.5% back in Bitcoin

The announcement comes a day after the currency hit a record value, which may boost the intrigue of potential users. The move also may reflect a softening stance toward crypto by the card network.

By Dan Ennis • Dec. 02, 2020

Facebook-led digital currency, renamed Diem, could launch in January

"We like the connotation of it kind of being a new day for the project," said the group's CEO, Stuart Levey, referring to the moniker's use of the Latin word for "day."

By Anna Hrushka • UPDATED: Dec. 1, 2020 at 11:11 a.m.

Sponsored by Criteo

How COVID-19 is driving consumers and banks to embrace digital technology

The pandemic is ushering in a new way of doing business and is changing the way consumers bank. Companies that can navigate these transformational shifts are the ones that will succeed. 

Why Seattle Bank allied itself with Google

"The banking experience is just ripe for a Tesla-Peloton kind of experience, and we don't have that today. I think Google clearly can help drive that, and that's pretty cool," Seattle Bank's CEO said.

By Anna Hrushka • Nov. 24, 2020

LGBT-focused digital bank Daylight aims for December beta launch

Traditional banks "may be switching their social media icons to rainbows in June, but when it comes to actually solving real pain points, it's just not cutting it," co-founder Billie Simmons said.

By Anna Hrushka • Nov. 20, 2020

Google revamps Google Pay, adds 3 new partner banks

With a redesigned app and an expanded network of banks that have signed on to offer co-branded accounts, the tech giant continues its push into the consumer financial services space.

By Anna Hrushka • Nov. 19, 2020

IT leaders' input must be part of risk management plan, Wells Fargo exec says

"It really is about who's got the strongest strategy, and if you don't innovate and continually improve ... you will be the one that will be hit the hardest," Mandy Norton, the bank's chief risk officer, said Wednesday at a summit.

By Katie Malone • Nov. 19, 2020

'Do the hard things first': What Capital One prioritized in its cloud migration

The bank spent eight years shifting workloads to the cloud, shuttering its final data center this year.

By Roberto Torres • Nov. 19, 2020

Moven, Q2 aim to debut digital 'bank-in-a-box' in January

"Now any bank can have its own Marcus or Chime in a matter of a few weeks," said Paul Walker, general manager of Q2's banking-as-a-service division.

By Anna Hrushka • Nov. 17, 2020

BBVA partners with Prosper on digital HELOC platform

Early results indicate the digital solution is helping BBVA close home equity lines of credit 14 days faster on average when compared to turn times on applications submitted in other channels, the bank said.

By Anna Hrushka • Nov. 11, 2020

DOJ challenge to Visa-Plaid deal could change financial services landscape

The outcome will decide how the industry might evolve in an ever-changing world of technology — through acquisition of small, innovative fintechs or organic growth, an antitrust attorney said.

By Anna Hrushka • Nov. 10, 2020

DOJ sues to block Visa's $5.3B Plaid acquisition

The Justice Department cited Visa CEO Al Kelly's description of the deal as an "insurance policy" to neutralize a "threat to our important US debit business" as evidence the deal represents an anti-competitive move.

By Anna Hrushka • Nov. 06, 2020

Why a Biden win could be good for fintech

As Democrats increasingly push for financial inclusion initiatives, a Biden presidency could usher in fintech's "golden years," said Kara Ward, a Holland & Knight partner.

By Anna Hrushka • Nov. 05, 2020

SoFi gets OCC's preliminary approval for bank charter, launches credit card

The card will offer up to 2% cash back when rewards are redeemed to pay down student loans or personal loans financed through the company. SoFi's charter application still needs sign-off from the FDIC and Federal Reserve.

By Anna Hrushka • Oct. 29, 2020

JPMorgan levels up on blockchain effort

A large international client the bank won't name began using JPM Coin this week. JPMorgan also rebranded its 400-bank cross-border payment settlement network.

By Dan Ennis • Oct. 29, 2020

113 years on, Georgia's smallest bank digitizes

Barwick Bank's new owners installed a fresh core operating system, launched a suite of online banking products — and aim to expand into neighboring Florida while keeping a relationship-driven ethos.

By Suman Bhattacharyya • Oct. 27, 2020

Fintechs hopeful as CFPB seeks to modify data access rule

Section 1033 of the Dodd-Frank Act won't prevent banks from overstepping their authority and blocking consumers from sharing their data with certain companies, fintechs argue.

By Anna Hrushka • Oct. 23, 2020

PayPal to let users pay for purchases with cryptocurrency

A New York regulator gave the payment company a conditional BitLicense allowing U.S. account holders to buy, sell and hold digital coins from four platforms in their PayPal digital wallets.

By Dan Ennis • Oct. 22, 2020

Pandemic could reverse uptick in banked households, FDIC says

"[F]indings from multiple years of the survey suggest that the unbanked rate is likely to rise as the unemployment rate rose from its level prior to the pandemic," said the agency's chairman, Jelena McWilliams.

By Anna Hrushka • Oct. 20, 2020

TD sues Plaid over trademark infringement, false advertising

"We were surprised by TD Bank’s decision to file suit in the midst of our good-faith discussions, which are still ongoing," Plaid told American Banker. "We ... are disappointed that they resorted to litigation and false allegations."

By Dan Ennis • UPDATED: Oct. 19, 2020 at 11:08 a.m.

Sponsored by Criteo

From ATMs to smartphones — How digital banking has evolved

With consumers on the go — and looking for alternatives to in-person banking — the demand for quick and easy solutions is increasing rapidly. 

How Bank of America's decentralized innovation approach conceives the future

The bank doesn't have a dedicated budget for its patent projects, but it relies on more than 5,600 inventors based in 42 states and 12 countries — and a philosophy that innovation is "part of everyone's job."

By Anna Hrushka • Oct. 07, 2020

​Varo turns focus to new products after national charter milestone

The launch of the Varo Bank app, which the company says is imminent, will free up resources and energy to "pivot on to the customer," Chief Risk Officer Philippa Girling said.

By Anna Hrushka • Oct. 02, 2020

USAA sues PNC over alleged infringement of mobile deposit tech

The military-focused insurer won two nine-figure judgments in the past year against Wells Fargo, in what that bank called an "industry issue."

By Dan Ennis • Oct. 02, 2020

Goldman Sachs tops Barclays to buy GM's card portfolio for $2.5B

The deal feeds into Goldman's goal to nearly triple its consumer loans and card balances by 2025. It also marks the bank's second victory over Barclays: Apple phased out a rewards deal with the British lender before Apple Card's launch.

By Dan Ennis • Oct. 02, 2020