Banking


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    Block bets on bitcoin

    “We are no longer just a payments company,” Block CEO Jack Dorsey said at the company’s investor day Wednesday.

    By May 18, 2022
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    FIS knocks Fiserv out of No. 2 merchant acquirer spot

    In a competitive field of merchant acquirers, FIS bested Fiserv last year as JPMorgan Chase held its lead, according to a ranking from The Nilson Report. 

    By May 18, 2022
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    Digital payments surge has staying power

    Consumers changed their ways to get through the deadly COVID-19 pandemic, and that meant major modifications in payments. Contactless, frictionless and touchless were in, as consumers worked from home and shopped online. Industries across the board altered their payments tools in response and show no signs of reversing course.

    By Payments Dive staff
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    Zowy Voeten via Getty Images

    Affluent consumers may drive $257B in spending

    The wealthiest U.S. consumers are eager to open their wallets again, especially for travel, though there is one possible caveat, predicts Visa's chief economist.

    By May 17, 2022
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    Amex, Discover get top marks in direct banks survey

    The No. 3 and No. 4 card companies, which also hold bank licenses, scored highly in customer satisfaction among online-only banks, J.D. Power found.

    By May 16, 2022
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    Justin Sullivan via Getty Images

    Three US cash trends persist, Fed report says

    The COVID-19 pandemic led U.S. consumers to change up their payment habits, but three long-term cash trends have mainly persisted, according to a Federal Reserve Bank report issued this month.

    By May 16, 2022
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    Jack Henry prowls for acquisitions

    The payment technology provider aims to start making acquisitions again this year, the CEO said. While potential targets had been too expensive in recent years, the public market's swoon is creating more options now.

    By May 12, 2022
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    Yellen urges stricter stablecoin regulation amid TerraUSD crash

    The coin, which relies on an algorithm rather than being backed by dollar reserves, plummeted to 23 cents Wednesday, according to CoinDesk.

    By Robin Bradley • May 11, 2022
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    Courtesy of Mastercard

    Mastercard CEO lands hefty raise

    Compensation for Michael Miebach, who was the card company's chief product officer and president before he became CEO last year, climbed 75% to $16.1 million for 2021 after he took Mastercard's top post.

    By May 10, 2022
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    EMVCo invites input on new contactless standard

    The firm controlled by the card companies has drafted a new contactless technology standard and it's seeking public comment on the specifications. Their plan is to implement a change by yearend.

    By May 10, 2022
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    Justin Sullivan via Getty Images

    Cannabis payments companies focus on compliance, creativity

    In the cannabis business, federal illegality has kept many banks and payments companies on the sidelines. That's opened the door for young companies that are using the ACH network to facilitate cannabis payments in states where it’s been legalized.

    By May 6, 2022
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    Stripe-Plaid squabble erupts

    When digital payments company Stripe launched a new service this week, it caught fintech Plaid, one of its customers and partners, by surprise, and not in a good way. Plaid's CEO expressed his displeasure in what has become a Twitter drama.

    By May 6, 2022
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    Block 'just getting started' with Afterpay

    San Francisco-based Block is focused on expanding buy now-pay later provider Afterpay’s customer base and managing its loss rate, Block executives said during Thursday’s first-quarter earnings call.

    By May 6, 2022
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    Courtesy of DoorDash

    DoorDash extends gas card rewards program

    The program, which provides drivers 10% cash back on gas purchases on a prepaid Visa card, will now run through August.

    By Alicia Kelso • May 5, 2022
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    Justin Sullivan via Getty Images

    Amex CEO snags $28.5M total compensation

    Stephen Squeri, CEO of New York-based American Express, received $28.5 million in total compensation for 2021. The vast majority of that pay package came from annual and long-term incentive awards on top of a $1.5 million base salary.

    By May 3, 2022
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    US payments firms notch venture round record

    First-quarter data from research firm CB Insights showed U.S. payments startups saw a 61% spike in funding rounds from the previous quarter, but a 23% drop in total funding.

    By April 29, 2022
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    Card companies called on congressional carpet

    Visa and Mastercard will be in the hot seat next week at a hearing of the Senate Judiciary Committee led by their long-time nemesis, Sen. Dick Durbin. A notice for the hearing teases that the discussion will zero in on "excessive swipe fees" and a lack of competition in the industry.

    By April 29, 2022
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    For Discover, inflation brings sales growth, salary pressure

    Riverwoods, Illinois-based Discover Financial Services on Thursday reported first-quarter card sales volume was 23% higher than the same period last year, but CFO John Greene said "it’s hard to envision year-over-year sales growth to continue in the upper 20s."

    By April 29, 2022
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    Courtesy of Mastercard

    Mastercard shakes off Russia concerns, inflation woes

    Mastercard's first-quarter revenue jumped 24% to $5.2 billion on robust consumer spending as coronavirus restrictions faded and cross-border payments picked up.

    By April 29, 2022
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    Fidelity debuts 401(k) bitcoin option

    Fidelity Investments said it is seeing growing interest in digital assets from plan sponsors. The offering will be widely available to employers mid-year.

    By Kate Tornone • April 28, 2022
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    Senate Democrats berate Zelle over alleged fraud

    In a letter to Zelle's CEO, two U.S. senators said the company's platform leaves consumers exposed to fraud, with little ability to recover lost funds. “Your company and the big banks who both own and partner with the platform have abdicated responsibility," they said.

    By Robin Bradley • April 27, 2022
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    Visa earnings rise on cross-border revival despite Russia impact

    Extraordinary international events have both buffeted and benefited the card giant's business this year. Visa said a recovery of travel and cross-border transactions boosted its earnings through March, despite a negative impact from shutting down operations in Russia after that country invaded Ukraine.

    By April 27, 2022
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    US plays catch-up on real-time payments

    Other countries, including China and India, are reaping much bigger rewards than the U.S. from their business and consumer adoption of real-time payment systems, according to a new study.

    By April 26, 2022
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    clikced it myself - Vaidik Trivedi

    CFPB aims to level playing field between banks, fintech

    Banks have long complained that fintechs are able to offer many of the same financial services without abiding by the same laws. In an effort to level the playing field, the Consumer Financial Protection Bureau said Monday it would invoke a largely unused legal provision. 

    By April 25, 2022
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    Permission granted by Office of the Comptroller of the Currency

    Crypto bank Anchorage ordered to revamp AML program

    The Office of the Comptroller of the Currency said the bank — the first crypto firm to receive a national trust bank charter in January 2021 — must overhaul its anti-money laundering program after failing to implement internal controls for customer due diligence and procedures for monitoring suspicious activity. 

    By Anna Hrushka • April 25, 2022
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    Travel lifts Amex results in 1Q

    American Express results benefited from a return of travel during the first quarter and future bookings are up relative to 2019, the company said. Analysts expect increased travel to be a boon for the other card companies too when they report earnings later this week.

    By April 25, 2022