Banking


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    Steve Jennings via Getty Images

    Diem co-creator Marcus to leave Facebook parent Meta

    David Marcus, who has spent the past three years working on the social media giant’s stalled cryptocurrency project, Diem, said he is leaving the company at the end of the year to pursue other projects.

    By Anna Hrushka • Dec. 2, 2021
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    Joe Raedle via Getty Images

    Square takes a new moniker: Block

    No sooner does Jack Dorsey arrive full-time at Square than the company decides it needs a new name. The corporate parent will become Block, but keep the Square brand for its digital payments business.

    By Dec. 1, 2021
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    H. Armstrong Roberts via Getty Images

    Wise gears up for U.S. expansion

    Wise plans to expand in North America next year, increasing its U.S. workforce by 150 employees, or more than 40 percent, including at a new office in Austin, the company said.

    By Dec. 1, 2021
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    Arturo Holmes via Getty Images

    Will the Amazon-Visa dispute spill over to other credit card companies?

    While Visa's rivals are dependent on interchange fees like those at the center of the Amazon-Visa fight, they also might benefit if Amazon tosses some business in new directions.

    By Nov. 30, 2021
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    VectorInspiration via Getty Images

    FIS may sell unit to Symphony Tech for $2B: Report

    Mega payments processor FIS is in discussions about the possibility of selling part of its capital markets unit to investment firm Symphony Technology Group, according to a report from Bloomberg. The transaction could be valued at about $2 billion, the outlet reported, citing unnamed sources.

    By Nov. 28, 2021
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    Courtesy of Mastercard

    Mastercard buys payments processor Arcus FI, expanding in Latin America

    Mastercard said the acquisition will allow it to "help support the delivery of bill pay solutions and other real-time payment applications across Latin America."

    By Nov. 24, 2021
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    Courtesy of KeyBank

    KeyBank buys XUP to bolster merchant payments services

    The acquisition will help the bank address challenges regarding its legacy infrastructure, and create a streamlined experience for its merchant clients, KeyBank’s head of commercial product and innovation said.

    By Anna Hrushka • Nov. 24, 2021
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    Citi names crypto team chief, plans hiring for digital asset effort

    Puneet Singhvi will become the head of digital assets for Citi's institutional clients group Dec. 1, according to an internal memo.

    By Robin Bradley • Nov. 24, 2021
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    Dan Kitwood via Getty Images

    Bank regulators to roll out crypto guidance in 2022

    Tuesday's two-page report didn’t provide many details on how banks should navigate digital assets, but regulators said the industry should expect to see the agencies roll out guidance throughout next year. 

    By Anna Hrushka • Nov. 24, 2021
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    Deep Dive

    Payment Choice Act wins bipartisan backing

    New Jersey Democrat Rep. Payne is trying to preserve cash as a form of payment and collecting support across the aisle, even as the possibility of a U.S. digital dollar gains traction.

    By Nov. 23, 2021
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    Chip Somodevilla via Getty Images

    Biden to nominate Powell as Fed chair

    Lael Brainard, Powell's chief rival for the role, will be nominated as vice chair. Biden intends to announce nominees for three open Fed slots in early December, the White House said Monday.

    By Dan Ennis • Nov. 22, 2021
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    U.S. Bank to buy payments fintech TravelBank

    After a yearlong partnership, the Minneapolis lender opted to buy the fintech outright, in a deal reportedly worth $200 million.

    By Robin Bradley • Nov. 17, 2021
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    Column

    Ripple puts SEC on losing end in crypto regulation proposal

    The company last week said the existing framework can be adapted to fit crypto and touted legislation that would de-emphasize the SEC's role in favor of the CFTC.

    By Dan Ennis • Nov. 17, 2021
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    Courtesy of Mastercard

    Mastercard expects holiday sales to be jolly for merchants

    Finding a deal this holiday season will be a challenge for consumers as retailers grapple with shortages, Mastercard says.

    By Nov. 16, 2021
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    Tero Vesalainen via Getty Images

    CFOs opt for digital payments during pandemic

    Digital payments have grown in popularity because of their role in helping ensure a healthy balance sheet, a survey of some 400 CFOs revealed.

    By Jim Tyson • Nov. 11, 2021
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    Courtesy of Mastercard

    Mastercard plans payments push

    The company expects payments to grow at a faster rate than its core card business.

    By Nov. 11, 2021
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    Sean Gallup via Getty Images

    Amazon will accept Venmo next year

    "Pay with Venmo is one of the key revenue drivers for Venmo going forward," PayPal CEO Dan Schulman said.

    By Nov. 9, 2021
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    Chip Somodevilla via Getty Images

    Toomey cautions against proposal to regulate stablecoin issuers as banks

    "I think we have to really think long and hard before we put some onerous regulatory regime on a new technology," the Republican senator from Pennsylvania said.

    By Anna Hrushka • Nov. 8, 2021
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    Alex Wong via Getty Images

    Payments heads toward record venture funding year: CB Insights

    Payments startups are sopping up what's likely to be a record amount of venture capital this year, as the industry collects money that's transforming the financial sphere.

    By Nov. 5, 2021
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    Permission granted by First Internet Bank

    First Internet Bank to expand into payments with $80M First Century purchase

    First Internet CEO David Becker said First Century’s payments business will be a key source of revenue going forward.

    By Anna Hrushka • Nov. 3, 2021
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    Chip Somodevilla via Getty Images

    Regulators eye bank-like oversight for stablecoin issuers

    Stablecoins can support beneficial payments options, Treasury Secretary Janet Yellen said, "but the absence of appropriate oversight presents risks to users and the broader system."

    By Anna Hrushka • Nov. 3, 2021
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    clikced it myself - Vaidik Trivedi

    Payments tech to draw $40B next year: Forrester

    The research firm's 2022 outlook also anticipates IPOs for major payments players as well as increased use of digital wallets and QR codes.

    By Tatiana Walk-Morris • Nov. 3, 2021
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    Al Bello via Getty Images

    Moneygram versus Western Union competition rises at Walmart

    Moneygram executives blamed competition with Western Union for a drop in revenue from its walk-in money transfer business at Walmart stores.

    By Updated Nov. 4, 2021
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    Permission granted by American Express

    Amex rolls out first-ever debit card

    The card company is making the debit card available to small- and mid-sized businesses in connection with a new checking account offering.

    By Oct. 29, 2021
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    Christopher Furlong via Getty Images

    Valley Bank unveils payments app for cannabis businesses

    Valley Bank is partnering with a large processor to offer the service, which is similar to using a reloadable Starbucks wallet gift card, Chief Digital Product Officer Stuart Cook said. A "large processor" that's involved wants to remain anonymous.

    By Anna Hrushka • Oct. 27, 2021