Banking

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

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 Lynne Marek • Dec. 1, 2021

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 Jonathan Berr • Dec. 1, 2021

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 Jonathan Berr • Nov. 30, 2021

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 Lynne Marek • Nov. 28, 2021

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 Jonathan Berr • Nov. 24, 2021

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

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

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

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 Lynne Marek • Nov. 23, 2021

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

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

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

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 Jonathan Berr • Nov. 16, 2021

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

Mastercard plans payments push

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

By Jonathan Berr • Nov. 11, 2021

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 Jonathan Berr • Nov. 9, 2021

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

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 Lynne Marek • Nov. 5, 2021

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

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

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

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 Lynne Marek • Updated Nov. 4, 2021

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 Lynne Marek • Oct. 29, 2021

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