Banking: Page 69
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Gemini Exchange moves into credit cards, yield-bearing programs
Crypto exchange’s push is the latest in the growing list of blockchain players adding banking-like benefits.
By Ted Jackson • March 1, 2021 -
Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
BNY Mellon commits to holding, transferring and issuing crypto
The New York-based bank said Thursday it is developing a client-facing prototype for a multi-asset digital custody and administration platform set to roll out this year.
By Dan Ennis • Feb. 11, 2021 -
Explore the Trendline➔
ArtemisDiana via Getty Images
TrendlineCross-border payments targeted for upgrades
When it comes to cross-border payments, businesses, non-profits and governments alike are determined to increase the speed of transactions and cut the cost.
By Payments Dive staff -
Courtesy of Sam's Club
Sam's Club teams up with Synchrony, Mastercard for rewards program
The club retailer, like others in the retail space, is also simplifying the application process as consumers continue to struggle financially.
By Tatiana Walk-Morris • Feb. 8, 2021 -
Aggregator MX to expand reach of 'money experiences' as it angles toward IPO
The company has quadrupled its value in the past year in a field that, amid the Visa-Plaid deal's disintegration, has room for "co-opetition," one analyst said, as some banks use multiple data aggregators.
By Suman Bhattacharyya • Jan. 20, 2021 -
Plaid sees 'opportunity' after $5.3B Visa deal ends
The data aggregator's biggest priority now is getting 75% of its traffic dedicated to application programming interfaces by the end of 2021 — a prospect John Pitts, Plaid's head of policy, calls an "immense challenge."
By Anna Hrushka • Jan. 19, 2021 -
Courtesy of Affirm
Payments company CFO: We won't work with partners 'not aligned with our values'
Affirm went public on Wednesday, a week after the insurrection that has spurred many platforms to reassert their values.
By Jane Thier • Jan. 14, 2021 -
Courtesy of Mastercard
Mastercard pilot turns smartphones into a point-of-sale device
Expansion into the contactless tech space has accelerated due to the pandemic and is expected to continue.
By Kaarin Moore • Jan. 14, 2021 -
Visa terminates $5.3B acquisition of Plaid after DOJ antitrust suit
The abandonment of the deal won't keep Visa from pursuing partnerships with Plaid or other fintechs, CEO Al Kelly said Tuesday during a call with analysts.
By Anna Hrushka • Jan. 13, 2021 -
Courtesy of Affirm
Affirm IPO hits $1.2B
The buy now, pay later tech company announced an initial public offering stock price of $49, but opened at nearly $100 on its first day of trading.
By Daphne Howland , Kaarin Moore • Updated Jan. 19, 2021 -
Permission granted by Office of the Comptroller of the Currency
Banks can use stablecoins, blockchains for payments, OCC says
The move follows a letter the agency issued in July clarifying national banks are allowed to provide cryptocurrency custody services, and hold unique cryptographic "keys" associated with cryptocurrency on behalf of customers.
By Anna Hrushka • Jan. 5, 2021 -
Crypto firms Paxos, BitPay apply for national bank charters
The OCC has taken a series of crypto-friendly actions under acting Comptroller Brian Brooks as lawmakers and trade groups continue to push back.
By Anna Hrushka • Dec. 14, 2020 -
David McNew via Getty Images
Bank of America flags 640K accounts on suspected unemployment benefits fraud
The figure includes 76,000 cards — upon which the bank issues the benefits under contract with the state of California — that were sent to nonadjacent states or filed in the names of infants, children and centenarians.
By Dan Ennis • Dec. 10, 2020 -
Capital One halts buy-now-pay-later credit card transactions
The move stands in contrast to fellow credit-card issuers Citi and JPMorgan Chase, which last year launched fixed-payoff options. PayPal and Ally Financial this year announced they were rolling out installment loans.
By Dan Ennis • Dec. 7, 2020 -
Permission granted by Step
Teen-aimed banking app Step gets celebrity boost
The platform said it raised $50 million in a Series B funding round that included investment from singer Justin Timberlake, music group The Chainsmokers and retired athlete Eli Manning.
By Anna Hrushka • Dec. 3, 2020 -
Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
Behind BNY Mellon's war against B2B checks
Peer-to-peer payments have made consumer transactions cheap and efficient. BNY Mellon wants to do that for business payments, with additional communication, reporting and security measures.
By Suman Bhattacharyya • Nov. 25, 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 -
Credit action helped payments company FLEETCOR withstand COVID-19
The company reined in the amount companies could float, limiting its exposure amid the uncertainty.
By Robert Freedman • Nov. 15, 2020 -
Fed, FinCEN want to make banks report international transfers of as little as $250
Friday's proposal to lower the threshold from $3,000 is meant to catch bad actors using low-dollar cross-border transactions to facilitate terrorist financing and other illicit activity.
By Anna Hrushka • Oct. 26, 2020 -
Courtesy of Afterpay
Afterpay partners with retailers for in-store payments
Shoppers nationwide can use a virtual, contactless card stored in their digital wallet to pay for in-store purchases in installments.
By Tatiana Walk-Morris • Oct. 19, 2020 -
Drew Angerer via Getty Images
Bank of America enters the small-dollar loan fray
Balance Assist, which will launch in January, will offer loans of up to $500 — to be repaid in three installments over 90 days — for a flat $5 fee to customers who have held Bank of America checking accounts for a year or more.
By Dan Ennis • Oct. 9, 2020 -
Courtesy of Venmo
Venmo launches its first credit card
After teasing it last October, the payment platform this week unveiled the card, which is integrated with the existing Venmo app.
By Tatiana Walk-Morris • Oct. 6, 2020 -
Courtesy of Ally Financial
Ally partners with Mastercard's Vyze to enter retail point-of-sale lending
The bank will offer installment loans on retail purchases between $500 and $40,000 with interest rates ranging from 9.99% to 26.99%. Monthly fixed-rate installment loans will range from six to 60 months, the company said.
By Dan Ennis • Aug. 26, 2020 -
Remote work exposes payment system inefficiencies
Although most organizations want to automate payments, only about 8% have fully done so.
By Robert Freedman • July 22, 2020 -
More than half of US consumers paying contactless, Mastercard finds
Banks such as HSBC, JPMorgan Chase and Bank of America have ramped up their efforts to push consumers toward tap-and-go technology. The coronavirus may prove the catalyst for behavioral shift.
By Dan Ennis • April 30, 2020 -
Banks mostly fear payments and money transfer fintechs, survey finds
Less of a concern among banks is competition from online investment and crowdfunding upstarts.
By Robert Freedman • March 3, 2020
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