Banking: Page 75
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Anna Hrushka/Payments Dive
No need to rush in creating a federal digital dollar, Fed chair says
Federal Reserve Chair Jerome Powell insists on Congress's approval before proceeding with a central bank digital currency. Meanwhile, the Senate's new banking panel chair is calling for faster action.
By Dan Ennis • March 24, 2021 -
Courtesy of Mastercard
Mastercard, Liberty Tax team up to expedite stimulus payments
"Prepaid cards help to bring more people into the digital economy and offer an added level of convenience, with funds available faster and eliminating the need to cash a check," a Mastercard spokesperson said.
By Vaidik Trivedi • March 19, 2021 -
Explore the Trendlineâž”
tommy via Getty Images
TrendlinePayments industry seeks to keep pace with fraudsters
As losses from fraud in payments have climbed, companies are seeking new tools to combat illicit schemes.
By Payments Dive staff -
Mastercard, Visa to postpone some fee increases next month
Bowing to pressure from the White House and Congressional Democrats, the credit card companies won't increase expenses for merchants and consumers who are still coping with the pandemic.
By Lynne Marek • March 16, 2021 -
Courtesy of Wells Fargo multimedia resources
Fintechs Chime, Current beat legacy banks with stimulus check distributions
Meanwhile, customers criticized Wells Fargo and JPMorgan Chase over the weekend for slow distribution.
By Dan Ennis • March 15, 2021 -
Permission granted by Stripe
Stripe's new $95B valuation makes it the most valuable Silicon Valley startup
The payments processing company's new valuation is based on raising $600 million in new capital that it plans to use for further expansion in Europe.
By Lynne Marek • March 15, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman Sachs bows to clients, embraces 'digital money,' bank president says
"There's no question in our mind, there's going to be more digital commerce, a lot more, an explosion in digital commerce," said Goldman President John Waldron.
By Lynne Marek • March 11, 2021 -
Courtesy of Dosh
Why Cardlytics acquired fintech Dosh for $275M
With Dosh, Cardlytics gets access to a younger user base, a roster of fintech clients and a toolset to launch new cash back reward offerings in weeks instead of months.
By Suman Bhattacharyya • March 10, 2021 -
Credit card debt cut by $83B in 2020, study finds
Consumer frugality dropped the country's overall credit card tab under $1 trillion, but spending picked up again in Q4 and Americans are likely to be back to their old habits soon, data firm WalletHub found.
By Lynne Marek • March 9, 2021 -
Plaid payroll product streamlines income verification
Plaid Income is the second product the company has launched since the termination of a proposed $5.3 billion tie-up with Visa, signaling the scrapped deal is not slowing the expansion of the fintech's suite.
By Anna Hrushka • March 8, 2021 -
Deep Dive
Can banks win in the booming buy-now-pay-later space?
While BNPL represents a relatively small niche of the payments ecosystem, banks should take note of what the growth of that silo says about the next generation of consumers, one consultant said.
By Anna Hrushka • March 8, 2021 -
Square launches long-awaited industrial bank
The FDIC gave the fintech conditional approval for an ILC charter nearly a year ago. Now the company can originate small-business loans rather than doing so through its previous partner, Celtic Bank.
By Dan Ennis • March 2, 2021 -
Inside Marqeta's plans to grow its 'card-as-a-service' offering
The card issuer and processor is differentiating through a flexible, API-based platform that helps clients launch card offerings in months instead of years.
By Suman Bhattacharyya • March 2, 2021 -
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 -
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
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