Fintechs attack cross-border business payments as banks and legacy players rush to innovate

Nonbank fintechs are gaining ground, mainly with small company customers, but target larger ones for cross-border business, even as competition gives way to symbiotic 'coopetition' with larger bank incumbents.

By Suman Bhattacharyya • May 25, 2021

Square may soon offer small-business checking and savings accounts, app code shows

The code indicates the company will not charge monthly service fees, minimum balance fees or overdrafts on its checking account, and will offer a 0.5% interest rate on its savings account through 2021, Bloomberg reported.

By Dan Ennis • May 25, 2021

Explore the Trendline➔

Digital wallets proliferate as features advance

As more companies aim to offer digital wallets the rise in competition is sharpening their features.  

By Payments Dive staff

Payments giant FIS makes another crypto move, expanding in Europe

"We’ll be well-positioned to handle (cryptocurrencies) across the whole ecosystem in the marketplace," FIS President Bruce Lowthers said at a recent industry conference.

By Lynne Marek • May 24, 2021

Wells Fargo to offer crypto investment product for wealthy clients

The bank's decision to wade into crypto follows similar moves made by other large institutions, and comes as the nation's top bank regulator has indicated it plans to review past crypto-friendly actions.

By Anna Hrushka • May 21, 2021

Federal Reserve to kick off conversation on CBDC

Federal Reserve Chairman Jerome Powell said yesterday that the Fed will issue a paper this summer to begin a public discussion about the possibility of a central bank digital currency.

By Lynne Marek • May 21, 2021

Major payments trade group weighs in on CBDC development

The Electronic Transactions Association is touting principles on interoperability, consumer protections and risk safeguards in Washington discussions about a central bank digital currency.

By Lynne Marek • May 20, 2021

Cedar to acquire OODA Health for $425M to digitize, simplify healthcare bill payments

The two companies join forces to digitize medical bill payment processes after the pandemic increased telemedicine use.

By Vaidik Trivedi • May 19, 2021

Neobank Lance targets gig economy's income volatility

The New York City-based challenger divides a user's payments into sub-accounts for salary, tax withholdings, business expense balance and a savings account automatically.

By Anna Hrushka • May 19, 2021

Payments firms draw another $275 million in venture capital

DailyPay and Amount are the latest companies in the industry to attract investors' dollars.

By Lynne Marek • May 19, 2021

Green Dot doubles down on tax refund processing

The fintech will bulk up its tax refund processing services with the acquisition of Republic Bank's tax refund processing unit for $165 million.

By Lynne Marek • May 18, 2021

Marqeta IPO shares pop 13% on first day of trading

Marqeta, which counts payments technology company Square as its largest customer, raised $1.23 billion from the initial public offering.

By Lynne Marek • Updated June 10, 2021

Stripe, PayPal drive payments acquisitions spree with 2 more deals

Stripe's acquisition of fraud prevention company Bouncer, and PayPal's deal to buy Happy Returns, are latest deals driving payments industry M&A.

By Lynne Marek • May 17, 2021

PayPal acquires returns startup Happy Returns

After investing in the startup in 2019, the payments platform is now acquiring Happy Returns to better serve consumers throughout their transactions.

By Tatiana Walk-Morris • May 14, 2021

The Clearing House nudges businesses to buy into real-time system

The U.S. real-time payments system has invested $320 million in a real-time payments network, and now wants businesses to invest in their own systems to use it.

By Lynne Marek • May 14, 2021

Facebook-backed Diem shifts from Swiss to US jurisdiction

Diem Networks U.S. will register as a money services business with the Financial Crimes Enforcement Network, and Silvergate Bank will become the exclusive issuer of Diem's dollar-backed stablecoin.

By Anna Hrushka • May 13, 2021

Fed proposes review of debit transaction routing, but leaves fee alone

The Fed will review whether a rule requiring options in routing debit transactions is being followed, but angered merchants when it kept the cost basis for a national debit fee cap unchanged.

By Lynne Marek • May 13, 2021

Visa invests in Remitly, extends partnership

Credit card behemoth Visa bought an ownership stake in Remitly, a phone app company seeking to build a payments network for immigrants sending money to other countries.

By Lynne Marek • May 12, 2021

Cantaloupe expands with crypto, cashless payments partnerships

The company, formerly known as USA Technologies, has teamed up with crypto company Bakkt and manufacturer Castles Technology to upgrade its automated retail machines.

By Matt Thibault • May 12, 2021

Cryptocurrency fuels ransomware payments

The rapid ascent of crypto, like other emerging technologies before it, has challenged the federal government's ability to regulate the new arena.

By Samantha Schwartz • May 12, 2021

Citi considers crypto services, but isn't rushing in

"This isn't a space race," Citi's head of global foreign exchange, Itay Tuchman, told the Financial Times. "There is room for more than just one flag."

By Dan Ennis • May 11, 2021

Neobank Lili raises $55M as customer base expands

The fintech, which caters to freelancers and gig-economy workers, raised $55 million after such work expanded during the pandemic.

By Vaidik Trivedi • May 11, 2021

Google Pay launches P2P cross-border payments

Google launches cross-border P2P payments from U.S. to India and Singapore in a push to make "complicated processes simple for users."

By Vaidik Trivedi • May 11, 2021

PayPal forecasts boom in QR-code payments, plans BNPL expansion

PayPal is betting digital and alternative payment option trends, like BNPL, will persist even after the pandemic subsides. 

By Vaidik Trivedi • May 6, 2021

FIS links with NYDIG to offer Bitcoin services

The second-largest U.S. merchant payments processor is turning to the fintech firm to help provide banks with account services for Bitcoin.

By Lynne Marek • May 6, 2021

Payments fintechs lure big bucks in first quarter, report says

The payments industry was a particular magnet for money during the first quarter, attracting more than $6 billion worldwide, a CB Insights report found. 

By Lynne Marek • May 5, 2021