Cleveland Fed chief touts FedNow’s fraud tools

In the run-up to the instant payments system’s launch this month, the reserve bank president spelled out some of FedNow’s anti-fraud features.

By Lynne Marek • July 14, 2023

Apple debuts recurring payments

The tech giant, now valued at $3 trillion, is continuing to expand its financial offerings after debuting a buy now, pay later feature and a savings account earlier this year.

By James Pothen • July 14, 2023

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Fraud and AML in banking

The past year has been one of reckoning with regard to fraud — from TD’s $3 billion AML penalty to the continuing punitive phase connected to PPP misdeeds, crypto bankruptcies and pig butchering.

By Banking Dive staff

Twitter snags money transfer license in Arizona

That’s the fourth state in which the social media company has received a license, inching it closer to creating the payments tool and super-app envisioned by owner Elon Musk.

By James Pothen • July 12, 2023

Criminals stole $20M from Revolut via payment loophole: report

Differences in the firm’s U.S. and European systems meant the neobank would use its own money to erroneously refund certain declined payments, the Financial Times reported.

By Anna Hrushka • July 10, 2023

Kraken ordered to hand over user info to IRS

The IRS requested the information earlier this year, but Kraken refused. The tax agency then asked a judge to enforce a summons issued to the exchange’s holding company.

By Gabrielle Saulsbery • July 6, 2023

Goldman in talks to transfer Apple card deal to Amex: reports

The move, if true, would mark a 180-degree turn after the bank and tech giant extended their partnership until 2029 in October.

By Gabrielle Saulsbery • July 5, 2023

Fed lists 57 FedNow participants as report notes system’s downside

JPMorgan Chase, Wells Fargo, BNY Mellon and U.S. Bank are among the soon-to-launch real-time payments system’s early adopters, while Bank of America, Citi, PNC, Capital One and Truist are not.

By Lynne Marek • June 30, 2023

Visa to acquire Pismo for $1B

Visa said it has agreed to acquire the Brazilian company to provide more card issuing and banking services to fintechs and financial institutions.

By Lynne Marek • June 29, 2023

Remittance fintech launches neobank

Piermont Bank will provide the underlying banking services for Sendwave Pay, which offers users a debit card and reimbursements for international transaction fees when the card is used outside of the U.S.

By Anna Hrushka • June 28, 2023

Fraudsters stole more than $200B in COVID relief loans, watchdog says

At least 17% of $1.2 trillion disbursed through the pandemic-era PPP and EIDL programs may have gone to questionable characters, the SBA's Office of Inspector General said Tuesday.

By Gabrielle Saulsbery • June 28, 2023

FedNow battles conspiracy theories

The central bank has launched a marketing campaign aimed at debunking disinformation that derides the real-time payments system, set to roll out next month, as a government power grab.

By Lynne Marek • June 28, 2023

Capital One expands travel perks with curated list of boutique hotels

The bank’s Lifestyle Collection builds upon earlier travel-related offerings, including revamps to airport lounges and an acquisition this month of digital concierge platform Velocity Black.

By Noelle Mateer • June 28, 2023

Square tests credit card for merchants

The card aimed at providing more financial services to merchants comes amid a slew of competition to serve that clientele.

By Caitlin Mullen • June 28, 2023

Amex promotes deputy to CFO

When longtime American Express CFO Jeff Campbell exits in August, the company’s deputy CFO, Christophe Le Caillec, will take the top financial post.

By Caitlin Mullen • June 27, 2023

Plaid launches anti-fraud network for banks, fintechs

The collaborative anti-fraud network is “designed to stop the chain reaction of fraud that occurs when identities are stolen and accounts are compromised,” the company said.

By Anna Hrushka • June 23, 2023

Robinhood to buy card startup X1 in $95M deal

The online brokerage said it will take on X1 employees, including co-founders Deepak Rao and Siddharth Batra, but did not specify how many.

By Lynne Marek • June 23, 2023

US servicemembers ensnared by digital payment app scams

Servicemember complaints about digital payment apps surged last year, according to a CFPB report, which also highlighted military families’ susceptibility to payments fraud.

By Lynne Marek • June 22, 2023

Shopify taps Adyen in bid for bigger clients

Canadian e-commerce company Shopify is upgrading its integration with Dutch fintech Adyen in an effort to serve larger merchants in North America and on the international stage.

By Caitlin Mullen • June 21, 2023

Deutsche Bank applies for crypto custody license

BlackRock and a Charles Schwab-backed platform have entered or clearly made plans to broach the cryptosphere in the past week, which could bode well for crypto-native companies.

By Gabrielle Saulsbery • June 21, 2023

Visa hires CFO replacement

The card giant has selected Chris Suh as its new finance chief. The Electronic Arts and Microsoft veteran will receive a $3 million signing bonus and $20 million in longer-term compensation.

By Lynne Marek • June 20, 2023

Fed publishes master account list

The move follows calls from Republicans for the Fed to shed light on the process by which it grants accounts, and comes as an increasing number of uninsured firms are vying for access to the central bank’s system.

By Anna Hrushka • June 20, 2023

Binance.US laid off employees following SEC enforcement

About 50 employees were affected, according to Reuters. A former Binance.US employee confirmed the reduction to Banking Dive.

By Gabrielle Saulsbery • June 16, 2023

Visa launches fintech accelerator in Africa

The program is part of Visa’s effort to invest $1 billion in the continent’s digital transformation over five years.

By James Pothen • June 14, 2023

CFPB to hover as open banking evolves

The agency is on track to issue a proposal in October, and seek public comment, the agency’s director, Rohit Chopra, told a House committee.

By Lynne Marek , Dan Ennis • June 14, 2023

Banks too slow to address P2P payment scams, CFPB’s Chopra says

“They have been very slow to take action,” the bureau’s director said Tuesday, when asked if banks were creating frameworks to combat fraud and scams conducted on peer-to-peer payment platforms.

By Anna Hrushka • June 13, 2023