Payments: Page 22
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Chip Somodevilla via Getty Images
New York Fed, BIS partner on fintech research center
The innovation hub is meant to support the U.S. central bank's analysis of digital currencies, including CBDCs, and to help make cross-border payments faster and less expensive, Fed Chair Jerome Powell said.
By Robin Bradley • Dec. 3, 2021 -
Lintao Zhang via Getty Images
Quotable Quarles: 5 takeaways from the Fed governor's farewell speech
The outgoing central bank official suggested a change to big banks' stress-testing framework, warned against stifling digital-asset innovation and cautioned the misuse of Fed emergency funds.
By Dan Ennis • Dec. 3, 2021 -
Explore the Trendline➔
Natalie Meepian via Getty Images
TrendlineM&A
President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.
By Banking Dive staff -
Steve Jennings via Getty Images
Diem co-creator Marcus to leave Facebook parent Meta by end of year
In a series of tweets and Facebook posts Tuesday, David Marcus said he is leaving to pursue other projects. Stephane Kasriel, vice president of product at Novi, will take over his role leading the stalled crypto effort.
By Anna Hrushka • Dec. 1, 2021 -
Courtesy of KeyBank
KeyBank buys fintech XUP to streamline merchant payments business
The acquisition will help the bank address challenges regarding its legacy infrastructure, and help it create a singular experience for its merchant clients, KeyBank's head of commercial product and innovation said.
By Anna Hrushka • Nov. 23, 2021 -
N26
German challenger bank N26 to shutter US operations
Accounts for the fintech's 500,000 U.S. customers will be closed Jan. 11. The company is aiming to expand into more countries in eastern Europe and still plans to launch services in Brazil.
By Dan Ennis • Nov. 18, 2021 -
Permission granted by U.S. Bank
U.S. Bank to buy travel and expense management 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 -
Permission granted by Current
Why Current built its core technology in-house
Curbing the need for a third-party processor helps money move faster, said the fintech's CTO, Trevor Marshall. "When I think of a checking account, I think of a parking lot," he said. "Current is about movement."
By Suman Bhattacharyya • Nov. 8, 2021 -
Opinion
Is finance ready for the super-app revolution?
With a market of specialized fintech offerings and a customer base hungry for streamlined solutions, there's a race to become the provider of all services. The burden lies on the platform provider to deliver an exceptional experience.
By Kathryn Petralia • Nov. 5, 2021 -
Permission granted by First Internet Bank
First Internet Bank to expand into payments with $80M First Century purchase
First Internet CEO David Becker said the deal solidifies the bank's position as a "growth-oriented financial services company," and First Century’s payments business will be a key source of revenue going forward.
By Anna Hrushka • Nov. 3, 2021 -
Christopher Furlong via Getty Images
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.
By Anna Hrushka • Oct. 27, 2021 -
Retrieved from ATPC on July 07, 2021
U.S. Bank's Elavon eyes BNPL arena
The payments processor will likely both build and buy its way into the buy-now-pay-later market, Elavon CEO Jamie Walker said in an interview last week.
By Lynne Marek • Oct. 26, 2021 -
Chris Hondros via Getty Images
Goldman Sachs, AmEx debut cloud-based payments service for corporate clients
The investment bank is partnering with the world's largest card issuer for businesses in an effort to make payments easier and more efficient for institutional clients.
By Robin Bradley • Oct. 20, 2021 -
Retrieved from Novi on May 27, 2020
Facebook's Novi launches digital currency wallet pilot
The announcement was met nearly immediately with pushback from five senators urging that the project be discontinued.
By Dan Ennis • Oct. 20, 2021 -
Permission granted by Stripe
Stripe agrees to buy Indian software company Recko
The acquisition — the financial details of which are not disclosed — is expected to allow the fintech to give its business clients more accounting capabilities.
By Lynne Marek • Oct. 20, 2021 -
Cross-border payments competition heats up
Three bank-backed payments companies are attempting to increase the speed of cross-border payments, jumping into an arena teeming with fintech rivals.
By Lynne Marek • Oct. 14, 2021 -
Courtesy of Google
British payments firm SumUp pushes into US with $317M deal
The company's purchase of San Francisco-based Fivestars will help it scale "dramatically" in a market dominated by the likes of Square and PayPal, a spokesperson said.
By Lynne Marek • Oct. 14, 2021 -
Drew Angerer via Getty Images
Fed won't go it alone on CBDC
The central bank will work with Congress and the Biden administration on any digital currency development, Chair Jerome Powell emphasized Wednesday.
By Lynne Marek • Sept. 23, 2021 -
Retrieved from Mastercard annual SEC filing.
Longtime Mastercard executive Banga to retire at year's end
Banga's upcoming exit was part of a "planned board leadership transition" initiated last February, the company said, though the timing of his retirement had not been previously announced.
By Lynne Marek • Sept. 21, 2021 -
Business failure helped Chime CFO build resilience
Having a business that didn't succeed past its venture stage gave Matt Newcomb a big-picture view that informs his strategic mindset at the fast-growing fintech.
By Robert Freedman • Sept. 15, 2021 -
Anna Hrushka/Banking Dive
How BankMobile pivoted its business model in the face of competition
"Our pillar of being able to have a profitable, sustainable model — and as fast as possible — wasn't happening," CEO Luvleen Sidhu said. "It's challenging when you have other challenger banks spending half a billion dollars on marketing."
By Anna Hrushka • Sept. 15, 2021 -
Capital One beta-tests BNPL option, marking turnabout
The McLean, Virginia-based bank barred customers last December from using its credit cards to clear buy-now-pay-later debt.
By Dan Ennis • Sept. 14, 2021 -
Chris Hondros via Getty Images
JPMorgan Chase to acquire company behind Zagat guidebook
Barred by regulators from buying another deposit-taking institution, the nation's largest bank looked to an adjacent arena to expand culinary perks for its credit-card holders.
By Robin Bradley • Sept. 10, 2021 -
Sean Gallup via Getty Images
JPMorgan to buy majority stake in Volkswagen's payments business
The deal is the latest in a series of investments the bank has made in the past year, following CEO Jamie Dimon's 2020 promise that it would be "much more aggressive with acquisitions across the board."
By Anna Hrushka • Sept. 8, 2021 -
Permission granted by U.S. Bank
Acquisitions heat up amid competition for small-business payments clients
Some companies are buying up businesses that will help them cater to small and midsize clients, while others are getting out of the arena.
By Lynne Marek • Sept. 2, 2021 -
Anna Hrushka/Banking Dive
Fed finds businesses eager for faster payments
About 90% of the 2,010 U.S. businesses in a survey published by the Federal Reserve expect to use faster payments in their operations by 2023, when FedNow is slated for launch. But many are ready for that upgrade now.
By Lynne Marek • Sept. 2, 2021
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