Ripple backs out of Fortress Trust acquisition

A deal to acquire the crypto custodian was announced on Sept. 8 but canceled a mere three weeks later. Ripple remains an investor in Fortress, CEO Brad Garlinghouse said.

By Gabrielle Saulsbery • Sept. 29, 2023

Banking events for the 2023-24 conference season

It’s time to plan for the rest of this year and beyond. Banking Dive has you covered with a running list of industry conferences, expos and meetings.

By Dan Ennis • Sept. 29, 2023

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

Keeping track of multiple BNPL loans? There’s an app for that.

Cushion CEO Paul Kesserwani felt overwhelmed when he tried to keep track of several BNPL loans at once, so he shifted his fintech’s focus to help others in the same boat.

By Gabrielle Saulsbery • Sept. 27, 2023

Chase digital bank to ban crypto payments for UK customers

“If we think you're making a payment related to crypto assets, we'll decline it,” Chase U.K. told customers in an email reported by CoinDesk.

By Gabrielle Saulsbery • Sept. 26, 2023

Varo aims to displace Venmo, Cash App volume with new P2P feature

The bank on Thursday launched a feature enabling Varo account holders to instantly transfer funds at no cost to anyone with a U.S. debit card.

By Anna Hrushka • Sept. 21, 2023

Citi launches token service for institutional clients

The service uses blockchain technology to convert clients’ deposits into digital tokens that can be used for instant cross-border payments 24/7, the bank said.

By Rajashree Chakravarty • Sept. 19, 2023

Citi sells SMB loan platform to Foro

As part of the deal, Citi becomes a minority shareholder in Charlotte, North Carolina-based Foro, which counts former Bank of America CEO Hugh McColl Jr. as one of its founding investors.

By Anna Hrushka • Sept. 13, 2023

CEO out at embattled Binance.US

Brian Shroder joined the U.S. arm of the world's largest crypto exchange in 2021. Now, he's gone, as are one-third of the company's employees — who, unlike Shroder, were laid off this week.

By Gabrielle Saulsbery • Sept. 13, 2023

Truist plans ‘sizable reductions’ in jobs, unveils $750M in cost savings

The bank wants to save $200 million by 2025 through reducing tech spend. It also plans to consolidate certain business lines, scale back its brick-and-mortar presence and cut four division heads by next quarter.

By Anna Hrushka • Sept. 12, 2023

5 takeaways from Michael Barr’s views on CBDCs, stablecoins and more

The Federal Reserve’s vice chair for supervision spoke about “responsible innovation” Friday at a Philadelphia Fed fintech conference.

By Suman Bhattacharyya • Sept. 11, 2023

Ripple makes its 2nd acquisition of 2023

The crypto firm on Friday agreed to buy Fortress Trust, a regulatory and technology infrastructure provider for blockchain companies. Ripple in May bought crypto custody company Metaco.

By Gabrielle Saulsbery • Sept. 11, 2023

Fourth former FTX executive pleads guilty

Ryan Salame pleaded guilty to violating campaign finance laws and operating an unlicensed money transfer business. Salame could lose $1.5 billion if he fails to forfeit assets including two properties and a Porsche 911 Turbo.

By Gabrielle Saulsbery • Sept. 8, 2023

Morgan Stanley to roll out AI bot

The bank has spent months testing its OpenAI-powered chatbot on advisers, who will use it to sift through Morgan Stanley’s research and data, among other things.

By Gabrielle Saulsbery • Sept. 7, 2023

Goldman’s strategy retreat leaves GreenSky in limbo

The installment-lending fintech, which Goldman is looking to sell, faces an uncertain future as the investment bank distances itself from an ambitious retail strategy.

By Anna Hrushka • Sept. 7, 2023

JPMorgan Chase revs up payments lab hiring

The bank is venturing further into fintech and payments for new product development at its lab in Greece.

By Tatiana Walk-Morris • Sept. 7, 2023

Growth in fintech sector spurs specialty college programs

Worcester Polytechnic Institute launched both a fintech undergraduate and graduate degree program last week. The prestigious technology school is far from the first.

By Gabrielle Saulsbery • Sept. 6, 2023

USAA notches latest mobile-deposit victory with Discover deal

The agreement lets Discover access 130 USAA patents and continue offering remote deposit capture technology. USAA has notched nine-figure court wins against Wells Fargo and PNC over similar patents.

By Anna Hrushka • Sept. 6, 2023

Genesis to shutter US crypto spot trading desk

Trades on the platform must be settled by Sept. 21, and open accounts will be closed Sept. 30, the company said.

By Gabrielle Saulsbery • Sept. 6, 2023

‘We’re in the 1999 of the internet era’: a16z’s Julie Yoo on fintech’s potential

Yoo, who leads health tech investment at venture-capital firm Andreessen Horowitz, outlined her fintech investment thesis and why the healthcare industry is at an inflection point for adoption.

By Rebecca Pifer • Aug. 31, 2023

Goldman, regional bank warnings show the Fed is now playing offense

The central bank has requested action from Citizens, Fifth Third and M&T regarding capital, liquidity, technology and compliance, according to Bloomberg. Goldman’s fintech partnerships are reportedly under scrutiny, too.

By Dan Ennis • Aug. 31, 2023

Stash appoints Dave veteran as CTO, eyeing new growth phase

Chien-Liang Chou spent nearly three years at Dave, overseeing the fintech’s effort to go public in 2022 as the team tripled.

By Suman Bhattacharyya • Aug. 30, 2023

UBS, JPMorgan alum Youngwood named next Nasdaq CFO

She replaces Ann Dennison, effective Dec. 1, at a time when the exchange is looking to close its acquisition of software firm Adenza and broaden its focus beyond equities trading.

By Dan Ennis • Aug. 30, 2023

Massachusetts’ top court rules against Robinhood

The Supreme Judiciary Court’s 5-0 ruling upholds the state’s fiduciary rule, holding broker-dealers like Robinhood to fiduciary duties of care and loyalty, similar to investment advisers.

By Gabrielle Saulsbery • Aug. 28, 2023

JPMorgan’s lawsuit against Frank execs on ice through criminal trial

Prioritizing the criminal case against Charlie Javice and Olivier Amar may “hasten settlement [or] obviate the need for this case altogether,” a judge ruled Thursday.

By Gabrielle Saulsbery • Aug. 21, 2023

Fed orders wind-down of FTX-associated Farmington State Bank

The central bank alleged the small Washington state-based lender changed its business plan and started working with digital assets without first gaining regulatory approval.

By Gabrielle Saulsbery • Aug. 18, 2023