Banking: Page 6

  • Revolut card with logo
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    Courtesy of Revolut Press Kit
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    UK fintech Revolut valued at $45B

    The British fintech has completed a secondary share sale with new and existing investors to provide liquidity to employees.

    By Gabrielle Saulsbery • Aug. 16, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    FedNow to add more fraud tools, Fed official says

    The Federal Reserve is still seeking to allay financial institutions' concerns that faster payments allowed by the new instant payments system could lead to faster fraud.

    By • Aug. 16, 2024
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    innni via Getty Images
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    Trendline

    Payments players eye digital B2B opportunity

    Companies offering digital payments services envision billions of dollars in U.S. business payments flow ripe for transitioning to the electronic realm.

    By Payments Dive staff
  • Klarna $1 billion funding round.
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    Courtesy of Klarna
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    Klarna jumps into banking business

    The Swedish buy now, pay later company will let consumers use savings accounts to make payments, receive refunds and earn cash rewards from some retailers.

    By • Aug. 15, 2024
  • The dome of the U.S. Capitol Building as seen at dawn.
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    Win McNamee via Getty Images
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    Fintechs ramp up lobbying over earned wage access, crypto

    Chime, PayPal and Block, for example, spent more on lobbying in the first half of 2024 than for the same span last year, OpenSecrets reported.

    By Suman Bhattacharyya • Aug. 15, 2024
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    Spencer Platt via Getty Images
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    Senators ask Dimon to justify new checking account fees

    “JPMorgan Chase is the industry leader when it comes to usurious overdraft fees,” Sens. Elizabeth Warren, D-MA, and Chris Van Hollen, D-MD, wrote in a letter sent Friday.

    By Rajashree Chakravarty • Aug. 15, 2024
  • The logo for consumer lending firm Capital One Financial Corp is seen on its headquarters on January 20, 2023 in McLean, Virginia.
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    Win McNamee / Staff via Getty Images
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    Capital One insists Discover deal won’t increase card fees

    The bank and credit card issuer told regulators in a letter that competition will require it to keep its products fairly priced.

    By • Aug. 14, 2024
  • Car driver's hand on the wheel with a smartphone to the right.
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    Drew Angerer via Getty Images
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    How embedded payments are changing the way we pay

    As payments technology advances, more companies are embedding the payments process in websites and apps. Here’s a primer on how this trend is advancing and changing the payments arena.

    By • Aug. 13, 2024
  • Pixelated U.S. paper currency on dark background
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    dem10 via Getty Images
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    Finance professionals grapple with payments fraud

    About a fifth of finance professionals in a recent survey said their organization has already been targeted by AI-driven deepfake or executive impersonation attacks.

    By David McCann • Aug. 13, 2024
  • Jonathan Kanter, Assistant Attorney General for the Department of Justice Antitrust Division, speaks as U.S. Attorney General Merrick Garland listens, during a news conference at the Department of Justice Building in Washington, D.C.
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    Kent Nishimura / Stringer via Getty Images
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    Capital One-Discover antitrust concerns may be overblown

    Capital One’s proposed acquisition of the smaller Discover seems “too small to be a core antitrust concern,” said Barry Barnett, an antitrust lawyer.

    By Caitlin Mullen • Aug. 9, 2024
  • Accountant using calculator.
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    Stock photo via Getty Images
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    Flywire acquires Invoiced for $55M

    By way of the latest deal, the software company seeks to further expand its international payments services for its business-to-business clientele.

    By Tatiana Walk-Morris • Aug. 9, 2024
  • Man leans over laptop with head in hand looking at credit card.
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    Butsaya via Getty Images
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    US credit card balances climb to $1.14 trillion

    Consumer credit card debt delinquencies are also on the rise, particularly among younger consumers, according to a New York Federal Reserve report.

    By Tatiana Walk-Morris • Aug. 8, 2024
  • Whataburger Digital Kitchen, the chain's first digital-only unit, opened in Austin in September.
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    Courtesy of Whataburger
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    JPMorgan fires up biometric payments processing

    The biggest U.S. bank is piloting payments processing for biometric transactions, with plans to use it at the hamburger chain Whataburger, which lets customers pay with a face scan.

    By • Aug. 7, 2024
  • A corporate headshot of Stephanie Ferris, CEO of payment processor Fidelity National Information Services
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    Courtesy of FIS

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    FIS starts to get its payments mojo back

    Fidelity National Information Services is starting to recharge its card payments business in the wake of selling Worldpay, the company’s CEO said.

    By • Aug. 6, 2024
  • Stack of credit cards spread out
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    bernie_photo via Getty Images
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    Q&A

    Credit card delinquencies rise even as credit limits are extended

    The two developments stem from greater use of credit cards, and could have implications for some businesses, says a Bain & Company analyst.

    By • Aug. 6, 2024
  • Small wooden box swag from Fed with FedNow logo.
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    Lynne Marek/Payments Dive
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    FedNow ‘could lower fees’ in future, analyst reports

    The Federal Reserve instant payments system may cut fees after it attracts more financial institutions, or in the face of competition, a Wolfe Research analyst said, citing a FedNow official.

    By • Aug. 5, 2024
  • Two people walk past a Chase bank branch.
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    Spencer Platt via Getty Images
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    JPMorgan threatens to sue CFPB over Zelle

    The bank flagged government inquiries over its handling of P2P disputes in May, and said Friday it would consider litigation if the agency issues an enforcement action.

    By Dan Ennis • Aug. 5, 2024
  • Person uses credit card to make online bet
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    andresr via Getty Images
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    Opinion

    Credit Card Competition proposal should become law

    “In the aftermath of the CrowdStrike outage, Congress and state lawmakers should look for opportunities to build backups and redundancies into critical online systems,” writes a payments consultant.

    By Dan Swanson • Aug. 2, 2024
  • The exhibit floor at the Nacha Smarter Faster Payments conference in Miami this year.
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    Lynne Marek/Payments Dive
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    Outdated tech could slow instant payment adoption: survey

    Financial institutions expect business clients to be a driver of instant payment revenue, but adopting the technology comes with hurdles, the results of a recent survey showed.

    By Tatiana Walk-Morris • Aug. 2, 2024
  • An exterior shot of a Fifth Third Bank location is shown
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    Courtesy of Fifth Third
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    Stripe, Fifth Third Bank to team on embedded services

    The global digital payments company will team with the bank to offer embedded finance services to its clients.

    By • Aug. 1, 2024
  • Visa cards are fanned out on table
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    Justin Sullivan / Staff via Getty Images
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    Column

    Is Visa readying for an expiration of cards?

    Slowing card volume growth in the network giant’s earnings report this month revived questions about the longevity of its core business.

    By • July 31, 2024
  • Sibongile Ngako, Brex's new compliance chief, is pictured wearing a white jacket.
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    Permission granted by Victoria Reynolds
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    Q&A

    5 questions for Brex’s new compliance chief

    When it comes to innovation, “if it's moving too quickly for customer protection to keep pace, it’s not happening,” said Sibongile Ngako, who recently joined the fintech as chief compliance officer.

    By Caitlin Mullen • July 31, 2024
  • Alex Chriss, PayPal's next CEO
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    Permission granted by PayPal
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    PayPal CEO leans on big-name clients for growth

    Alex Chriss, appointed to lead the digital payments business last year, noted the company is benefiting from ties to companies like Facebook parent Meta.

    By • July 30, 2024
  • Stickers with the visa and mastercard logos on the exterior window of a store.
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    Justin Sullivan via Getty Images
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    Milberg roils Visa-Mastercard settlement claims process

    The law firm falsely suggested it represented well-known businesses in the claims filing process and blamed an outside party for the snafu that prompted a call for sanctions.

    By Lyle Moran • July 29, 2024
  • Buy now, pay later
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    I going to make a greatest artwork as I can, by my head, my hand and by my mind. via Getty Images
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    Affirm says CFPB’s proposed BNPL rules will confuse customers

    In commenting on the proposal, the BNPL provider said consumers would be better served by rules specific to BNPL transactions, as opposed to credit card regulations.

    By • July 29, 2024
  • A sign hangs above an entranceway to a Capital One Café on February 19, 2024, in Miami, Florida.
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    Joe Raedle / Staff via Getty Images
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    Capital One racks up Walmart, Discover costs

    The card company set aside more than $800 million to brace for credit card losses tied to its break-up with retail behemoth Walmart.

    By Caitlin Mullen • July 29, 2024