Square Hopes to Grab Significant Market Share with New Payment Terminal
Square Inc. saw a payment volume of $17.4 billion in the third quarter this year, almost a 32% year-over-year increase. But, according to CEO Jack Dorsey, the company’s two greatest accomplishments...
View ArticleDo Community Banks Really Need Zelle?
Bank-backed payment service Zelle crossed $32 billion in transactions in the last quarter, almost twice that of Venmo, but the P2P provider is not as omnipresent among banks as one would expect it to...
View ArticleMUFG, Banco Bradesco to Use Blockchain for Cross-Border Payments
MUFG Bank and Banco Bradesco will use distributed ledger technology from Ripple, a San Francisco-based software vendor specializing in global real-time settlements, to create a new cross-border payment...
View Article3 Notable Fintech Funding Rounds in November
Venture-backed fintech funding saw a dip in value and deals globally in the third quarter, compared with the record high 2Q quarter, according to a CBInsights report, with a total of $5.64 billion...
View ArticleZelle Says It Welcomes Community Banks
Last week, Bank Innovation wrote about the difficulty smaller banks claim to experience offering their customers the P2P platform Zelle. The smaller financial institutions voiced concerns of long waits...
View ArticleThe Role of Public Transportation in Advancing Digital Payments
Is a contactless public transportation system a sign of an advanced digital payments society? Important players like Mastercard would think so. “Take the U.K., for instance,” Iain McLean, Mastercard’s...
View ArticleAlexa Collects Huge Amounts of Data. Does That Include Financial Information?
Alexa is listening. Capital One was famously the first major bank to integrate with Alexa, Amazon's virtual assistant that resides in Echo smart speakers as well as a growing array of other devices....
View ArticleWhat’s your Bank’s Technology and Innovation Budget?
Innovation is expensive. And for banks, making sure regulatory and security compliance is met on each technology undertaking only makes those costs larger. But innovation is a must for banks, who are...
View ArticleIn-Car Commerce Startup Cargo Inevitably Adds Venmo for Payments
We’ve all been there. It’s midday, you’re in between meetings, you’re craving a bag of candy or a shot of one of those super-charged, "coffee-based" energy drinks to push through the afternoon, but...
View ArticleBank of America Survey Shows Americans Believe a Cashless Society is Nearing
The U.S. is still far from a cashless society, but something important is nonetheless changing in this regard -- consumer perception. Digital payments have a long way to go in the U.S., mainly because...
View ArticleAmazon Pushes Further into Retail with Payments at the Point of Sale
Amazon is pushing retailers to accept yet another digital wallet at the point of sale -- its own Amazon Pay, which until now has been used almost entirely in the e-commerce world, according to a report...
View ArticleTechnical Shortfalls Leading to Higher Fraud in P2P Payments — at Venmo and...
2018 has been a challenging year for the peer-to-peer payment service Venmo, owned and operated by PayPal Holdings. While the year saw continued growth in transaction volume, and the launch of new...
View ArticleBank Innovation’s Top 5 Stories of 2018
It’s been an interesting year. Bitcoin is no longer enjoying the limelight, non-bank giants like Amazon, Walmart and Google have shaken up the banking landscape and automation has become the norm in...
View ArticleWells Fargo Plans to Update Customers’ In-App Payment Experience in 2019
Wells Fargo & Company plans to reconfigure its mobile and payments experience in 2019. Originally announced in May 2018, "Pay with Wells Fargo" will bring together the bank's various payments...
View ArticleIs Cross River Bank’s $100 Million Fund Raise a Positive Sign for Alternative...
Cross River Bank’s recent $100 million funding round could be an encouragement to lending-focused fintechs, which are currently being warned about a potential economic downturn. Indeed, Fort Lee,...
View ArticleBank of America Updates Billpay Feature on Mobile App
Bank of America today announced new features to the billpay functionality of its mobile app, including allowing users to search payment history from up to two years ago. In an email this morning to its...
View ArticleFintech Unfiltered: Inside HSBC Bank USA’s Lofty Innovation Strategy for 2018...
As a part of its retail transformation strategy, HSBC Bank USA spent over $130 million on innovation projects in one year on its U.S. operations. These projects range from less visible, but equally...
View ArticleBank of America Redesigns App for iPad
Bank of America has redesigned its mobile app for the iPad. The new tablet design now mirrors the look and functionality of the BofA iPhone mobile banking app. Tablets find themselves in a unique...
View ArticleRemitly CEO Matt Oppenheimer to Join Bank Innovation Ignite
Matt Oppenheimer, CEO and co-founder of digital remittance company Remitly, will speak at Bank Innovation Ignite in Seattle in March 2019 on Building the Future of Banking. His Seattle-based startup...
View ArticleThe Clearing House Does Not See the Need for the Fed to Create a Realtime...
The Clearing House's "tremendous effort" to bring realtime payments (RTP) to the entire U.S. banking industry would be stymied if the Federal Reserve decides to facilitate its own system for realtime...
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