Visa shares drop on warning client incentives will rise in 2020
Visa Inc. said the incentives it hands out to banks and retailers will climb faster than revenue and are on track to be at the high end of its targeted range for 2020. Visa last year renewed its...
View ArticleCFPB sues Citizens Bank for failing to respond to credit card disputes
This week, the Consumer Financial Protection Bureau filed suit against Citizens Bank, alleging violations of the Truth in Lending Act (TILA), including implementing Regulation Z and the Credit Card...
View ArticleInstallment payment platform Splitit partners with Stripe to attract merchant...
The race to reach consumers at checkout continues to intensify. Installment payment platform Splitit recently integrated with the payments infrastructure giant Stripe to draw new clients and speed up...
View ArticleInside Brex’s approach to raising money
Brex, a corporate card and financial product startup aimed at businesses, has raised $615 million in combined equity and debt since its founding in 2017. According to Brex Chief Financial Officer...
View ArticlePaytm rolls out new gadgets targeting retailers and merchants
Paytm, India’s leading digital payments player, unveiled new products to target businesses and ward off rising competition from Google Pay, Walmart Inc.-owned PhonePe and Amazon Pay. Paytm introduced a...
View ArticleVisa’s Plaid acquisition spurs speculation about Yodlee’s fate
On the heels of Visa‘s acquisition of data aggregator Plaid for $5.3 billion, industry watchers are questioning whether this might prompt wealth management tech firm Envestnet to sell aggregator...
View ArticleHSBC to launch robo-adviser and payments products this year
As digital challenger banks expand their product suites, large players like HSBC are quickly evolving their digital offerings to attract and retain customers. The bank recently rolled out a digital...
View ArticleBrainard says Fed studying potential for US digital currency
The U.S. central bank is studying the feasibility of a digital currency, said Federal Reserve Governor Lael Brainard. “Given the dollar’s important role, it is essential that we remain on the frontier...
View ArticleCustomers don’t need a Social Security number for new Remitly bank account
Seattle-based remittance startup Remitly is expanding beyond money transfers to a full suite of banking products for new arrivals to the U.S. The company this week launched Passbook, a bank account for...
View ArticleBuckets and Boosters: Ally automates saving
Ally Bank is taking a page from fintech startups by rolling out auto-save features to encourage better money habits among its customer base. This week, the digital bank rolled out Buckets, or digital...
View ArticleWeekly Wrap: Challengers court immigrants, as Kasisto evolves ‘banking brain’
Welcome to the latest episode of our Weekly Wrap series, for the week ending Friday, Feb. 7, 2019. In this episode, editors discuss the following news developments: Conversational AI company Kasisto’s...
View ArticleBank of America scored 418 technology patents in 2019
Bank of America obtained more patents last year than any other year in the history of the company. In 2019, the company obtained 418 patents, a 31% increase over the prior year. According to the bank,...
View ArticleJack Henry the newest core provider to offer a digital bank in 90 days
Core providers are rolling out digital bank toolkits that can launch a new offering within 90 days, and Jack Henry is the latest contender to join that race with BankAnywhere, a cloud-based system for...
View ArticleCapital One’s Eno evolves to give proactive advice
Capital One is determined to turn its digital assistant Eno into an affable, personal finance watchdog to build loyalty between the brand and customers. Three years after Eno’s launch, the bank is...
View ArticleMastercard wins approval to join China’s $27T market
Mastercard Inc. won approval to set up a bank card clearing business in China, gaining access to a $27 trillion payments market as part of the nation’s financial opening. The announcement by the...
View ArticleWells creates new digital innovation group as part of organizational overhaul
As part of a comprehensive organizational overall, Wells Fargo & Co. has created a group to focus on strategy, digital platforms and innovation, The Wall Street Journal reported today. According to...
View ArticleShopify shares soar with payment and point-of-sale financing growth
Shopify Inc. reported fourth-quarter revenue that topped analysts’ estimates and gave an optimistic forecast for this year, boosted by holiday shopping and add-on services such as payment and marketing...
View ArticleUK card startup Curve sets up US shop
U.K.-based payments consolidation startup Curve has officially opened its first North American office in Brooklyn, N.Y., aiming to extend its products to a select group of U.S. customers by the end of...
View ArticleVaro’s bank charter process a test for consumer banking startups
This week, digital banking startup Varo received approval from the Federal Deposit Insurance Corporation, a significant milestone in the company’s three-year quest to become a bank. The 5-year-old...
View ArticleRevolut automates compliance workflows to fuel expansion
U.K.-based digital banking startup Revolut is expanding at a rapid clip. The company boasts more than 8 million customers across multiple continents. It operates in Europe and Australia, and last fall...
View Article