Conventional wisdom might hold that the great digital shift has shaken up banking, spurring financial institutions to innovate and push new offerings through digital channels. Tom Priore, CEO of Priority Technology Holdings, told PYMNTS that not much has changed, at least for now. But the rise...
Embedded payments, embedded lending and a continuing shift to virtual cards all demand a reconsideration of technical infrastructure. Banks, grappling with legacy back-end systems, and FinTechs, seeking to innovate within financial services — and smaller businesses aiming to engage with their end markets — have...
In a world where change is constant, digitization has become one of life’s certainties. This advancement is coming to even traditionally staid sectors like financial services and banking, spurring profound transformations. That’s because the story of banking is not just about money, transactions and deposits;...
Citi Ventures has become a strategic investor in Tuum in an extension to the Series B funding round Tuum announced in February. Together with its investment, Citi Ventures will introduce Tuum to key stakeholders within Citi, the bank, to explore commercialization opportunities, Tuum said in a Thursday (March 14) press...
Swedish payments FinTech Klarna is now offering open banking-powered settlements in the U.K. “The launch means consumers can now pay Klarna directly from their bank account instead of using a debit card, bypassing card networks and marking a major milestone in Klarna’s ambition to build a payments network...
Blank check firm Porticoes Capital is reportedly planning to buy up failed U.S. banks. The group aims to take over banks that have been closed by the Federal Deposit Insurance Corporation (FDIC), the Financial Times reported Wednesday (March 13), citing a regulatory filing. According to the FT report, Porticoes...
Goldman Sachs Asset Management is reportedly planning a major expansion of its private credit portfolio. The Wall Street giant aims to grow that portfolio to $300 billion in five years, up from $130 billion, a senior executive told Reuters Tuesday (March 12). “It’s a huge opportunity,” said Marc Nachmann,...
Silicon Valley Bank’s (SVB) collapse was one of the largest banking failures in American history. And according to a report Tuesday (March 12) by Bloomberg News, that collapse brought with it the largest penalty since before the 2008 financial crisis: $285 million in fees to retire emergency financing...
Mastercard is piloting a subscription management solution that financial institutions can add to their consumer banking offerings. The new Smart Subscriptions solution enables consumers to cancel, pause and resume their subscriptions, the company said in a Tuesday (March 12) press release. It also helps consumers...