Western Union Digital Bank is being discontinued, is ending its services and will close all accounts two months after users have received their closure notice, the service’s operator, Western Union International Bank, said in a legal notice on its German website. “We regularly review our...
Wire payments are starting to look less like back-office plumbing and more like a competitive tool for banks. That shift anchors “Rewiring Wires: Modernizing CHIPS and Fedwire for a New Era of Demand,” a May report from PYMNTS Intelligence and Volante Technologies. The report finds...
The clearest evidence of LendingClub’s new incarnation into a full-scale digital bank can be measured not merely in another jump in personal loan volume, but what happened (pun intended) after borrowers arrived. Happen Bank ended the quarter with $10.8 billion in deposits, up 18% from...
Lending marketplace Upstart has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a bank called Upstart Bank, N.A. The conditional approval follows Upstart’s application submitted in March and marks a key milestone in the company’s efforts to operate a nationally chartered bank, the...
U.K. customers of banks and banking apps reported problems with transfers and payments Monday (July 27), according to multiple media reports. Among the organizations mentioned in one or more media reports were Barclays, Halifax, HSBC, Monzo, Lloyds and Revolut. PYMNTS found at 3:30 p.m. Eastern...
Flexible Finance aims to secure a Utah industrial bank charter to support its flexible rent payments solution Flex Rent. The company has submitted applications to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to charter a Utah state-chartered industrial bank called Flex Bank, it...
Businesses are borrowing more from their banks again. Second-quarter earnings from KeyCorp, Regions Financial and PNC show the increase came through new loans, larger credit commitments and greater use of existing lines. New Loans, Bigger Commitments Drive Growth KeyCorp, the parent of KeyBank, said period-end...
Nubank plans to secure a Brazilian banking license through its acquisition of Banco Porto Real de Investimentos, a bank that extends credit to wholesale clients, the company said in a Monday (July 20) press release. The acquisition is subject to approval by Brazil’s central bank,...
Revolut has received a banking license from Australia’s financial regulator. The license from the Australian Prudential Regulation Authority (APRA), announced Tuesday (July 21), marks the U.K. FinTech’s official entry into the Asia-Pacific banking space. It also makes Revolut the first global FinTech granted a full Australian deposit-taking institution (ADI) license...