Some of the biggest U.S. banks are exploring a deal that could reshape the economics of debit cards, reopen one of payments’ fiercest policy fights and give large issuers a way around federal fee limits they have opposed for more than a decade. The Wall...
FinTechs are treating banking licenses as strategic infrastructure. Klarna’s decision to apply to establish Klarna Bank USA, a Utah-chartered industrial bank, illustrates that shift. The Swedish company filed applications with both the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp., seeking authority...
The European Central Bank’s payment system has experienced two outages in one week. The bank’s T2 system suffered an outage early Monday (July 6) delaying settlement in euros and Danish crowns, according to a notice on the European Central Bank (ECB) website. The issue was resolved in under...
Klarna has become the latest FinTech aiming to become a regulated U.S. bank. The Swedish company announced Monday (July 6) that it had applied to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) to establish Klarna Bank USA, its proposed Utah-chartered industrial bank....
Starling Bank plans to cut about 130 jobs as it automates roles and restructures its banking and technology operations to eliminate duplicate roles, the Financial Times reported Friday (July 3). The company said in the report that it completed some major projects and began using...
Swiss bank UBS is reportedly planning to launch a bank for wealthy Americans. As part of that effort, the lender is months away from trialling everyday banking services for its employees in the U.S., according to a Thursday report from the Financial Times (FT). UBS...
Regions Bank parent company Regions Financial Corp. has expanded its services by acquiring The Frazer Lanier Company, a Montgomery, Alabama-based full-service investment banking firm specializing in municipal and corporate securities. Regions announced in a Thursday (July 2) press release that it closed on the acquisition....
Last month, JPMorgan Chase was ordered to pay $4.2 million in a wrongful-termination case. The circumstances of the suit made headlines: broker Brent Ryan Bodner was fired for submitting an expense for a $642 deli platter, which he said was ordered for clients who never arrived for a...
Real-time payments move money faster, and they remove the window to recover it. Transactions sent over instant rails are irreversible. Once funds leave an account, they cannot be recalled, leaving institutions with no way to claw the money back. The problem is compounding. PYMNTS Intelligence...