Citigroup is in the final stages of a deal to sell its OneMain consumer finance unit to subprime lender Springleaf for more than $4 billion, Reuters reported on Friday (Feb. 20). The deal, if it goes through, would finally let Citi shed the storefront lender,...
Santander Bank will relax its standards for approving new checking and savings accounts under a deal announced on Friday (Feb. 20) with New York’s attorney general. The change, which will be in effect by the end of September for Santander nationwide, is designed to prevent...
The U.S. Postal Service should be doing a better job of serving e-commerce retailers and customers, according to the postal workers union — and the union is making that a bargaining issue in its first contract negotiations since 2010. The American Postal Workers Union (APWU)...
Mobile payments in sub-Saharan Africa will generate $1.5 billion in fees for mobile-money providers by 2019, according to a report by the Boston Consulting Group. The growth comes from a combination of a largely unbanked population and high mobile phone penetration. That has turned the...
A partnership between Lending Club Corp. and a consortium of small U.S. banks is expected to be announced later this morning (February 9) in a joint effort to reverse a trend where banks have the market nearly cornered when it comes to making loans to...
Citibank has reached an agreement with New York Attorney General Eric Schneiderman to change its screening processes for checking and savings accounts to be more forgiving of customers’ histories, The Wall Street Journal reported yesterday (Jan. 28). Under the previous arrangement, Schneiderman’s office said, low-income...
Cloud platform mobile payments and retail engagement solutions provider Mozido recently announced in a release that it has named Ron Hynes, former executive VP of global prepaid solutions at MasterCard Worldwide, as President Global Markets.
Ripple Labs, the developer of a Bitcoin-like technology that enables banks to transfer money internationally, is finalizing a $30 million funding round. A spokesman for Ripple — formerly called OpenCoin — confirmed that the San Francisco-based startup is working on a new financing arrangement but...
This year, the World Economic Forum’s Annual Meeting, which begins today, hones in on political, economic, social and technological transformations and how they’ve impacted decision-making and progress across the world. To discuss how these advancements in technology are offering potential for economic growth and productivity,...