The bank-led companion to the Zelle P2P app faces a market where tech giants such as Apple have huge market share and a headstart of more than a decade. Paze exec Eric Hoffman told American Banker there is still a large addressable market for digital wallet users.
As Standard Chartered boss Bill Winters says cash will soon fully give way to digital currency, Western Union, Worldline, Coinbase and Ripple entered separate collaborations to bring digital assets to wider audiences. That and more in the American Banker global payments and fintech roundup.
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Block last week cut 40% of its staff and attributed the layoffs to artificial intelligence, leaving many to wonder whether Jack Dorsey's payments company was a bellwether for widespread AI-driven layoffs, or a one-off.
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The payments company will fire about 40% of its employees, with CEO Jack Dorsey attributing the move to the impact of artificial intelligence. While investors cheered the move, analysts also raised questions about the company's functionality, and Dorsey said other companies will make similar moves.
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Recent reports from JD Power suggest that more customers choose payment alternatives to avoid surcharge fees.
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Executives at the New York bank said that strategic activity has started to pick up over the last month. Morgan Stanley also reported second-quarter revenue and earnings that beat analysts' expectations.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Willamette Valley Bank cited consumer shifts to nonbanks and stubborn interest rates behind the decision, joining a line of institutions to exit since 2025.
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For the first time since early September 2022, the Freddie Mac Primary Mortgage Market Survey has the 30-year below 6%, but the 15-year gained this week.
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The bank announced Tuesday its Blueprint for Housing Opportunity plan, a five-year commitment dedicated to increasing the supply of housing.
The small Missouri community bank partnered with embedded banking provider Treasury Prime to connect with fintechs and signed on its first sponsoree earlier this year.
Experts say that compliance with a potential executive order being considered by the White House that would require banks to collect citizenship information would be costly, especially for community banks.
A Federal Housing Finance Agency report suggests it should have more authority over companies that work with Fannie Mae and Freddie Mac.
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Being a good CFO does not always translate into being a good CEO. Ken Thomas identifies ten different kinds of CFOs who just aren't chief executive officer material.
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Two years on from a federal report recommending the creation of a resolution fund to guard against disorderly bankruptcies, concentration among nonbank mortgage companies has only increased. Congress must take action to avoid a crisis.
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The proliferation of so-called "Drainer-as-a-Service" platforms that allow low-skilled attackers to execute sophisticated fraud schemes present a challenge to banks as cryptocurrencies go more mainstream.
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The title policy and settlement statement datasets introduce digital standards that will allow the information on forms to move as data instead of documents.
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What was once a bipartisan and broadly popular housing bill has been weighed down with a pair of provisions that banks can't support. Even with those headwinds, the bill is more likely than not to pass, but not without drawn-out negotiations between the House and Senate.
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Federal Reserve Gov. Michael Barr said in a speech Tuesday afternoon that he wants to see a durable and reliable reduction in consumer price inflation before he considers cutting the central bank's interest rates.
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B2 Bank in Minnesota, which recently exited a regulatory action in connection with its banking-as-a-service business, announced the hires of a new CEO and two other senior executives.
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The long-defunct Nationwide Biweekly Administration, accused in 2015 of deceptive marketing, has been ordered to pay a $7.93 million civil money penalty.
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The company's investment advisory subsidiary was dinged for failing to properly disclose that its allocation of certain client assets represented a conflict of interest.
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Federal Reserve Gov. Michael Barr said in a speech Tuesday afternoon that he wants to see a durable and reliable reduction in consumer price inflation before he considers cutting the central bank's interest rates.
B2 Bank in Minnesota, which recently exited a regulatory action in connection with its banking-as-a-service business, announced the hires of a new CEO and two other senior executives.
The 23rd annual ranking of women leaders in the banking industry.
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