The need to scale quickly is adding new challenges to the build vs. buy debate
American Banker's BNPL Tradeoff Survey finds risk and regulatory fears are leading many banks and credit unions to hold off on offering the lending product.
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The buy now/pay later provider and aspiring neobank submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. to establish Klarna Bank.
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A tour of the technology that banking has run on, dating back to Franklin's anti-counterfeit measures and the bank-note bulletin that preceded American Banker.
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The parent company for crypto exchange Kraken bought the stablecoin payments fintech as it awaits a response to its national trust bank charter application.
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The fintech said that Senior Vice President of Group Finance Hwa Tsao would become the company's interim chief financial officer effective Sept. 1 following the departure of CFO Ethan Tandowsky at the end of August. Separately, Gayathri Rajan will assume the role of chief product officer, effective immediately.
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Courts in Sweden told Google to pay price comparison website and Klarna subsidiary PriceRunner nearly $2 billion after the court found that Google favored its own price comparison service. PriceRunner initially sought more than $8 billion in damages.
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The real value of stablecoins lies in their ability to provide instant and secure transfers of value. But, in a world where every company has a bespoke stablecoin, that promise begins to break down quickly.
The risk facing U.S. banks is not that stablecoins will suddenly siphon deposits through yield alone. It is that deposits will gradually follow utility as financial experiences improve elsewhere.
Banks that don't embrace embedded payments now risk losing out to more nimble rivals in the near future.
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Real-time payments are only one component, Umar Farooq said.
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When a bank thinks of itself as a tech company, a new set of opportunities and challenges becomes clear.
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