Over the last 14 years, Chime has risen from fledgling fintech to a poster child for what successful bank-fintech partnerships can look like. Now, as the neobank stands on the precipice of owning its own bank, it faces new challenges as it gears up to go toe-to-toe with some of the country's largest banks.
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 digital asset and card-issuing firms are supplying the guts to enable transactions for cards and digital wallets, betting that Mastercard's ties to both firms will be attractive to banks, consumers and merchants.
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North Carolina-based First Citizens BancShares completes its acquisition of 138 branches across 11 states; City National Bank appoints Chad Lloyd senior vice president and head of RBC U.S. Mortgage; London-based payments processor Checkout.com launches its U.S. subsidiary in Georgia; and more in this week's banking news roundup.
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The institution tested USBDC in an international payment ahead of a wider rollout and amid its work on the cross-industry Open Standard stablecoin project.
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President Donald Trump said that he supported capping what he called "out-of-control credit card swipe fees" at the Republican midterm convention in Dallas. Wednesday's comments mark the third time the president has said he supported the Credit Card Competition Act.
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The payments fintech announced that it has applied for a national trust bank charter from the OCC for both bitcoin and stablecoin custody.
- PaymentsDelivered Every WeekdayAn early-morning roundup of important headlines from the past 24 hours.
- TechnologyWednesday, ThursdayThe latest industry developments from digital banking to cybersecurity to AI.
- RegulationTuesday, ThursdayCoverage of the CFPB, Fed, FDIC, and Dodd-Frank.
- Best of the WeekFridayThe most important and widely read stories from the previous week.
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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Partner Insights from Elan Credit Card
