Fintech

HSBC Holdings is set to announce the sale of its French retail unit to the private equity firm Cerberus, putting an end to a lengthy sale process that began more than 18 months ago.

Inventory shortfalls continue to constrain commercial lending, while the savings glut is holding back consumer borrowing, industry executives say. The good news: At some banks, pipelines are at or above pre-pandemic levels.

Teampay is using the card network's technology, which was first designed for the Apple Card, to offer virtual accounts for corporate spending.

Under the deal, the $425 billion-asset bank will become the exclusive card issuer for the home furnishings retailer, which long partnered with Alliance Data Systems.

Eight months after its debut, more than 10,000 customers have signed up for the service, which allows transgender and nonbinary consumers to use their chosen name.

Six Clovers, a digital payments company founded by two former PayPal developers, designed its Rapid platform to enable fast cross-border transactions using cryptocurrencies backed by government-issued money.

The data analytics provider has deployed cloud hosting to scour international payments for signs of fraud and money laundering.

Wall Street’s pandemic-era trading boom could be drawing to a close, with JPMorgan Chase CEO Jamie Dimon signaling a 38% decline in trading revenue from a year ago — a bigger drop than previously expected.

Members of the Financial Stability Oversight Council are trying to light a fire under banks to adopt an alternative to the foundational reference rate.

The social network now lets people send links and QR codes to request funds through the Messenger app, but users may have little incentive to switch — or to trust Facebook with more of their data.