Fintech

Citigroup stopped taking applications for its $495-a-year Prestige card, a competitor to American Express’s Platinum line and JPMorgan Chase’s Sapphire Reserve.

While money market funds are flocking to the Federal Reserve’s overnight reverse repurchase agreement facility for the yield, large U.S. banks are using the program to shed unwanted deposits.

United Community Banks in South Carolina and Blue Ridge Bancshares in Virginia have each struck agreements to buy or merge with banks in major metropolitan markets, where they will aim to siphon business from larger rivals.

The Minneapolis company benefited as business for airlines and hotels picked up sooner than expected. The rebound helped fee income in the bank’s payments business approach prepandemic levels.

Income from stock trading and investment banking trounced analyst estimates in the second quarter and made up for weaknesses in the company's much bigger fixed-income and credit card divisions.

While customers of the nation’s largest bank are spending more, an unusually small percentage of their purchases are becoming debt. Executives warn that the bank’s predicament could persist for the rest of the year.

Apple Inc. is working on a new service that will let consumers pay for any Apple Pay purchase in installments over time, rivaling the buy now/pay later offerings popularized by services from Affirm Holdings Inc. and PayPal Holdings Inc.

The card issuer, which is offering its customers a chance to purchase non-fungible tokens created from a recent performance by the singer SZA, is betting that the digital art-trading phenomenon will become more mainstream.

In a move it says will cut friction in cross-border payments, Swift is launching a real-time validation service for banks to check and confirm payee details related to the payment beneficiary prior to moving the transaction.

Wells Fargo said it’s shutting down all existing personal lines of credit and will no longer offer the product to its customers.