Fintech

The Pittsburgh company is using its BlackRock windfall to execute a familiar script: buy an underperforming bank, cut costs and strengthen ties with commercial clients.

Mastercard says it has been notified the Department of Justice has approved its planned acquisition of data aggregator Finicity, putting the card brand on track to close the deal before the end of the year.

On Jun. 30, 2020. Dollars in thousands.

It will take years to fully complete the project, but Mastercard has announced the availability of real-time account-to-account corporate payments for U.S. firms through its Mastercard Track Business Payment Service (BPS), with plans to add cross-border payments next year.

The deal would rank among the biggest bank combinations since the financial crisis, creating a coast-to-coast franchise with about $563 billion of assets and branch presence in 29 of the nation’s 30 largest markets.

The pandemic has altered a variety of consumer behaviors, and that could make a difference in what sort of interchange and interest revenue financial institutions see in their credit and debit portfolios as they close out 2020.

As futuristic as real-time digital payments can be, the concept is almost like a blast from the past for FIS’ Raja Gopalakrishnan.

Members of $5.3 million-asset WJC Federal Credit Union will vote to merge into $3.2 billion-asset Truliant FCU, based in North Carolina.

Wells Fargo is exploring selling a unit offering store-branded credit cards as the bank chooses businesses to keep or break off in a broad strategic overhaul, according to people with knowledge of the matter.

The deal, intended to bolster CUNA Mutual's digital capabilities, is the company's second such move in a month.