Fintech

HSBC has extended its instant cross-border payments network to small and midsize businesses through a digital wallet built for storing and spending foreign currency.

The Amsterdam bank offers to directly credit a small business's invoices early after a vetting process — but before the invoice is paid.

American Express has created a path for PayPal to immediately accept digital versions of consumer credit cards as soon as the cards are approved.

The Federal Reserve Bank of Atlanta is enlisting banks, payment companies, retailers and universities to address problems that digital commerce creates for cash-reliant consumers.

Michael Butler relied on partnerships with tech startups in areas such as checking and mobile banking to turn Radius into a digital-only bank before its sale to LendingClub. As the new CEO of Grasshopper Bank, he plans to strike similar deals to expand beyond business lending.

Cardholders can now opt for installment loans at the point of sale on Amex's travel platform.

FinTrust Capital Partners in South Carolina has $2 billion of assets under management.

Princeton Portfolio Strategies Group would become the sixth asset management business that the New Jersey banking company has bought since 2014.

The company, which operates private-label and cobranded credit card and loyalty programs, plans to spin off its loyalty operations this year to improve ADS' financial performance.

The reduction in debt during the first quarter was the second largest on record, according to a new report by the New York Fed. Government stimulus payments and continuing limitations on travel and entertainment spending are key factors.