Merchant

Sunwest Bank in Irvine, California, lets business customers open new checking accounts completely online, a technology challenge some large and regional financial institutions have yet to tackle.

Beauty shops must handle transactions for multiple employees and contractors operating under one roof. Tech companies are customizing software and transaction processing services for this niche.

A growing number of companies like Klarna, Sezzle and Circle let consumers split large purchases into smaller transactions paid over time. But they say they need to offer more than one product to set themselves apart and build customer loyalty.

They may look different, but for opening accounts, serving small businesses and satisfying consumers' need for cash, branches remain essential.

A slew of websites operated by financial institutions, governments and airlines including Hong Kong Exchanges & Clearing and Australia’s central bank went down briefly Thursday in the second global internet outage in two weeks.

Before its disappearance, Avaddon said it hacked Valley National Bank's network and threatened to leak sensitive data. The bank is still investigating.

During lockdown, adoption of services like mobile order-and-pay, biometric authentication, contactless fare collection and digital currency accelerated. Consumers have more options than ever — and their behaviors will guide further innovation.

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.

By 2023, the Federal Reserve expects to launch a service that would allow businesses and consumers to complete payments in real time. But a digital currency it's now studying could have similar benefits — while potentially removing the need for bank intermediaries.

The Biden administration will award $1.25 billion to hundreds of community lenders in an effort to speed the economic recovery from the coronavirus pandemic, Vice President Kamala Harris will announce on Tuesday.