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Fintechs lobby for open data: A group of financial technology companies, including Yodlee, Affirm, Kabbage and Ripple, have formed the Consumer Financial Data rights coalition. The group announced it would petition for consumer access to financial data through third party platforms, citing the Dodd-Frank law. The group is pushing for APIs to enable access, similar to the open banking standards in the U.K. and Singapore, which is also promising a similar API for data access. "Each consumer's right to their own financial data is vital in helping to understand their finances and make the best saving and spending decisions," said Max Levchin, founder and CEO of Affirm, in a release.
Max Levchin, co-founder of PayPal Inc. and chief executive officer of Affirm, Inc., speaks during the South By Southwest (SXSW) Interactive Festival at the Austin Convention Center in Austin, Texas, U.S., on Saturday, March 12, 2016. The SXSW Interactive Festival features presentations and panels from the brightest minds in emerging technology, scores of networking events hosted by industry leaders and a lineup of special programs showcasing new websites, video games, and startup ideas. Photographer: David Paul Morris/Bloomberg *** Local Caption *** Max Levchin
David Paul Morris/Bloomberg
Brazilian e-commerce players chase cross-border shoppers: Brazilian payment gateway PagBrasil is partnering with VTEX, one of the country's largest e-commerce technology companies, to power payments for online stores. The partners can confirm payments quickly, enabling mobile and tablet app payments and other digital transactions. VTEX hosts its technology in the cloud and is active in Latin America, the U.S., Canada and Europe. The international reach will enable cross-border payments, a large market in Brazil, where digital payments are also on the rise. More than half of Brazilian online consumers have made at least one purchase from an international website, according to E-bit Webshoppers.
Wix deepens its merchant services ties: Fresh off of its partnership with mobile point of sale provider Square, website developer Wix has purchased marketing company Flox, according to TechCrunch. Flox is based in New York and Tel Aviv, similar to Wix, and it builds marketing and CRM tools such as loyalty cards, rewards programs and chat services for e-commerce sites and mobile apps. The deal will broaden Wix's appeal to merchants and open up another potential revenue stream for the company.
Shopify's new digs mean new tech: Fresh off its expansion in the U.K., Shopify is expanding its footprint in Canada with an eye on new technology development. The e-commerce company has opened a second office in Toronto, called Shopify R&D, which is a short distance from its headquarters. ITWorldCanada reports the company plans to add engineers and programmers, as the new center has the capacity to double the company's staff in Toronto. Shopify also plans to open an additional office in Toronto in the next three years. Shopify reports merchants spent $13 million on e-commerce technology that vendors built using its platform in 2015. 2016’s figure is expected to be larger, though the company has not releases results.
TCF Financial: Multiple Trump-Induced Tailwinds Seeking Alpha • Renaissance Research TCF Financial could be one of the key beneficiaries of regulatory relief under a Trump administration. The bank is exceptionally well-positioned for higher interest rates, given its low-cost granular deposit base and higher-yielding assets. Importantly, TCF does not look overvalued..
For marketplace merchants, BlueSnap's API aims to consolidate payments Technology toolkits such as application programming interfaces (APIs) have enabled small businesses to use simple programming to extend online payments to consumers, and the same technology can be applied to marketplace transactions.
American Express profit falls 8.2% as expenses exceed estimates American Express Co., the largest U.S. credit-card issuer by purchases, said fourth-quarter profit fell 8.2 percent as expenses exceeded analysts’ estimates and the firm set aside more money to cover bad loans.
Citigroup is on a quest to modernize its global payments stack and be the go-to financial institution for cross-border payments and international corporations. Debopama Sen, head of payments at Citi's Services business, spoke with American Banker about the divisions' progress since its Services Investor Day in June 2024.
The Cincinnati bank aims to grow in northeast Ohio with the acquisition of Westfield. The deal is expected to boost First Financial to a $20.6 billion institution.
House Financial Services Committee Chair French Hill, R-Ark., declined to say whether he would pass the Senate's GENIUS Act without making his own changes, as President Trump has preferred.
Nissan Motor Acceptance Corp. has applied for an industrial loan company charter, joining General Motors and Ford in hoping for better prospects for approval under the Trump administration.
Barely two years after adopting a bank charter, NewtekOne in Florida plans to expand beyond its roots as an SBA 7(a) lender by growing its alternative loan program.
