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The prepaid card marketer PaySpot Inc. has agreed to distribute Futura Card Services's MasterCard Inc.-branded prepaid products.
Futura in Carlsbad, Calif., announced the exclusive, multiyear distribution deal last week but did not give a value for the contract.
Futura's prepaid cards are issued by Palm Desert National Bank, of California. PaySpot is a unit of Euronet Worldwide Inc., a Leawood, Kan., electronic payments provider.
With regulatory scrutiny on the rise, banks are putting payment collaborations under the microscope.
Banks' deposit costs fell as the Fed made borrowing cheaper. But signs of increased competition are already emerging, and analysts see a tougher road ahead.
The Federal Reserve's April financial stability report found that asset valuations remain elevated, even as investors are beginning to demand more compensation for risk amid rising uncertainty around monetary policy.
Banking groups that sued the state of Illinois over its law barring banks from charging interchange fees on taxes and tips cheered an appeals court ruling remanding the law to a lower court and vowed to keep the law going into effect, which is slated for July 1.
Stephan Feldgoise and Joshua Schiffrin will join Goldman Sachs' management committee; Fidelity Investments is dismissing about 800 personnel as it restructures its technology and product-delivery teams; Citi has hired JPMorgan's André Ross as its country officer and banking head for South Africa; and more in this week's banking news roundup.
Affirm CEO Max Levchin said that the company did not have any plans for AI-spurred layoffs despite the fact that it was using the technology more for software engineering.
