Technology

Recent delays may be frustrating, but the Office of the Comptroller of the Currency isn't closing the door on financial technology companies. However, applicants will have to be patient, forthright about their business plans and willing to actively engage any state or federal regulatory agencies that the OCC consults.

Square is creating a new business line to help developers build financial services products focused on Bitcoin, according to tweets from CEO Jack Dorsey.

The Reserve Bank of India says the card brand failed to comply with a requirement to store transaction details locally. The handling of payment information has become a point of contention between the Asian nation and American firms.

The Minneapolis company benefited as business for airlines and hotels picked up sooner than expected. The rebound helped fee income in the bank’s payments business approach prepandemic levels.

Salt Labs researchers exploited four types of vulnerabilities in the application programming interfaces of a large financial company. Their findings contradict conventional wisdom about the safety of APIs in the sharing of consumer data.

Revolut raised $800 million from investors including SoftBank Group’s Vision Fund 2 and Tiger Global Management at a $33 billion valuation, the latest sign of investor demand for fintechs.

The technology holds great promise for financial services, but it could be just as powerful for scammers looking to break payment card encryption. Visa, Mastercard and others are already building new defenses.

N26 GmbH is holding discussions with investors to raise several hundred million dollars in a fundraising that could value the German fintech at about $10 billion, according to people familiar with the matter.

As the Federal Reserve mulls whether to establish its own digital currency, Chair Jerome Powell told lawmakers that cryptocurrencies designed to have the stability of bank deposits and money market funds should be regulated accordingly.

The card brand is working with 70 cryptocurrency companies to meet consumer demand for paying in bitcoin and other digital currencies at the point of sale. It had little choice given that most retailers don't accept crypto directly and are in no rush to do so.