Money transfers

The fintech company Wise rose in its debut following a direct listing on the London Stock Exchange, in the largest such deal ever, bolstering Brexit Britain’s capital-market hopes.

Payservices would use deposits largely to support its existing business. It has no plans to make loans.

Though the COVID-19 pandemic continues to stifle economic growth globally, Western Union again pointed to its fast-growing digital services as key to keeping the company on a positive trend.

The two agencies proposed amending the Bank Secrecy Act to lower the threshold for transfers occurring outside the U.S. that trigger recordkeeping requirements.

Digital remittance provider WorldRemit has agreed to acquire Sendwave, a mobile app-based remittance company focused on servicing the African money transfer corridors.

Just as legal limbo has threatened the agency’s long-running effort to create a fintech license, a charter unique to payments companies could face a court challenge, observers say.

In a sign of the rapid shift to digital transactions, MoneyGram reported that its digital transactions grew by 100% in May, compared to the same time last year.

The challenge posed by digital-only remittance services has prompted a rapid change at MoneyGram.

The agency will allow institutions providing 500 or fewer transfers a year to estimate costs in consumer disclosures rather than quote exact figures.

Partisan differences get in the way of new aid program for small businesses as SBA program runs out of money; loan servicers want a bailout as defaults are expected.