Payments

PayPal's board of directors is reportedly unimpressed with Stripe and Advent International's $53 billion offer to buy the company. Analysts had speculated that the offer may be low, despite the fact that it came in at a 30% premium compared with other merchant processors.

By establishing direct connections to clearing networks such as Japan's central bank, the cross-border payment firm avoids intermediaries, feeding its strategy to undercut traditional financial institutions.

The U.K.-based bank renewed its longest tenured co-brand program, which has been running for more than 20 years, for another decade. The renewal will help the bank expand its consumer banking portfolio.

The payment company's Cash App Borrow has expanded lending volume by about 300% in about a year following its FDIC approval to expand lending. The company analyzes payment activity to vet loans in an effort to beat banks to consumers.

A breakout month by the company's newly acquired investment banking subsidiary, BTIG, added nearly $100 million of revenue during the second quarter.

Coastal Financial, which has added Pliant as a client to support the German fintech's U.S. ambitions, says there's still a need for partners to ease compliance and automation.

Stripe and Advent International have reportedly offered to buy PayPal for $60.50 per share, or $53 billion, a valuation that some think might be viewed as a "low-ball" offer.

The company plans to use the funding to expand its global banking services, including using stablecoins for cross-border payments.

The card network's AI Financial Assistant uses information from 257 billion yearly transactions to inform "conversational" advice embedded in banking apps.

The card network may sell a London-based processing subsidiary, reportedly amid government pressure on U.S. payments domination in local markets.

A group of 24 state-focused advocacy groups are banding together to form a national coalition to fight against industry lobbies as a federal EWA law threatens states' regulatory independence. Opponents of EWA say it resembles payday lending.

Bangkok-based The Siam Commercial Bank will use the New York-based bank's 24/7 clearing and tokenized deposit service in a sign that the banking industry is beginning to look past individual tokenized deposit platforms and toward interoperability.

Just as internet connectivity destroyed the market for long-distance telephone service, blockchain technology is going to make high-margin transactions, like cross-border funds transfers, dirt cheap. Established players should brace themselves.

The payment company's PYUSD has launched on Polygon's international digital asset rail as big financial institutions give potential heft to Open Standard's pending OpenUSD.

Seventeen banks, including BNY, Citi, HSBC, Standard Chartered and Wells Fargo, will make tokenized cross-border payments as the messaging network looks to counter threats from digital asset fintechs.

The Consumer Financial Protection Bureau is preparing to request information from credit-card issuers about their late fees. The renewed interest in late fees is a surprise, given the agency last year sided with the banking industry to kill a Biden-era rule that would have dropped the charges from $32 to $8.

The Most Innovative People in Finance honoree discusses why consumers and businesses only care that their payments get to the right place at the right time, and how banks can fix this problem.