Remittances

PayPal agrees to a $7 billion BNPL loan purchase agreement with Blue Owl Capital, while Revolut, which is building a financial superapp, is looking for permission to offer more banking products. That and more in the American Banker global payments and fintech roundup.

The money transfer fintech expanded its Austin office 200% to 90,000 square feet as it looks toward accelerating growth in North America. The company also separately inked a new partnership with Upwork to add Wise Platform as an infrastructure provider for freelancer payouts.

The cross-border transfer platform is broadening its business model with a subscription-based membership and products like a digital wallet and cash advances.

The digital bank is working with blockchain technology provider Lightspark to use Bitcoin networks to power its upcoming cross-border payments launch.

Analysts said trade war-related issues are pressuring the U.S./Mexico remittance corridor, lowering the value of the acquisition. Devin McGranahan told American Banker Intermex's technology and footprint provide a path for future expansion.

Western Union's North American money transfer business logged a decline in cross-border remittance revenue, led by drops in the U.S. to Mexico corridor, its largest remittance stream by far. The company is also bracing for the 1% remittance tax codified in the "Big Beautiful Bill," a levy that does not directly apply to banks.

The 3.5% excise tax proposed in President Trump's One Big Beautiful Bill comes with wide-ranging implications for financial institutions engaged in money transmission services.

A federal judge in California blocked rules requiring disclosures for payments near the Mexico border; Stripe has added more products as it bolsters investments in Asia; and more in the weekly global roundup.

Secretary of State Marco Rubio said the U.S. will ban certain Cuban payments, mirroring Trump's pressure on cross-border payments during his first administration.

Money remittance provider Wise said it "strongly disagrees" with the Consumer Financial Protection Bureau's characterization that it advertised inaccurate fees and did not properly disclose exchange rates.