Bank Innovation

With Wirecard, UnionPay takes aim at Visa, Mastercard

Bank Innovation

China’s UnionPay, the world’s largest card issuer with 57.6% of the world’s payment cards in circulation, has global ambitions.

Cards 184

Plugging leaks: Bento for Business uses tech to help clients streamline payments

Bank Innovation

As consumer payments go digital, startups and banks now are focusing on digitizing business-to-business payments, an area where small business owners still are reliant on paper checks and a multitude of expense-management tools.

How TD wants to bridge the confidence gap with AI-based tools

Bank Innovation

Canadians may accept that AI is a part of their lives, but many express concerns about the potential risks that the application of the technology presents, including biases. That’s according to a recent TD Bank survey of 1,200 Canadian adults carried out by Environics Research.

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Cross River CEO: ‘High-profile fintech folks’ interested in its real-time payments rollout

Bank Innovation

Cross River Bank, the partner bank for large fintech startups like Stripe and Affirm, is using The Clearing House’s real-time payments (RTP) network to enhance service to clients and boost its value proposition to future ones.

Greenlight is putting education at the core of its banking offering

Bank Innovation

Greenlight Financial, which just raised $54 million in Series B funding, is acquiring customers by pitching itself as a personal finance and banking hub for kids. Greenlight is a digital-only banking startup that is designed to teach kids how to manage their finances as they grow into adulthood.

US Bank’s White: Digital banking is now more than DIY

Bank Innovation

As digital banking goes mainstream, banks are recognizing that a mobile app that lets customers carry out day-to-day tasks isn’t enough. It’s a reality for which U.S.

US 188

Mastercard’s Miebach: Prepaid cards are not a niche business

Bank Innovation

Mastercard is doubling down on its prepaid card business, which it sees as fuel for the rise of many consumer-facing fintech companies. During its investor day on Thursday, the payments giant said its prepaid card business grew 19% in gross dollar volume from the first half of last year.

Cards 173

Square is growing its platform into a one-stop shop for retailers

Bank Innovation

Square, which is best known for its physical and digital payment solutions, is building out its product ecosystem to manage nearly all of the operational needs of retailers.

Retail 188

Inside Kiva’s digital identity solution for banks in Sierra Leone

Bank Innovation

Confirming a customer’s identity is an ongoing pain point for banks and financial institutions around the world. It’s an even bigger challenge for countries that have high underbanked populations like Sierra Leone.

For startups to bridge banks’ fintech gap, innovation execution needs a reality check

Bank Innovation

This is the second article in a two-part series on bank-fintech collaborations based on the 2019 State of Banking Innovation Survey, a study conducted by Bank Innovation and INV Fintech.

Grasshopper Bank CEO Erwin to speak at Bank Innovation Build

Bank Innovation

New York City-based Grasshopper Bank is building a digital banking product ecosystem for the startup community.

SellersFunding acquires AmzLenders in a bid to reach more Amazon sellers

Bank Innovation

SellersFunding, a Ridgewood, N.J.-based based SME lender, has acquired AmzLenders to broaden its reach among e-commerce sellers.

NJ 141

RBC focuses on digital products as mobile adoption spikes

Bank Innovation

Royal Bank of Canada is growing its digital product portfolio as mobile user adoption grows.

Mobile 193

Inside OTP Labs, Eastern Europe’s most adventurous bank innovation experiment

Bank Innovation

It might have $55 billion in assets and 10.5 million customers in 10 countries, but OTP Bank, one of the largest financial institutions in Central and Eastern Europe, might be one of the most unorthodox banks on the Continent.

Retail rewards as in-app cash: Venmo embeds with loyalty programs

Bank Innovation

Brands have begun to Venmo their most loyal customers with rewards points converted to Venmo cash.

Retail 158

Payments firm Marqeta to add 175 jobs to boost global presence

Bank Innovation

Fresh off a $260 million Series E funding round, card issuing and processing startup Marqeta is building its team as it expands to new geographies. The Oakland-based company plans to add 175 jobs this year, bringing its total to 400 employees by 2020, CEO Jason Gardner said on Wednesday.

Banks push for more fintech startup collaborations, despite failures

Bank Innovation

When it comes to bank-fintech collaborations, banks are finding more failure than success. That’s according to a study by Bank Innovation and INV Fintech, a startup accelerator, released today. Carousel Innovation Strategy INV Fintech Startups

Aligning with ‘leaders’: OakNorth’s Nooriala on its partnership strategy

Bank Innovation

In a bid to grow its customer base, OakNorth Bank is partnering with Smarterly, a workplace savings and investment platform, the company announced this week.

Weekly Wrap: Revolut rolls out Gen Z account, as UnionPay expands globally

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending Friday, September 20, 2019.

Goldman shows bright future for banks, if not for bankers

Bank Innovation

(Bloomberg Opinion) — The continuing debate about the future of banking since the 2008 financial crisis has intensified recently on reports that banks are cutting jobs and slashing pay. While the outlook for bankers is precarious, the same can’t be said for the banks. Goldman Sachs Group Inc.

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Jack Dorsey’s Square is testing a new free stock trading service

Bank Innovation

Jack Dorsey’s Square already lets customers buy and sell Bitcoin on its popular Cash App. Soon, it may let them buy and sell stocks. Square is testing out a new Cash App feature that would enable users to make free stock trades, according to a video outlining the product’s features seen by Bloomberg.

Video 151

Credibly teams up with Wirecard for instant funding, better customer data

Bank Innovation

Credibly, a small business lending company, is partnering with Wirecard to disburse instant funds and access businesses’ spending data. The partnership is an attempt by Credibly to grow its customer base through better offerings and better risk management.

Stripe becomes third most valuable startup in the US

Bank Innovation

Payments platform Stripe became one of the most highly valued startups in the world on Thursday, after it announced a new funding round at a $35 billion valuation. In the U.S., only vaping giant Juul Labs Inc. and the troubled We Co. are more valuable.

US 130

United Trust Bank is using selfies for identity verification

Bank Innovation

United Trust Bank is using facial recognition technology to speed up its mortgage application process.

Volkswagen Bank taps OneSpan for encryption to fight hackers

Bank Innovation

Volkswagen Bank, the financial services arm of the German automaker, is turning to QR code-like technology to fight threats posed by hackers.

Fintech Unfiltered: Huddl’s Corliss on his move from big finance to startup

Bank Innovation

At first glance, Stephen Corliss, whose resume includes senior roles at Blackrock and UBS, seems an unlikely candidate to lead a startup. But Corliss, 50, wants to use his experience from the world of big finance to help solve problems for customers of more modest means.

Why 6 credit unions are partnering to access better payment solutions

Bank Innovation

As credit unions look to improve their technology on smaller budgets, one solution is to band together and pool assets. On Thursday, six credit unions did exactly that to improve their online payment capabilities through an investment in the digital payments company Payrailz.

Glint Pay launches gold-backed debit card in the U.S.

Bank Innovation

Glint Pay launched its gold trading and payment platform in the U.S. this week, part of the startup’s international expansion plans rolling out this year. Glint, based in London, offers users two separate bank accounts, one for fiat currency and one for gold.

US 196

No hoodies or garages: Huddl’s Corliss on his move from big finance to startup

Bank Innovation

At first glance, Stephen Corliss, whose resume includes senior roles at Blackrock and UBS, seems an unlikely candidate to lead a startup. But Corliss, 50, wants to use his experience from the world of big finance to help solve problems for customers of more modest means.

Amplify Credit Union rolls out mobile banking via Apple Watch

Bank Innovation

Amplify Credit Union is letting customers check in on their financial health by looking at their wrists. The Austin-based credit union, which has $950 million in assets, rolled out mobile banking via the Apple Watch earlier this month.

Apple 195

No one-trick pony: How Ally got to $100b in deposits

Bank Innovation

With the rise of digital-only challenger banks, it’s easy to overlook Ally Bank. But Detroit-based Ally, which has no branches, was the one of the earliest digital-only banking players, rolling out a product suite a decade ago when it rebranded from General Motors Acceptance Corporation.

CUNA Mutual program lets credit unions test startup-developed products

Bank Innovation

For financial institutions that can’t develop new products in-house, a startup partnership can help move an innovation agenda forward through new tech-enabled product offerings for customers.

Wells Fargo using blockchain for corporate international money transfers

Bank Innovation

Wells Fargo is turning to blockchain to speed up cross-border money transfers for its corporate clients. The bank is using the technology to create a money transfer service it’s branding as Wells Fargo Digital Cash.

GoCardless launches direct debit option for US payers

Bank Innovation

GoCardless, the direct debit payment company based in London, is now offering its payments solution to U.S. customers. The company also opened a San Francisco office this summer to spearhead its U.S. expansion efforts. The U.S. launch opens up a sizeable swath of new business for GoCardless.

The war for talent: Managing millennials

Bank Innovation

Anyone who’s spent a frustrating afternoon explaining Facebook privacy settings to their parents can tell you that millennials are naturally good at technology.

N26 pursues US market with ads that speak to customer pain points

Bank Innovation

New York City commuters this week will have their first exposure to European banking brand N26 through ads posted on subway cars. The Berlin-based company launched its mobile banking product to U.S.

Radius bundles savings and debit rewards to build brand and deposit base

Bank Innovation

In a bid to grow its deposit base, digital-only Radius Bank is folding debit-based rewards and high-yield savings into one product called Rewards Checking. The account offers 1% cash back on debit transactions and up to 1.2% APY on savings.

How digital lender Earnest is charting its growth path

Bank Innovation

At $6 billion in refinanced student loans, digital lender Earnest is rapidly growing its reach. The seven-year-old company offers student loans and refinancing options, approving more than 50% of refinancing applications within one minute using its proprietary assessment tool.

Credit Sesame wants to create a frictionless web application process

Bank Innovation

Credit Sesame, the San Francisco-based credit score monitoring and advice platform, is building out its AI-based credit management tools with the help of a major fundraising round last week.

How Goldman-backed Credijusto is reaching Mexican small businesses

Bank Innovation

Credijusto, a Mexican small business lender, is using data points like tax and invoice information to reach small businesses typically out of reach of large banks.

Taxes 141

Raisin expands financial ‘cockpit’ through fairr acqusition

Bank Innovation

With the acquisition of fairr on Tuesday, German savings and investment startup Raisin is adding pensions to its financial product toolkit.

eBay accelerates payments push

Bank Innovation

eBay is pushing forward with efforts to move payments in-house instead of relying on PayPal.

Aiming high and low: Inside Personal Capital’s customer strategy

Bank Innovation

For Personal Capital, the path to scale is to go broad. As a result, the Redwood Shores, Calif.-based