PYMNTS

MARCH 19, 2020

The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). Square Financial Services will originate commercial loans to the retailers that use Square for payments. Square, Inc.

FDIC 276

FDIC Utah San Francisco Capital 276

PYMNTS

JULY 26, 2019

FDIC) and the state of Utah for an industrial loan company (ILC) charter. The bank would be headquartered in Utah and could handle users’ deposits, according to Lee Carter, Rakuten head of banking and potential ILC CEO. We want to have a fair opportunity to serve our clients,” Carter said.

Fintech 192

Fintech Utah US FDIC 192

PYMNTS

JULY 14, 2020

“Given how much the demand for installments is increasing, we are also using the already existing parts of the credit system today to scale installment payments with every [Visa] card across the board,” Cetin Duransoy , Visa ’s global head of installment solutions, told PYMNTS. Fast and Furious BNPL Action. The account comes with 1.30

Lending 130

Lending FDIC Minneapolis Utah 130

PYMNTS

DECEMBER 20, 2018

For retailers, such speed would shorten the length of time between a transaction being made and the funds’ arrival at the retailer. Amazon in particular has stated that such settlement options would be a desirable alternative to credit and debit cards. The Fed, of course, has had a request for comment open for a while.

Utah 134

Utah FDIC System Retail 134

PYMNTS

OCTOBER 17, 2017

An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956. All industrial banks are chartered in Utah – and there are only 17 such charters issued, 15 of which are currently active.

Industry 108

Industry Fintech FDIC Community Bank 108