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FDIC Approves Square For Banking License

PYMNTS

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). The headquarters will be in Salt Lake City, Utah. Square, Inc.

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Japanese FinTech Rakuten Applying For US Banking Charter 

PYMNTS

A Japanese FinTech company is applying for a banking charter in the United States, according to a report by American Banker. FDIC) and the state of Utah for an industrial loan company (ILC) charter. The company also wants to give members a credit card to make purchases in the future and also earn rewards. . “We

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Square Tries To Create A Bank, Again

PYMNTS

San Francisco-based FinTech company Square, known for its white card readers, has once again decided to become a banking establishment, according to a report in The Wall Street Journal. The company had previously asked to start a bank in September of 2017, but eventually withdrew from the process over procedural issues.

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Why The ICBA Is Fighting Industrial Loan Charters For FinTechs

PYMNTS

All industrial banks are chartered in Utah – and there are only 17 such charters issued, 15 of which are currently active. Walmart claimed it wanted to leverage the proposed bank mainly for the purpose of lowering costs of its backroom processing of check and credit card transactions and to offer high-interest certificates of deposits.

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Rakuten files third application for FDIC insurance

CFPB Monitor

Per the Utah Department of Financial Institutions website, Rakuten Bank America’s application for a Utah ILC charter was received on July 26, 2019 and remains pending. . based bank, Rakuten Bank America. Rakuten’s first FDIC deposit insurance application was filed in July 2019, and was withdrawn in March 2020.

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Call It Alt-Credit Or POS Lending, ‘Buy Now, Pay Later’ Just Got Bigger

PYMNTS

“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.

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The 14 Biggest Payments & Card Industry Conferences & Events in 2023

Fintech Labs Insights

These are the largest events in the financial services industry geared towards payments and card technologists, program managers, marketers, developers and C-Suite execs at both legacy financial institutions and upstart payments firms and card issuers. And prices tend to rise as the event draws closer. Payments UX: Zelle Confuses