PYMNTS

MARCH 19, 2020

FDIC Approves Square for Banking License. The Federal Deposit Insurance Corporation (FDIC) granted Square a banking license to operate a de novo industrial bank in Salt Lake City. Square Financial Services will originate commercial loans to the retailers that use Square for payments. It will keep its drive-through windows open.

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FDIC Utah Payments Mobile 130

PYMNTS

AUGUST 5, 2020

The company has initiated its own banking and payments program to move landlords beyond antiquated platforms using spreadsheets and more manual tools, according to the release.

Payments 141

Payments FDIC Tools Taxes 141

PYMNTS

JULY 25, 2019

On a global stage, one size does not fit all when it comes to payments. For example, she said, some users may wish for payments to be done digitally, with speed and ease. Progress in the payments space isn’t just about what is possible … it’s determined, at least in part, by economic realities.”. Payments, on a Global Stage.

Payments 189

Payments Innovation Examples FDIC 189

Bank Innovation

JULY 31, 2018

It’s good news for fintechs in lending and payments that want a federal banking license, the Office of Comptroller of the Currency (OCC) has started accepting applications starting today. The fintech charter does not require deposit insurance from the FDIC, per a recommendation from the Treasury Department.

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Fintech FDIC Lending Payments 218

PYMNTS

JUNE 19, 2020

It’s the end of the work week, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have deep dives on pandemic supply chain pivots, cross-border conversion and peer-to-peer (P2P) payments. Visa, Facebook Link Up For P2P Payments, eCommerce On WhatsApp.

Payments 151

Payments United States FDIC Retail 151

Abrigo

JANUARY 4, 2023

Although yet to be considered mainstream by most, cryptocurrency as an investment and payment method has become more commonplace. The Federal Bureau of Investigation (FBI) states that crypto is becoming the preferred payment method for many types of scams—and not just on the dark web, where crypto is used to fund illegal activity. .

social media 195

social media Fraud cryptocurrency Trends 195

PYMNTS

JANUARY 13, 2021

FDIC) and the Treasury Department have reportedly launched an inquiry into American Express Co. FDIC) and the Treasury Department have reportedly launched an inquiry into American Express Co. Revolution Payments Lowers Corporate Card Cost. Virtual Cards Drive B2B Payments Consumerization.

Cards 167

Cards Apple FDIC Samsung 167

Abrigo

FEBRUARY 8, 2024

Takeaway 2 Client fraud education at financial institutions should include takeaways that explain how to protect themselves from phishing and tips for staying secure online. While interacting with friends and family online can be a fun pastime, social platforms are a feeding ground for fraudsters. According to the FTC , $2.7

Fraud 195

Fraud Resources social media Software 195

CFPB Monitor

AUGUST 24, 2020

Supreme Court, a Colorado appellate court (after any chance for appeal has run) or the FDIC adopts a “true lender” test that differs from the safe harbor). Licensing Criteria – The fintechs must obtain supervised lender licenses if they take assignment of loans and collect payments or enforce rights against consumers.

Colorado 78

Colorado Fintech Lending Online 78

American Banker

OCTOBER 19, 2023

The company also benefited from the Fed's enforcement of online debit-routing rules, but these boons couldn't offset investor concerns over its issues with the FDIC and its CEO search. Consumers with Discover cards spent less on travel and everyday purchases, but more on entertainment, driving loan growth in the third quarter.

Compliance 36

Compliance Trends FDIC Cards 36

PYMNTS

NOVEMBER 12, 2020

FDIC) study found that the number of unbanked U.S. Mobile payments capabilities are a prime avenue for this population and others to access hot banking tech, or to just get paid faster. “It A recent Federal Deposit Insurance Corp. consumers will likely start rising again as a result of the pandemic recession. What are those challenges?

Mobile 202

Mobile Study Tools FDIC 202

PYMNTS

JULY 24, 2019

High-yield checking and savings are now being offered by online wealth advisor Betterment as a way to attract new customers. . Like other FinTechs, Betterment will partner with FDIC-insured institutions since it doesn’t have a bank charter. It’s really hard for banks to follow us here,” Betterment founder and CEO Jon Stein told CNBC.

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Fintech FDIC National Online 162

PYMNTS

JANUARY 24, 2019

SMBs can use the tool to apply for financing through an online application on the Banc of California website. ” The company pointed to analysis from the FDIC , whose 2018 Small Business Lending Survey found that only a few banks in the U.S. are able to accept a small business loan application online. .

California 122

California Lending FDIC Online 122

PYMNTS

OCTOBER 29, 2018

For many in payments and the vast ecosystem that it powers, the scariest thing about Oct. The 2019 planning sessions that will mark the next 60 days will no doubt include topics of conversation about the scariest things in payments that could knock key players off their game – or turn their plans upside down.

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Payments Google Apple Innovation 196

Independent Banker

JUNE 30, 2022

According to Kientz, if an HOA has an FDIC-insured bank account of more than $250,000, it often takes multiple banks to manage the funds—but Academy Bank can handle accounts of that size on its own. I think the biggest opportunity we see now is making it easier for homeowners to make their [HOA] payments,” Kientz says. “We

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Kansas City Kansas FDIC Community Bank 91

Fintech Labs Insights

JUNE 26, 2023

Case in point: Just days after the Feds took over SVB, Mercury was in the market with Mercury Vault , offering $5 million in FDIC insurance by distributing balances across 20 insured banks. Looking for digital banks, lenders, payment providers, insurance or digital accounting for small businesses? Meow FAB Score: 26 Top APY: 5.0%

Digital Banking 15

Digital Banking Online FDIC San Francisco 15

Fintech Labs Insights

APRIL 6, 2023

Case in point: Just days after the Feds took over SVB, Mercury was in market with its Mercury Vault, offering $5 million in FDIC insurance by distributing balances across 20 insured banks. Looking for digital banks, lenders, payment providers, insurance or digital accounting for small businesses? The post Top U.S.

Digital Banking 15

Digital Banking Online FDIC San Francisco 15

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. This follows a pilot rollout in Russia last month.

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Lending FDIC Minneapolis Utah 130

PYMNTS

JANUARY 26, 2021

As reported last year, Ternio partnered with Visa as part of the payments network’s Fast Track program as Visa’s first crypto-focused enablement partner. The company also offers an FDIC-insured checking account to help spur crypto-friendly banking, Johnson noted. They may or may not have had an online presence.

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cryptocurrency Bitcoin blockchain FDIC 256

PYMNTS

MARCH 30, 2020

government’s $2 trillion stimulus package allows a number of entities — FDIC banks, credit unions and, most notably for this discussion, FinTechs such as Kabbage — to make loans to smaller firms. New Kabbage Payments customers start with a rate of 2.25 The urgency, and speed, of Kabbage’s situation comes even as the U.S.

Lending 151

Lending FDIC Fintech Report 151

Abrigo

NOVEMBER 22, 2021

Banks and credit unions extending payments on vehicle loans, personal loans, or other consumer loans had to ensure they provided accurate disclosures in compliance with federal and state consumer protection laws. Incorporating Reg B requirements into a consumer lending solution means the online loan application will be compliant.

Compliance 195

Compliance Lending Risk Management Regulation 195

PYMNTS

NOVEMBER 20, 2020

Consumers were already shifting an increasing number of their account management activities to online sites and mobile apps. Banks are legally required to file a closure notice — with the OCC, the Federal Reserve Board or the FDIC — at least 90 days in advance of a closure, and must notify customers within that same 90-day window.

Metro 222

Metro Massachusetts FDIC Trends 222

PYMNTS

DECEMBER 23, 2020

The 6-year-old who get his hands on Mom’s iPad and manages to rack up $16,000 worth of credit charges for online gaming. The company offers FDIC-insured bank accounts and a Visa -branded payment cards for teens (aged 13-18) with budgeting features and other financial education tools built in. We’ve all heard the horror stories.

Fintech 322

Fintech Cards FDIC Lending 322

MyBankTracker

APRIL 27, 2021

FDIC insured. Peer-to-peer payment (such as Zelle payments received from other people). Without these operational expenses, online banks such as CIT Bank often provide more value to consumers. Online transfers/ACH: $0. FDIC Insurance. Online and mobile banking. Make bill payments. Account Fees.

ATM 52

ATM FDIC Mobile Cards 52

PYMNTS

MARCH 18, 2019

The accounts come with debit cards, digital payments and free check cashing, but do not allow overdrafts.”. According to the Federal Deposit Insurance Corporation (FDIC), the percentage of unbanked Americans fell to its lowest level since the 2007-2009 financial crisis. a month and no minimum balance,” according to Reuters.

America 175

America Survey FDIC System 175

Fintech Labs Insights

NOVEMBER 10, 2023

Consumers have been banking online for 28 years. The first, online bank Security First Network Bank (SFNB) launched in 1995, just a year after Amazon.com. The post Top 63 Online Digital Banks for U.S. And from the very beginning, there have been pure-play digital banking startups. Looking for small business resources?

Digital Banking 15

Digital Banking Online Atlanta Las Vegas 15

Jeff For Banks

DECEMBER 10, 2023

Although one might argue that First Citizens BancShares of Raleigh is a SIFI as it climbed to the 19th largest in the country with its Silicon Valley Bridge Bank acquisition from the FDIC, and that the FDIC designated SVB as systemically important. Nasdaq: TBBK) Founded in 2000, this $7.5 They changed their name.

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Fresno North Carolina Raleigh FDIC 101

Gonzobanker

MAY 4, 2020

As Cornerstone Managing Director Brad Smith put it, this deal might not get the coverage of Visa/Plaid, but it should, because Galileo is like a mashup of Plaid and Q2’s CorePro if CorePro was extended to payments, lending and investments. Other similar challengers Square and Varo Money received FDIC approval in the past couple months.

Fintech 109

Fintech FDIC Capital Community Bank 109

PYMNTS

DECEMBER 18, 2018

Now comes a comic book contribution to one of the most vexing and vital issues of modern payments and commerce — fraud prevention and ID compliance. Trulioo said it created two digital versions of the story: a coloring book that can be printed out and a full-color digital version “perfect for online viewing.”.

Compliance 152

Compliance Fraud Security Course 152

PYMNTS

MAY 24, 2018

Regulatory uncertainty forced banks out of this space, leaving families to rely on pawn shops, costly payday lenders or loosely regulated online lending during times of financial stress. The report said that 2013 FDIC and OCC guidance eliminated the ability of banks to offer a viable alternative to compete with payday lending.

FDIC 100

FDIC Lending Regulation Study 100

Current

APRIL 6, 2020

Update 4/15/20: The new IRS web portal to submit your bank information to receive your economic impact stimulus payment via direct deposit is now live. Please note we are crediting ALL member accounts immediately with stimulus payments as soon as we receive the information from the Federal Reserve. We will post updates when it is.

Taxes 55

Taxes Payments FDIC Google 55

PYMNTS

AUGUST 4, 2020

In an announcement, the bank said it would work with Google to debut a co-branded, FDIC-insured, digital-only bank account next year. To that end, BBVA was one of six banks that said on Monday (Aug. In this way, Google gets new users for its Pay offering , and the banks get new customers and strengthen their respective brands.

Google 298

Google Digital Banking Course Branding 298

PYMNTS

OCTOBER 30, 2019

Western Union is taking open banking straight to corporates, opening up API connectivity into its domestic and cross-border payment applications to an estimated 37,000 business customers under its Western Union business solutions unit.

Lending 102

Lending Fintech America Data 102

Celent Banking

NOVEMBER 17, 2015

In the FinTech space, much of the focus is on consumer-oriented solutions like Mint for financial management, Venmo for P2P payments, and Prosper for social lending. Online small business lending by direct credit providers has especially taken off. Let’s take a look at data compiled by the FDIC starting in 2010.

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Report FDIC Lending Fintech 100

Abrigo

DECEMBER 19, 2019

In 2008, there were 7,061 FDIC-insured commercial banks in the U.S. Online loan applications , for example, are no longer just for online-only banks. Attain growth through M&A, new partners. In 2018, the number of banks declined by almost a third to 4,708 institutions.

Lending 195

Lending Fraud Community FDIC 195

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. ILCs are used to form industrial loan companies, better known as industrial banks. And those can take a while.

Industry 108

Industry Fintech FDIC Community Bank 108

MyBankTracker

DECEMBER 7, 2020

This online business checking account is best for small- to medium-sized businesses with simpler banking needs and a low-cost account to keep their business finances separate from personal finances. Also, the BlueVine Business Checking account doesn’t charge ACH payment fees or insufficient funds (NSF) fees.

ATM 52

ATM FDIC Cards Examples 52