CEO Wendy Cai-Lee says Piermont Bank can do it all for financial technology firms: be their commercial banker, be their banking-as-a-service provider and develop APIs and other cutting-edge products for them.
In its lawsuit against Visa, the Justice Department alleges the card network's $5.3 billion deal to buy Plaid is meant to neutralize a competitive threat — even though Visa and Plaid do not see themselves as competing with each other.
Visa’s $5.3 billion acquisition of Plaid has raised competition concerns at the U.S. Justice Department, which is nearing a decision about whether to sue to block the deal, according to two people familiar with the matter.
Bank of America is applying a familiar arsenal — including APIs and its popular virtual assistant, Erica — to online business banking, cross-border payments and cash management in an effort to modernize those services.
The company's new agreement with Envestnet Yodlee to share customers' account data over secure pipes is its 17th pact with aggregators and other fintech firms.
The company, the product of a big merger shortly before the outbreak, had to build portals on the fly, help many customers shift to mobile and accomplish in days tasks that once took months, its digital chief says.
Wells Fargo appears to be outpacing its rivals in the API race; CFPB's unexpected showdown with Citizens; Varo gets vital FDIC OK for bank charter; and more from this week's most-read stories.
