The deal partners said the cost savings opportunities and international reach presented by the combination were appealing, and JPMorgan Chase said it won’t make a bid after being invited to consider an offer.
Most fintech startups fall into one of two camps: those that want to compete with banks and those that want to save banks from themselves. Ripple is the rare exception that wants to do both.
First Data hopes to enhance its ability to integrate payments with other merchant services by acquiring the processor and technology company CardConnect, which is already one of First Data's largest distribution partners.
The global messaging network Swift and its fintech challenger, Ripple, have been vying for bankers’ hearts and minds for more than a year. Whoever prevails, their latest moves could bring needed change to how international banking is done.
The U.S. Supreme Court refused to revive a $5.7 billion settlement of retailer claims that Visa and Mastercard improperly fixed credit card swipe fees, in a rebuff that could mean years of additional litigation.
Mobile point of sale vendor ShopKeep has purchased ChowBot, an online order-and-pay software tool for restaurants, with plans to broadly integrate the new feature into its services for small businesses.
