News Topic: payments

CO-OP, a credit union payments firm, has teamed with the fintech to expand usage of digital payments offerings. But it's unclear to what extent members want those services. ... Read full article

New research finds that it's become harder than ever to acquire new customers — and equally challenging to engage newly acquired ones. ... Read full article

The Office of the Comptroller of the Currency is overstepping its authority in granting charters to fintechs and other companies that don’t take deposits. ... Read full article

The Fed's faster payments platform may well roll out in three or four years, but by then it will already be outdated. ... Read full article

The central bank released new details about FedNow, which officials hope to get off the ground before a 2023 or 2024 target launch date. ... Read full article

Just as legal limbo has threatened the agency’s long-running effort to create a fintech license, a charter unique to payments companies could face a court challenge, observers say. ... Read full article

Acting Comptroller of the Currency Brian Brooks said the agency plans to issue new assessment procedures within weeks as a follow-up to recent Community Reinvestment Act reforms. He also touched on the “true lender” issue and why the agency is considering ... Read full article

Seven trade groups said they would fight any effort by the agency to establish a tailored license for payments providers such as PayPal, Stripe and Square. ... Read full article

TD Bank has hired Jyotsana “Jo” Jagadish to head commercial operating products and payment innovation, where she will oversee TD’s expanding fintech partnerships. ... Read full article

Our third monthly survey found almost six out of 10 employers report that their plans for the return to work are stymied by uncertainty — specifically, a lack of clarity on the right timing, and persistent questions about how to provide a safe environment ... Read full article

Our second monthly survey found a smooth transition to remote work and digital customer access channels — but technology issues still arose. The pandemic has highlighted the importance of having a strong digital presence across all retail sectors, ... Read full article

Incoming chief Frank Bisignano downplays any pressure to find $1.2 billion in cost cuts promised to shareholders from the acquisition of First Data. Instead he emphasized his track record of producing revenue growth and pledged to keep funding innovation ... Read full article

In announcing its plan to offer a deposit account and debit card in partnership with SoFi, the mobile phone maker suggested that the coronavirus pandemic will accelerate consumers’ adoption of contactless payments. ... Read full article

Consumer groups are poised to take the bureau to court over its gutting of underwriting requirements, while House Democratic leaders could attempt a repeal through the Congressional Review Act. ... Read full article

The Consumer Financial Protection Bureau wants to make it easier for those who lack bank accounts to receive pandemic relief payments authorized by Congress. ... Read full article

The acquisition would give SoFi control of a technology platform that is currently used by some of its competitors in digital banking. ... Read full article

The central bank will inject $1.5 trillion into the money market, including buying more longer-term bonds; JPMorgan says its CEO “is doing very well” as he recovers from heart surgery. ... Read full article

A handful of banks keep trying to make the customer-Alexa connection happen; banks are more worried about payments firms than other types of fintechs; how financial institutions are coping with COVID-19; and more from this week’s most-read stories. ... Read full article