U.S. financial stocks are down nearly 4% this week on rate pressure, but it’s even worse for European banks; the mutual fund giant will automatically sweep investor cash into a money fund yielding 1.9%.
Visa’s decision on how or if it will participate in Facebook’s Libra will be based on how the social network handles the mountain of criticism and requirements that global regulators and lawmakers are heaping upon it.
Visa, Mastercard and PayPal may have boosted the single, greatest risk they face -- that of tougher regulation -- by becoming early backers for Facebook new digital money, called Libra.
Facebook is focusing the initial discussions around its cryptocurrency project as a preemptive strike against the privacy and legal concerns the public and politicians have about the huge social network.
Banks and governments around the world have invested in systems that seek to instantly transfer money between accounts, moves that could put pressure on the sprawling debit-card business at the world’s largest payments network. But Visa Inc. Chief Executive Officer Al Kelly isn’t too worried.
Here are seven startups that received multimillion-dollar venture capital investments in recent weeks to accelerate the development of banking products and services.
Visa Inc. and Mastercard Inc. ended nearly two decades of European Union antitrust scrutiny with a pact that requires them to reduce fees for foreigners shopping in the region.
