The card company is buying the corporate-services businesses of Danish payments provider Nets A/S; the online lender’s stock plunged after it missed second quarter earnings expectations.
The San Francisco company forecast a modest profit in the third quarter because its cost-cutting plans are ahead of schedule. It's also starting a program to sell riskier loans to sophisticated investors.
The Cincinnati regional bank says it will spend an extra $15 million a year to offer more competitive pay that it hopes will attract talented front-line employees.
The Upstart Network, the first and only startup to participate in the bureau’s program for promising digital platforms, claims that using nontraditional credit data items has helped loan volume and affordability.
Banks need to mitigate potential bias in algorithmic predictive models using artificial intelligence, as regulators are weighing how to oversee the emerging technology.
The payments system, called FedNow, would go head-to-head against one built by big banks; the senator from Oregon wants Amazon to address vulnerabilities in its cloud data storage.
Banks are right to fear the big tech companies that are eyeing financial services, according to Monish Kumar at Boston Consulting Group, who offers suggestions on how traditional lenders can protect their turf.
Addressing payment security and achieving interoperability with a rival, private-sector network are just some of the challenges the central bank faces in building a government-backed real-time payment system.
