Category: Finance

Dive Brief: Charlotte, North Carolina-based Paymentus, the electronic billing and payment company, is partnering with Green Dot to expand its expand cash bill pay capabilities, according to a Thursday press release. By connecting its payment network to Green Dot’s network, companies can accept cash bill payments from their customers at some 90,000 retail locations, including […]

Crypto exchange Gemini is letting 10% of its staff go, according to a Monday report by The Information. This marks the company’s third such reduction since June, following a year of strife in the crypto sector, which, as of last week, includes the bankruptcy of crypto lender Genesis. Genesis and Gemini’s collaboration, the Gemini Earn […]

Dive Brief: Morgan Stanley cut CEO James Gorman’s compensation by 10% in 2022, from $35 million to $31.5 million, the bank said Friday in a filing with the Securities and Exchange Commission. Morgan Stanley’s compensation committee “took into consideration that … in a challenging economic and market environment, Firm performance for 2022 was not as […]

After years of delay, Bank of America and the Federal Deposit Insurance Corp. will face off in federal court over the regulator’s assessment that Bank of America underpaid its deposit insurance obligations to the tune of $1.1 billion. The FDIC’s lawsuit, originally filed in 2017, claimed at the time that the Charlotte, North Carolina-based lender […]

Dive Brief: The nation’s largest banks plan to launch a digital wallet that consumers can use to shop online, The Wall Street Journal reported Monday.  The digital wallet will link to consumers’ debit and credit cards and will be managed by Early Warning Services, which is owned by a consortium of seven banks: JPMorgan Chase, Bank […]

Farmington State Bank is abandoning its plan to develop banking services related to crypto and cannabis, the company announced Thursday. The bank will also stop using the Moonstone Bank brand it developed for such “innovation-driven” pursuits, it said. Farmington’s announcement did not mention embattled crypto exchange FTX by name but said the strategic pivot “reflects […]

As card giants, payments processors and fintechs report quarterly results in coming weeks, the reports will show how a difficult economy has impacted their customers. Over the next five weeks, card issuers and networks, fintechs and payments processors will share key data on consumer spending and payment volume, credit metrics such as delinquencies and charge-offs, […]

Dive Brief: A group of international organizations outlined the risks, benefits and challenges of expanding and improving cross-border payments by way of a new international platform, or through an extension of current domestic and international payments systems, in a new report this month. The Jan. 18 report, “Exploring multilateral platforms for cross-border payments”  was produced […]

Dive Brief: Payments firm Payoneer has hired Webster Bank’s chief innovation officer, Bea Ordonez, as its deputy CFO. Ordonez began Monday, with the expectation she would succeed the company’s CFO, Michael Levine, who steps down from his role in March, according to a Wednesday press release. Levine, an 11-year Payoneer veteran, will stay on at the company to assist […]

Crypto lending platform Nexo will pay $45 million to settle Securities and Exchange Commission allegations that it sold unregistered securities through its Earn Interest Program, the agency announced Thursday. Half of the amount will go to the SEC, and the other $22.5 million represent fines from various state-level regulators. “We charged Nexo with failing to […]