Category: Finance

Dive Brief: Merchants’ satisfaction with their payment processors has declined, according to the results of an annual survey by the consulting firm J.D. Power. Small business owners have become frustrated with costs and fees as well as technology issues that arise when their customers try to pay with a card or mobile wallet, according to […]

Dive Brief: Checkout.com promoted Céline Dufétel to president, a spokesperson for the company said in an email to Payments Dive Wednesday. She will exit the chief financial officer role, but remain as chief operating officer, overseeing operational and go-to-market teams, including finance and marketing.  In the wake of that change, Nirupam Sinha was promoted to take the […]

Dive Brief: Amesbury, Massachusetts-based BankProv will no longer offer loans collateralized by machines that mine cryptocurrencies, the bank said in its fourth quarter earnings report last week. The bank’s decision to end the loans comes as the firm reported $47.9 million in net charge-offs last year, the majority of which it said were loans secured […]

Grupo Mexico, a conglomerate best known for its mining and railway operations, has secured a $5 billion debt package tied to its proposed acquisition of Citi’s Mexico unit, Reuters and Bloomberg reported Wednesday, citing people familiar with the matter. The transaction would value Banamex, as the Citi unit is called, at between $7 billion and $8 […]

Dive Brief: Houston-based LevelField Financial has agreed to acquire Chicago-based Burling Bank with the aim of becoming the first full-service chartered bank to offer traditional banking and digital asset services on one platform across the U.S., the company announced Wednesday. Financial terms of the transaction were not disclosed, but the deal is expected to close […]

E-commerce giant Amazon appears to be leaving its options open when it comes to buy now, pay later services, letting an exclusivity commitment with Affirm expire Tuesday. Although the two companies have a commercial agreement that runs through Jan. 31, 2025 – and can be extended for successive one-year terms at that point – Jan. […]

Dive Brief: Fidelity National Information Services, known as FIS, has cut 2,600 workers so far in its quest to slash expenses as part of a strategic review of the business, Bloomberg reported Thursday. The job cuts, which were made in recent weeks, amount to about 2% of the FIS workforce, according to Bloomberg, which cited […]

The alternative lender Upstart laid off 365 employees, roughly 20% of its workforce, on Tuesday. The San Mateo, California-based company cited the constant struggle to get enough funding from banks and other credit investors as the main reason for this reorganization plan. The January 2023 Plan, as the company named it, is designed to get […]

Small banks, credit unions and fintechs are asking the Consumer Financial Protection Bureau to ease into a proposal that would eliminate a method many data aggregators use to connect consumers’ bank accounts to financial apps, saying a sudden ban on the practice would put community banks at a disadvantage and limit consumer choice.  The request […]

First came the U.K. Now, apparently, Germany. JPMorgan Chase is planning to launch a digital bank in Germany in late 2024 or early 2025, Bloomberg reported Wednesday, citing people familiar with the plans. A JPMorgan spokesperson declined to comment to the wire service. The bank has been hiring in Berlin to support the plan, and […]