Category: Finance

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 […]

Dive Brief: Capital One eliminated 1,100 “agile” technology roles this week, Bloomberg reported Thursday, citing unnamed sources.  “The agile role in our tech organization was critical to our earlier transformation phases but as our organization matured, the natural next step is to integrate agile delivery processes directly into our core engineering practices,” Capital One said.  […]

Dive Brief: Fidelity National Information Services, known as FIS, appointed two new directors to its board, Mark Benjamin and Lee Adrean, following the resignation of one board member, Mark Ernst, who served for only a few weeks, according to a company filing with the Securities and Exchange Commission. Ernst exited on Jan. 13 after a […]

Dive Brief: JPMorgan Chase paid CEO Jamie Dimon $34.5 million last year, according to a Securities and Exchange Commission filing Thursday. That’s the same level of compensation he received in 2021. JPMorgan’s board “committed to not grant any special awards to [Dimon] in the future,” it said Thursday — a nod to the $52.6 million […]

Dive Brief: Nearly 35,000 PayPal accounts were accessed via a credential stuffing attack, exposing personal information including names, addresses, social security numbers, tax identification numbers, and dates of birth, the company said Wednesday. The financial services company said unauthorized parties accessed PayPal customer accounts between Dec. 6 and Dec. 8. PayPal discovered the breach on […]