By Peter Renton Yesterday, Atomic released an interesting new open banking tool called PayLink. One of the pain points for switching bank accounts...
Much has been written about the looming end to the Apple-Goldman Sachs relationship (we even produced a cartoon about it). And while this is a big deal for Goldman and Apple, the average Apple Card holder likely does not give it a second thought.
Payment by bank account is a functionality that has existed for more than a decade in many countries. But it is still a relatively new phenomenon in the U.S.
Late Friday, we learned that Synapse has filed for Chapter 11 bankruptcy and that its assets will be acquired by payments infrastructure company TabaPay.
This will not come as a surprise to anyone who has been following the slow-moving Synapse saga for the last 12+ months. The company had done multiple rounds of layoffs and had an ongoing dispute with Mercury.
There have been quite a few fintech startups in recent months that have pivoted to B2B from B2C (Tally, HMBradley, Onyx Private for example), but we haven't seen any fintechs go in the other direction until Mercury announced their personal banking product today.
It has been a busy last few days for the CFPB and their fintech work. For the third consecutive day this week our lead story concerns actions taken by the CFPB.
This time it is around BNPL. The CFPB is proposing new rules that would essentially lump BNPL in with credit cards when it comes to consumer protections.
So far this year we have seen so many negative stories about banking as a service. You could be forgiven that BaaS is dying a slow and painful death.
We are entering the thick of fintech earnings season and in the last 24 hours, we have seen earnings from two fintech pioneers: PayPal and Adyen.
They tell very different stories.
Yesterday, there was a lot of talk about the Department of Justice’s anti-trust lawsuit against Apple.
Simon Taylor called it the “biggest thing in fintech since Visa/Plaid.” American Banker gave us a history of the battles between banks and Apple over the years. And TechCrunch had no less than six articles covering this development.
We learned yesterday that federal prosecutors are investigating Block for widespread compliance lapses.
NBC News broke this story after interviewing a former Block employee. This person provided roughly 100 pages of documents that showed transactions involving entities in countries subject to U.S. sanctions.