Ebay dropped PayPal and turned to Adyen to be its primary processing partner; Banking Technology reports that eBay users “do not need to take any action at this time” as the “transition to full payments intermediation will be a multi-year journey”.; the deal will begin with a move in North America in the second half of 2018 before expanding in 2019. Source.
Sharon Miller, head of Bank of America’s small business banking, sat with TearSheet to talk about hiring, technology and what’s...
Ebury is a payments platform which is now 50.1% owned by Banco Santander; the bank paid $453 million; Ebury’s platform...
Fiserv saw $3.7bn in revenue for Q4 2019 with First Data accounting for 61 percent of that total or $2.2bn;...
The focus of the weekly update centered around how the Trump administration will try to ease the regulatory environment for banks and an explanation of the risk retention rule that recently went into effect; banks welcomed the executive orders signed by Trump, the regulatory burden has been high and cost of capital has continued to rise to meet the demands of Dodd-Frank; as of December 24, 2016 all asset types are required to adhere to a 5% risk retention requirement or skin in the game; this is meant to align investor interests with sponsor interests and make the securitization deal safer; PeerIQ goes into a detailed explanation and helps to provide answers to some of the questions surrounding the rule's implementation. Source
The CFPB asked for more details on which companies consumers use to obtain a free credit score; the agency is looking to help consumers better understand their credit scores and how to potentially improve them; they also want to understand how behavior changes after seeing a free credit score; comments are due by February 12, 2018. Source.
Everything We Know About the Bitcoin Scam Rocking Twitter’s Most Prominent Accounts U.S. Fintech Bond Financial Secures $32 Million Through...
PeerIQ released their third quarter marketplace lending securitization report; total issuance for the quarter was $2.6 billion down from $3 billion in the last quarter; SoFi closed two consumer deals and one student deal; Lending Club and Prosper both issued one deal; College Avenue issued their first ever student loan securitization. Source
Representative Patrick McHenry says Dodd-Frank reform is not likely to make it to the House of Representatives until June or July; he is confident in major changes for the regulation from the House of Representatives however he foresees opposition from Senate democrats; in an interview with WSJ Pro Financial Regulation he also provided his insight on a range of regulatory aspects which could be integrated into legislation in various ways. Source
Kabbage has reported it will open a new office in Ireland; the geographic expansion follows a 50 million euro ($54 million) investment from the Irish Strategic Investment Fund which is managed by the country's National Treasury Management Agency; the Kabbage lending platform is focused on lending to small businesses and the firm expects to help support the Irish small business sector while also creating many high-quality financial services jobs in Ireland. Source