Payments News

On The Web

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Providers

Need a Credit Card or Auto Loan? Banks Are Making Them Easier to Get

“Credit cards, auto loans and other personal loans are all getting easier to come by, more than a year into a pandemic that spooked lenders and caused them to tighten lending standards significantly. The net share of banks that loosened underwriting standards for credit cards hit a high in roughly the first quarter, according to […]
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Providers

Varo ‘On Track’ to Be Profitable by 2023 Even As Losses Pile up

“Colin Walsh always planned to do things differently than most fintech startups. The Varo Money CEO had a strategy to outcompete incumbent banks for customers who live paycheck to paycheck, and it involved becoming a bank rather than challenging the system from the outside. The approval process took more than three years, and it required […]
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Providers

Plaid and U.S. Bank Agree to Share Bank Customer Data Through an API

“The data aggregator Plaid and U.S. Bancorp have agreed to share bank customers’ account data through an application programming interface, rather than through screen scraping. This is not a first. Plaid says it has forged data-sharing agreements with the majority of the top 10 financial institutions and it has an API-based data exchange that’s used […]
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Deals

MFS Africa Invests in Maviance

“MFS Africa, a pan-African fintech company, operating the largest digital payments hub on the continent, had provided seed investment of $3m to Maviance, a Cameroon-based fintech provider. Maviance will be using the new funding to increase its footprint in its Cameroon and to expand into other countries in the central African economic region (CEMAC).    […]
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Providers

Safaricom in Talks With U.S. Giant Amazon on Mobile Payments

“Safaricom Plc of Kenya is holding talks with Amazon.com Inc. about the use of mobile-money service M-Pesa on the e-commerce giant’s platform, part of efforts to expand global reach and bounce back from a first profit decline in a decade. M-Pesa accounts for about a third of Safaricom’s revenue, and East Africa’s largest company sees […]
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Providers

U.S. Senate Votes to Repeal ‘True Lender’ Banking Rule Issued Under Trump

“The U.S. Senate voted on Tuesday to repeal a regulation introduced during former President Donald Trump’s administration that Democrats say allows predatory lenders to skirt state consumer protections. Lawmakers voted 52-47 to repeal the “true lender” rule, marking the first time Democrats have rolled back a Trump-era financial rule using the Congressional Review Act, a […]

On The Wires

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Providers

The Evolution From Data Access to Data Control | Plaid

“At Plaid, we believe that people should have control over their financial information. We built our first API to help people connect their accounts across thousands of financial services providers. Now we’re building new experiences to give people even more control over the financial data they choose to share with their favorite digital finance tools. […]
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Providers

FinTron Partners With LendingClub Bank to Offer Digital Banking Services to Mobile-First Generation

“FinTron Invest (“FinTron”) – a new FinTech company, built by the mobile generation, for the mobile generation – announced today a new partnership with LendingClub Bank, National Association, Member FDIC, America’s leading digital marketplace bank. This partnership allows FinTron to offer its customers low-cost mobile banking services, including FDIC-insured checking accounts that earn interest, free […]