Payments News

On The Web

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Providers

‘CashPlease’: Small Bank Debuts Alternative to Payday Loans

“OneUnited’s loan, called CashPlease, is designed to help customers of the $635 million-asset Black-owned bank manage their cash flow without the hurdles and higher costs some other lenders might impose. Instead of conducting credit checks, it looks at applicants’ checking-account activity and other aspects of their relationship with the bank. Funds arrive within four hours […]
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Providers

Railsbank Launches White Label BNPL Package for Retailers

“Banking-as-a-service platform Railsbank has built a white label BNPL product that enables retailers to escape the clutches of shopping apps like Klarna and build their own branded buy now, pay later programmes. Available to retailers in the UK and Germany this year, the BNPL pakage enables retailers to provide their own branded instalment financing online […]
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Providers

Zilch and Mastercard Announce Expanded Partnership to Launch Zilch BNPL Card Across Europe

“Zilch, the London-based unicorn Fintech announced today that it has expanded its partnership with Mastercard to bring Zilch’s popular over-the-top buy now, pay later (BNPL) digital card offering to Europe and enable deferred purchases across the EU.  Zilch’s digital card is currently available in the UK and has already reached over 1.7 million customers in less than […]
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Providers

Citigroup to Exit Mexico Consumer Banking Business

“Citigroup Inc. will exit its Mexico consumer banking business, the latest strategic shift by Chief Executive Jane Fraser. The bank said Tuesday it would exit consumer, small-business and middle-market banking in Mexico, a business best known as Banamex. Citigroup said the change was part of its continuing “strategic refresh.””
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Providers

Apexx Global Lands in the US

“Apexx Global is bringing its payments orchestration and processing platform to the US as it bids to take advantage of the country’s fast-growing BNPL market. Founded in 2016, Apexx combines acquirers, gateways, shopping carts, alternative payments methods and now BNPL products into a single API connection, easing the efforts of merchants to offer a complete […]
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Providers

Bank of America Slashes Fees for Account Overdrafts | AP News

“Bank of America is slashing the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks. It’s the latest move by the nation’s biggest banks to roll back the overdraft fees they long charged customers, fees that often amount to hundreds […]
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Providers

What Card Issuers Can Learn From CFPB’s Buy Now/Pay Later Inquiry

“The Consumer Financial Protection Bureau’s recently announced inquiry into the operations of buy now/pay later fintechs raises many questions about how the rapidly growing industry’s policies affect overall consumer debt. But the CFPB’s probe could also end up spotlighting the very reasons consumers have flocked to simpler BNPL loans over the last few years, putting […]
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Global

Telkom Kenya Announces Mobile Money Product T-Kash App

“Telkom, a South African wireline and wireless telecommunications provider, announced that Telkom Kenya has launched an app for its mobile money product, T-Kash. A press release from the operator of more than 38 countries across the African continent said that T-Kash App is an easy-to-use application that will enable its customers to access a wider […]
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Providers

FinTech Automation (FTA) Signs Agreement With Finicity, a Mastercard Company

“The agreement with Finicity provides FTA’s customers access to consumer-permissioned account data for secure account validation and ownership when opening new accounts. This allows consumers to connect their primary account to deposit funds into a new investment account. It signals the end of tedious validation methods like micro-deposits, which can take days to clear, and […]
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Providers

US banks move away from overdraft fees in a win for consumers

“As US shoppers count the cost of their last-minute holiday purchases, there is one thing they have to worry about a little less in 2022: overdraft fees. Consumer advocates said last year saw the most significant rollbacks and adjustments to how banks charge customers when their debit accounts fall below zero. Those fees “may be […]